WINNETKA AND WILMETTE, ILL. — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group Inc., has acquired a three-property multifamily portfolio in Winnetka and Wilmette for $12 million. DMG acquired the assets, located in the North Shore suburbs of Chicago, in a joint venture with private equity real estate firm JDI Realty. DMG plans to rebrand the portfolio as Trevian Townhomes. Units average 1,525 square feet. The seller was not provided.
BOLINGBROOK, ILL. — DD’s Discounts, owned by Ross Stores Inc., has signed a lease to open and operate an 18,000-square-foot store at Market Square Shopping Center in the Chicago suburb of Bolingbrook. Other tenants at the property, located near I-55, include Walmart, Dollar Tree, Wintrust Bank and T-Mobile. Michael Horne of Newcastle Properties represented ownership on an internal basis. Andy Bulson of Mid-America Real Estate represented the tenant. Newcastle owns and operates 82 properties in 23 states.
CHICAGO — Draper and Kramer Inc. has opened Wrigleyville Lofts, a 120-unit apartment complex located at 949 W. Dakin St. in Chicago’s Wrigleyville neighborhood. Additionally, Lakeview Ace Hardware, which occupied the single-story structure that previously stood on the development site, has reopened in the building’s first-floor retail space. The store’s owner, Joe Lomanto, is also a minority owner in the development. Sullivan, Goulette & Wilson Architects designed the seven-story project, which is situated near Wrigley Field. There are 108 one-bedroom units and 12 two-bedroom units. Monthly rents start at $1,700. Amenities include a rooftop deck, coffee area, private clubroom, fitness center, bike storage, parking garage and meeting spaces. Leopardo Construction was the general contractor. Gershman Mortgage arranged project financing.
NORTHBROOK, ILL. — Dermody Properties has agreed to buy the metro Chicago headquarters campus of insurance company Allstate Corp. (NYSE: ALL) for $232 million. The purchase agreement is expected to close in 2022. The buyer, a Nevada-based industrial development and investment firm, plans to redevelop the 186-acre campus, which is located north of Chicago in Northbrook, into a Class A logistics and distribution hub. Doug Kiersey, president of Dermody Properties, said in an interview with REBusinessOnline that the preliminary redevelopment plan, which is subject to change based on tenant demands, currently calls for the delivery of approximately 3.2 million square feet of industrial space and a total capital investment of more than $500 million. Kiersey also discussed at length the aspects of the site that his firm found most appealing, including its location within a major population zone, its scale and its existing onsite and offsite infrastructure. “This particular site fits geographically into an area that can serve a lot of customers in a very short period of time,” he said. “Within a 10-mile radius, there are a lot of rooftops for companies to serve their customers. The site also represents an unusual combination of infill location and scale — …
CHICAGO — Related Midwest has broken ground on 900 Randolph, a 43-story apartment tower in Chicago’s Fulton Market. LR Contracting Co., the contracting division of Related Midwest, and BOWA Construction are the general contractors. Designed by Morris Adjmi Architects, the project will feature 300 apartment units, 60 of which will be designated as affordable housing. Further details of the project were not provided.
LINCOLNWOOD, ILL. — AECOM-Canyon Partners and Tucker Development are underway on the development of District 1860, a multifamily and retail project in the Chicago suburb of Lincolnwood. Plans call for 299 multifamily units, an Amazon Fresh grocery store and more than 40,000 square feet of additional retail and restaurant space. Pacific Western Bank provided a senior construction loan. Completion is slated for 2023.
CHICAGO — Becovic has acquired The Juneway Gardens in Chicago’s Rogers Park neighborhood for $7.2 million. Located on Juneway Terrace, the 61-unit apartment building was constructed in 1922. The seller, a local apartment owner, had owned the three-story property for more than 30 years. Becovic Realty, the brokerage arm of Becovic, brokered the sale.
CHICAGO — Hines Global Income Trust Inc. has entered into an agreement to acquire the historic WGN-TV Studios building located at 2501 W. Bradley Place in Chicago’s North Center submarket. Chicago-based developer R2 is selling the property for about $30.5 million, according to Crain’s Chicago Business. The deal follows Hines Global’s recent acquisition of Bradley Business Center, a 23-acre mixed-use campus located across the street from the WGN property. The TV station spans 131,000 square feet and is fully leased to WGN-TV, which first aired in 1948. Cody Hundertmark, Tom Sitz and David Knapp of Cushman & Wakefield brokered the transaction.
CHICAGO — L3 Capital has acquired 1051 N. Rush, a high-profile retail property in Chicago’s Gold Coast neighborhood. The purchase price was undisclosed. The two-level asset spans 10,000 square feet and is fully leased to Vans and Uniform Teeth. Marol Rush was the seller. Keely Polczynski of CBRE brokered the transaction.
SKOKIE, ILL. — JLL Capital Markets has brokered the sale of 4901 Searle Parkway, a 228,362-square-foot life sciences building in Skokie. The sales price was undisclosed. Located within the Illinois Science + Technology Park, the property originally served as the headquarters of pharmaceutical giant G.D. Searle. Today, the building is leased to NorthShore University HealthSystem. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Brian Shanfeld of JLL represented the seller, American Landmark Properties. TopMed Realty, a private equity firm focused on healthcare real estate, was the buyer.