Illinois

GRAYSLAKE, ILL. — Essex Realty Group LLC has brokered the $5.8 million sale of Glen Street Apartments in Grayslake, about 50 miles north of downtown Chicago. Built in 1984 and located on Glen Street, the asset consists of 40 units. Current ownership has recently made significant capital improvements, including a new parking lot and a full concrete catwalk replacement. Brian Karmowski of Essex represented the undisclosed buyer.

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ARLINGTON HEIGHTS, ILL. — SRM Cos. and Pearlmark have acquired a data center and flex industrial facility located at 545 E. Algonquin Road in the Chicago suburb of Arlington Heights. The transaction marks SRM’s first acquisition in the Chicago market. The property is fully leased to two tenants and features robust power and infrastructure. According to a release, the buyers plan to maintain and enhance the facility’s long-term value through proactive asset management and continued investment. Wintrust Commercial Real Estate provided acquisition financing.

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CHICAGO — Habitat has fully leased the apartments in the second phase of 43 Green, a mixed-income community in Chicago’s Bronzeville neighborhood. Located at 4309 S. Prairie Ave., immediately west of the Chicago Transit Authority’s (CTA) 43rd Street Green Line stop, 43 Green Phase II rises 10 stories and features 80 units, 44 of which are designated as affordable housing. Bordering the east side of the CTA station is Phase I of 43 Green, a 10-story, 99-unit building that includes 50 affordable housing units. Phase I opened in June 2023 and was fully leased by December of that year. Residences at Phase II are offered in studio, one- and two-bedroom floor plans ranging from 465 to 1,092 square feet. Amenities include two outdoor terraces, a fitness center, laundry facilities, flex work-from-home spaces, surface parking for 13 vehicles and 56 bicycle parking spots. The 80,000-square-foot building also features retail space. Representing an investment of more than $100 million across the project’s three phases, 43 Green is the first equitable transit-oriented development (ETOD) on Chicago’s South Side, according to Habitat. Prior to the city adopting its ETOD Policy Plan, nearly 90 percent of TOD projects between 2016 and 2019 were concentrated on …

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NILES, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 42,224-square-foot industrial building in the Chicago suburb of Niles. Located at 7777 Merrimac Ave., the single-tenant property was fully leased at the time of sale. Constructed in 1964, the facility sits on 2.4 acres and features two docks and parking for more than 89 cars. Bill Lussow of Bespoke Commercial Real Estate represented the undisclosed seller. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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CHICAGO — Concord Summit Capital LLC has arranged $25.1 million in bridge financing for the acquisition of The Archer, a 68-unit apartment building in Chicago’s Gold Coast neighborhood. The funding enabled an existing limited partner to acquire full control of the asset from the general partner and initiate a renovation of the remaining units. Daniel Eidson and Ben Applebaum of Concord Summit sourced the financing on behalf of the borrower, YK Investments. The nonrecourse loan features a 100 percent loan-to-cost ratio. Located at 1211 N. LaSalle St., The Archer offers one- and two-bedroom layouts.

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CHICAGO — Interra Realty has brokered the $5.9 million sale of 6642-6652 N. Clark St., a 42-unit apartment and retail building in Chicago’s Rogers Park neighborhood. The sale also included an adjacent parking lot at 6654 N. Clark St. Brad Feldman of Interra represented the buyer, Imran Khan, and the seller, George Triff. The property, which was fully occupied at the time of sale, features six studios, 28 one-bedroom units, two two-bedroom apartments and six retail units. Constructed in 1928, the three-story building presents a value-add opportunity for the buyer, who plans to renovate units, upgrade building systems and reconfigure some apartments to add bedrooms.

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CHICAGO — Chicago Fire FC has released renderings and further details for its $650 million soccer-specific stadium in downtown Chicago. The development, announced earlier this month, will be privately financed by the club’s owner and chairman, Joe Mansueto. The stadium will anchor The 78, Related Midwest’s 62-acre project located along the Chicago River just south of Roosevelt Road. Designed by Gensler in “Chicago School” fashion, the new stadium will seat approximately 22,000 fans. The bowl is designed to prioritize the match viewing experience with seating positions that are lower and closer to the action. There will be 50 suites, more than 500 Loge seats and 3,500 Club seats. An exposed steel canopy over the seating bowl will direct light and crowd noise back to the pitch, creating an environment that enhances the Fire’s home-field advantage. A dedicated supporter section will be built at the core of the stadium for the most passionate fans. The section is purpose-built to be loud with room for approximately 2,000 fans on safe-standing bleachers. In addition to Fire matches, the stadium can host a variety of other sports and entertainment events such as international soccer matches, rugby matches, concerts, festivals, live performances, charity events, trade …

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CHICAGO — Kiser Group has arranged the $5.9 million sale of a 42-unit multifamily property in Chicago’s Morgan Park neighborhood. The sales price of $140,000 per unit represents the highest price-per-unit ever recorded in the area, according to Kiser. The building includes four commercial spaces and 38 large apartment units, all of which are two- or three-bedroom layouts. The asset was fully leased at the time of sale and has been self-managed by the owner. Craig Robinson was the buyer.

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PINGREE GROVE, ILL. — Freight Union Inc. will build a 61,858-square-foot maintenance facility with 30 repair bays, two docks and 238 trailer positions in Pingree Grove, a far northwest suburb of Chicago. Cory Kay and Mike DeSerto of Entre Commercial Realty represented Freight Union in the transaction, which marks the second build-to-suit project the Entre team has completed for the tenant. Freight Union built its first facility in Hampshire, Ill., in 2023. The project in Pingree Grove will serve as Freight Union’s new corporate headquarters. Entre procured the development by assembling 11 acres in four separate transactions and obtaining use approval for transportation, truck maintenance and trailer parking.

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CHICAGO — Friedman Properties has completed renovations at the Reid Murdoch Building in Chicago’s River North neighborhood. The improvements included the construction of a 5,600-square-foot amenity suite with a new lounge and fitness center. Housed on the fourth floor, the lounge features a café with complimentary coffee drinks, an audiovisual system, refrigeration and warming drawers for larger events and multiple seating configurations to accommodate individuals or small groups. Two conference rooms are available with video conferencing technology. Other features include high-speed internet and a mural by artist Kate Lewis. The fitness center includes cardio equipment with integrated video content and streaming, Peloton bikes and free weights. Tenants have access to locker rooms with showers and towel service as well as a personal trainer. A first phase of renovations completed earlier this year included a 5,388-square-foot speculative office suite on the third floor that includes a lounge and collaboration space, two conference rooms, three private offices, 29 flexible workstations and an open kitchen. The lobby was also renovated. Originally constructed in 1914, the Reid Murdoch Building long served as the office, warehouse and manufacturing facilities for Reid, Murdoch & Co., one of the country’s largest wholesale grocers. The building hosted traffic …

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