Illinois

Kiser Group Brokers $3.1M Sale of Apartment Community in Chicago’s Morgan Park

by Kristin Harlow January 16, 2023

CHICAGO — Chicago real estate brokerage Kiser Group has arranged the sale of 1901 W. Pryor, an apartment community located in Chicago’s Morgan Park area for $3.1 million. A Chicago land trust sold the property to an investor based out of New York. Kiser Group’s Birk-Sklar team, including Noah Birk and Aaron Sklar, brokered the sale. The property offers 34 units, all of which comprise just under 700 square feet and have been remodeled. The building has a parking lot in both the front and rear for tenants and recently was equipped with a new roof. According to Apartments.com, 1901 W. Pryor rises two stories and includes features such as community laundry facilities and high speed internet access.

January 16, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges Sale of 130-Unit Multifamily Portfolio in Chicago

by Jeff Shaw January 13, 2023

CHICAGO — Chicago-based commercial real estate investment services firm Interra Realty has arranged the sale of a three-building, 130-unit multifamily portfolio in Chicago’s Hyde Park neighborhood. The properties included in the portfolio are located at 5454 S. Everett Ave., 5501 S. Everett Ave. and 5527 S. Everett Ave. The portfolio sold for an undisclosed price. The three buildings comprise 52 one-bedroom units, 60 two-bedroom units and 18 retail spaces. The rental units were approximately 95 percent occupied at the time of sale. All three properties are served by the Metra Electric and South Shore lines, as well as multiple Chicago Transit Authority bus routes. Interra’s senior managing partner, Joe Smazal, represented the seller, an affiliate of the Chicago-based Tricap Residential Group. The brokerage firm’s managing partner, Patrick Kennelly, and director, Paul Waterloo, represented the undisclosed, private West Coast-based buyer.

January 13, 2023

Development Healthcare Illinois Midwest

Remedy Medical, Silver Cross Hospital, PSMG Underway on Construction of 42,000 SF Medical Building in Chicago Suburb

by Jeff Shaw January 12, 2023

ORLAND PARK, ILL. — A joint venture between Remedy Medical Properties, Silver Cross Hospital and Premier Suburban Medical Group (PSMG) is underway on the construction of Orland Park Medical Building in the southwest Chicago suburb of Orland Park. Comprising two stories and 42,000 square feet, the facility is scheduled for completion in early 2024. Locally based Jensen & Halstead is serving as architect. Leopardo Cos., also based in Chicago, is the general contractor for the project. The building, located on the northeast corner of 171st Street and LaGrange Road, will house 12 primary care physician offices in addition to specialty care practices including gastroenterologists, general surgeons, OBGYNs, a cardiologist, endocrinologist, hematologist/oncologist and orthopedic surgeon. The facility will also feature outpatient imaging services, a 21-station infusion center, an endoscopy suite with two procedure rooms and after-hours care.

January 12, 2023

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $6.2M Sale of Two Chicago Apartment Buildings

by Jeff Shaw January 12, 2023

CHICAGO — Marcus & Millichap has arranged the sale of two 12-unit apartment properties located in Chicago. The two properties, 922 West George Street and 855 West Grace Street, sold for a total of $6.2 million. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller, Golub Co., and its Boston-based partner. The buyer is a New York-based investor who was secured and represented by Marcus & Millichap’s Steve Rachman and Benjamin Conte.

January 12, 2023

Acquisitions Illinois Midwest Retail

Kimco Sells Retail Center in Suburban Chicago for $20.5M

by Jeff Shaw January 11, 2023

BATAVIA, ILL. — Kimco has sold Wind Point Shopping Center, a 274,282-square-foot retail center located in Batavia, a western suburb of Chicago. PMAT acquired the property for $20.5 million. Amy Sands, Clinton Mitchell and Michael Nieder of JLL arranged the transaction on behalf of Kimco. Built in 1999, the retail center was 72.5 percent occupied at the time of sale. Aldi and Hobby Lobby anchor the property. Other tenants include Kohl’s, Office Max, Petland, Chili’s, Mattress Firm, AT&T and Swordfish Sushi.

January 11, 2023

Illinois Loans Midwest Multifamily

Berkadia Arranges $10.6M PACE Construction Loan for Multifamily Project in Suburban Chicago

by Kristin Harlow January 10, 2023

TINLEY PARK, ILL. — Berkadia has arranged a $10.6 million PACE construction loan for The Magnuson, a 144-unit, ground-up multifamily project in the Chicago suburb of Tinley Park. Jason Bond of Berkadia arranged the loan through PACE Loan Group on behalf of the borrower, Illinois-based One Magnuson Lane LLC. Matthew McCormack represented PACE Loan Group on an internal basis. The Illinois Energy Conservation Authority NFP assisted in closing the financing. The property is currently under construction, but a timeline for completion was not provided. The project will consist of four four-story buildings and a clubhouse. Introduced in Illinois in 2019, C-PACE provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties. The C-PACE efforts at The Magnuson are expected to provide roughly $311,000 in savings over the 30-year financing term, while also saving more than 2.3 million gallons of water per year.

January 10, 2023

Development Illinois Industrial Midwest

Phoenix Investors Completes 1 MSF Industrial Redevelopment Project in Normal, Illinois

by Kristin Harlow January 9, 2023

NORMAL, ILL. — An affiliate of Phoenix Investors has completed a two-phase redevelopment project totaling 1 million square feet in North Normal Industrial Park in Normal, about 38 miles southeast of Peoria. Phoenix acquired the 92-acre property in June 2020 from Wildwood Industries Inc. The original 500,000-square-foot industrial facility served as Phase I of the project and now features 84 exterior docks and cross-dock capabilities. Phase II included a 500,000-square-foot addition with 50 exterior docks and cross-dock capabilities. Rivian will occupy both facilities. PJ Hoerr served as general contractor.

January 9, 2023

Healthcare Illinois Loans Midwest Northmarq

Northmarq Arranges $2.2M Loan for Refinancing of Healthcare Property in Suburban Chicago

by Kristin Harlow January 9, 2023

DOWNERS GROVE, ILL. — Northmarq has arranged a $2.2 million loan for the refinancing of a 7,894-square-foot medical office building in the Chicago suburb of Downers Grove. Illinois Bone and Joint Institute occupies the property at 1034 Warren Ave. Erik Kunz of Northmarq arranged the loan through a life insurance company. The 10-year, fixed-rate loan features a 25-year amortization schedule.

January 9, 2023

Development Illinois Midwest Multifamily Top Stories

Pizzuti Cos. Breaks Ground on 19-Story Coppia Multifamily High-Rise in Chicago’s West Loop

by John Nelson January 9, 2023

CHICAGO — The Pizzuti Cos., a private real estate development and management firm based in Columbus, Ohio, has broken ground on Coppia, a 19-story high-rise apartment tower in Chicago. The 298-unit community will be located at 1101 Van Buren St., which is situated at the southern end of Aberdeen Street in the city’s West Loop district. Pizzuti expects to complete Coppia in 2024. The property will sit across from a Target store and next to Chicago Transit Authority’s Racine Avenue Blue Line Station, as well as three blocks west of I-90. Future residents will be near Chicago’s Fulton Market District, the Greektown neighborhood and Illinois Medical District. The name Coppia is Italian for “couple,” which Pizzuti says was inspired by the project having both a transit-oriented setting and the design of the façade, which features geometric figures split by contrasting glass patterns. The design-build team includes architect Goettsch Partners, general contractor Power Construction and property management firm Village Green. The community will feature studio, one-, two- and three-bedroom units with floor-to-ceiling glass and high-end finishes. Coppia will also include penthouses on the top levels, as well as ground-level retail space and contemporary art installations. Coppia’s resort-style amenities will include a …

January 9, 2023

Development Healthcare Illinois Midwest

Remedy Medical Properties Begins Development of $25M Medical Office Building in Suburban Chicago

by Kristin Harlow January 6, 2023

ORLAND PARK, ILL. — Remedy Medical Properties has begun development of a $25 million medical office building in the Chicago suburb of Orland Park. The 42,000-square-foot project is a build-to-suit for Silver Cross Hospital and Premier Suburban Medical Group. Located at the northeast corner of LaGrange Road and 171st Street, the two-story building is slated for completion in early 2024. The property will house numerous primary and specialty care services, comprehensive imaging services, an 18-station infusion center, endoscopy suite and after-hours care. Perry Higa of NAI Hiffman represented Silver Cross Hospital and Premier Suburban Medical Group in purchasing two land sites totaling nearly 11 acres from SSM Health. Leopardo is the general contractor, Jensen & Halstead Ltd. is the architect and Kimley-Horn is the civil engineer.

January 6, 2023

Newer Posts

Older Posts