Illinois

American Street Capital Arranges $10.2M Acquisition Loan for Multifamily Community in Burbank, Illinois

by Kristin Harlow January 8, 2021

BURBANK, ILL. — American Street Capital (ASC) has arranged a $10.2 million acquisition loan for a multifamily community in Burbank, about 15 miles southwest of Chicago. Built in 1983, the property consists of 27 buildings across 6.3 acres. The 173 units average 952 square feet. Igor Zhizhin of ASC arranged the seven-year, fixed-rate loan, which features a 30-year amortization schedule and one year of interest-only payments. An undisclosed bank provided the loan. Deshe Real Estate was the borrower. This is the first time the property has traded hands since it was built, according to ASC.

January 8, 2021

Acquisitions Illinois Industrial Midwest

JLL Arranges Sale of 456,417 SF Warehouse in Suburban Chicago

by Kristin Harlow January 7, 2021

MELROSE PARK, ILL. — JLL Capital Markets has arranged the sale of a 456,417-square-foot industrial building in the Chicago-area community of Melrose Park for an undisclosed price. The property, located at 1400 N. 25th Ave., is fully leased to 15 tenants in the warehouse, distribution, food production, showroom and sports and entertainment sectors. The building features 15 dock-high doors, 22 drive-in doors and clear heights ranging from 18 to 24 feet. Ed Halaburt, Robin Stolberg and John Huguenard of JLL represented the seller, Baker Development Corp., which completed extensive renovations to the property in 2019. Glen Una Management was the buyer.

January 7, 2021

Acquisitions Healthcare Illinois Midwest

Avison Young Negotiates Sale of 98,000 SF Medical Office Building in Peoria, Illinois

by Kristin Harlow January 7, 2021

PEORIA, ILL. — Avison Young has negotiated the sale of a 98,000-square-foot, five-story medical office building in Peoria for an undisclosed price. Known as the Illinois Medical Center, the building is located at 1001 Main St. on the campus of the University of Illinois College of Medicine. The fully leased, Class A property serves as an outpatient center for multiple hospital-aligned physician groups. OSF Healthcare, a 13-hospital healthcare system serving Illinois and the Upper Peninsula of Michigan, is the anchor tenant. Mike Wilson and Erik Foster of Avison Young represented the seller, a mix of physician groups within the facility. The duo worked in conjunction with Avison Young’s Pat Wilson and Jim Kornick. Remedy Medical Properties was the buyer.

January 7, 2021

Illinois Midwest Retail

Macy’s to Shutter 45 More Locations, Including Longtime Store at Chicago’s Water Tower Place

by Kristin Harlow January 6, 2021

CHICAGO — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park. Even before the pandemic began in early 2020, Macy’s announced that it would close 125 stores nationwide over a three-year period in effort to right-size its store fleet. This week, Macy’s unveiled plans to shutter an additional 45 more locations as part of that three-year plan. A full list of the store closures can be found here. Located on Michigan Avenue, Water Tower Place rises eight stories and is home to more than 100 stores. Brookfield Property Partners owns the mall. Earlier this week, Brookfield Asset Management submitted a proposal to take Brookfield Property Partners private for $5.9 billion. The retail vacancy rate for the Magnificent Mile was 10.5 percent in late 2020, up from 7.4 percent in 2019 and 6.5 percent in 2018, according to CBRE. In addition to Macy’s, Gap recently unveiled plans to close its flagship store on Michigan Avenue.

January 6, 2021

Acquisitions Illinois Industrial Midwest

SVN Chicago Commercial Brokers $7.1M Sale of Industrial Property in Willowbrook, Illinois

by Kristin Harlow January 6, 2021

WILLOWBROOK, ILL. — SVN Commercial Chicago has brokered the $7.1 million sale of a 142,000-square-foot industrial property in Willowbrook, a southwest suburb of Chicago. The building sits on 12 acres at 7409 S. Quincy St. The sale also included a 4.9-acre site for future development or expansion. The building’s tenant vacated prior to the end of 2020. Paul Cawthon and Angelo Labriola of SVN’s Cawthon-Labriola Group represented the seller. The buyer and seller information was not disclosed.

January 6, 2021

Development Illinois Industrial Midwest

Contegra Construction Completes Second Warehouse at Gateway Tradeport Near St. Louis

by Kristin Harlow January 5, 2021

PONTOON BEACH, ILL. — Contegra Construction Co. has completed the second warehouse at NorthPoint Development’s Gateway Tradeport in Pontoon Beach near St. Louis. Contegra built the 544,000-square-foot property six months after completing the first warehouse at the 600-acre industrial park. The new building features a clear height of 40 feet, 56 dock doors and parking for 157 trailers. JLL is handling the lease-up. Contegra also made a series of infrastructure improvements to facilitate future development at the site.

January 5, 2021

Development Healthcare Illinois Midwest

IMPACT Strategies Breaks Ground on 36,000 SF Medical Office Building in O’Fallon, Illinois

by Kristin Harlow January 5, 2021

O’FALLON, ILL. — IMPACT Strategies has broken ground on a 36,000-square-foot, three-story medical office building in O’Fallon near St. Louis. Known as 50 West Office Building, the Class A project will be situated near the new St. Elizabeth’s Medical Facility. The new building will house the practices of Advanced Vision Care and Ideal Eye Surgery. Construction is slated for completion in July. The Striler Group is serving as the owner’s representative.

January 5, 2021

Illinois Industrial Leasing Activity Lee & Associates Midwest

Lee & Associates Negotiates 500,000 SF Industrial Lease in Wilmington, Illinois

by Kristin Harlow January 4, 2021

WILMINGTON, ILL. — Lee & Associates has negotiated a 500,000-square-foot, full-building industrial lease at 30260 Graaskamp Blvd. in Wilmington, about 60 miles southwest of Chicago. The new building is part of the Elion Logistics Park 55 in Will County. Walter Murhpy of Lee & Associates represented the tenant, Dynamic 3PL. Jeffrey Kapcheck and Jason Lev of CBRE represented the owner and developer, Elion Logistics Partners.

January 4, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 99,076 SF Industrial Building in Franklin Park, Illinois

by Kristin Harlow January 4, 2021

FRANKLIN PARK, ILL. — Colliers International has brokered the sale of a recently built, 99,076-square-foot industrial building in Franklin Park for an undisclosed price. Located at 9300 King Ave., the property was built on a speculative basis and has not yet been leased. Jeff Devine, Steve Disse and Tom Rodeno of Colliers represented the sellers, Clarius Partners and Wanxiang America Real Estate Group. The buyer, Brookfield Property Group, has retained Colliers to serve as leasing agent for the building.

January 4, 2021

Acquisitions Illinois Industrial Midwest

Sealy Acquires 1.1 MSF Warehouse Near St. Louis

by Kristin Harlow December 22, 2020

EDWARDSVILLE, ILL. — Sealy & Co. has acquired a 1.1 million-square-foot warehouse in Edwardsville near St. Louis for an undisclosed price. The purchase brings the company’s acquisition volume for 2020 to more than $400 million. The Class A facility is located at 3951 Lakeview Corporate Drive within Lakeview Commerce Center. The business park is situated in the Metro East submarket. The building features a clear height of 32 feet, 96 dock doors and 90 trailer stalls. The current tenant has expanded its presence in recent years within Lakeview Commerce Center and occupies three additional properties, one of which Sealy acquired in January of this year. Michael Caprile and Zach Graham of CBRE brokered the sale. Panattoni Development Co. was the seller.

December 22, 2020

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