OAK LAWN, ILL. — Interra Realty has brokered the $13 million sale of reVerb Oak Lawn, an 84-unit multifamily property in the Chicago suburb of Oak Lawn. Located on South Harlem Avenue, the community was originally built in 1971 and renovated in 2017. The property was 97 percent occupied at the time of sale. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the private seller and the undisclosed buyer.
NORMAL, ILL. — Draper and Kramer’s Commercial Finance Group has arranged a $14.9 million refinance and construction loan for The Park at Constitution Trail Centre, a three-phase student housing development in Normal. The financing retired the existing debt on the first two phases of the project and provided funding on the remaining phase of construction. The off-campus community serves students at Illinois State University. The initial two phases, which were delivered between 2019 and 2022, include 204 fully leased beds. Phase III will offer an additional 76 beds upon completion, which is slated for August 2023. When complete, the development will contain a total of 280 beds across 13 buildings. The project is connected to The Constitution Trail, a paved 40-mile trail. Matthew Wurtzebach of Draper and Kramer arranged the loan on behalf of the borrower, 100 McKnight LLC.
CHICAGO — NewCold has expanded its office lease at 500 W. Madison Street in Chicago from 6,000 square feet to 35,564 square feet. The office serves as the company’s North American headquarters. The 40-story, Class A office building is known as Accenture Tower. Built in 1987, the property totals 1.4 million square feet and features a two-level fitness center with a basketball court along with a conference center and tenant lounge. KBS acquired the building in 2013. Dougal Jeppe of Colliers represented NewCold, which is an advanced automated warehouse and cold chain logistics company.
ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in the Chicago suburb of Arlington Heights. The Conor Group sold the asset for $131 million. Built in 1973, Stonebridge of Arlington Heights features a mix of one- and two-bedroom floor plans averaging 1,075 square feet. Amenities include a pool, fitness center, dog park, basketball courts and bike storage rooms. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks and Eric Rosenstock of Greystone originated a $94.4 million Fannie Mae loan for the acquisition. The fixed-rate loan features a 10-year term and amortization schedule.
CHICAGO — Zoro.com has signed a 41,875-square-foot office lease expansion at Accenture Tower in Chicago. The company sells tools, industrial equipment and business supplies. Zoro.com previously occupied the 16th floor at Accenture Tower and will now occupy the 39th and 40th floors. The office building, owned by KBS, was recently renovated to include a new conference center, outdoor terrace with high-speed internet and modernized elevators.
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.
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.
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.
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.
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.
