ALGONQUIN, ILL. — Entre Commercial Realty has negotiated the sale of a 13,070-square-foot industrial facility located at 910 W. Algonquin Road in the Chicago suburb of Algonquin. The sales price was undisclosed. The light manufacturing property features one exterior dock, one drive-in door and heavy power throughout. Marc Bartolini and Dan Jones of Entre Commercial Realty represented the seller, while Century 21 New Heritage West represented the buyer.
JOLIET, ILL. — Venture One Real Estate, in partnership with DRA Advisors, has acquired a 624,654-square-foot industrial building in Joliet for an undisclosed price. Located at 2700 Ellis Drive, the property was vacant at the time of acquisition. Constructed in 2006, the building sits on 52 acres and features a clear height of 30 feet, 63 exterior docks, 17 drive-in doors and a 13-acre paved and secured lot that can accommodate more than 500 trailer stalls. Venture One plans to construct 2,500 square feet of office space. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. Traci Payette, Jeff Kapcheck and Rowan McDonnell of CBRE have been hired to market the property for lease. The building was acquired in a partnership of Venture One’s acquisition fund, VK Industrial VII, and a fund managed by DRA Advisors. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
AURORA, ILL. — Marcus & Millichap has negotiated the $3.4 million sale of a six-suite retail strip center in Aurora. The 12,684-square-foot property was fully occupied at the time of sale to local restaurants, healthcare providers and technology retailers. Built in 2010, the asset is located at 5 N. Root St. Coult Greenwell and Mitchell Kiven of Marcus & Millichap represented the seller, a private investor based in the western Chicago suburbs. The duo also procured the buyer, a private investor who is in the process of growing a portfolio of neighborhood retail centers.
OAK BROOK, ILL. — G. Joseph Cosenza, the co-founder, director and vice chairman of The Inland Real Estate Group of Cos., has passed away at the age of 81. He also served as president of Inland Real Estate Acquisitions LLC. In accordance with Inland’s succession plan, Inland’s acquisition operations are currently being jointly led by Matthew Tice and Mark Cosenza. A native Chicagoan, Cosenza received his BA from Northeastern Illinois University and his MS from Northern Illinois University. From 1967 to 1968, Cosenza taught at the LaGrange School District, and from 1968 to 1972, he served as assistant principal and teacher in the Wheeling School District. While at Northeastern, he met the late Daniel Goodwin, who, along with Cosenza and fellow school-teachers Robert Parks and Robert Baum, formed Inland in 1968. As head of acquisitions for Inland, Cosenza oversaw and consulted or negotiated the purchase of more than $55 billion of commercial real estate. A licensed real estate broker since Inland’s founding, Cosenza was an active member of various national and local real estate associations. He was also very active in banking and financial circles. He served as past chairman of the board of American National Bank of DuPage and …
NORMAL, ILL. — Marcus & Millichap has negotiated the $3 million sale of a retail property leased to Chipotle and Blaze Pizza in Normal, which is located just north of Bloomington. The 5,311-square-foot building, located at 1601 E. College Ave., was constructed in 2016. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a Delaware-based limited liability company. The buyer plans to hold the property as a long-term investment.
SCHAUMBURG, ILL. — RTM Engineering Consultants has signed a 15,452-square-foot office lease at 1933 N. Meacham Road in the Chicago suburb of Schaumburg. Joe Stevens of Transwestern Real Estate Services represented ownership, Integris Ventures. In addition to RTM’s lease, other recent new and renewal lease transactions completed at the building include Lavelle Law (12,620 square feet), Naylor Association Solutions (10,361 square feet), Familia Dental (10,361 square feet) and Armstrong Transportation (4,841 square feet). The seven-story, 142,000-square-foot building features a four-story atrium lobby, 50-person conferencing facility, full-service deli, fitness center and underground executive parking garage.
CHICAGO — Continuum Advisors has brokered the sale of The Oaks at Bartlett in the northwest Chicago suburb of Bartlett for $42 million. Built in 2007, the 283-unit seniors housing community offers a full continuum of care with 10 cottages, 154 independent living apartments, 49 assisted living units, 16 memory care units and 54 skilled nursing units. The property sold through a court-supervised process with Michael Flanagan of Flanagan & Associates LLC serving as the receiver. After the community defaulted on its bond obligations, Minneapolis-based Certus Living was brought in to operate and turn around the campus to positive NOI. David Kliewer and Jay Jordan of Continuum Advisors brokered the transaction and led an extensive marketing campaign to identify a stalking horse bidder followed by a court-supervised overbid process. A national institutional investor was the buyer.
CHICAGO — Marcus & Millichap has negotiated the $11.2 million sale of a two-property self-storage portfolio in Chicago. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, Honore Holdings, and procured the buyer, Storage Post. The portfolio includes two Honore Storage locations at 3215 W. Lawrence Ave. and 5145 N. Clark St. The properties total 50,858 rentable square feet. The Lawrence Avenue facility features 313 climate-controlled units and 95 non-climate-controlled units, while the Clark Street facility includes 108 climate-controlled units and 239 non-climate-controlled units.
LOMBARD, ILL. — The Boulder Group has brokered the $4.8 million sale of a 10,682-square-foot restaurant property net leased to P.F. Chang’s in the Chicago suburb of Lombard. The building is located at 2361 Fountain Square Drive. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate investor. The buyer was a real estate investment trust. P.F. Chang’s has operated at the location since 2000.
OAK BROOK, ILL. — Oak Brook-based Pine Tree has received a $247 million loan for the refinancing of a six-property shopping center portfolio acquired earlier this year in partnership with a state pension fund. Bill Barry and Bill Stewart of Draper & Kramer Inc. arranged the loan through New York Life Real Estate Investors. The properties are located in Florida, Arizona, Oregon and Ohio. Anchor tenants include 13 TJX concepts, Nordstrom Rack, Ulta Beauty, Target and Dick’s Sporting Goods. Also included are several owned grocery stores, including Kroger, The Fresh Market and New Seasons Market.