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AcquisitionsIllinoisMidwestRetail

Whole Foods-Anchored Retail Center in Suburban Chicago Sells for $67.2M

by Kristin Harlow

EVERGREEN PARK, ILL. — Evergreen Plaza, a recently redeveloped, 255,249-square-foot retail center in the Chicago suburb of Evergreen Park, has sold for $67.2 million. The sale represents the largest single-asset retail sales transaction in the Chicago area this year, according to JLL, which brokered the sale. Anchored by Whole Foods Market, Evergreen Plaza is also home to TJ Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness. The property is 94 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, a partnership between funds managed by affiliates of Fortress Investment Group LLC and Lormax Stern. LBX Investments acquired the asset. Christopher Knight and Gregg Shapiro of JLL arranged a 10-year, fixed-rate acquisition loan in the amount of $45.4 million through Angel Oak Commercial Lending.

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IllinoisLoansMidwestMultifamily

Associated Bank Arranges $57.2M Loan for Construction of 22-Story Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has arranged a $57.2 million loan for the construction of a 22-story apartment tower located at 513 S. Damen Ave. in Chicago. Marquette Cos. is developing the project, which is situated in the Illinois Medical District and within walking distance of Rush University Medical Center. The development will include 279 studios, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, coworking space, tenant lounge, rooftop deck, dog park, dog wash and bike storage. Completion is slated for March 2023. Elizabeth Hozian of Associated Bank arranged the loan with Wheaton Bank & Trust.

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IllinoisLeasing ActivityMidwestRetail

Ashley HomeStore Signs 48,397 SF Lease for New Store at Algonquin Commons in Suburban Chicago

by Kristin Harlow

ALGONQUIN, ILL. — Ashley HomeStore has signed a 48,397-square-foot retail lease at 1500 S. Randall Road within Algonquin Commons, a 600,000-square-foot lifestyle center in the northwest Chicago suburb of Algonquin. The retailer is relocating from nearby 2451 S. Randall Road where it operated for 12 years. Brad Murchison, Chris Irwin and Brad Belden of Colliers International represented the tenant in the lease transaction. Marget Graham of Mid-America Real Estate Group represented the landlord, Red Mountain Retail Group Inc. Based in Wisconsin, Ashley is a furniture manufacturer that operates more than 900 locations nationwide.

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AcquisitionsIllinoisMidwestRetail

Cushman & Wakefield Brokers $13.1M Sale of Tesla-Occupied Property in Chicago

by Kristin Harlow

CHICAGO — Cushman & Wakefield has brokered the sale of the Tesla Service Center of Chicago property located at 3059-3057 N. Elston Ave. for $13.1 million. Located in Chicago’s Avondale neighborhood, the build-to-suit for Tesla opened in 2019. The service center spans 31,700 square feet and provides maintenance and repairs for all Tesla models. Michael Marks, Evan Halkias, David Matheis and Eric Cline of Cushman & Wakefield represented the seller, a private owner. Exan Capital acquired the property on behalf of a separate account, Chicago Elston One LLC. Exan is an independent real estate fund manager with asset management services.

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ALLY
DevelopmentIllinoisLife SciencesLoansTop Stories

Joint Venture Receives $125M Construction Loan for Life Sciences Project in Chicago

by Julia Sanders

CHICAGO — Sterling Bay, Harrison Street and institutional investors advised by J.P. Morgan Global Alternatives have secured a $125 million construction loan for ALLY, a life sciences project in Chicago. Bank OZK provided the financing. Construction is slated to begin this month. Located at 1229 W Concord Place, ALLY will feature 280,000 square feet of Class A medical research lab and creative office space. The life sciences project will be in Lincoln Yards, a 53-acre, mixed-use development created by Sterling Bay. Lincoln Yards was formerly an industrial site that is being redeveloped into a mixed-use community with build-to-suit office developments, retail opportunities, proposed 606 bike trail extension and future residential and hospitality opportunities. When complete, Lincoln Yards will feature affordable housing, create over 23,000 permanent onsite jobs and generate $4.1 billion in economic output for the city of Chicago. ALLY at 1229 W Concord Place is located off the North Branch Chicago River and has private outdoor space on every floor. Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, says the project brings many benefits. “Lincoln Yards is close to several of Chicago’s most notable medical research institutions, and we are excited to expand …

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AcquisitionsIllinoisMidwestMultifamily

Berkadia Negotiates $39M Sale of Multifamily Community in Bloomington, Illinois

by Kristin Harlow

BLOOMINGTON, ILL. — Berkadia has negotiated the $39 million sale of Traditions Bloomington, a 396-unit apartment community in the Chicago suburb of Bloomington. Located at 901 Valley View Circle, the garden-style property consists of one-bedroom floor plans. Amenities include a fitness center, business center, conference room, two pools, community playgrounds and an outdoor grilling area. Ralph DePasquale, Jeff Irish and Brandon Grisham of Berkadia represented the seller, Minnesota-based Dominium. Georgia-based Traditions Harmony Housing LLC was the buyer.

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IllinoisLoansMidwestMultifamily

American Street Capital Arranges $12M Loan for Refinancing of Chicago Apartment Building

by Kristin Harlow

CHICAGO — American Street Capital (ASC) has arranged a $12 million loan for the refinancing of an apartment building in Chicago’s Lakeview neighborhood. Built in 2019, the transit-oriented property consists of 37 apartment units and two retail spaces. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate below 4 percent and a 30-year amortization schedule. A national bank provided the loan on behalf of the undisclosed borrower.

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AcquisitionsIllinoisMidwestMultifamily

Jameson Commercial Brokers $2.2M Sale of Historic Building in Chicago

by Kristin Harlow

CHICAGO — Jameson Commercial has brokered the sale of 212 E. Ontario in Chicago’s Streeterville neighborhood for $2.2 million. The 12,118-square-foot building, which dates back to 1885, is currently vacant. Edwin Getchell purchased the site from the estate of William Ogden, Chicago’s first mayor, and hired architecture firm Burling & Whitehouse to design the four-level property. At a later date, American portrait painter George Peter Alexander Healy purchased and inhabited the property. In the 1970s, the building was expanded to include an outdoor deck, garden and three-car garage. Jason Hiller of Jameson Commercial brokered the sale. Buyer and seller information was not provided.

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CivicDevelopmentIllinoisMidwest

Construction Begins on Obama Presidential Center in Chicago

by Kristin Harlow

CHICAGO — A groundbreaking ceremony took place yesterday, Sept. 28, for the Obama Presidential Center (OPC) in Chicago’s Jackson Park, which is located on the city’s South Side. “We chose this location for a few pretty good reasons,” said Obama during the ceremony. “It’s close to where Michelle grew up and where I started my political career. It’s surrounded by vibrant neighborhoods and a community where we can help make a difference.” The center will support thousands of jobs during and after construction. It is expected to bring as many as 750,000 visitors to the area each year, according to Obama. In addition to the center, plans call for the creation of a community recreation center and another branch of the Chicago Public Library. Construction costs are estimated at nearly $500 million, according to the OPC website. The Obama Foundation will bear 100 percent of the costs to construct and maintain the grounds and structures within the OPC site, turning over ownership to the city upon completion. To leverage the private investment in the area, the city plans to invest in infrastructure improvements throughout the South Side. An economic impact study concluded that the site will have a $3.1 billion …

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AcquisitionsIllinoisIndustrialMidwestOhio

Colliers Brokers Sale of 2.4 MSF Industrial Portfolio Across Three Markets

by Kristin Harlow

CHICAGO, CINCINNATI AND MEMPHIS, TENN. — Colliers International has brokered the sale of a four-building industrial portfolio spanning 2.4 million square feet for approximately $200 million. The Class A assets are located in the Chicago, Cincinnati and Memphis markets. Jeff Devine, Steve Disse, Tyler Ziebel and Alex Cantu of Colliers represented the seller, IDI Logistics. Canadian-based Granite REIT was the buyer. The Chicago-area property is located in Antioch, Ill. Constructed in 2015, the building spans 454,276 square feet with a clear height of 36 feet, parking for 139 cars and 136 trailers. The property is fully leased to two tenants. The two Memphis-area assets are located just over the state border in Olive Branch, Miss. The first facility is located at 12577 Stateline Road and spans 408,197 square feet. Built in 2016, the property features a clear height of 32 feet and is fully leased. The second building is located at 8740 S. Crossroads Drive and spans 861,252 square feet. Built in 2014, the facility features a clear height of 32 feet and is fully leased to three tenants. The Cincinnati-area facility spans 678,363 square feet. The fully leased building was constructed in 2007 and offers a clear height of …

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