CHICAGO — AmTrust RE has added two leases and three renewals at One East Wacker, a 41-story office tower overlooking the Chicago Riverwalk. Mark Gunderson, Wendy Katz and Erica Marshall of Stream Realty Partners, AmTrust’s leasing agent for its Chicago office portfolio, arranged the leases. Aeropay, a financial technology company enabling businesses to accept compliant, cashless and digital payments, leased 15,000 square feet across the entire 39th floor. Paul Reaumond and Tyler Reaumond of CBRE represented the tenant. The Japan External Trade Organization, a nonprofit organization providing business support services to companies expanding to Japan, renewed its 8,000-square-foot lease on the 33rd floor. Boris Yelyashov and Kyle Robbins of Transwestern represented the tenant. Additionally, law firm Gair Gallo Eberhard expanded its lease to 7,000 square feet. ECD Co., a real estate innovation company, renewed its 3,700-square-foot lease. Lastly, Lawyers Trust Fund of Illinois signed a new lease for 2,500 square feet. AmTrust modernized the lobby, upgraded the exterior and entrances, created multiple spec suites and renovated the corridors and restrooms at One East Wacker, which totals 560,000 square feet. Additionally, the owner recently completed a new amenity floor overseen by wellness amenities management service Lulafit. The amenity floor also includes …
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Morgan Properties Acquires 11-Property Midwest Multifamily Portfolio for $501M
CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartment units across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The communities — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Adam Doneger and Josh King of Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a value-add strategy to increase the marketability and comfort of the properties. Interior upgrades will include the installation of new flooring, appliances, cabinets and countertops, as well as smart home features. The new owner will also expand and refresh the onsite amenities. The acquisition expands Morgan Properties’ apartment holdings to more than 100,000 units across the nation. The Conshohocken-based development and investment firm now owns and operates roughly 360 communities in 22 states. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties. “Morgan Properties has a proven …
JUSTICE, ILL. — Network Commercial Real Estate has brokered the $4.4 million sale of a 5-acre retail development site located at 8650 W. 79th St. in Justice, a southwest suburb of Chicago. Neil Haleem of Network represented the seller, Emaar Enterprise LLC. Jeremy Forman of Shai Town Realty Group represented the buyer, Quick Trip Corp. The site will be developed into a QT gas station and convenience store.
By Trina Sandschafer, AIA, Project Management Advisors Adaptation and reinvention are core parts of what makes American cities great, and Chicago is a prime example. Whether rebuilding, reimagining space for modern usage or creating new neighborhoods from formerly empty lots, the city has become known for its unique ability to bring new energy and life to formerly underutilized areas. Chicago knows how to reimagine the built environment and is leading the way with several transformative development strategies. Adaptive reuse: A well-tested Chicago tactic Chicago’s long history of adaptive reuse began with the pioneering residential loft developers. In the wake of nationwide manufacturing declines, these enterprising developers saw opportunity in the city’s largely vacant warehouses and manufacturing buildings. The success of these early loft conversions encouraged further reimagining of Chicago’s aging industrial and office stock into condominiums, apartments, offices, entertainment venues and hospitality spaces, which continue to this day. Now, adaptive reuse strategies are helping to increase the supply of housing and restore economic viability to communities dealing with the lingering impact of the pandemic on local businesses. Converting legacy structures to new and better uses is more environmentally sustainable and can be more cost-effective than demolishing older buildings and starting …
BENSENVILLE, ILL. — Lee & Associates has negotiated a 25,631-square-foot industrial lease at 1071 Thorndale Ave. in the Chicago suburb of Bensenville. The lease brings the property to full occupancy. Chris Nelson of Lee & Associates represented the landlord, Prologis. Jeff Fischer of KBC Advisors represented the tenant, McDonald Associates Inc., an Elk Grove-based electrical manufacturer’s representative company focused on providing sales and warehousing solutions for clients.
CHICAGO — Newmark has arranged a $110 million loan for the refinancing of Cityfront Place, a 39-story luxury apartment tower in downtown Chicago. The borrowers, Strategic Properties of North America and Mirae Asset Securities, acquired the 480-unit property in 2020 and implemented a renovation plan, modernizing unit interiors and common areas while maintaining occupancy above 95 percent throughout the improvement period. The renovations contributed to a more than 60 percent increase in net operating income. Positioned along the Chicago River in the Streeterville neighborhood, Cityfront Place offers studio, one- and two-bedroom units. Amenities include a fitness center, indoor pool, rooftop terrace, resident lounge, indoor parking and direct access to the Riverwalk. Charles Han, Henry Stimler, Bill Weber, Matt Mense, Dan Sarsfield and Ricky Warner of Newmark arranged the financing.
CHICAGO — Interra Realty and Triton Realty Group have brokered the sale of a three-building multifamily portfolio totaling 115 units in Chicago’s Rogers Park neighborhood. The properties sold for $16.1 million in an off-market deal. All of the buildings were fully occupied at the time of sale and are located on North Damen Avenue. Brad Feldman of Interra and Harrison Cohen of Triton represented the seller, George Triff. The duo also represented the buyer, a private individual investor.
ANTIOCH, ILL. AND LAKE GENEVA, WIS. — Greystone has provided two Fannie Mae loans totaling $15.4 million for the refinancing of a 253-unit multifamily portfolio in Illinois and Wisconsin. Each of the two garden-style properties received a $7.7 million loan. Geneva Meadows Apartments is a 108-unit community in Lake Geneva, Wis., and Antioch Manor Apartments is a 145-unit property in Antioch, Ill. Kyle Jemtrud and Wilson Molitor of Greystone originated the nonrecourse loans, which feature fixed interest rates, seven-year terms, 30-year amortization schedules and interest-only payments for the entire term of the loan.
LA GRANGE PARK, ILL. — Marcus & Millichap has arranged the $9 million sale of a retail property net leased to Jewel-Osco in La Grange Park, about 13 miles west of Chicago. The 46,637-square-foot building is located at 507 E. Woodlawn Ave. Jewel-Osco has operated at the property since it was built in 1964 and recently signed a 20-year lease extension through May 2044. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a life insurance company. The asset sold to a 1031 exchange investor and garnered one of the lowest cap rates for a full-service grocer in the Midwest in recent years, according to Mendoza.
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the sale of the Growing Grounds garden center located at 1610 S. Main St. in Bloomington. Dale Naffziger sold the property to Chad Jones, owner of Pontiac, Ill.-based Jones Country Gardens and a long-time supplier of Growing Grounds. Mike Talkington of AXIS 360 brokered the sale. Growing Grounds is known for its selection of perennials, annuals, trees and shrubs as well as its expertise in landscaping solutions.