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IllinoisLoansMidwestMultifamily

American Street Capital Arranges $11.4M Loan for Refinancing of Multifamily Property in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — American Street Capital (ASC) has arranged an $11.4 million loan for the refinancing of a 144-unit multifamily property in Alsip, a southwest suburb of Chicago. Built in 1974, the property consists of 12 buildings across nearly six acres. The complex was 94 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate and a 30-year amortization schedule. A bank provided the loan. The borrower acquired the asset in the first quarter of 2020 and immediately began implementing a value-add strategy. The property received new roofs, common areas, siding, unit flooring and kitchens.

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DevelopmentIllinoisIndustrialMidwest

Venture One to Build Two Industrial Facilities Totaling 1.8 MSF in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — Venture One Real Estate has acquired 264 acres in Huntley, a far northwest suburb of Chicago. The developer is building two industrial facilities totaling 1.8 million square feet. Phase I is a 629,186-square-foot building for an unnamed user at 11500 Freeman Road. The project will feature 132 loading docks and parking for 1,046 cars and 720 trailers. Completion is slated for the second quarter of 2022. Phase II is a nearly 1.2 million-square-foot facility for an undisclosed user at 11400 Venture Court. The building will feature 156 truck doors and parking for 643 cars and 358 trailers. It is scheduled for completion in the third quarter of 2022. Brian Kling of Colliers represented Venture One. Ryan Cos. will serve as general contractor.

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AcquisitionsIllinoisMidwestOffice

JLL Brokers $21.7M Sale of Oakmont Point Office Building in Westmont, Illinois

by Kristin Harlow

WESTMONT, ILL. — JLL Capital Markets has brokered the sale of Oakmont Point in the western Chicago suburb of Westmont for $21.7 million. The Class A office building spans 92,553 square feet and rises three stories. Completed in 2019, Oakmont Point is 91 percent leased to two tenants, JLL and Ryan Cos. US Inc. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson and Bruce Miller of JLL represented the seller, Ryan Cos. Sidra Capital, which previously owned the property in a joint venture partnership with Ryan Cos., was the buyer. Lucas Borges, Claudio Sgobba and Christopher Carroll of JLL arranged a 10-year, fixed-rate acquisition loan through a multinational investment bank.

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IllinoisLeasing ActivityMidwestOffice

One Six Solutions Inks Lease as First Tenant at Mural Park Redevelopment in Chicago

by Kristin Harlow

CHICAGO — One Six Solutions, a full-service IT consulting firm, has signed a lease for 4,647 square feet on the second floor of Mural Park, a creative office and commercial redevelopment at 924 W. 19th Place in Chicago’s Pilsen neighborhood. One Six Solutions is the first tenant at the two-building, 100,000-square-foot project. Konstantine Sepsis, Danny Nikitas, Matt Ward and Melissa Hemberger of Avison Young represented the tenant.

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AcquisitionsIllinoisMidwestRetail

Cooper Group Brokers $8.1M Sale of Centennial Plaza Retail Center in Lemont, Illinois

by Kristin Harlow

LEMONT, ILL. — The Cooper Commercial Investment Group has brokered the sale of Centennial Plaza in the Chicago suburb of Lemont for $8.1 million. Jewel-Osco shadow-anchors the 38,500-square-foot retail center, which was 97 percent leased at the time of sale. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a New Jersey-based private investment group. A California-based private group was the buyer. The asset traded at a cap rate of 7.4 percent.

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AcquisitionsIllinoisMidwestRestaurantRetail

Marcus & Millichap Arranges $4.9M Sale of Chipotle-Anchored Retail Strip Center in New Lenox, Illinois

by Kristin Harlow

NEW LENOX, ILL. — Marcus & Millichap has arranged the $4.9 million sale of a retail strip center in New Lenox, a southwest suburb of Chicago. A Chipotle restaurant with a drive-thru anchors the 9,907-square-foot property. Other tenants include MOD Pizza, Smoothie King, Classy Nails and Vino Gaming Wine Bar. Brian Parmacek of Marcus & Millichap represented the seller, a Chicago-based developer. The buyer was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

Dayton Street Partners Sells 208,000 SF Distribution Center in Morton Grove, Illinois

by Kristin Harlow

MORTON GROVE, ILL. — Dayton Street Partners has sold a 208,000-square-foot distribution center in Morton Grove, about 16 miles northwest of Chicago. The sales price was undisclosed. The property, located at 6123 Monroe Court, features a clear height of 28 feet, 17 loading docks, three drive-in doors, parking for 150 cars and 1.5 acres of trailer parking. The facility was fully leased at the time of sale to five tenants. Dayton Street acquired the asset in 2016 and updated its façade, repaved the parking lots, installed a new roof and added new signage. Michael Caprile, Zach Graham and Ryan Bain of CBRE represented Dayton Street in the sale. Brookfield Property Group was the buyer.

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AcquisitionsIllinoisIndianaMichiganMidwestRetail

Boulder Group Brokers $5.4M Sale of Dollar General Portfolio Across Three States

by Kristin Harlow

MICHIGAN, INDIANA AND ILLINOIS — The Boulder Group has brokered the sale of a portfolio of properties net leased to Dollar General for $5.4 million. The four single-tenant buildings are located in Battle Creek, Mich., Bedford, Ind., Sheffield, Ill. and Streator, Ill. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based private individual, as well as the buyer, a Midwest-based institution. Each property has 10 to 12 years remaining on its lease term.

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AcquisitionsIllinoisMidwestOffice

Echo Real Estate Capital Sells Chicago Office Building for $16.2M

by Kristin Harlow

CHICAGO — Echo Real Estate Capital has sold a 94,000-square-foot office building in Chicago for $16.2 million. AT&T fully leases the property, which is located at 2401 W. Grace St. AT&T uses the building as a national call center and training facility. Echo acquired the asset in 2018 and signed a lease extension with AT&T earlier this year. Quantum Real Estate Advisors Inc. represented both the buyer and seller. Quantum’s Chad Firsel represented Echo, while Dan Waszak represented the buyer, an international investment fund.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $5M Sale of Retail Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Marcus & Millichap has brokered the sale of a 98,765-square-foot retail center in Aurora for $5 million. Located at 1901 W. Galena Blvd., the property features a mix of retail and medical tenants. Rush-Copley Medical Center, which specializes in family medicine, imaging and obstetrics and gynecology, anchors the center. There is 23,751 square feet available for lease. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local fund manager. The duo also secured the buyer, an Iowa-based limited liability company.

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