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IllinoisIndustrialLoansMidwest

Maverick Commercial Mortgage Arranges $7.5M Acquisition Loan for Chicago Industrial Building

by Kristin Harlow

CHICAGO — Maverick Commercial Mortgage Inc. has arranged a first mortgage loan totaling $7.5 million for a multi-tenant industrial building located at 1120 E. 89th St. in Chicago. The property is fully leased to two tenants, Chicago Transit Authority and SCR Transportation. The borrower was 1788 Holdings LLC, a Maryland-based real estate investment firm specializing in purchasing and repositioning older light industrial properties and industrial outdoor storage properties. A regional bank provided the five-year loan, which will be swapped at closing to provide a competitive five-year, fixed-rate loan. A portion of the loan proceeds will be used for capital improvements to the property post-closing.

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AcquisitionsIllinoisMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $35M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Walker & Dunlop has arranged the sale of The Arcade Residences in Chicago for $35 million. Built in 2019, the property features 58 apartment units and 9,643 square feet of retail space. Todd Stofflet and Jason Stevens of Walker & Dunlop represented the seller and developer, Borecki Real Estate. The sale represented one of the highest-priced sales per door in Chicago, according to Walker & Dunlop. The Arcade Residences is located on the border of the city’s Edgewater and Rogers Park neighborhoods, directly adjacent to Loyola University. Amenities at the property include a tenant lounge, fitness center and rooftop deck. Over 90 percent of the retail space is leased by tenants such as Bank of America and Verizon.

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DevelopmentIllinoisMidwestOffice

Sterling Bay, lulafit Debut The Factory Fitness Space at Office Building in Chicago

by Kristin Harlow

CHICAGO — Through a partnership with lulafit, Sterling Bay has opened The Factory, a new fitness and wellness space at its office building located at 600 W. Chicago Ave. The Factory totals 30,000 square feet. Users pay $35 per month and have access to a variety of offerings, including a yoga studio and meditation suite; recovery room with Therabody technology; spaces designed exclusively for HIIT, cardio, heavy bag workouts and group exercises; a sauna; steam room; and large turf installation. Built in 1908, the eight-story building formerly served as the Montgomery Ward catalog building until 2000. In 2021, with the building under the ownership and management of Sterling Bay, lulafit started designing a complete overhaul of the property’s fitness center. The Factory received more than 100 membership sign-ups on its first day, and almost 200 in its first two weeks. During its initial six months of operations, The Factory added 460 members. Data shows members utilize the space three to five times per week.

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IllinoisIndustrialLeasing ActivityMidwest

Meeting Tomorrow Inks 20,300 SF Industrial Lease in Chicago

by Kristin Harlow

CHICAGO — Meeting Tomorrow, an audiovisual equipment rental company, has signed a lease for a 20,300-square-foot warehouse located at 4848 W. Lawrence Ave. in Chicago. Marc Hale and Ali Nix of DarwinPW Realty/CORFAC International represented the undisclosed landlord. Constructed in 1962, the building has been well-maintained and is furnished with racking and office furniture. It features one dock door and two drive-in doors.

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AcquisitionsIllinoisMidwestOffice

SVN Chicago Commercial Brokers $1.5M Sale of Commercial Building in Wilmette, Illinois

by Kristin Harlow

WILMETTE, ILL. — SVN Chicago Commercial has brokered the sale of a 7,260-square-foot commercial building in the Chicago suburb of Wilmette for $1.5 million. The Wayfarer Foundation, a Bahai-inspired organization, purchased the facility for its future headquarters. The property is located at the corner of 4th Street and Linden Avenue in Wilmette’s Linden Square commercial district, across the street from the CTA Linden Purple Line station. Wayne Caplan of SVN Chicago Commercial represented the undisclosed seller.

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AcquisitionsIllinoisMidwestRetail

JLL Arranges $13.1M Sale of Mariano’s-Occupied Property in Northfield, Illinois

by Kristin Harlow

NORTHFIELD, ILL. — JLL Capital Markets has arranged the $13.1 million sale of a 47,732-square-foot retail property occupied by Mariano’s in Northfield, a northern suburb of Chicago. Alex Sharrin, Michael Nieder, Mohsin Mirza, Charles Shehan and Caity Tirakian of JLL represented the seller, Stockbridge, and the buyer, Swanson Development Group. Mariano’s has operated at the property at 1822 Willow Road since 2013 with a triple-net lease with multiple renewal options. Mariano’s is a regional supermarket chain with 44 locations throughout Illinois. In 2015, Kroger acquired the chain via Mariano’s parent company Roundy’s.

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DevelopmentIllinoisIndustrialMidwest

Sterling Bay to Develop 147,500 SF Spec Industrial Facility in Chicago’s Archer Heights

by Kristin Harlow

CHICAGO — Sterling Bay has purchased 4510 W. Ann Lurie Place, a 7.5-acre parcel in Chicago’s Archer Heights neighborhood. The developer plans to build a 147,500-square-foot speculative industrial facility. The acquisition was made in partnership with Affinius Capital, along with a construction loan from First National Bank of Omaha. PREMIER Design + Build Group will serve as general contractor. The project will feature 10 loading bays, two drive-in doors and 101 vehicle parking spaces. There will also be electric vehicle charging stations and upgraded steel components for future solar panel integration. Construction is scheduled to begin later this year.

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IllinoisLeasing ActivityMidwestMultifamily

Peak Realty Chicago Begins Leasing Efforts for 35-Unit Apartment Building in Lincoln Park

by Kristin Harlow

CHICAGO — Peak Realty Chicago has begun leasing efforts for a new 35-unit apartment building located at 2317 N. Clark St. in Chicago’s Lincoln Park neighborhood. The boutique development is located on the site of a former Walgreens. So far, 20 percent of the units have been leased in two weeks. The three-story building offers floor plans ranging from one- to three-bedroom units. Greif Properties was the developer.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

ESI Arranges Sale of 213-Bed Skilled Nursing Facility in Savoy, Illinois

by Kristin Harlow

SAVOY, ILL. — Evans Senior Investments (ESI) has arranged the sale of Champaign Urbana Nursing & Rehab in Savoy, located about midway between Chicago and St. Louis. A regional owner-operator sold the asset to Mozart Healthcare, which plans to install Accolade Healthcare as the operator. The sales price was undisclosed. Initially built in 1975, the facility is licensed for 213 skilled nursing beds, and at the time of marketing was 49 percent occupied. The current operator restored the occupancy rate to 67 percent by the time of closing.

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Affordable HousingDevelopmentIllinoisIowaMichiganMidwestMultifamily

Woda Cooper Receives LIHTC Financing for Five New Affordable Housing Communities

by Kristin Harlow

COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. Inc. has received Low-Income Housing Tax Credit (LIHTC) financing for the development of five new affordable housing communities in North Carolina, Michigan, Iowa, Virginia and Illinois. The North Carolina Housing Finance Agency allocated $1.2 million for Pender Crossing, a 48-unit community to be built in Wilson, N.C. Plans call for three walkup buildings with amenities such as a fitness center, computer room, playground and covered pavilion. Raleigh-based TightLines Designs is the architect. In Marquette, Mich., Woda Cooper will partner with the Keweenaw Bay Indian Community to develop Black Rock Crossing, a 50-unit general occupancy multifamily development. The Michigan State Housing Development Authority allocated $1.4 million in tax credits for the project. Grand Rapids-based PCI Design Group is the architect. Construction is expected to begin in April. The Iowa Finance Authority awarded $1.1 million in LIHTC financing for Alley Landing, a 40-unit project in Des Moines. The community will include eight Permanent Supportive Housing homes for veteran households experiencing homelessness. Hooker DeJong is the architect. Virginia Housing allocated $1.4 million in tax credits for Bains Pointe, a 50-unit development in Portsmouth, Va., named after Eliza Bains who was instrumental in helping slaves gain freedom …

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