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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $10.3M Sale of Apartment Building in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Interra Realty has arranged the sale of a 43-unit apartment building in Evanston for $10.3 million. Originally constructed in 1918, the property at 612 Sheridan Road was 95 percent occupied at the time of sale. There are 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units. Brad Feldman of Interra represented the buyer, a local real estate investor. Patrick Kennelly and Paul Waterloo of Interra represented the seller, a private family group that had owned the property for more than 80 years.

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DevelopmentIllinoisMidwestMultifamily

Wingspan Development Group Opens 284-Unit Luxury Apartment Complex in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Wingspan Development Group has opened Sixteen30, a 284-unit luxury apartment complex in Plainfield, about 40 miles southwest of Chicago. Featuring eight garden-style buildings surrounding a 7,500-square-foot clubhouse and pool, Sixteen30 is currently 80 percent leased. The clubhouse includes a great room, coffee bar, fitness center, demonstration kitchen, pet spa and office suites. The property also includes a 24-hour package room. Outdoor amenities include a bocce ball court, two dog parks, a fire pit and grills. Units range from 600 to 1,500 square feet. Wingspan’s sister company, Nicholas & Associates, performed the construction. Lincoln Property Co. is overseeing leasing and property management. Monthly rents start at $1,600. The name Sixteen30 comes from the property’s address near the intersection of Lincoln Highway and U.S. Route 30. Lincoln was the 16th president of the United States.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers $11.6M Sale of Self-Storage Facility in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Marcus & Millichap has brokered the $11.6 million sale of an AAA Storage property in South Elgin. Constructed in 1995 and located at 300 Sundown Road, the facility consists of 388 units within eight non-climate-controlled buildings, 13,000 square feet of flex industrial space and 28 outdoor parking spaces. At the time of sale, 96 percent of the units were occupied. Sean Delaney of Marcus & Millichap represented the seller, Shanahan Enterprises LLC, and procured the buyer, Trojan Storage. The transaction also includes an adjacent two-acre parcel where the new owner plans to build a three-story, climate-controlled building.

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AcquisitionsIllinoisMidwestMultifamily

Matthews Negotiates $6.2M Sale of Chicago Multifamily Portfolio

by Kristin Harlow

CHICAGO — Matthews Real Estate Investment Services has negotiated the $6.2 million sale of a five-property multifamily portfolio totaling 95 units in Chicago. The assets are located on the city’s West Side on North Waller, North Lotus, West Augusta, West Washington and North Central avenues. Finley Askin of Matthews represented both the seller, a local private investor, and the Brooklyn, N.Y.-based buyer.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Skender Completes Construction of Affordable Housing, Healthcare Project in Lansing, Illinois

by Kristin Harlow

LANSING, ILL. — Skender, in conjunction with joint venture partner Ashlaur Construction, has completed construction of Torrence Place in Lansing, a southern suburb of Chicago. Developed by Full Circle Communities, the three-story affordable housing project features 48 accessible and adaptable units mainly intended for veterans and people with disabilities. The building also includes a 3,600-square-foot health clinic and pharmacy that will be operated by Christian Community Health Center. Resident amenities include a community lounge, library, computer lab, onsite laundry, storage lockers, a fitness center and onsite supportive services. The project team also included architect Cordogan Clark & Associates and CAGE Civil Engineering.

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IllinoisIndustrialLoansMidwestSelf-Storage

JLL Arranges $4M Loan for Refinancing of Chicago Self-Storage Facility

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $4 million loan for the refinancing of a 675-unit Devon Self Storage facility in Chicago. The property at 1601 S. Canal St. offers 70 different unit sizes, climate-controlled units, 24-hour security and onsite management. Chris Collins and Aiden Hayes of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Devon Self Storage.

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DevelopmentIllinoisIndustrialMidwest

Logistics Property Co. Closes $1.8B Industrial Real Estate Development Fund

by Kristin Harlow

CHICAGO — Chicago-based Logistics Property Co. (LPC) has closed its second development fund with total equity commitments of $1.8 billion from several global institutional investors and co-investment by LPC. The fund is named LPC Logistics Venture Two LP (Venture II). To date, 35 percent of the fund has been allocated to investments in Atlanta, Chicago, Dallas, Denver, the Inland Empire, Pennsylvania, Phoenix and Southern Jew Jersey. LPC launched its inaugural development fund in August 2019, raising $1 billion of equity commitments. LPC has fully allocated the first fund’s equity to projects representing more than 20 million square feet across the U.S. Similar to the first fund, the goal of Venture II is to buy well-located property in U.S. markets, develop Class A industrial buildings to modern specifications, stabilize the assets, and hold to assemble a geographically diverse portfolio. Earlier this year, LPC began development of five new projects for Venture II totaling 2.3 million square feet. LPC expects to break ground before the end of the year on Palm Gateway Logistics Center in Arizona and to begin construction in 2023 on a 341,000-square-foot development in San Bernardino, Calif. MAM Real Estate, part of Macquarie Group and LPC’s majority shareholder, served …

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AcquisitionsIllinoisIndustrialMidwest

Westmount Realty Capital Sells 757,557 SF Industrial Portfolio in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Westmount Realty Capital has sold a portfolio of 21 light industrial buildings totaling 757,557 square feet in the Chicago suburb of Elk Grove Village. The sales price and buyer were undisclosed. Westmount owned the portfolio for three years. The portfolio is 97 percent leased to 107 tenants. The buildings were constructed between the late 1960s and late 1970s. Westmount now owns and manages 58 industrial buildings totaling 5.4 million square feet across the Chicago market.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of Grocery-Anchored Shopping Center in Freeport, Illinois

by Kristin Harlow

FREEPORT, ILL. — Mid-America Real Estate Corp. has brokered the sale of Freeport Plaza in Freeport, a city in northern Illinois. The sales price was undisclosed. A 62,500-square-foot Cub Foods grocery store anchors the 87,846-square-foot shopping center, which is 87 percent leased. Cub Foods recently extended its lease to 2027. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, a REIT. CRE Pro was the buyer.

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AcquisitionsIllinoisMidwest

Baum Realty Group Arranges $19.7M Sale of Flat Iron Arts Building in Chicago

by Kristin Harlow

CHICAGO — Baum Realty Group LLC has arranged the sale of the Flat Iron Arts Building in Chicago’s Wicker Park neighborhood for $19.7 million. The historic property spans 63,333 square feet and is located at the intersection of Milwaukee, North and Damen avenues. The building houses artist studios. Patrick Forkin and Vivian Perez of Baum represented the seller, a local property owner. The buyer was undisclosed.

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