BLOOMINGDALE, ILL. — Burlington has signed a lease to open a 27,726-square-foot store at Stratford Crossing in Bloomingdale, a western suburb of Chicago. Burlington will be the ninth anchor tenant to join the 385,000-square-foot shopping center, which is home to T.J. Maxx, HomeGoods, Mariano’s, PetSmart, Hobby Lobby and Planet Fitness. Joe Parrott, Sean McCourt and Riley McCarron of CBRE represented ownership, an affiliate of Newmark Merrill Cos. Burlington is scheduled to open later this year.
CHICAGO — The Hearn Co. has unveiled plans to convert four floors of 875 North Michigan Avenue in Chicago into clinical and surgical space named the Mag Mile Medical Pavilion. Hearn has selected Cushman & Wakefield to lease the building-within-a-building concept. Hearn plans to invest more than $10 million into converting floors 28 through 30 and 33, totaling 130,000 square feet, into medical office space. There will be a dedicated valet entrance, patient drop-off and pickup on the north side and a dedicated elevator bank. Completion is slated for the second quarter of this year. The 100-story property was formerly known as the John Hancock Center. Karoline Eigel, Matt Sullivan, Lindsey Groom and Jack Seher of Cushman & Wakefield make up the leasing team.
JOLIET, ILL. — JLL Capital Markets has brokered the sale of Clarius Park Joliet Building 2, a 906,517-square-foot industrial facility in Joliet. The sales price was undisclosed. Lion Electric occupies the building, which features a clear height of 40 feet, 107 dock-high doors, 16 drive-in doors and 213 trailer stalls. John Huguenard, Sean Devaney and Peter Moriarty of JLL represented the seller, a partnership between Clarius Partners LLC and Walton Street Capital LLC. Dominic Carbonari, Rob Wheeler and Michael Connor of JLL assisted in the sales transaction after completing the lease on behalf of the seller. Avison Young Investment Management was the buyer.
CHICAGO — Walsh Construction has completed Broadview Senior Apartments, an affordable community for residents age 55 and older in Chicago. CIBC Bank USA provided a $5.3 million construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. CIBC Bank USA is working with the Housing Opportunities Development Corp. (HODC), which serves as Broadview Senior Apartments’ nonprofit partner. HODC provides services to the residents of the facility, coordinates onsite activities and workshops and provides onsite staff for a minimum of 20 hours per week.
ST. CHARLES, ILL. — Associated Bank has provided a $20 million loan for the acquisition of Carroll Tower Apartments in St. Charles, about 40 miles west of Chicago. The affordable housing community is located at 200 N. Second St. along the Fox River. The six-story property is home to 108 one-bedroom units that are fully occupied. Units are restricted to low-income residents who are 62 years of age or older. Teresa Rubio of Associated Community Development LLC managed the loan and closing. The borrower, 3 Diamond Development LLC, plans to preserve the property’s affordability status.
SKOKIE, ILL. — Murphy Development Group has opened Highpoint at 8000 North, a 153-unit luxury apartment community in Skokie. Luxury Living Chicago Realty is the marketing and leasing provider, while Lincoln Property Co. is the property manager. Located at 8000 Lincoln Ave., the 12-story property features amenities such as a rooftop deck, fitness center, dog run, pet wash and lounges. First move-ins are underway. Monthly rents start at $1,750 for studios. Lucien Lagrange served as architect.
DOWNERS GROVE AND MOKENA, ILL. — Northmarq has arranged two loans totaling $15.7 million for the refinancing of two industrial properties in suburban Chicago. The buildings total 275,254 square feet and are located in Downers Grove and Mokena. Jeff Frankel of Northmarq arranged the loans through a life insurance company. Both loans feature five-year terms, 30-year amortization schedules and fixed interest rates.
MOUNT VERNON, ILL. — Barber Murphy has brokered the sale of a 16,800-square-foot warehouse with office space in Mount Vernon, a city in southern Illinois, for an undisclosed price. The property is located at 5111 Lake Terrace. Clear Sky Commercial purchased the building from Nealy Glenn Revocable Trust. Barber Murphy represented both parties in the transaction.
CHICAGO — Chicago-based Brauvin Real Estate has sold a portfolio of 59 net-leased retail properties for $185 million. The properties are located in 18 states across the country and are leased to 16 tenants. John Morse and Andrew Hahn of Patzik, Frank and Samotny represented Brauvin in the transaction. The buyer was undisclosed. The sale completes the investment cycle of Brauvin’s 17th investment fund. The company now plans to acquire another $200 million in assets for its 18th fund.
TINLEY PARK, ILL. — Artisan Capital Group has purchased Edenbridge Apartments in the Chicago suburb of Tinley Park for an undisclosed price. The 309-unit, midrise apartment complex features studio, one-, two- and three-bedroom floor plans. Amenities include a sundeck, clubhouse, playground and pool. John Schorgl of Berkadia arranged acquisition financing through Cohen & Co.
