Illinois

Morgan Properties Acquires Two Midwest Multifamily Portfolios for $410M

by Kristin Harlow August 2, 2022

ILLINOIS AND INDIANA — Morgan Properties has acquired two multifamily portfolios totaling eight communities and 2,986 units in Illinois and Indiana for $410 million. With the addition of these new assets, Morgan Properties now owns and operates 2,035 units in Illinois, 3,692 units in Indiana and more than 95,000 units nationwide. The Illinois portfolio consists of The Lakes of Schaumburg in Schaumburg, Blackhawk Apartments in Elgin and The Gates of Deer Grove in Palatine. The Indiana portfolio consists of The Boardwalk at Westlake, Parkside at Castleton Square, Lakeside Crossing at Eagle Creek, The Elliott at College Park and The Preserve on Allisonville. Morgan Properties plans to invest more than $40 million in capital improvements across the two portfolios. The seller was undisclosed.

August 2, 2022

Affordable Housing Development Illinois Midwest Multifamily

Habitat Co., P3 Markets Top Out $100M Mixed-Income Apartment Project in Chicago

by Kristin Harlow August 2, 2022

CHICAGO — The Habitat Co. and P3 Markets have topped out construction of the first building at 43 Green, a $100 million mixed-income apartment development in Chicago’s Bronzeville neighborhood. Centered around the Chicago Transit Authority’s 43rd Street Green Line station, the project represents the first equitable transit-oriented development (ETOD) on Chicago’s South Side. The project will be developed in three phases and ultimately bring 300 new apartments to the neighborhood. The first building is the largest of the three planned buildings. The 10-story asset will house 99 apartment units as well as 5,500 square feet of retail space. Half of the units will be reserved for households earning up to 60 percent of the area median income. Construction of Phase I is slated for completion in February 2023. Construction on Phase II is expected to begin later this year. Bowa Construction and McHugh Construction are jointly building the project. Landon Bone Baker is the architect. Momentum Coffee and Super Cycle will occupy retail space. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s low-income housing tax credits allocation and tax credit investor Stratford Capital. Fifth Third Bank provided debt via HUD’s 221(d)(4) …

August 2, 2022

Acquisitions Illinois Midwest Office

Greenstone Partners Arranges $6.7M Sale of Office Building in Chicago’s Lincoln Park

by Kristin Harlow August 1, 2022

CHICAGO — Greenstone Partners has arranged the sale of a 24,000-square-foot office building in Chicago’s Lincoln Park neighborhood for $6.7 million. The property at 2001 N. Clybourn Ave. is 97 percent leased and anchored by AMP Americas. The building, which dates back to 1925, underwent a complete renovation in recent years. Danny Spitz and Jason St. John of Greenstone represented the seller, R2 Cos. A West Coast-based private investor was the buyer.

August 1, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 38,050 SF Industrial Building in Addison, Illinois

by Kristin Harlow August 1, 2022

ADDISON, ILL. — Venture One Real Estate has acquired a 38,050-square-foot industrial building in Addison for an undisclosed price. The property, located at 502 Vista Ave., is fully leased to one tenant. Constructed in 1967, the building features a clear height of 14 feet, three dock doors, one drive-in door, parking for 44 cars and 6,904 square feet of office space. Noel Liston of Darwin Realty represented the undisclosed seller. Justin Lerner of Transwestern represented Venture One, which utilized its acquisition fund VK Industrial VI LP, a partnership between Venture One and Kovitz Investment Group.

August 1, 2022

Illinois Industrial Leasing Activity Midwest

Bar-S Signs 47,539 SF Industrial Lease in Woodridge, Illinois

by Kristin Harlow July 28, 2022

WOODRIDGE, ILL. — Bar-S, a Sigma brand, has signed a 47,539-square-foot industrial lease at 2141 Internationale Parkway in the Chicago suburb of Woodridge. The location will serve as the company’s Midwest distribution center. The lease begins Oct. 1. Prologis owns the 130,000-square-foot property, which features six exterior docks, two drive-in doors and a clear height of 30 feet. Bar-S, a producer of bacon, sausages, hot dogs and lunchmeat, plans to install a 15,000-square-foot cooler at the property. Bar-S is currently subleasing space in Chicago. Jay Cook of Cresa represented the tenant in the lease for the Woodridge location.

July 28, 2022

Acquisitions Illinois Midwest Office Top Stories

Google to Acquire James R. Thompson Center in Chicago’s Central Loop Following Renovation

by Katie Sloan July 28, 2022

CHICAGO — Google has announced plans to acquire the James R. Thompson Center, an iconic office building located at 100 W. Randolph St. in Chicago’s Central Loop, following renovations. The 1.2 million-square-foot property occupies a full city block. Google plans to begin moving into the building in 2026. The 17-story Thompson Center is the only building in the city of Chicago where six L Train lines converge, connecting to Chicago’s South, West and North sides — a key point of attraction for Google, which is seeking to create an office environment that suits the future needs of its growing workforce that features a hybrid of in-office and from-home employees. In December of last year, the State of Illinois agreed to sell the Thompson Center to JRTC Holdings, a group led by developer Michael Reschke of Prime Group, for $70 million in an upfront cash transaction. Under terms of the deal, the state initially agreed to buy back a third of the property following renovations for $148 million. Illinois Governor J.B. Pritzker announced a new agreement for the building yesterday morning, in which JRTC will acquire the Thompson Center for $105 million with $30 million paid upfront in cash. As part of …

July 28, 2022

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $21.7M Sale of 152-Unit Condo Deconversion in Naperville, Illinois

by Kristin Harlow July 27, 2022

NAPERVILLE, ILL. — 33 Realty has brokered the $21.7 million sale of Quail Ridge of Naperville Condominiums in the Chicago suburb of Naperville. The buyer, Bear Peak Capital, will convert the units from condominiums into apartments and also make upgrades. The property was originally built in 1977. Matt Petersen and Sean Connelly of 33 Realty represented the buyer. 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.

July 27, 2022

Acquisitions Illinois Midwest Retail

Quantum Negotiates $2.4M Sale of Retail Building in Orland Park, Illinois

by Kristin Harlow July 27, 2022

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 17,342-square-foot retail building in the Chicago suburb of Orland Park for $2.4 million. The property, located at 16124 S. La Grange Road, is fully leased to Children of America and Bear Paddle. Chad Firsel of Quantum brokered the sale. A Chicago-based private real estate investor group purchased the asset from a San Diego-based development company.

July 27, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 112,622 SF Shopping Center in Bolingbrook, Illinois

by Kristin Harlow July 25, 2022

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.

July 25, 2022

Illinois Loans Midwest Multifamily

Greystone Provides $60M Acquisition Loan for Suburban Chicago Condo Deconversion

by Kristin Harlow July 22, 2022

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.

July 22, 2022

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