Illinois

NAI Hiffman Brokers $13.2M Sale of Two Manufacturing Facilities in Itasca, Illinois

by Kristin Harlow August 2, 2021

ITASCA, ILL. — NAI Hiffman has brokered the sale of two light manufacturing and warehousing facilities in Itasca for $13.2 million. Located at 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., the properties total 108,357 square feet and were built in 1969. Phoenix Converting Inc., a producer of specialty pouches for flexible packaging, occupies both buildings. Patrick Sullivan, Ryan Chambers and Jeff Janda of NAI Hiffman represented the seller, Oak Brook-based TradeLane Properties LLC. A national industrial REIT was the buyer.

August 2, 2021

Acquisitions Illinois Midwest Restaurant Retail

Adelphia Properties Negotiates $3.6M Sale of Panera Bread-Occupied Building in Suburban Chicago

by Kristin Harlow August 2, 2021

BRIDGEVIEW, ILL. — Adelphia Properties has negotiated the $3.6 million sale of a single-tenant retail building occupied by Panera Bread in Bridgeview, about 15 miles southwest of Chicago. The newly constructed, 4,380-square-foot property is located at 8115 S. Harlem Ave. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Chicago-based private investor. A Chicago-based developer was the seller. There are 15 years remaining on Panera Bread’s lease.

August 2, 2021

Acquisitions Illinois Midwest Multifamily

Two-Property Multifamily Portfolio Trades Hands in Alsip, Illinois, for $30.5M

by Kristin Harlow July 30, 2021

ALSIP, ILL. — A two-property multifamily portfolio totaling 300 units in Alsip, a southern suburb of Chicago, has traded hands for $30.5 million. The properties include the 156-unit Orchard Estates Apartments and the 144-unit Woodland Courts Apartments. Both were built in the early 1970s. Sean Connelly and George Kokkonas of 33 Realty represented the New York-based buyer, who plans to renovate and modernize the complexes. Tara Mathew of Prime Equities Corp. represented the undisclosed seller.

July 30, 2021

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale-Leaseback of Four-Building Industrial Portfolio in Melrose Park, Illinois

by Kristin Harlow July 30, 2021

MELROSE PARK, ILL. — Colliers International has arranged the sale-leaseback of a four-building industrial portfolio spanning 149,454 square feet in Melrose Park, a suburb of Chicago. Mike Senner and Tom Rodeno of Colliers represented the seller, Promus Equity Partners LLC, which recently led an investment in Caputo Cheese’s brand and business. The buildings are all located on the same street and are utilized for Caputo’s manufacturing, processing, distribution and storage. STORE Capital purchased the portfolio for an undisclosed price. Caputo signed a 20-year lease.

July 30, 2021

Acquisitions Illinois Midwest Office

SVN Brokers $5.9M Sale of Office Building in Chicago

by Kristin Harlow July 30, 2021

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 29,500-square-foot office building in Chicago’s Streeterville neighborhood for $5.9 million. Located at 232 E. Ohio St., the four-story property served as the original home of the Playboy Organization. It is now home to CRC Recording Studio, which occupies more than half of the building. Wayne Caplan of SVN represented the undisclosed seller. An entity controlled by restauranteur Phil Chen was the buyer. SVN expects the new owner to renovate the property in the near term.

July 30, 2021

Acquisitions Illinois Midwest Multifamily

Trilogy Real Estate Group Buys 115-Unit Luxury Apartment Community in Suburban Chicago

by Kristin Harlow July 29, 2021

PARK RIDGE, ILL. — Trilogy Real Estate Group, a Chicago-based real estate investment, management and development firm, has acquired Park 205 in the Chicago suburb of Park Ridge. Located at 205 Touhy Ave., the luxury apartment community features 115 units. Amenities include a fitness center, heated pool, firepit, grills and a parking garage. The property is situated adjacent to a Whole Foods Market. Trilogy Residential Management, Trilogy’s management company, will serve as property manager. The seller and sales price were undisclosed.

July 29, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 60,033 SF Industrial Building in Chicago

by Kristin Harlow July 29, 2021

CHICAGO — Venture One Real Estate has acquired a 60,033-square-foot industrial building located at 6450 Cortland St. in Chicago for an undisclosed price. The property was vacant at the time of acquisition. Situated on nearly three acres, the building features seven docks, one drive-in door and parking for 63 cars. Venture One plans to undertake office renovations, add energy-efficient lighting, resurface the parking lot and build a new roof. Elise Couston and Jimena Sayavedra of Newmark represented the undisclosed seller and will be retained to market the property for lease. Venture One’s acquisition fund VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

July 29, 2021

Acquisitions Illinois Midwest Retail

Adelphia Properties Arranges Sale of Value-Add Retail Building in Orland Park, Illinois

by Kristin Harlow July 29, 2021

ORLAND PARK, ILL. — Adelphia Properties has arranged the sale of a 7,365-square-foot retail building in Orland Park, a suburb of Chicago. The sales price was undisclosed. Situated on one acre at 15845 S. Harlem Ave., the value-add property was 17 percent occupied at the time of sale. It was formerly home to Panera Bread. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a local investor.

July 29, 2021

Acquisitions Illinois Midwest Multifamily

Spirit Investment Partners, Bascom Group Purchase High-Rise Multifamily Property in Evanston for $49.1M

by Kristin Harlow July 28, 2021

EVANSTON, ILL. — Spirit Investment Partners and The Bascom Group have acquired 415 Premier Apartments in Evanston for $49.1 million. Built in 2008, the 17-story property includes 221 luxury apartment units as well as a 245-space parking deck. Dan Cohen of CBRE represented the undisclosed seller. Peter Marino of CBRE arranged acquisition financing through Rialto Capital Management.

July 28, 2021

Development Illinois Industrial Midwest Office

Contegra Construction Completes 40,800 SF Headquarters for icon Mechanical Near St. Louis

by Kristin Harlow July 28, 2021

GRANITE CITY, ILL. — Contegra Construction Co. has completed the new 40,800-square-foot headquarters for icon Mechanical in Granite City, just north of St. Louis. icon Mechanical is a full-service mechanical contractor, engineering and construction firm specializing in the design, fabrication and installation of process piping, power piping, industrial ventilation and commercial HVAC. The company employs more than 150 people in addition to hundreds of trade workers on projects. The two-story property is located at 1616 Cleveland Blvd. and features an atrium, glass-walled offices, LED lighting, two stairways and open interior workspaces. Joining icon and Contegra on the project team were civil engineer Juneau Associates, architect Gray Design Group and structural engineer Alper Audi, all of which are St. Louis-area firms.

July 28, 2021

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