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DevelopmentIllinoisMidwestMultifamilySeniors Housing

McShane Completes Construction of 166-Unit Senior Living Community in Algonquin, Illinois

by Kristin Harlow

ALGONQUIN, ILL. — McShane Construction Co. has completed The Oaks at Algonquin, a 166-unit senior living community in suburban Chicago. Spectrum Retirement Communities was the developer. The property features independent living, assisted living and memory care units. Amenities include three restaurants, a pub, salon, media lounge, theater, health club, rooftop deck, memory care garden and doctor and therapist offices. Vessel Architecture provided architectural services for the three-story community.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Builds 178,850 SF Spec Industrial Facility in Chicago

by Kristin Harlow

CHICAGO — Principle Construction Corp. has completed a 178,850-square-foot speculative industrial building in Chicago. IDI Logistics was the developer. Located at 3700 S. Morgan St., the property features a clear height of 36 feet, 32 dock positions, two drive-in doors and 103 car parking stalls. Principle’s Darrin Dehmlow served as project manager and Matt Frane was the onsite superintendent. Macgregor Architects served as project architect.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Cinergy Dine-In Cinemas to Open at Former CMX Location at Wheeling Town Center in Suburban Chicago

by Kristin Harlow

WHEELING, ILL. — Cinergy Dine-In Cinemas is slated to open in July at the former CMX CinéBistro location at Wheeling Town Center in the Chicago suburb of Wheeling. The 40,000-square-foot, seven-screen theater will offer a dine-in theater experience. Wheeling Town Center, developed by The Lynmark Group, is now fully leased. This is the ninth location nationwide for Cinergy, which is operated by Dallas-based Cinergy Entertainment Group Inc. Other tenants at Wheeling Town Center include 312 Nails, Artic Spoon, AT&T, City Works, Inland Bank, Meat & Potato Urban Kitchen, Mia’s Cantina, Starbucks and The Learning Experience.

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DevelopmentIllinoisIndustrialMidwest

Seefried Breaks Ground on 80,053 SF Spec Industrial Building in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Seefried Properties has broken ground on an 80,053-square-foot speculative industrial building in the Chicago suburb of Mount Prospect. The Class A project, located 2.5 miles from the O’Hare airport’s North Cargo Gate, will be designed to accommodate freight-forwarding and air cargo warehousing. World Courier Inc. has leased 34,011 square feet at the development. Mike Feeney and Jay Cook of Cresa represented the tenant, while Mike Sedjo, Jack Brennan, John Hamilton and Ben Dickey of CBRE represented Seefried. CBRE will handle lease-up of the remainder of the building. The project team includes general contractor Principle Constructors, civil engineer Kimley-Horn and architect Harris Architects. The building will feature a clear height of 32 feet, 16 exterior dock doors, ample car parking and 17 trailer stalls. A timeline for completion was not provided.

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Affordable HousingIllinoisLoansMidwestMultifamily

D2 Capital Advisors Arranges $18.2M Construction Loan for Affordable Housing Redevelopment Project in Illinois

by Kristin Harlow

AURORA, ILL. — D2 Capital Advisors has arranged an $18.2 million construction loan for Fox Valley Apartments, a 47-unit affordable housing redevelopment project in Aurora. The project consists of the adaptive reuse of two vacant, historic school buildings, the former Mary A. Todd School and Lincoln Elementary School. The Todd school will be transformed into 11 units and a health clinic for low-income families. The Lincoln school will be redeveloped into 14 units. Additionally, a new two-story building will include 22 units. Of the 47 total units, at least 30 percent will be designated for renters earning 30 percent of the area median income. The remaining units will be for residents who earn up to 60 percent of the area median income. The Illinois Housing Department Authority awarded 9 percent low-income housing tax credits for the project, which also qualified for state and federal historic tax credits. An undisclosed lender provided the fixed-rate construction loan. The borrower was Fox Valley Apartments LP, a joint venture that includes General Partner Visionary Ventures NFP. Jack Cortese and David Frankel of D2 arranged the financing.

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AcquisitionsHealthcareIllinoisMidwest

Baum Realty Negotiates $8.7M Sale of Urgent Care Facility in River Forest, Illinois

by Kristin Harlow

RIVER FOREST, ILL. — Baum Realty Group LLC has negotiated the $8.7 million sale of an urgent care facility occupied by Loyola Medicine Immediate Care in River Forest, a western suburb of Chicago. The property, located at 7617 North Ave., features a lease guaranteed by Loyola University Health System, one of Chicagoland’s largest health systems. Loyola has more than nine years remaining on its lease. Patrick Forkin of Baum represented the buyer, a private local investor. The seller was not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Marcus & Millichap Brokers $5.2M Sale-Leaseback of Industrial Building in Niles, Illinois

by Kristin Harlow

NILES, ILL. — Marcus & Millichap has brokered the sale-leaseback of a 56,261-square-foot industrial building in the Chicago suburb of Niles for $5.2 million. The property, located at 7760 N. Merrimac Ave., sold for above asking price. Constructed in 1975, the facility features a clear height of 18 feet, eight internal docks and one drive-in door. The tenant and seller, Quality Elevator Products Inc., had owned the building since 2004. Peter Doughty and Dylan Hyde of Marcus & Millichap represented Quality Elevator Products. The duo also procured the buyer, a real estate investment firm focused on industrial assets.

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DevelopmentIllinoisIndustrialMidwest

Molto Properties to Build Two Logistics Parks Totaling 2 MSF in Suburban Chicago

by Kristin Harlow

MINOOKA AND ROMEOVILLE, ILL. — Molto Properties has unveiled plans to build two logistics parks totaling more than 2 million square feet in Minooka and Romeoville. Construction is scheduled to begin this month, with completion of both projects slated for the second quarter of 2023. Jim Estus and Matthew Stauber of Colliers will market the developments for lease. Minooka Ridge Business Park will span 110 acres and accommodate up to 1.7 million square feet of new distribution space. Phase I will consist of a 1.1 million-square-foot distribution facility featuring a clear height of 40 feet, 156 truck docks and parking for 264 trailers and 541 cars. Weber55 Logistics Park will be a two-building logistics park situated on 60 acres in Romeoville. Building I will span 627,840 square feet and feature a clear height of 40 feet, 114 exterior truck docks, 128 trailer stalls and 376 car parking spaces. Building II will total 270,000 square feet and feature a clear height of 36 feet, 56 exterior truck docks, 72 trailer stalls and parking for 258 cars.

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IllinoisIndustrialLeasing ActivityMidwest

GSA Justice Department Signs 55,000 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — The GSA Justice Department has signed a 55,000-square-foot industrial lease at 2500 York Road in Elk Grove Village. GSA will fully occupy the property, which is owned by Chicago-based Dayton Street Partners (DSP). The building, which is located directly across the street from the Chicago O’Hare International Airport, features three drive-in doors, parking for 110 cars and ceiling heights ranging from 24 to 38 feet. GSA will utilize the space for central operations for the airport. DSP acquired the property in January 2020.

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DevelopmentIllinoisIndustrialMidwest

PREMIER Design + Build Group Breaks Ground on 438,750 SF Industrial Build-to-Suit in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — PREMIER Design + Build Group has broken ground on a 438,750-square-foot industrial build-to-suit in Elgin for Atlantic Packaging, a designer and manufacturer of packaging solutions. The property, situated at 2601 Mason Road, will serve as the firm’s Midwest branch. The facility will feature a clear height of 36 feet, 30 dock positions, three drive-in doors, seven offices, conference rooms and open workspaces. PREMIER will install an exterior asphalt lot to accommodate 300 vehicles and 32 trailers. Completion is slated for February 2023. The project team includes architect Ware Malcomb, civil engineer Manhard Consulting and structural engineer LJB Engineers. Industrial Equity Partners and World Richman are the developers.

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