Illinois

U.S. Xpress Enterprises Signs 40,000 SF Office Lease in Chicago’s River North

by Kristin Harlow July 2, 2021

CHICAGO — U.S. Xpress Enterprises Inc. (NYSE: USX) has signed a long-term lease for approximately 40,000 square feet of office space encompassing three floors at 306 West Erie in Chicago’s River North. The building, owned by North Wells Capital and Urban Innovations, has now reached full occupancy. Xpress, a truckload carrier that is expanding and relocating its offices from within the same area, is slated to begin occupying the new space in the first quarter of 2022. Xpress Technologies, the company’s digitally enabled freight brokerage division, will occupy the bulk of the new space. The division has more than doubled the size of its workforce nationwide since mid-2020. Part of a three-building collection known as Verso, 306 West Erie recently underwent a renovation and expansion following North Wells’ acquisition of the property in 2017. New amenities include a sixth-floor tenant lounge and gaming area as well as an outdoor terrace. JLL is the leasing agent for the entire Verso portfolio. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership in the lease transaction with Xpress. Dan Persa of CBRE represented the tenant.

July 2, 2021

Illinois Leasing Activity Midwest Retail

Five Iron Golf to Occupy 11,000 SF at Chicago’s Block 37

by Kristin Harlow July 2, 2021

CHICAGO — Five Iron Golf, an indoor golf and entertainment experience, has signed a lease to occupy 11,000 square feet at the shopping, dining and entertainment destination known as Block 37 in Chicago’s Loop. The new location, the company’s second in Chicago, will offer golf simulators, high-speed cameras, a putting green and entertainment offerings such as a full bar, kitchen, widescreen TVs and games. Technology helps capture data, analyze each golf swing and provide real-time feedback for guests. Five Iron Golf operates nine locations across the country.

July 2, 2021

Acquisitions Illinois Midwest Multifamily

Coldwell Banker Commercial Arranges $2.5M Sale of Two Multifamily Buildings in Bloomington, Illinois

by Kristin Harlow July 2, 2021

BLOOMINGTON, ILL. — Coldwell Banker Commercial has arranged the sale of a pair of multifamily buildings in Bloomington known collectively as Anglers Cove for $2.5 million. The first building at 1002 Arlene Court was constructed in 1982 and consists of 36 units. The adjacent building at 1005 Arlene Court was constructed in 1984 and features 12 two-bedroom units. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial represented the buyer, All Season Properties LLC, which plans to update the units as they become vacant. Seller information was undisclosed.

July 2, 2021

Acquisitions Illinois Midwest Multifamily

Connor Group Sells Glenmuir of Naperville Apartment Property for $103M

by Kristin Harlow July 1, 2021

NAPERVILLE, ILL. — The Connor Group has sold Glenmuir of Naperville, a 321-unit apartment property in suburban Chicago. BH Equities purchased the asset for roughly $103 million, according to Crain’s Chicago Business. The deal marked the second-largest property sale in Connor’s nearly 30-year history, according to the company, which acquired the asset in 2014. Connor, which owns and operates 45 apartment communities across 16 markets, says it intends to continue operating in the Naperville submarket long-term.

July 1, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily

POAH Acquires Island Terrace Apartments in Chicago for $29.5M

by Kristin Harlow July 1, 2021

CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.

July 1, 2021

Acquisitions Illinois Midwest Multifamily

NorthMarq Arranges Sale, Financing of 71-Unit Multifamily Complex in St. Charles, Illinois

by Kristin Harlow July 1, 2021

ST. CHARLES, ILL. — NorthMarq has arranged the sale of Haven St. Charles for an undisclosed price. The 71-unit multifamily complex is located at 1909 Oak St. in St Charles, about 40 miles west of Chicago. Parker Stewart, Dominic Martinez and Alex Malzone of NorthMarq’s St. Louis office represented the seller, Chicago-based Tricap Residential. Chicago-based Evergreen Real Estate Group was the buyer. Tricap spent about $1.5 million in capital improvements over the last few years for the property, which was originally built in 1974. It was 97 percent occupied at the time of sale. Kevin McCarthy, Brett Hood and Sue Blumberg of NorthMarq secured acquisition financing through Freddie Mac.

July 1, 2021

Acquisitions Illinois Industrial Midwest

Zilber Property Group Acquires 161,542 SF Industrial Building in DeKalb, Illinois

by Kristin Harlow June 30, 2021

DEKALB, ILL. — Zilber Property Group has acquired a 161,542-square-foot industrial building in Dekalb, about 65 miles west of Chicago. The purchase price was undisclosed. The Class A property is located at 711 Fairview Drive near I-88. Audiovisual and entertainment company Solotech and third-party logistics firm B&C Logistics fully occupy the building. Constructed in 2001, the facility features a clear height of 28 feet, 20 dock positions, four drive-in doors, 167 car parking spaces and onsite trailer parking. Dominic Carbonari, Frank Griffin, Kate Coxworth and Ed Halaburt of JLL represented the seller, SparrowHawk Real Estate. Rachel Agba represented Zilber on an internal basis.

June 30, 2021

Development Illinois Midwest Multifamily

LMC Starts Preleasing 298-Unit Triangle Square Apartments in Chicago

by Kristin Harlow June 29, 2021

CHICAGO — LMC has started preleasing Triangle Square Apartments, a 298-unit luxury apartment community in Chicago’s northern neighborhood of Bucktown. Triangle Square offers studio through three-bedroom units ranging from 464 to 1,413 square feet that feature built-in Wi-Fi, floor-to-ceiling windows and stainless-steel appliances. Select units offer private balconies, wine racks and walk-in closets. Located at 2155 N. Elston Ave., the community will put residents within walking distance of the Chicago River and local shops and eateries, with Lincoln Park and lakefront views to the east. The community is also within walking distance of the Metra Clybourn station. The seven-story midrise community also includes 21,223 square feet of ground-floor retail space. The first move-ins are scheduled to begin in July. Monthly rents will start at $1,455, according to Apartments.com.

June 29, 2021

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Brokers $3M Sale of Industrial Portfolio in Elk Grove Village, Illinois

by Kristin Harlow June 29, 2021

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 51,700-square-foot industrial portfolio in Elk Grove Village for $3 million. The four-building, fully leased portfolio is located on Tonne Road. Dan Brown of Brown Commercial represented the seller, Gilberts and Groves, which purchased the portfolio for $1.7 million in 2016. The buyer was undisclosed.

June 29, 2021

Acquisitions Illinois Midwest Office

Office Properties Income Trust Acquires Google’s Midwest Headquarters in Chicago for $355M

by Kristin Harlow June 28, 2021

CHICAGO — Office Properties Income Trust (NASDAQ: OPI) has acquired 1K Fulton in Chicago’s Fulton Market district for $355 million. The 531,190-square-foot office property serves as the Midwest headquarters for Google, which leases 73 percent of the building. The property was 99 percent leased at the time of sale, with a weighted average lease term of six years. Built in 1923 and redeveloped in 2015, the building features amenities such as two fitness centers, multiple roof decks, a steak house restaurant, ground-floor retail space and 157 subterranean parking spaces. Stephen Livaditis, Matthew Graham and Bryan Rosenberg of Eastdil Secured brokered the sale. American Realty Advisors was the seller, according to local media reports. Office Properties Income Trust is managed by The RMR Group and is based in Newton, Mass.

June 28, 2021

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