CHICAGO — PGIM Real Estate has provided $101 million in floating-rate bridge financing for the acquisition and lease-up of a four-property retail and office portfolio in Chicago’s Fulton Market district. The buildings span 168,206 square feet and are home to 18 tenants. Asana Partners, a real estate investment company headquartered in Charlotte, N.C., was the borrower. Further details were not provided.
MADISON, ILL. — Design-build firm IMPACT Strategies has begun interior and exterior renovations of the Oval Tower Suites at World Wide Technology Raceway in Madison, about nine miles northeast of St. Louis. The project includes improvements to the private viewing area, including the rooftop space and 28 private suites. The motorsport racing facility is undergoing a multi-million-dollar renovation plan leading up to the 2022 NASCAR Cup Series on June 5.
FORSYTH, ILL. — Marcus & Millichap has brokered the $4.8 million sale of Forsyth Center in Forsyth, about 45 miles east of Springfield, the state capital. The 30,087-square-foot retail center is located at 1460 Koester Road. The property is home to PetSmart and Dollar Tree, both of which have been tenants since the center was constructed in 2006. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local developer. Buyer information was not provided.
BLOOMINGTON, ILL. — The Boulder Group has negotiated the sale of a single-tenant, net-leased retail property occupied by JOANN Fabrics in Bloomington for $4.1 million. The 21,828-square-foot building is located at 1701 E. Empire St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm, as well as the buyer, a national real estate company.
CHICAGO — Two new tenants have signed leases at The Concourse Chicago office property, which is owned and managed by Berger Asset Management. The Ministry of Foreign Affairs of El Salvador leased 5,965 square feet and expects to take occupancy this summer. The tenant is relocating and expanding its Chicago office from a Michigan Avenue location. GEI Consultants, a national engineering and environmental consulting firm, leased 8,006 square feet. The firm is relocating from Vernon Hills, Ill. Concourse Chicago, which spans 165,000 square feet across 12 single-story buildings, is now 90 percent occupied. Steve Chrastka and Jason Wurtz of NAI Hiffman are the leasing agents for the property. Tom Hanson of Hanson Commercial Real Estate represented the Ministry of Foreign Affairs of El Salvador, while Jordan Rovito and Jonathan Metzl of Cushman & Wakefield represented GEI Consultants.
CHICAGO — Applied Systems has signed a 10,000-square-foot office lease at 320 North Sangamon, a newly completed office building in Chicago’s Fulton Market district. Headquartered in University Park, Applied is a global provider of insurance technology and software. Applied will occupy space on the seventh floor starting in July. Chicago-based Charlie Greene Studios designed the tenant’s new space. Tishman Speyer co-developed the 13-story building with Chicago-based Mark Goodman & Associates. Chicago-based Solomon Cordwell Buenz served as the architect. Steve Bauer, Adrian Boone and Chad Koenig of Cushman & Wakefield represented Applied in the lease transaction. Adam Mitchell, Ellen May and Olivia Parker represented Tishman Speyer on an internal basis.
OAK BROOK, ILL. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The seniors housing property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.
CHICAGO — VTS, a leasing, marketing and asset management platform for the commercial real estate industry, has signed a 35,914-square-foot office lease at 320 N. Sangamon in Chicago’s Fulton Market district. Tishman Speyer owns the 13-story building, which was completed last year. Robert Sevim, Jim Wenk, Cullen Hurley and Allison Buck of Savills represented VTS. Since its acquisition of Chicago-based Rise Buildings in March 2021, VTS has been growing its employee count and customer base within the Chicago area and outgrew its previous space at 312 N. May. In addition to its corporate headquarters in New York, VTS maintains offices in San Francisco, Los Angeles, Austin, London and Toronto.
CICERO, ILL. — Cawley Chicago has arranged the sale of a 130,000-square-foot manufacturing facility in Cicero for an undisclosed price. The property sits on more than three acres at 4620 W. 19th St. Frank Melchert and Matt Garland of Cawley Chicago represented the seller, a private individual who had operated a business at the property for 31 years. Local business and metal fabricator Accurate Perforating Co. was the buyer.
ST. CHARLES, ILL. — Marcus & Millichap has brokered the sale of Fox Run Apartments in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. The 220-unit apartment complex was built in 1971 and underwent a renovation program in 2008. Amenities include a pool, 342 parking spaces and four laundry facilities. Roughly 95 percent of the units feature updated kitchens, bathrooms and flooring. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.