Illinois

Transwestern Negotiates 110,000 SF Deal for Art in Motion’s New Chicago Campus

by Kristin Harlow September 10, 2021

CHICAGO — Transwestern Real Estate Services represented Art in Motion in its purchase of 7415 S. East End Ave., a 110,000-square-foot property in Chicago’s South Shore neighborhood. The purchase price was undisclosed. Art in Motion, a charter school that promotes creativity and artistic pursuits, plans to renovate the space with a new broadcast studio, recording studio, theater and classroom space. Renovations are slated for completion in time for the 2022-2023 academic year. Upon completion, the arts school will serve students in grades seven through 12. Art in Motion was founded in 2019 under Distinctive Schools, a nonprofit dedicated to supporting and accelerating the work of charter schools. Larry Serota and Alex Genova of Transwestern provided tenant advisory and workplace solutions services for Art in Motion.

September 10, 2021

Acquisitions Illinois Midwest Multifamily

SVN Arranges $10M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow September 10, 2021

CHICAGO — SVN | Chicago Commercial has arranged the sale of a portfolio of multifamily units in Chicago’s West Rogers Park neighborhood for $10 million. The portfolio consists of eight contiguous buildings located at 6705-37 N. California Ave. with 94 units. Jeffrey Baasch of SVN represented the seller. An out-of-state private family fund was the buyer.

September 10, 2021

Illinois Leasing Activity Midwest Retail

Golf Simulation Facility to Open at Oak Brook Promenade in Suburban Chicago

by Kristin Harlow September 9, 2021

OAK BROOK, ILL. — Game of Irons, a golf simulation facility, has leased 18,361 square feet at Oak Brook Promenade in Oak Brook, a western suburb of Chicago. Featuring 16 bays, Game of Irons will be the largest golf simulation facility in the Midwest when it opens in November. One to six players can play in each bay and enjoy full food and beverage service. Chris Irwin of Colliers International represented Game of Irons in its lease. Brendan Reedy and Jimmy Danahe of CBRE represented the landlord, Retail Properties of America Inc.

September 9, 2021

Acquisitions Illinois Midwest Office

Sterling Bay, J.P. Morgan Asset Management Sell Google-Occupied Office Building in Chicago for $169M

by Kristin Harlow September 8, 2021

CHICAGO — Sterling Bay and institutional investors advised by J.P. Morgan Global Alternatives have sold 210 N. Carpenter, a 206,315-square-foot office and retail building in Chicago’s Fulton Market neighborhood. The sales price was $169 million. Google occupies 132,000 square feet to house its Chicago-based cloud division. Other tenants at the fully leased property include Leopardo Cos., rEvolution Marketing, S2G Ventures, CVS Pharmacy and uncooked. Completed in 2019, the 12-story building is LEED Gold certified and WELL Health Safety certified. Amenities include a rooftop pool, tenant lounge, fitness center, yoga room, conference facilities and onsite parking. Sterling Bay was the developer, Solomon Cordwell Buenz was the architect, IA Interior Architects was the interior designer and Leopardo Cos. was the general contractor. Tom Sitz, David Knapp, Cody Hundertmark, Dan Deuter and Paul Lundstedt of Cushman & Wakefield marketed the property for sale and procured the buyer, German investment firm Deka Immobilien.

September 8, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 29,898 SF Industrial Building in St. Charles, Illinois, in Sale-Leaseback

by Kristin Harlow September 8, 2021

ST. CHARLES, ILL. — In a sale-leaseback transaction, Venture One Real Estate has acquired a 29,898-square-foot industrial building in St. Charles, about 40 miles west of Chicago. Located on Stern Avenue and constructed in 1988, the property is divided into two units and features two docks, three drive-in doors and parking for 70 cars. John Hamilton of CBRE represented the seller, Enginuity Communications Corp., which will lease back roughly 15,428 square feet. The remaining 14,470 square feet is leased. Venture One acquired the facility through its acquisition fund VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.

September 8, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Arranges $43M Sale of Chicago Multifamily Property

by Kristin Harlow September 7, 2021

CHICAGO — Kiser Group has arranged the sale of a 188-unit multifamily property located at 5815 N. Sheridan Road in Chicago for $43 million. Lee Kiser of Kiser represented both the buyer, TLC Management, and the seller, Greenstone Property Group. The property last sold in 2018 for $27.2 million. Greenstone completed a condo deconversion at that time and renovated 70 percent of the units, which range in size from 515 to 780 square feet. TLC plans to continue updating units and add more amenities. The property fronts Lake Michigan and features private beach access.

September 7, 2021

Acquisitions Illinois Midwest Office

JLL Brokers Sale of Two-Building Office Property in Suburban Chicago

by Kristin Harlow September 7, 2021

NORTHBROOK, ILL. — JLL Capital Markets has brokered the sale of Edens Corporate Center, a two-building office property in the northern Chicago suburb of Northbrook. The sales price was undisclosed. Located on Dundee Road, Edens Corporate Center rises four stories and spans 188,040 rentable square feet. The two buildings were constructed in 1987 and 1988 and renovated from 2016 to 2019. Amenities include heated parking, an outdoor terrace, café, fitness center, yoga room and bike room. Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller of JLL represented the seller, KBS. Bradford Allen Investment Advisors was the buyer.

September 7, 2021

Affordable Housing Development Illinois Midwest Multifamily

Skender Builds 16-Unit Affordable Housing Project in Wilmette, Illinois

by Kristin Harlow September 3, 2021

WILMETTE, ILL. — Skender has completed construction of Cleland Place, a three-story, 16-unit affordable housing project located at 1925 Wilmette Ave. in Wilmette, about 14 miles north of downtown Chicago. Housing Opportunity Development Corp. (HODC) will operate the property, which will house working families, seniors and veterans. The project is part of the Public Housing Voucher program, meaning residents pay 30 percent of their income and Housing Authority of Cook County subsidizes the rest. Cleland Place is named for Jean Cleland, a long-time Wilmette resident and founding member of HODC. The building includes one- and two-bedroom units. Amenities include a laundry room, covered parking and social activities for residents. Cordogan Clark & Associates served as architect.

September 3, 2021

Acquisitions Hospitality Illinois Midwest

Chateau Hotel, Conference Center in Bloomington Sells for $3.2M

by Kristin Harlow September 3, 2021

BLOOMINGTON, ILL. — The Chateau Hotel and Conference Center in Bloomington has sold for $3.2 million. Located at 1621 Jumer Drive, the property includes 180 rooms. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial Real Estate Group represented the buyer, Adidev Developers Real Estate LLC. The buyer intends to continue operating the property as a hotel and convention center under the agreed lease terms. Seller information was not disclosed.

September 3, 2021

Development Illinois Midwest Office

J.C. Anderson Completes 32,576 SF Spec Office Buildout in Chicago

by Kristin Harlow September 3, 2021

CHICAGO — J.C. Anderson has completed construction of a 32,576-square-foot spec office suite buildout for owner GlenStar at the Chicago Board of Trade Building. Located in Chicago’s Loop at 141 W. Jackson Blvd., the property was originally built in 1930. The scope of the project included building out spec suites on the 13th floor that range in size from 2,300 to 7,500 square feet. The spaces feature conference rooms, private offices, huddle rooms, break rooms and open office areas. MRSA Architects & Planners served as architect. This is the third spec suite project that J.C. Anderson has completed for GlenStar at the building.

September 3, 2021

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