PONTOON BEACH, ILL. — IMC Outdoor Living has leased 325,944 square feet of industrial space in Gateway TradePort Building 2 in Pontoon Beach, just northeast of St. Louis. The tenant will occupy all of the remaining space within the building. IMC Outdoor Living, a division of Liberty Tire Recycling, manufactures landscaping and playground equipment from recycled rubber towers. The company plans to use the new facility for product storage and distribution while continuing to utilize its existing facility in Godfrey, Ill. Steve Stradal and George Convy of Avison Young, along with Tom Schenk of The White Co., represented the tenant in the lease transaction. JLL represented the landlord, NorthPoint Development.
CHICAGO — Illuminarium Experiences, an experiential entertainment company, has unveiled plans to open an Illuminarium at Chicago’s Navy Pier. The 32,000-square-foot entertainment venue, which combines projections and soundscapes to create virtual reality-like exhibits, will be situated inside the former Crystal Gardens venue. This is the fourth Illuminarium location announced in the U.S., following Atlanta, Miami and Las Vegas. The company plans to add dozens of its immersive experience venues in major cities across the globe over the next five years. In Chicago, architecture firms Rockwell Group and Perkins & Will have begun the design of the new location. Illuminarium plans to invest more than $30 million in the redevelopment of Navy Pier. Construction is expected to begin in early to mid-2022, with completion slated for one year after. At Navy Pier, Illuminarium’s inaugural spectacle will be “Wild: a Safari Experience.” The concept showcases Africa’s most exotic animals in their natural habitats via cinematic content shot by RadicalMedia. Following “Wild” will be “Spacewalk,” a journey through the solar system. Viewers will experience what it’s like to walk on the surface of the moon and Mars. Additionally, guests will enjoy The Bar at Illuminarium, designed and developed by the LAB at Rockwell …
CHICAGO — Interra Realty has brokered the sale of 6710 S. Claremont Ave. in Chicago’s Marquette Park neighborhood for $2.9 million. Originally constructed in 1928, the building features 49 apartment units and six retail spaces. The apartment portion was 95 percent occupied at the time of sale. Ted Stratman, Lucas Fryman, David Goss, Jon Morgan and Jeremy Morton of Interra represented the seller, a local private investor. The team also secured and represented the buyer, a private out-of-state investor. The buyer plans to upgrade units as they turn over.
ARLINGTON HEIGHTS, ILL. — Kiser Group has brokered the condo deconversion sale of Timber Court in Arlington Heights for $16 million. A Chicago-based apartment investor acquired the 72-unit property, which is located at 3400 N. Old Arlington Heights Road. Ron Plonis, Lee Kiser and Jeff Leibovich of Kiser represented both the condo association and the buyer in the transaction. Ray Cahnman served as president of the board of directors for the condo association and was also one of the original developers of the project, which was built in 2007. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.
CHICAGO AND FORT WASHINGTON, PA. — Sam Zell’s Equity Residential (NYSE: EQR) and luxury homebuilder Toll Brothers (NYSE: TOL) have formed a partnership to acquire and develop sites for new rental apartment communities in metro Boston; Atlanta; Austin, Texas; Denver; Orange County/San Diego; Seattle; and Dallas-Fort Worth, Texas. The two companies are looking to deploy $1.9 billion to take advantage of the surging demand for rentals, according to Crain’s Chicago Business. The partnership will invest about $750 million in equity, plus additional debt. Chicago-based Equity invests in apartments with a portfolio of more than 300 properties across California, Washington, D.C., New York City, Boston, Seattle and Denver. Fort Washington-based Toll Brothers builds homes in 24 states.
CHICAGO — ARCO/Murray and GMA Construction Group have broken ground on a $31 million sports campus in Chicago’s North Austin community. Project partners include By the Hand Club for Kids, Grace and Peace Revive Center, Intentional Sports, the Chicago Fire Foundation and Jason and Vedrana Heyward. The facility will offer education, leadership development and sports training for Chicago youths, including soccer and baseball programming from the Chicago Fire FC and the Jason Heyward Baseball Academy. The project will include 150,000 square feet of indoor space, outdoor turf fields and an indoor turf arena. The campus will offer after-school programming for more than 400 youths. Completion is slated for fall 2022. The State of Illinois provided a $1.5 million capital grant, which will assist with brownfield redevelopment of the former Glidden paint factory. The campus will be developed in partnership with Chicago Neighborhood Initiatives. By the Hand Club for Kids, which is an after-school program, will operate its sixth Chicago-area club at the campus. By the Hand will occupy 30,000 square feet. Grace and Peace Revive Center will offer a food bank, domestic violence counseling, transitional housing and advocacy workshops onsite. Nonprofit organization Intentional Sports will anchor the development. Adult leagues, …
NILES, ILL. — Venture One Real Estate has acquired a 179,508-square-foot industrial building in Niles, about 15 miles northwest of Chicago. The purchase price was undisclosed. Located at 6900 Austin Ave., the property is fully leased to one tenant. Constructed in 1980, the building features a clear height of 21 feet, nine docks, one drive-in door, parking for 120 cars and 4,820 square feet of office space. Christopher Volkert of Colliers International represented the undisclosed seller. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.
OAK LAWN, ILL. — Brookline Real Estate has brokered the sale of Central Plaza in Oak Lawn, a southern suburb of Chicago, for $3 million. Anchor tenants of the 26,331-square-foot retail center include Family Dollar and Dunkin’. Dominick Cannata of Brookline represented the Florida-based seller. Mark Heidecke of Horvath & Tremblay represented the Texas-based buyer. Brookline also served as leasing agent and property manager prior to the sale and completed the stabilization of the property. The new owner will continue to retain Brookline as manager.
ROUND LAKE, ILL. — Berkadia has brokered the sale of Rosewood Apartments in Round Lake, a far northwest suburb of Chicago. The sales price was undisclosed. Built in 1976 and renovated in 2006, the 170-unit apartment community is located at 216 W. Forest Ave. The three-story property offers one-, two- and three-bedroom floor plans. Ralph DePasquale of Berkadia Chicago represented the seller, Rosewood Apartments LP. Rosewood Harmony Housing LLC was the buyer.
BUFFALO GROVE, ILL. — Premier Design + Build Group LLC has broken ground on its new corporate headquarters in Buffalo Grove, a northwest suburb of Chicago. The 50,516-square-foot, two-story project is slated for completion in July 2022. Located at 1305 Busch Parkway, the development will include outdoor workspaces, breakout rooms, huddle spaces, two canopied entrances, two drive-in doors, four dock positions and a full indoor basketball court. Premier says the move is prompted by rapid growth at the design and construction firm. Premier recently sold its previous headquarters building that it’s occupied for seven years in Itasca. The project team includes architect Cornerstone Architects Ltd., structural engineer Swift Structural Design and civil engineer Spaceco Inc.