Wednesday, June 18, 2025
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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $2.7M Sale of Apartment Building on Chicago’s West Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 35-unit apartment building in Chicago’s Austin neighborhood for $2.7 million. Built in the late 1920s, the property is located at 5550 W. North Ave. and features a mix of one- and two-bedroom units as well as ground-floor retail space. The building has undergone renovations within the past 10 years. Lucas Fryman, Ted Stratman and Sam Gutierrez of Interra represented the seller, New York-based real estate investment group Raskin Risers. The group also represented the buyer, a local real estate investor and manager that plans to make modest upgrades to the property.

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IllinoisLeasing ActivityMidwestOffice

BMO Financial Group Consolidates Headquarters in Downtown Chicago

by Kristin Harlow

CHICAGO — BMO Financial Group has consolidated offices from three buildings into a new headquarters at 320 South Canal in downtown Chicago. IA Interior Architects is designing BMO’s 500,000-square-foot space. Phase I of the project, which wrapped up this year, encompasses 250,000 square feet across floors 11 through 17 as well as ground-floor retail banking space. Phase II of the project, which is slated for completion in 2024, encompasses 250,000 square feet on floors four through 10. The 16th floor is an executive area equipped with a conference room and meeting room. On the 17th floor, employees have access to a flexible conference center, café, lounge and open terrace. Recently developed by Riverside Investment & Development and Convexity Properties, 320 South Canal rises 51 stories.

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IllinoisLeasing ActivityLee & AssociatesMidwestRetail

NAPA Auto Parts Signs 6,310 SF Retail Lease in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — NAPA Auto Parts has signed a 6,310-square-foot retail lease at the Caton Farm Plaza shopping center in Joliet. The property is situated along Illinois Route 59. Michael Petrik and Rick Scardino of Lee & Associates represented the landlord, Dreamspace Properties. Sean McCourt of CBRE represented the tenant.

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DevelopmentIllinoisMidwestRestaurantRetail

Structured Development, Burnt City Brewing Open District Brew Yards in Suburban Chicago

by Kristin Harlow

WHEELING, ILL. — Structured Development and Burnt City Brewing have opened a second District Brew Yards location at 700 N. Milwaukee Ave. in the Chicago suburb of Wheeling. Occupying the former Ram Restaurant & Brewery, which shuttered in 2019, the 11,668-square-foot space features five breweries: Burnt City Brewing, Around the Bend Beer Co., Casa Humilde Cerveceria, Twisted Hippo Brewing and Histrionic Brewlab. Guests can sample a range of beers and are charged by the ounce with a cashless system. Guests can also enjoy barbecue from Lillie’s Q, fried chicken and fish from Salt & Scratch and Mexican cuisine from Chicano Taqueria. The first District Brew Yards location opened in Chicago’s West Town neighborhood in 2019. The Wheeling location features a taproom with communal tables, bottle shop and outdoor beer garden that seats more than 100 people.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamily

Partnership Acquires 297-Unit Concordia Place Apartments in Chicago, Plans Renovation

by Kristin Harlow

CHICAGO — A partnership between L+M Development Partners and SAA|EVI has acquired Concordia Place Apartments in Chicago. The purchase price was undisclosed, but the partnership secured $99.7 million in funding for the acquisition and rehabilitation of the property. Located at 13037 S. Daniel Drive, the property consists of 297 affordable housing units across 29 buildings. Originally built in 1969, Concordia is federally subsidized by a HUD Section 8 Housing Assistance Payments (HAP) contract. The buyer’s renovation plans include upgraded kitchens and bathrooms, new flooring, Energy Star lighting fixtures, new paint, drywall repairs, new windows and boilers, a renovated community room and the addition of a computer lab and exercise room. The project is being financed via tax-exempt bonds issued by the Illinois Housing Development Authority, 4 percent Low-Income Housing Tax Credits syndicated by Raymond James, a Freddie Mac tax-exempt loan provided by Capital One, and a tax-exempt bridge loan provided by Fifth Third Bank.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Negotiates Sale of 79,869 SF Industrial Building in Maywood, Illinois

by Kristin Harlow

MAYWOOD, ILL. — Colliers has negotiated the sale of a 79,869-square-foot industrial building in Maywood, a western suburb of Chicago. The sales price was undisclosed. Completed in August, the property at 1900 Maywood Drive features a clear height of 32 feet. Built on a speculative basis, the development was leased to The Kroger Co. upon completion. Jeff Devine and Steve Disse of Colliers represented the seller, DSI Development. California-based Pacifica Real Estate was the buyer.

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IllinoisLoansMidwestRetail

Bellwether Arranges $74.5M Loan for Chicagoland Shopping Center Portfolio

by Jeff Shaw

CHICAGO — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale.  The sale included Cicero Marketplace in Cicero, Ill.; Northwest Shopping Center and English Valley in Palatine, Ill.; Golf Plaza II in Mount Prospect, Ill.; and Fox River Commons in Naperville, Ill. Together, the shopping centers feature almost 70 tenants, with a focus on grocery and necessity retailers, such as Sam’s Club, Home Depot, Jewel Osco, Walgreens and Kroger. Daniel Rosenberg of BWE’s Chicago office arranged the three-year fixed-rate, interest-only loan. CRC will use the financing to fund the portfolio acquisition as well as capital improvements, renovations and leasing costs to increase occupancy.

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AcquisitionsHealthcareIllinoisMidwestNorthmarq

Northmarq Brokers $4.7M Sale of Healthcare Property in McHenry, Illinois

by Kristin Harlow

MCHENRY, ILL. — Northmarq has brokered the $4.7 million sale of a 7,000-square-foot healthcare property in McHenry, about 50 miles northwest of Chicago. The newly constructed building, located at 1830 N. Richmond Road, is fully occupied by Aspen Dental and WellNow Urgent Care. Isaiah Harf of Northmarq represented the seller, a Chicago-based developer. The asset sold to a Missouri-based private buyer completing a 1031 exchange.

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AcquisitionsIllinoisIndustrialMidwest

Cawley Chicago Negotiates Sale of 110,000 SF Lumber Yard in Rochelle, Illinois

by Kristin Harlow

ROCHELLE, ILL. — Cawley Chicago has negotiated the sale of a 110,000-square-foot lumber yard in Rochelle, about 25 miles south of Rockford. The sales price was undisclosed. The property at 147 Second Ave. features a one-story manufacturing and warehouse facility, which was built in 2003. Jon Chamlin of Cawley Chicago represented the seller, Monty Enoch, proprietor of Cedar Siding Inc. The buyer, Wisconsin-based Dumke Associates, has retained Chamlin as the leasing agent. Dumke plans to renovate the property and begin lease-up in the first quarter of 2023.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $2M Sale of Multifamily Property in Melrose Park, Illinois

by Kristin Harlow

MELROSE PARK, ILL. — Interra Realty has negotiated the sale of a 29-unit multifamily property located at 1123 N. 33rd Ave. in the Chicago suburb of Melrose Park for $2 million. Built in 1970, the building comprises three studio, 22 one-bedroom and four two-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, a local private investor completing a 1031 exchange. The buyer plans to make improvements to apartments as needed and address deferred maintenance. The seller was undisclosed.

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