Illinois

JVM Acquires 240-Unit Luxury Apartment Property in Suburban Chicago

by Kristin Harlow November 22, 2022

ROMEOVILLE, ILL. — JVM Realty Corp. has acquired Seasons at Romeoville, a 240-unit luxury apartment property in the Chicago suburb of Romeoville. Fiduciary Real Estate Development Inc. was the seller. JVM plans to rename the community as The Bluffs. Built in 2021, the property features amenities such as a fitness center, clubhouse, pool, outdoor living area, dog park and pet washing area. Monthly rents start at $1,575, according to Apartments.com. Wick Kirby, Amanda Friant and Kevin Girard of JLL represented the seller. With this latest acquisition, JVM now owns and manages seven apartment communities in Illinois and 22 properties representing $1.6 billion in assets under management throughout the Midwest.

November 22, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $11M Sale of Multifamily Property in Suburban Chicago

by Kristin Harlow November 21, 2022

HIGHWOOD, ILL. — Interra Realty has negotiated the $11 million sale of a 37-unit multifamily property in the Chicago suburb of Highwood. The newly constructed building is located at 546 Green Bay Road. Craig Martin of Interra represented the seller, Sy Oko. Martin also represented the buyer, HP Ventures Group-Development Services LLC, a development and property management company that specializes in mid-rise apartment buildings and townhomes.

November 21, 2022

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Arranges $6.1M Sale of Comfort Inn Hotel in Ottawa, Illinois

by Kristin Harlow November 21, 2022

OTTAWA, ILL. — Marcus & Millichap has arranged the $6.1 million sale of the Comfort Inn hotel in Ottawa, about 80 miles southwest of Chicago. The 69-room hotel is located at 120 W. Stevenson Road directly off I-80. The three-story property, built in 1995, features a business center, fitness center, complimentary breakfast and meeting facilities. Scott Havericak and Robert Hunter of Marcus & Millichap represented the seller, Ottawa Hospitality Group LLC. The duo also procured the buyer, Akal Hotels.

November 21, 2022

Development Illinois Industrial Midwest

Peak Underway on Construction of 1 MSF Spec Industrial Building in Joliet, Illinois

by Kristin Harlow November 18, 2022

JOLIET, ILL. — Peak Construction Corp. is underway on a 1 million-square-foot speculative building at NorthPoint Development’s Third Coast Logistics Park in Joliet. The facility will feature a clear height of 40 feet, 103 dock doors, four drive-in doors and 264 trailer parking stalls. Peak will also construct a second speculative building at the industrial park. Plans call for a 1.2 million-square-foot facility with a clear height of 40 feet, 120 dock doors, four drive-in doors and 247 trailer parking stalls. Completion of both buildings is slated for fall 2023. The project team includes architect studioNorth Architecture and civil engineer Jacob & Hefner Associates.

November 18, 2022

Acquisitions Illinois Midwest Retail

Quantum Brokers $3.5M Sale of Multi-Tenant Retail Building in Suburban Chicago

by Kristin Harlow November 18, 2022

OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 13,000-square-foot retail building in the Chicago suburb of Oak Lawn for $3.5 million. Built in the mid-2000s and known as 51st Avenue Station, the property is fully leased to Chiro One, Miracle One, Cold Stone Creamery and other local and national tenants. Chad Firsel and Brett Berlin of Quantum represented the seller, a private fund based in Illinois. The Illinois-based private buyer completed a 1031 exchange.

November 18, 2022

Illinois Leasing Activity Midwest Restaurant Retail

Perry’s Steakhouse & Grille to Open Third Chicago-Area Restaurant

by Kristin Harlow November 18, 2022

VERNON HILLS, ILL. — Perry’s Restaurants, a Texas-based boutique restaurant group, is opening its third Chicago-area location. Perry’s Steakhouse & Grille is set to debut at Hawthorn Mall in Vernon Hills in late 2023. The 11,000-square-foot restaurant will include a main dining room and four private dining rooms. Chicago-based Aria Group Architects Inc. designed the Vernon Hills restaurant, which will accommodate up to 350 people. Perry’s also operates locations in Oak Brook and Schaumburg.

November 18, 2022

Affordable Housing Development Illinois Midwest Multifamily

Structured Development, Evergreen Real Estate Group Open 48-Unit Mixed-Income Apartment Complex in Chicago

by Kristin Harlow November 17, 2022

CHICAGO — Structured Development and Evergreen Real Estate Group have opened Schiller Place Apartments on Chicago’s Near North Side. The mixed-income apartment complex consists of 48 units across three buildings. Located immediately south of Structured’s NEWCITY development on land that was formerly home to the Isham YMCA, Schiller Place is fully leased. There are six market-rate units, 24 reserved for Chicago Housing Authority (CHA) residents, 13 set aside for households earning up to 60 percent of the area median income (AMI) and five reserved for those who earn up to 30 percent of AMI. Five of the units have been earmarked for veterans and five will house individuals sourced through the Statewide Referral Network, which works with households earning up to 30 percent of AMI with a head of household who has a disability or illness. The project team included GMA Construction and architecture firm Bailey Edward. Funding for Schiller Place included federal 4 percent Low-Income Housing Tax Credits awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Hudson Housing Capital. IHDA also awarded Illinois Affordable Housing Tax Credits that were syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide onsite …

November 17, 2022

Acquisitions Illinois Midwest Northmarq Retail

Northmarq Brokers $18.1M Sale of Whole Foods Market-Occupied Property in Chicago

by Kristin Harlow November 17, 2022

CHICAGO — Northmarq has brokered the sale of a retail property occupied by Whole Foods Market in Chicago for $18.1 million. The 41,148-square-foot store is situated on the first floor of a condominium development at 6020 N. Cicero Ave. within the Sauganash neighborhood. The property was built in 2007. Isaiah Harf of Northmarq represented the seller, a private investor based in Maryland. The buyer was a California-based family trust.

November 17, 2022

Illinois Industrial Leasing Activity Midwest

Brown Commercial Group Negotiates Two New Industrial Leases in Hodgkins, Illinois

by Kristin Harlow November 17, 2022

HODGKINS, ILL. — Brown Commercial Group has negotiated two new leases totaling 131,605 square feet at 7335 Santa Fe Drive in Hodgkins, a southwest suburb of Chicago. Pioneer Service Inc. leased 61,355 square feet and M&M Quality Grinding Inc. leased 70,250 square feet. The distribution building is being renovated into a fully operational manufacturing facility with individual spaces for the two businesses. Completion is slated for mid-2023. Mike Antonelli of Brown Commercial Group represented the tenants. Adam Stokes of NAI Hiffman represented the landlord, UBS Realty Investors. Pioneer Service manufactures precision machining parts, while M&M produces metal bar stock.

November 17, 2022

Development Healthcare Illinois Midwest

IMPACT Strategies Begins Construction of 20,000 SF Outpatient Clinic in Godfrey, Illinois

by Kristin Harlow November 16, 2022

GODFREY, ILL. — IMPACT Strategies has begun construction of the new BJC Outpatient Center in Godfrey, about 30 miles north of St. Louis. The 20,000-square-foot outpatient clinic marks IMPACT’s eighth project for BJC HealthCare. St. Louis-based SCOUT Capital Group is the developer and Archimages Architects is the project architect. Midwest BankCentre provided funding. Completion is slated for summer 2023.

November 16, 2022

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