NAPERVILLE, ILL. — The Boulder Group has brokered the sale of a restaurant property net leased to KFC and Taco Bell in the Chicago suburb of Naperville for nearly $2 million. The 2,982-square-foot building is located along Reflection Drive. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a Midwest-based real estate investor completing a 1031 exchange. A Southeast-based real estate company was the seller.
ITASCA, ILL. — Bulldog Cartage, a storage, staging and shipping company, has signed a 78,161-square-foot industrial lease at 1549 Glenlake Ave. in Itasca. Mike Antonelli and Dan Brown of Brown Commercial Group represented the tenant. John D’Orazio and Jonathan Kohn of Colliers represented the undisclosed landlord. Earlier this year, Brown Commercial Group negotiated a 37,819-square-foot lease for Bulldog Cartage in Addison, Ill.
ALGONQUIN, ILL. — FunCity Adventure Park has signed a 35,549-square-foot retail lease to open at River Pointe in the northwest Chicago suburb of Algonquin. The location will be FunCity’s 25th nationwide. FunCity is an indoor entertainment concept that offers activities such as trampolines, laser tag, foam pits, bumper cars, arcades and party rooms. River Pointe is a shopping center anchored by Jewel-Osco. KeyPoint Partners represented FunCity, which currently operates in eight states.
CHICAGO — Quantum Real Estate Advisors Inc. has negotiated the sale of a 12-unit multifamily building located at 3137 W. Wellington Ave. in Chicago for $2.8 million. Clay Maxfield of Quantum represented the seller, which purchased the asset in 2018. The property sold to a California-based buyer completing a 1031 exchange.
BROADVIEW AND BUFFALO GROVE, ILL. — Lightstone has purchased two Chicago-area industrial properties totaling 558,000 square feet for an undisclosed price. The first property is a 332,000-square-foot warehouse and office building located at 2600 S. 25th Ave. in Broadview. The facility is 96 percent leased to 19 tenants. In Buffalo Grove, Lightstone purchased 990 and 1000 Deerfield Parkway, a 226,000-square-foot lab and warehouse property. The building is fully leased to Siemens. With these acquisitions, Lightstone’s industrial portfolio has grown to more than 6.5 million square feet across 15 markets. The seller was not provided.
CHICAGO — The Back Room, an entertainment destination and live music venue, has signed a 6,000-square-foot retail lease at 318 N. Carpenter St. in Chicago’s Fulton Market district. The Back Room, which has been a part of Chicago’s music scene for 50 years, is relocating from 1007 N. Rush St. The new property is an eight-story, 95,445-square-foot office building with ground-level retail space that is situated directly across the street from Google’s Chicago headquarters. James Schutter, Larry Kling and Nick Garlick of Newmark represented the building owner, a joint venture between Murphy Real Estate Services and Creek Lane Capital.
CHICAGO — Standard Communities led a public-private partnership that acquired Lake Park Crescent Apartments in Chicago’s Oakland neighborhood for roughly $54 million. Built in 2004 and located at 1061 E. 41st Place, the mixed-income apartment community is comprised of 148 units across 13 buildings. Of the 148 units, 112 are designated as affordable for renters who earn 40 to 80 percent of the area median income. As part of the transaction, 60 Chicago Housing Authority (CHA) public housing units were converted to project-based vouchers under the Rental Assistance Demonstration (RAD) program. The federal RAD program enables public housing authorities to protect the long-term affordability of public housing units in need of rehabilitation and financial support. Affordability will be extended for at least 30 years. Standard completed the transaction in partnership with HUD, the Illinois Housing Development Authority, CHA and the City of Chicago Department of Housing. Financing came from Low-Income Housing Tax Credits arranged in partnership with Boston Financial Investment Management. Citibank provided additional financing. Standard will oversee a renovation of Lake Park Crescent at a cost of approximately $72,000 per unit. Common areas and exterior grounds will also be improved.
CHICAGO — Interra Realty has brokered the sale of a three-building multifamily portfolio in Chicago’s Hyde Park neighborhood for $17 million. The properties, which total 79 units, include 1310 E. Hyde Park Blvd., 1318 E. Hyde Park Blvd. and 1334 E. Hyde Park Blvd. They are situated about a mile north of the University of Chicago. Joe Smazal of Interra represented the private seller, an East Coast-based investor that renovated 90 percent of the units. Ted Stratman of Interra represented the buyer, also an East Coast-based investor. The buyer plans to add energy-efficient boilers, replace all roofs, update the units that have yet to be renovated and add new amenities such as bike rooms.
CHICAGO — Newcastle Properties has acquired Forest View shopping center in Chicago for an undisclosed price. Jewel-Osco anchors the 68,727-square-foot property, which is located at the corner of Cumberland and Lawrence avenues. The sale marks the first time the property has sold since it was built in the mid-1960s. Len Blackman of Leklen Realty Group and Michael Horne of Newcastle sourced the off-market acquisition. Drew Trammell of Newcastle managed the due diligence process and closing. Seller information was not provided.
CHICAGO — Maverick Commercial Mortgage Inc. has arranged a $3.5 million loan for the acquisition of two industrial buildings leased to SCR Medical Transportation in Chicago. The building at 8801 S. Greenwood Ave. spans 47,000 square feet, while the property at 8835 S. Greenwood Ave. totals 16,125 square feet. The properties serve as the Chicago headquarters of Beacon Mobility, which acquired SCR Medical Transportation. Benjamin Kadish arranged the five-year loan, which features a fixed interest rate of 4.15 percent. A Midwest-based financial institution provided the loan to the borrower, a Maryland-based national real estate investment firm specializing in single-tenant, net leased industrial properties.
