Illinois

Kimco Sells Retail Center in Suburban Chicago for $20.5M

by Jeff Shaw January 11, 2023

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.

January 11, 2023

Illinois Loans Midwest Multifamily

Berkadia Arranges $10.6M PACE Construction Loan for Multifamily Project in Suburban Chicago

by Kristin Harlow January 10, 2023

TINLEY PARK, ILL. — Berkadia has arranged a $10.6 million PACE construction loan for The Magnuson, a 144-unit, ground-up multifamily project in the Chicago suburb of Tinley Park. Jason Bond of Berkadia arranged the loan through PACE Loan Group on behalf of the borrower, Illinois-based One Magnuson Lane LLC. Matthew McCormack represented PACE Loan Group on an internal basis. The Illinois Energy Conservation Authority NFP assisted in closing the financing. The property is currently under construction, but a timeline for completion was not provided. The project will consist of four four-story buildings and a clubhouse. Introduced in Illinois in 2019, C-PACE provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties. The C-PACE efforts at The Magnuson are expected to provide roughly $311,000 in savings over the 30-year financing term, while also saving more than 2.3 million gallons of water per year.

January 10, 2023

Development Illinois Industrial Midwest

Phoenix Investors Completes 1 MSF Industrial Redevelopment Project in Normal, Illinois

by Kristin Harlow January 9, 2023

NORMAL, ILL. — An affiliate of Phoenix Investors has completed a two-phase redevelopment project totaling 1 million square feet in North Normal Industrial Park in Normal, about 38 miles southeast of Peoria. Phoenix acquired the 92-acre property in June 2020 from Wildwood Industries Inc. The original 500,000-square-foot industrial facility served as Phase I of the project and now features 84 exterior docks and cross-dock capabilities. Phase II included a 500,000-square-foot addition with 50 exterior docks and cross-dock capabilities. Rivian will occupy both facilities. PJ Hoerr served as general contractor.

January 9, 2023

Healthcare Illinois Loans Midwest Northmarq

Northmarq Arranges $2.2M Loan for Refinancing of Healthcare Property in Suburban Chicago

by Kristin Harlow January 9, 2023

DOWNERS GROVE, ILL. — Northmarq has arranged a $2.2 million loan for the refinancing of a 7,894-square-foot medical office building in the Chicago suburb of Downers Grove. Illinois Bone and Joint Institute occupies the property at 1034 Warren Ave. Erik Kunz of Northmarq arranged the loan through a life insurance company. The 10-year, fixed-rate loan features a 25-year amortization schedule.

January 9, 2023

Development Illinois Midwest Multifamily Top Stories

Pizzuti Cos. Breaks Ground on 19-Story Coppia Multifamily High-Rise in Chicago’s West Loop

by John Nelson January 9, 2023

CHICAGO — The Pizzuti Cos., a private real estate development and management firm based in Columbus, Ohio, has broken ground on Coppia, a 19-story high-rise apartment tower in Chicago. The 298-unit community will be located at 1101 Van Buren St., which is situated at the southern end of Aberdeen Street in the city’s West Loop district. Pizzuti expects to complete Coppia in 2024. The property will sit across from a Target store and next to Chicago Transit Authority’s Racine Avenue Blue Line Station, as well as three blocks west of I-90. Future residents will be near Chicago’s Fulton Market District, the Greektown neighborhood and Illinois Medical District. The name Coppia is Italian for “couple,” which Pizzuti says was inspired by the project having both a transit-oriented setting and the design of the façade, which features geometric figures split by contrasting glass patterns. The design-build team includes architect Goettsch Partners, general contractor Power Construction and property management firm Village Green. The community will feature studio, one-, two- and three-bedroom units with floor-to-ceiling glass and high-end finishes. Coppia will also include penthouses on the top levels, as well as ground-level retail space and contemporary art installations. Coppia’s resort-style amenities will include a …

January 9, 2023

Development Healthcare Illinois Midwest

Remedy Medical Properties Begins Development of $25M Medical Office Building in Suburban Chicago

by Kristin Harlow January 6, 2023

ORLAND PARK, ILL. — Remedy Medical Properties has begun development of a $25 million medical office building in the Chicago suburb of Orland Park. The 42,000-square-foot project is a build-to-suit for Silver Cross Hospital and Premier Suburban Medical Group. Located at the northeast corner of LaGrange Road and 171st Street, the two-story building is slated for completion in early 2024. The property will house numerous primary and specialty care services, comprehensive imaging services, an 18-station infusion center, endoscopy suite and after-hours care. Perry Higa of NAI Hiffman represented Silver Cross Hospital and Premier Suburban Medical Group in purchasing two land sites totaling nearly 11 acres from SSM Health. Leopardo is the general contractor, Jensen & Halstead Ltd. is the architect and Kimley-Horn is the civil engineer.

January 6, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $23M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow January 6, 2023

CHICAGO — Kiser Group has brokered the sale of a five-building multifamily portfolio in Chicago for $23 million. The 198 units are located within the West Rogers Park, Bowmanville and Budlong Woods neighborhoods and are largely vacant. Danny Logarakis of Kiser brokered the sale. The seller was a private individual that had owned the properties for more than 40 years. The buyers, Sam Trachtman and Stak Holdings LLC, plan to renovate the kitchens, bathrooms and common areas.

January 6, 2023

Acquisitions Illinois Midwest

Transwestern Acquires MB Real Estate in Chicago

by Kristin Harlow January 5, 2023

CHICAGO — Transwestern Real Estate Services has acquired Chicago-based MB Real Estate (MBRE), a full-service commercial real estate firm. The transaction adds 120 team members and a regional property management portfolio exceeding 12 million square feet. Founded in 1982, MBRE provides expertise in asset and facilities management, leasing services, project management, tenant representation and investment services. Its leasing and management portfolio includes high-profile properties such as Michigan Plaza, 181 W. Madison, Millennium Park and the Richard J. Daley Center. Celebrating its 45th anniversary in 2023, Transwestern is a diversified commercial real estate firm with more than 2,100 team members nationwide. MBRE began operating as Transwestern on Jan. 1. Financial terms of the transaction were not provided.

January 5, 2023

Development Illinois Midwest Office

Skender Completes Renovation of 622,600 SF Office Building in Downers Grove, Illinois

by Kristin Harlow January 5, 2023

DOWNERS GROVE, ILL. — Skender has completed a comprehensive renovation of 3500 Lacey, a 622,600-square-foot office building in the Chicago suburb of Downers Grove. Built in 1992, the property formerly served as the headquarters of bread company Sara Lee. KORE Investments purchased the building in 2019. Skender worked with OKW Architects on the renovation project, which upgraded the building’s lower lobby, main lobby and fitness center. The property is also home to Esplanade Lakes Ballroom, a wedding venue operated by DoubleTree.

January 5, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $9.2M Sale of Multifamily Property in Chicago

by Kristin Harlow January 4, 2023

CHICAGO — Kiser Group has arranged the sale of a 52-unit multifamily property in Chicago’s Edgewater neighborhood for $9.2 million. Named Mabel Exchange, the building was originally constructed in 1928 to serve as the corporate headquarters of makeup company Maybelline. The property features 35 studios, 15 one-bedroom units, two two-bedroom units and 20,000 square feet of commercial space. Andy Friedman, Jake Parker and Lee Kiser of Kiser Group represented both the seller and the buyer, Envoi Partners. The buyer plans to add amenities and improve the commercial space. The seller purchased the building in 2019 and upgraded units, replaced plumbing and installed new electric service.

January 4, 2023

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