Illinois

JVM Realty Acquires 297-Unit Luxury Apartment Community in Itasca, Illinois

by Kristin Harlow January 21, 2022

ITASCA, ILL. — JVM Realty Corp. has acquired The Residences at Hamilton Lakes in Itasca, a northwest suburb of Chicago. The purchase price and seller were not released. The 297-unit luxury apartment community is located at 1133 N. Arlington Heights Road. Built in 2017, the property rises four stories with studio, one-, two- and three-bedroom floorplans. Amenities include a fitness center, pool, gourmet kitchen, outdoor patio space, theater and a rejuvenation center complete with a hot tub, steam room and sauna. This is the sixth acquisition for JVM Realty in the Chicagoland area. The company’s portfolio consists of 19 communities across four states.

January 21, 2022

Illinois Loans Midwest Mixed-Use

ACRES Provides $30.5M Acquisition Loan for Development Site in Chicago’s Fulton Market

by Kristin Harlow January 21, 2022

CHICAGO — ACRES Capital Corp. has provided a $30.5 million loan for the acquisition of a 19-acre parcel located at 1200 Fulton St. in Chicago’s Fulton Market. The borrower, Fulton Street Cos., plans to develop the site into two office and retail buildings totaling 749,250 square feet as well as a 380-unit apartment tower. Steve Skok of Berkadia arranged the loan, while Justin Seitenbach of ACRES originated the loan.

January 21, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $6.5M Sale of Walgreens-Occupied Property in Suburban Chicago

by Kristin Harlow January 21, 2022

ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Chicago suburb of Romeoville for $6.5 million. The 24-hour store is positioned at the entrance to Carillon, a master-planned retirement community. Brian Parmacek and Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a developer. Benjamin Kohl of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. obtained acquisition financing on behalf of the buyer.

January 21, 2022

Development Illinois Industrial Midwest

Ridgeline Property Group Unveils Plans for 416-Acre Logistics Park in Minooka, Illinois

by Kristin Harlow January 20, 2022

MINOOKA, ILL. — Ridgeline Property Group has unveiled plans to develop I-80 Logistics Park, a 416-acre logistics and rail park in Minooka, about 13 miles southwest of Joliet. The site can support more than 7 million square feet of Class A industrial space. Ridgeline plans to break ground on the first building this spring. The 1.1 million-square-foot facility will feature a clear height of 40 feet, 241 exterior docks, four drive-in doors, 766 car parking stalls and 434 trailer stalls. Completion is slated for the third quarter of 2023. Ben Harris of Ridgeline’s Chicago office will lead the project. Matthew Stauber and Jim Estus of Colliers will market the development for lease.

January 20, 2022

Development Illinois Industrial Midwest

CRG, Venture One Break Ground on 897,000 SF Industrial Build-to-Suit in University Park, Illinois

by Kristin Harlow January 20, 2022

UNIVERSITY PARK, ILL. — CRG and Venture One Real Estate have broken ground on an 897,000-square-foot industrial build-to-suit for Central Steel & Wire Co. (CS&W) at Gateway 57 Business Park in University Park, a southern suburb of Chicago. The new facility will serve as the headquarters and operations hub for CS&W, which is a metals distributor and fabricator. The project is the third development within Gateway 57, a 355-acre industrial park located at the southeast corner of Steger and Central roads. Clayco will serve as the design-builder, Lamar Johnson Collaborative will serve as architect and Jacob & Hefner Associates is the civil engineer. Dirk Riekse, Jordan Rovito and Sean Henrick of Cushman & Wakefield represented CS&W, while Jason West and Ryan Klink of Cushman & Wakefield represented the developers. Completion is slated for spring 2023.

January 20, 2022

Acquisitions Illinois Midwest Office

JLL Arranges Sale of Two-Building Office Portfolio in Downers Grove, Illinois

by Kristin Harlow January 20, 2022

DOWNERS GROVE, ILL. — JLL Capital Markets has arranged the sale of Corridors I and II, a two-building office portfolio totaling 301,606 square feet in the Chicago suburb of Downers Grove. The sales price was undisclosed. Built in the late 1990s, the properties are located at 2651 and 2655 Warrenville Road with immediate access to I-88 and I-355. The five-story buildings are fully leased to tenants such as Huntington, Oak Street Health and Citgo. Amenities include a fitness center, conference facility, deli, tenant lounge and parking garage. Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller of JLL represented the seller, Soundview Real Estate Partners. The team also procured the buyer, Group RMC.

January 20, 2022

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 400,000 SF Distribution Center in Rochelle, Illinois

by Kristin Harlow January 18, 2022

ROCHELLE, ILL. — Colliers has brokered the sale of a 400,000-square-foot distribution center located at 101 N. Centerpoint Drive in Rochelle, about 25 miles south of Rockford. The sales price was undisclosed. Situated on 21 acres, the building features a clear height of 30 feet, 40 truck docks and 79 trailer spots. The facility is fully leased to global toy manufacturer TOMY, which has been the sole occupant since the building’s completion in 2004. Jeff Devine and Steve Disse of Colliers brokered the transaction. Hillwood Development purchased the asset from a fund advised by the U.S. real estate business of UBS Asset Management.

January 18, 2022

Acquisitions Illinois Midwest Multifamily

Monarch Realty Partners Negotiates $13.6M Sale of Apartment Building in Libertyville, Illinois

by Kristin Harlow January 18, 2022

LIBERTYVILLE, ILL. — Monarch Realty Partners has negotiated the $13.6 million sale of The Manchester in Libertyville, a northern suburb of Chicago. The property includes 34 luxury apartment units, five commercial spaces, a parking garage with 36 spaces and an additional 37 outdoor parking spaces. Located at 115 Lake St. and originally constructed in 2008, the building was renovated in 2016. Bill Baumann and Michael Anguiano of Monarch brokered the sale. Buyer and seller information was not provided.

January 18, 2022

Affordable Housing Development Illinois Midwest Multifamily

Habitat Co., P3 Markets Break Ground on $100M Mixed-Income Community in Chicago

by Kristin Harlow January 17, 2022

CHICAGO — The Habitat Co. and P3 Markets have broken ground on 43 Green, a $100 million mixed-income apartment community in Chicago’s Bronzeville neighborhood. The transit-oriented development will be located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue. Phase I will consist of a 10-story building with 99 units and 5,500 square feet of retail space. Half of the residences will be market-rate while the other half will be income-restricted to renters earning up to 60 percent of the area median income. Completion of Phase I is slated for February 2023. Later phases of 43 Green call for two more mixed-income buildings. All told, 43 Green will bring roughly 300 new units to the area. Bowa Construction and McHugh Construction are leading construction. Future retail tenants include Momentum Coffee and Super Cycle. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s Low Income Housing Tax credit allocation, tax credit investor Richman Capital and HUD-insured debt provided by Fifth Third Bank.

January 17, 2022

Acquisitions Development Illinois Industrial Midwest

Bridge Industrial Acquires Former Progress Rail Site in McCook, Illinois, Plans 1.2 MSF Development

by Kristin Harlow January 17, 2022

MCCOOK, ILL. — Bridge Industrial has acquired 87 acres in McCook that was previously home to Caterpillar manufacturer Progress Rail. Bridge plans to build two industrial buildings totaling nearly 1.2 million square feet on the site. Progress Rail downsized its footprint and will continue to operate on the remainder of the area not sold to Bridge. Demolition of existing structures is scheduled to begin this month. Completion of the project is slated for mid-2023. The larger building, totaling 999,126 square feet, will feature 201 exterior docks, four drive-in doors, 211 trailer positions, 508 car parking spaces and a clear height of 40 feet. The smaller facility, totaling 189,953 square feet, will feature 43 docks, two drive-in doors, 48 trailer positions, 222 car parking spaces and a clear height of 36 feet.

January 17, 2022

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