OAK LAWN, ILL. — Friedman Real Estate has brokered the sale of a 1,500-square-foot auto retail property located at 4819 W. 93rd St. in the Chicago suburb of Oak Lawn. The sales price was undisclosed. Torrey Lewis and Kellen Duggan of Friedman represented the undisclosed seller. N3 Property Advisors was the buyer.
ILLINOIS — Walker & Dunlop Inc. has structured $57.6 million in HUD-insured loans for the refinancing of three skilled nursing facilities in Illinois. Joshua Rosen of Walker & Dunlop led the origination team. The first transaction consisted of a $15.6 million loan for Avantara Park Ridge, a 154-bed community in Park Ridge. Walker & Dunlop also arranged a $28.7 million loan for Moraine Court Supportive Living, a 185-bed community in Bridgeview, and a $13.3 million loan for Aperion Care Elgin, a 101-bed property in Elgin. The borrower was undisclosed.
MCCOOK, ILL. — A joint venture between PCCP and Midwest Industrial Funds is underway on the development of a 245,000-square-foot, Class A industrial facility in McCook. Located at 8701 W. 53rd St., the project will feature a clear height of 36 feet, 40 exterior docks, two drive-in doors, 271 car parking spaces and a 130-foot truck court. Completion is slated for spring 2023. CBRE National Partners advised on the joint venture between the two firms.
CHICAGO — Chicago-based JLL has entered into a strategic partnership with Memphis, Tenn.-based Poag Shopping Centers to acquire and redevelop mixed-use assets. Poag will provide development and redevelopment services for JLL-managed centers across the U.S., while JLL will provide management and operational services to Poag’s 10 open-air lifestyle centers. Poag will partner with JLL on its existing pipeline of redevelopment work and intends to grow this platform as more malls and open-air centers are revamped for today’s changing retail environment. Poag will also work with JLL to answer requests for proposals for large mixed-use developments that integrate retail with a variety of other uses.
CHICAGO — JLL has arranged $215.1 million in financing for the redevelopment of 801 S. Canal St., a 684,000-square-foot office building in Chicago’s West Loop neighborhood. The borrower is New York City-based 601W Cos. Once completed, the creative office space will be rebranded as Canal Station. The redeveloped property will feature open floorplates and continuous glass windows on its exterior. Amenities will include a fitness center, tenant lounge, conference center, outdoor terraces and lobby. The building will offer 376 parking spaces. JLL represented the borrower in securing the senior loan through Bank OZK and a mezzanine loan and preferred equity through Lionheart Strategic Management LLC on behalf of Milestone Asset Management. 601W Companies’ development portfolio in Chicago consists of The Old Post Office, Prudential Plaza and Aon Center. Keith Largay, Lucas Borges and Ryan Sullivan led the JLL Capital Markets team representing the borrower. Other office tenants in Chicago’s West Loop neighborhood include Uber, Walgreens and Home Chef. The property is further benefited by Chicago’s vast transportation network with access to interstates 90, 94, 290 and 55 and four L Train lines. The redevelopment of Canal Station will continue the transformation of the West Loop and will be a sister property …
ELMHURST, ILL. — Ryan Cos. US Inc. has broken ground on Vyne on Haven, a 200-unit luxury apartment complex in Elmhurst. The transit-oriented development is located at 102 Haven Road. Units will range from 600 to 1,500 square feet. Amenities will include a 13,000-square-foot outdoor deck with a pool, cabanas, grilling stations and outdoor heaters, a sixth-floor sky lounge, fitness center, clubroom, coworking space, dog spa and dog run. Ryan A+E Inc. designed the six-story, 320,000-square-foot building. Ryan is the developer and general contractor for the project and will manage the property upon completion, which is slated for 2024.
MELROSE PARK, ILL. — Bridge Industrial has acquired 12 acres in Melrose Park with plans to build Bridge Point Melrose Park II, a 186,880-square-foot development. Bridge acquired the site, formerly a truck parking lot, from a joint venture between Missner Group and Timber Hill. Completion is slated for the third quarter of 2023. The project will feature a clear height of 36 feet, 30 exterior docks, two drive-in doors, 221 car parking spaces, 30 trailer parking spaces, a 129-foot truck court and office space. Matthew Stauber, Thomas Rodeno and Patrick Turner of Colliers represented the seller. Bridge’s neighboring project, Bridge Point Melrose Park, is a 1.6 million-square-foot facility currently under development that is 86 percent pre-leased to CEVA Logistics and Expeditors International.
AURORA, ILL. — McShane Construction Co. will build Fox Valley Apartments, a 47-unit affordable housing adaptive reuse project in Aurora. McShane will redevelop two historic schools and construct one new building. Housing For All LLC, Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services make up the development team. The 25,000-square-foot Mary A. Todd School will be transformed into 11 apartment units and a health clinic for low-income families. The building was originally constructed in the early 1900s and most recently used for West Aurora School District’s early childhood programs until 2019. The 39,000-square-foot Lincoln Elementary School will be transformed into 14 apartment units. Originally constructed in the late 1800s, the school has sat vacant since 2007. The ground-up building will rise two stories with 22 units. At least 30 percent of the units will be reserved for renters who earn up to 30 percent of the area median income. Amenities will include a common laundry room, community room, computer lab and tenant storage. Completion is slated for October 2023.
CHICAGO — CBRE has arranged the sale of a 58,803-square-foot office building in Chicago’s Fulton Market for an undisclosed price. The loft-style property, located at 217 N. Jefferson St., was built in 1937 and renovated in 2017. The building rises six stories and includes 40 surface parking spaces. Keely Polcynski and Blake Johnson of CBRE represented the seller, Metonic. A private buyer purchased the asset.
NAPERVILLE, ILL. — Physician Real Estate Capital Advisors (PRECAP) has arranged the sale of a 19,900-square-foot building in Naperville for $15.2 million. Constructed in 2008 and located at 1243 Rickert Drive, the property is home to Suburban Gastroenterology and Midwest Endoscopy Center. In 2020, the endoscopy center underwent a 6,800-square-foot expansion and renovation. Scott Niedergang of PRECAP represented the seller, a physician partnership, and procured the buyer, a privately held company specializing in healthcare real estate acquisitions.