BOLINGBROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Landings, a 112,622-square-foot shopping center in the Chicago suburb of Bolingbrook. The sales price was undisclosed. Anchor tenants at the property, which is 91 percent leased, include PetSmart, OfficeMax, Planet Fitness and Modern Furniture. Ben Wineman of Mid-America represented the seller, an affiliate of Atlanta-based RCG Ventures. Irvine, Calif.-based Sperry Equities was the buyer.
SCHAUMBURG, ILL. — Greystone has provided a $60 million loan for the acquisition of 21 Kristin in the Chicago suburb of Schaumburg. The buyer, Bayshore Properties, is converting the 357-unit property from condos into apartments. The mid-rise building, located at 21 Kristin Drive, was originally constructed in 1980. Eric Rosenstock and Dan Sacks of Greystone originated the bridge loan, which features a two-year term and interest-only payments. Greystone will work to secure permanent Fannie Mae financing. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.
CHICAGO — JLL has arranged $59.8 million in construction financing for 741 North Wells, a 168-unit, Class A multifamily project with 3,580 square feet of retail space in Chicago. Expected to be completed in the first quarter of 2024, 741 North Wells will rise 21 stories and include168 units at an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, rooftop pool with a sundeck and a fitness center. Christopher Knight, Mary Dooley and Medina Spiodic of JLL represented the borrower, Vista Property, in securing the four-year, floating-rate construction loan through Huntington National Bank. Skender will serve as general contractor and Antunovich Associates is the architect.
NAPERVILLE, ILL. — Don McMinn of Marcus & Millichap has brokered the $4.8 million sale of a retail property constructed in 2021 and occupied by Firestone in the Chicago suburb of Naperville. The 6,116-square-foot property sold at list price to an out-of-state buyer completing a 1031 exchange. There were more than 14 years remaining on Firestone’s lease at the time of sale. “Quality net lease retail in good markets with rent increases remains a safe and attractive investment option in uncertain times,” says McMinn.
ROCKFORD, ILL. — Northmarq has arranged a $27.4 million Freddie Mac loan for the acquisition of Terra Creek Apartments in Rockford. The 278-unit multifamily property, located at 375 Bienterra Trail, was built in three phases in 1992, 2015 and 2019. Of the 278 units, 48 are townhomes. Amenities include a clubhouse, fitness center, community room, heated pool and sun deck. Brett Hood of Northmarq arranged the financing on behalf of the borrower, an affiliate of MLG Legacy Fund and its real estate investor manager MLG Capital. The 10-year loan features a fixed interest rate. Opposed to an outright sale, the undisclosed seller contributed its equity interest in the property to the fund in exchange for ownership units offering diversification across multifamily assets across the country. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq structured the $42.8 million contribution.
GURNEE, ILL. — Marcus & Millichap has brokered the $9.2 million sale of an 81,893-square-foot industrial building in Gurnee, a city in Northeast Illinois. The facility is located at 1111 Lakeside Drive within the Grand Tri-State Business Park directly off I-94. Ohio Medical LLC occupies the building, which was constructed in 1993. The property features a clear height of 24 feet, four external docks and two drive-in doors. Peter Doughty of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a New York-based REIT.
ARLINGTON HEIGHTS, ILL. — Housing Trust Group (HTG) has begun construction of Crescent Place, a new $18.2 million affordable housing community in the Chicago suburb of Arlington Heights. The project is a joint venture between HTG and nonprofit developer Turnstone Development Corp. Located on a 2.3-acre lot at 310 W. Rand Road, Crescent Place will be comprised of 40 one- and two-bedroom units and will include amenities such as a resident garden, outdoor patio, community room, library, computer cafe, fitness room, tenant storage compartments, bicycle storage and 80 outdoor parking spaces. Units will be reserved for residents who earn up to 60 percent of the area median income. Eight units will be reserved for persons with disabilities to live independently. Construction is slated for completion in spring 2023. Monthly rents will range from $524 to $1,258.
CHICAGO — Interra Realty has brokered the sale of a multifamily portfolio in Chicago for $2.9 million. The property is comprised of 15 units across two buildings, one located at 3856 W. Diversity Ave. and the other at 2544 N. Harding Ave. The multifamily portfolio includes one studio, two one-bedroom, nine two-bedroom and three three-bedroom units. Brad Feldman and Jeremy Morton of Interra represented the seller, who extensively renovated the buildings. Feldman and Morton also represented the private, out-of-state buyer, who intends to bring rents in line with the market as units turn over.
JOLIET, ILL. — Berengaria Development has purchased Joliet Commons, a 228,394-square-foot, regional shopping center in Joliet. The purchase price was undisclosed. The property is home to Dick’s Sporting Goods, Barnes & Noble, Party City, JoAnn, PetSmart, DSW, Ross Dress for Less and Old Navy. CBRE’s National Retail Partners team represented the seller, a joint venture between Pine Tree and DRA Advisors.
CHICAGO — J.C. Anderson has completed a 59,000-square-foot interior office buildout for Ipsos at The Franklin in Chicago. Ipsos is a market research company headquartered in Paris. The firm relocated its Chicago office from 222 Riverside to the 11th floor of The Franklin. The buildout includes a “user experience” facility, collaboration spaces, offices, open seating and a game room. Ohio-based Champlin Architecture served as the architect. I-Lee Hwa and Nick Ferro of Cushman & Wakefield provided project management and consulting services.
