Illinois

JLL Arranges $59.8M Construction Loan for Chicago Multifamily Project

by Kristin Harlow July 22, 2022

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.

July 22, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.8M Sale of Firestone-Occupied Property in Suburban Chicago

by Kristin Harlow July 22, 2022

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.

July 22, 2022

Illinois Loans Midwest Multifamily Northmarq

Northmarq Arranges $27.4M Acquisition Loan for Multifamily Property in Rockford, Illinois

by Kristin Harlow July 21, 2022

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.

July 21, 2022

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $9.2M Sale of Industrial Building in Gurnee, Illinois

by Kristin Harlow July 21, 2022

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.

July 21, 2022

Affordable Housing Development Illinois Midwest Multifamily

Housing Trust Group Begins Construction of $18.2M Suburban Chicago Affordable Housing Community

by Kristin Harlow July 20, 2022

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.

July 20, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.9M Sale of Chicago Multifamily Portfolio

by Kristin Harlow July 20, 2022

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.

July 20, 2022

Acquisitions Illinois Midwest Retail

Berengaria Development Purchases Joliet Commons Shopping Center in Illinois

by Kristin Harlow July 19, 2022

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.

July 19, 2022

Development Illinois Midwest Office

J.C. Anderson Completes 59,000 SF Interior Office Buildout for Ipsos in Chicago

by Kristin Harlow July 19, 2022

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.

July 19, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Complete $14.2M Transformation of Historic Illinois Building into Affordable Seniors Housing

by Kristin Harlow July 19, 2022

BELLEVILLE, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group have completed the $14.2 million transformation of a 90-year-old building in Belleville into an affordable active adult community named Lofts on the Square. The building originally opened in 1931 as the Hotel Belleville. It was renovated in the early 1960s and converted into a residential community for seniors known as the Meredith Home. The building sat vacant for 10 years before SWIDA and Bywater acquired it from the city for $600,000. In 2018, the property earned a place on the National Register of Historic Places, making it eligible for federal and state historic tax credits. Holland Construction Services served as general contractor for the renovation project. Units are designated for residents age 55 and older who earn at or below 60 percent of the area median income. The six-story building is comprised of 47 units and more than 3,000 square feet of street-level commercial space. Amenities include a common room, library, computer lab, exercise room and storage facilities. Joining Holland on the construction team were Blank, Wesselink, Cook & Associates and Kaskaskia Engineering Group LLC, which handled the engineering; Louer Facility Planning Inc. for interior design; and WJW …

July 19, 2022

Development Illinois Industrial Midwest

Brennan to Develop Industrial Build-to-Suit for Zippy Shell in Bartlett, Illinois

by Kristin Harlow July 15, 2022

BARTLETT, ILL. — Brennan Investment Group will develop a 118,800-square-foot industrial build-to-suit for Zippy Shell Inc. in Blue Heron Business Park in Bartlett. Zippy Shell is a portable storage and moving company that delivers storage containers directly to the end user’s home or business. Jack Brennan of CBRE assisted the developer in acquiring a seven-acre site within the industrial park. A construction timeline was not provided.

July 15, 2022

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