CHICAGO — Chicago-based Brauvin Real Estate has sold a portfolio of 59 net-leased retail properties for $185 million. The properties are located in 18 states across the country and are leased to 16 tenants. John Morse and Andrew Hahn of Patzik, Frank and Samotny represented Brauvin in the transaction. The buyer was undisclosed. The sale completes the investment cycle of Brauvin’s 17th investment fund. The company now plans to acquire another $200 million in assets for its 18th fund.
Illinois
TINLEY PARK, ILL. — Artisan Capital Group has purchased Edenbridge Apartments in the Chicago suburb of Tinley Park for an undisclosed price. The 309-unit, midrise apartment complex features studio, one-, two- and three-bedroom floor plans. Amenities include a sundeck, clubhouse, playground and pool. John Schorgl of Berkadia arranged acquisition financing through Cohen & Co.
NAPERVILLE, ILL. — Caton Commercial Real Estate Group has completed the retail lease-up of Central Park Place in downtown Naperville. Pizza chain Gia Mia has leased the historic Old Nichols Library that anchors the four-story residential and retail development. The 4,433-square-foot space features a restored fireplace and a 1,412-square-foot patio. Christina Caton Kitchel and Steve Caton of Caton Commercial negotiated the lease. Beyond the first-floor retail space, Central Park Place is comprised of 17 luxury condos. Other retail tenants at the property include Sweetwaters Coffee & Tea, The NOW Massage and James & Sons Fine Jewelers. Barbara Montes of Caton Commercial oversees the property’s management.
ILLINOIS — A joint venture between Clear Height Properties and Buligo Capital Partners has acquired a five-building industrial portfolio spanning 265,000 square feet in metro Chicago for an undisclosed price. The properties, built between 1982 and 2009, are located in Hoffman Estates, Schaumburg, Aurora and Bloomingdale. The portfolio is fully leased to Honda, Novaspect, BERNINA of America and Abrasive Form. The buyers plan to implement a capital improvement program to upgrade the HVAC and other interior systems, lighting, the roof and the general building envelope. Kurt Sarbaugh and John Huguenard of JLL represented the seller, Chicago-based Green Door Capital Investments LLC. Christopher Carroll and Lucas Borges of JLL arranged a five-year, fixed-rate acquisition loan through Bank Leumi USA.
AURORA, ILL. — Multifamily real estate investment firm Pensam has purchased Butterfield Oaks, a 336-unit multifamily community in Aurora. Built in 2001, the property consists of 21 two-story buildings. Penam plans to upgrade unit interiors and common areas and utilize rent optimization software to help increase revenue. Amenities include a clubhouse, fitness center, outdoor pool, outdoor lounge and dog park. The seller and sales price were not provided.
WHEELING, ILL. — MedTec Healthcare & Private Duty LLC has signed a 12,994-square-foot office lease at WiFi Corporate Center in Wheeling, a suburb of Chicago. The single-story, 51,305-square-foot property is located at 1400 S. Wolf Road. WiFi Wheeling Dealing LLC owns the building, which was constructed in 1970 and renovated in 2001. Juliette Lane of Cresa represented MedTec, which provides in-home care and adult day care to support independent living for seniors in their homes. The space will serve as the company’s second location in Wheeling.
PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate has completed the lease-up of the 151,000-square-foot Executive Commerce Center in Prospect Heights, a northwest suburb of Chicago. Syncreon, a third-party logistics provider for Samsung, leased half of the building while Plitek, a manufacturer of precision die cut components, leased the other half. Completed in 2020, the development features a clear height of 32 feet, 35 truck docks and two drive-in doors. McShane Construction Co. was the general contractor and Ware Malcomb provided design services. Mike Sedjo and Ben Dickey of CBRE represented Conor in the lease transactions.
ORLAND HILLS, ILL. — Northmarq has arranged the sale of Orland Towne Center in Orland Hills, a southern suburb of Chicago. The 138,000-square-foot retail center is home to Aldi, Edge Fitness, Five Below, PetSmart and Duly Health and Care. In addition to brokering the sale, Northmarq’s Jeff Frankel also arranged a $14.6 million first mortgage loan on behalf of the buyer, Sperry Equities. A life insurance company provided the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has negotiated the sale of a 38,864-square-foot medical office building in the Chicago suburb of Arlington Heights for $3 million. The property, located at 2010 S. Arlington Heights Road, is 84 percent occupied by medical tenants. It recently underwent upgrades such as a new HVAC system, new elevator, new tile in the first-floor corridors and updated suites. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local limited liability company. An Atlanta-based limited liability company was the buyer.
CHICAGO — The Habitat Co., a Chicago-based multifamily developer and operator, plans to build a 33-story apartment high-rise in its hometown. The firm closed on the site acquisition at 344 N. Canal St. in Chicago’s Fulton River District that is currently home to the five-story Cassidy Tire brick building. Designed by Solomon Cordwell Buenz, the new tower will rise 375 feet and feature a glass façade. Habitat’s joint venture partner on the project is Diversified Real Estate Capital LLC, a private equity investment firm based in Chicago. The land seller was not disclosed. “As we know from experience, there will always be a demand for Class A rentals in prime city locations like 344 N. Canal, so the fact that a highly experienced and successful developer like The Habitat Co. was behind the building only made it that much more attractive for us to be part of the project,” says Jeff Cherner, executive vice president of Diversified Real Estate Capital. Habitat Co. will begin demolition and break ground on the 343-unit property this spring, though a target delivery date was not disclosed. Upon completion, the unnamed community will feature a mix of studio, one- and two-bedroom units, as well as …