NORMAL, ILL. — Marcus & Millichap has negotiated the $3 million sale of a retail property leased to Chipotle and Blaze Pizza in Normal, which is located just north of Bloomington. The 5,311-square-foot building, located at 1601 E. College Ave., was constructed in 2016. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a Delaware-based limited liability company. The buyer plans to hold the property as a long-term investment.
SCHAUMBURG, ILL. — RTM Engineering Consultants has signed a 15,452-square-foot office lease at 1933 N. Meacham Road in the Chicago suburb of Schaumburg. Joe Stevens of Transwestern Real Estate Services represented ownership, Integris Ventures. In addition to RTM’s lease, other recent new and renewal lease transactions completed at the building include Lavelle Law (12,620 square feet), Naylor Association Solutions (10,361 square feet), Familia Dental (10,361 square feet) and Armstrong Transportation (4,841 square feet). The seven-story, 142,000-square-foot building features a four-story atrium lobby, 50-person conferencing facility, full-service deli, fitness center and underground executive parking garage.
CHICAGO — Continuum Advisors has brokered the sale of The Oaks at Bartlett in the northwest Chicago suburb of Bartlett for $42 million. Built in 2007, the 283-unit seniors housing community offers a full continuum of care with 10 cottages, 154 independent living apartments, 49 assisted living units, 16 memory care units and 54 skilled nursing units. The property sold through a court-supervised process with Michael Flanagan of Flanagan & Associates LLC serving as the receiver. After the community defaulted on its bond obligations, Minneapolis-based Certus Living was brought in to operate and turn around the campus to positive NOI. David Kliewer and Jay Jordan of Continuum Advisors brokered the transaction and led an extensive marketing campaign to identify a stalking horse bidder followed by a court-supervised overbid process. A national institutional investor was the buyer.
CHICAGO — Marcus & Millichap has negotiated the $11.2 million sale of a two-property self-storage portfolio in Chicago. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, Honore Holdings, and procured the buyer, Storage Post. The portfolio includes two Honore Storage locations at 3215 W. Lawrence Ave. and 5145 N. Clark St. The properties total 50,858 rentable square feet. The Lawrence Avenue facility features 313 climate-controlled units and 95 non-climate-controlled units, while the Clark Street facility includes 108 climate-controlled units and 239 non-climate-controlled units.
LOMBARD, ILL. — The Boulder Group has brokered the $4.8 million sale of a 10,682-square-foot restaurant property net leased to P.F. Chang’s in the Chicago suburb of Lombard. The building is located at 2361 Fountain Square Drive. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate investor. The buyer was a real estate investment trust. P.F. Chang’s has operated at the location since 2000.
OAK BROOK, ILL. — Oak Brook-based Pine Tree has received a $247 million loan for the refinancing of a six-property shopping center portfolio acquired earlier this year in partnership with a state pension fund. Bill Barry and Bill Stewart of Draper & Kramer Inc. arranged the loan through New York Life Real Estate Investors. The properties are located in Florida, Arizona, Oregon and Ohio. Anchor tenants include 13 TJX concepts, Nordstrom Rack, Ulta Beauty, Target and Dick’s Sporting Goods. Also included are several owned grocery stores, including Kroger, The Fresh Market and New Seasons Market.
DES PLAINES, ILL. — Des Plaines-based CORFAC International, a global network for independently owned commercial real estate firms, has added nine new firms this year, building on the addition of eight new firms in 2023. CORFAC now maintains affiliate offices in 22 countries. The firms added in 2024 include:
ELGIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 15,233-square-foot retail center in Elgin for $2.7 million. The property was fully occupied at the time of sale by tenants such as Jimmy John’s, H&R Block, Oberweis and Accelerated Physical Therapy. Dan Waszak and Brett Berlin of Quantum represented the seller, a private investment group based in Texas. The buyer was a private group based in Chicago.
NAPERVILLE, ILL. — KeHE Distributors LLC has renewed and expanded its lease at Naperville Corporate Center in the Chicago suburb of Naperville. The wholesale food distributor’s lease now totals 91,102 square feet after an expansion of 17,000 square feet. Joe Stevens and Steve Degodny of Transwestern Real Estate Services (TRS) represented building ownership, Real Capital Solutions. KeHE will occupy the entirety of the building at 1245 Diehl Road.
CHICAGO — Interra Realty has brokered the $3.4 million sale of an eight-unit apartment building located at 2501 N. Southport Ave. in Chicago’s Lincoln Park neighborhood. Originally constructed in 1907 as a funeral home, the property was redeveloped by the seller. There are four two-bedroom units and four three-bedroom layouts as well as nine onsite parking spaces. The asset was fully occupied at the time of sale. Brad Feldman of Interra represented the private local buyer. Joe Smazal, Colin O’Malley and Mark Dykstra of Interra represented the confidential seller. O’Malley had previously assisted the seller in its acquisition of the property in 2018.
