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Affordable HousingDevelopmentIllinoisMidwestMultifamily

East Lake Management & Development to Build 161-Unit Workforce Housing Community in Illinois Medical District

by Kristin Harlow

CHICAGO — East Lake Management & Development is building Gateway Apartments within the Illinois Medical District (IMD) in Chicago. Set within a larger mixed-use development, Gateway Apartments will include 161 one- and two-bedroom workforce housing units. The target residents are medical personnel, students and faculty who work within the IMD. Of the units, 10 percent will be restricted under a Land Use Restrictive Agreement (LURA) to those with incomes at or below 100 percent of the area median income (AMI). The balance of the units will target workforce income levels for those at income levels between 100 and 150 percent of AMI. The project site will also feature a Hilton Hampton Inn & Suites hotel, 35,000 square feet of retail space and up to 500,000 square feet of life sciences and medical office space. Merchants Bank of Indiana provided construction financing and Freddie Mac provided permanent financing. A timeline for construction was not disclosed.

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DevelopmentIllinoisIndustrialMidwest

Krusinski Completes Construction of Chariot Logistics Center in Melrose Park, Illinois

by Kristin Harlow

MELROSE PARK, ILL. — Krusinski Construction Co. has completed Chariot Logistics Center in Melrose Park, a western suburb of Chicago. The developer was Ridgeline Property Group. The three-building, 623,000-square-foot project is situated on the site of the former Maywood Park Racetrack, a horse racing venue that closed in 2015. All three buildings were leased to an e-commerce tenant prior to completion. Building 1 totals 236,000 square feet, Building 2 spans 252,000 square feet and Building 3 totals 135,000 square feet. Each building has a clear height of 32 feet. Demolition and site work took approximately six months. Krusinski also built new infrastructure elements, including roads, detention ponds, water mains, stormwater systems and utility lines. The project team included Harris Architects, Progressive AE and Kimley Horn.

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DevelopmentIllinoisIndustrialMidwest

IDI Logistics Plans to Build 178,000 SF Industrial Facility on Nearly 12-Acre Site in Chicago

by Kristin Harlow

CHICAGO — IDI Logistics has purchased an 11.7-acre land site located at 3700 S. Morgan St. in Chicago’s Stockyards Industrial Park. The purchase price was undisclosed. IDI plans to build a 178,000-square-foot industrial facility on the site with parking for 212 cars. Completion is slated for the second quarter of 2022. The site provides convenient access to I-55, I-290 and I-90, and is within four miles of the BNSF Intermodal. Matthew Stauber, Evan Djikas, Tom Rodeno and Patrick Turner of Colliers International represented the seller, Joslyn Manufacturing Co., which is a subsidiary of Danaher Corp. IDI has retained Colliers to market the new development for lease.

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DevelopmentIllinoisMidwestMultifamily

City Club Apartments Opens Phase II of Chicago Apartment Property

by Kristin Harlow

CHICAGO — Detroit-based City Club Apartments has opened Phase II of the MDA building in downtown Chicago’s Loop District. Phase II is a seven-story building with 81 units. The project is the first of two new developments opening in the next 18 months that are part of City Club’s “apartment hotel” strategy, whereby residents are able to choose between short- and long-term leases. Amenities include a rooftop sky park with a pool, outdoor theater, grill station and lounge seating. The second floor houses an entertainment and conference room that connects to Phase I via a sixth-floor skybridge. Residents have access to amenities at both buildings, including the onsite restaurant Elephant & Castle, a fitness center, Zen garden, bicycle room, bark park and business center. The 23-story Phase I features 190 units. That building dates back to 1927 and was redeveloped into apartments in 2006. Monthly rents start around $1,500 for studios.

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AcquisitionsIllinoisMidwestMultifamily

33 Realty Brokers $25M Condo Deconversion Sale in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — 33 Realty has brokered the $25 million deconversion sale of Randall Village Condominiums in Crystal Lake, about 45 miles northwest of Chicago. Built in 1998, the property consists of 21 two-story buildings as well as a clubhouse and 26 garage parking spaces. Amenities include a pool, fitness center, grilling area and meeting rooms. Sean Connelly, John Meyer and Matt Petersen of 33 Realty brokered the transaction. The undisclosed buyer plans to invest in substantial unit upgrades. 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.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $6.8M Sale of Retail Center in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.8 million sale of Aspen Pointe, a multi-tenant retail center in Vernon Hills, a suburb of Chicago. Built in 2005, the 26,593-square-foot property is located at 271 Townline Road. It was fully occupied at the time of sale by Starbucks, For Eyes, Maciano’s Pizza, FedEx, Cold Stone Creamery and a few local tenants. Jason Lenhoff of Quantum, along with Beth Sansiper and Jeff Gurian of Becker & Gurian,  represented the buyer, Newcastle Properties. Drew Trammell of Newcastle managed the underwriting and closing of the acquisition. The seller was a private real estate investment firm from Chicago.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 146,029 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Colliers International Chicago has brokered the sale of a 146,029-square-foot industrial building in Elk Grove Village, a northwest suburb of Chicago. The sales price was undisclosed. Completed in 2020 and located at 500 E. Devon Ave., the property features a clear height of 32 feet. The facility was 71 percent leased to three tenants at the time of sale. Colliers will continue to represent the new ownership in marketing the vacancy for lease. Jeff Devine and Steve Disse of Colliers represented the seller, CA Ventures. A fund managed by Goldman Sachs was the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Wrigleyville

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sale of a 12-unit apartment building in Chicago’s Wrigleyville neighborhood for $5.4 million. The property is located at 915 W. Addison St., just steps from Wrigley Field. The building was originally constructed in 1920, but recently underwent an extensive capital improvement program by the seller. The property was fully leased by the time of sale. Joe Smazal of Interra represented the private local buyer. Craig Martin of Interra represented the seller, Horizon Realty Group.

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AcquisitionsIllinoisMidwestRetail

Red Mountain Group Acquires 600,000 SF Algonquin Commons Power Center in Suburban Chicago

by Kristin Harlow

ALGONQUIN, ILL. — Red Mountain Group Inc. has acquired Algonquin Commons, a 600,000-square-foot power center in Algonquin, a northwest suburb of Chicago. The purchase price and seller were undisclosed. Located at 1504-2298 S. Randall Road, the center sits on 70 acres. Built in 2004, the property is 75 percent occupied by tenants such as Trader Joe’s, Ulta, Nordstrom Rack, DSW, Pottery Barn, Victoria’s Secret, Express, On the Border and Bonefish Grill. Red Mountain plans to invest nearly $30 million for the renovation and repositioning of the asset. Plans call for an indoor-outdoor covered entertainment area with an acre of open space. While in escrow, Red Mountain executed a new lease with Ashley Furniture. The company says it is currently working with two other large-format national retailers. Red Mountain’s portfolio comprises 95 shopping centers across 18 states.

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DevelopmentIllinoisMidwestOffice

KBS Begins $22M Renovation of Chicago’s Accenture Tower

by Kristin Harlow

CHICAGO — KBS has begun a $22 million renovation project at Accenture Tower, a 40-story office building in downtown Chicago. Planned upgrades include a new lobby, conference center, tenant lounge and an outdoor deck with a fire pit and bar area. Chicago-based GREC Architects designed the renovation plans. In addition to the building upgrades, KBS is adding 90,000 square feet of spec suites, which involves building out tenant suites without a committed tenant. Originally built in 1987, Accenture Tower spans nearly 1.5 million square feet. It features a 14,000-square-foot fitness center and more than 20 dining options. Its first two levels feature 80,000 square feet of retail space. Commercial real estate owner KBS is working with Leonardo Cos. on the planned upgrades. Wendy Katz and Matt Lerner of Stream Realty are the leasing agents for the property.

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