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AcquisitionsIllinoisIndustrialMidwest

Brennan Investment Group Acquires 225,000 SF Industrial Building in Chicago

by Kristin Harlow

CHICAGO — Brennan Investment Group has acquired a single-tenant industrial building totaling 225,000 square feet in Chicago for an undisclosed price. The property is situated on seven acres at the intersection of I-55 and Pulaski Road. The transaction marks the second acquisition in Brennan’s corporate real estate fund, which launched in September and targets surplus industrial real estate from non-professional and corporate owners. Brennan plans to make significant property improvements, including doubling the existing loading capacity. Brennan now owns 12 million square feet in Chicagoland.

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IllinoisLoansMidwestMultifamily

JLL Arranges $24.7M Loan for Refinancing of Luxe on Madison Apartment Complex in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $24.7 million loan for the refinancing of Luxe on Madison, a 102-unit apartment complex in Chicago. Located at 1222 W. Madison St., the five-story community was constructed in two phases in 2009 and 2016. The property features a mix of studios, one- and two-bedroom units averaging 845 square feet as well as 7,300 square feet of ground-floor retail space. Amenities include a fitness center, coworking spaces, a rooftop terrace and covered parking garage. Danny Kaufman, Mary Dooley, Rebecca Brielmaier and Mackenzie Jones of JLL represented the borrower, Fifield Cos. MetLife Investment Management provided the five-year, fixed-rate loan.

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DevelopmentIllinoisIndustrialMidwest

Ryan Cos. Starts Construction on Final Phase of Pullman Crossings Industrial Park in Chicago

by Kristin Harlow

CHICAGO — Ryan Cos. US Inc. has formed a joint venture with Namdar Realty Group and Mason Asset Management to close on the land and start construction of the final phase of Pullman Crossings industrial park in Chicago. The final phase is a 160,000-square-foot speculative facility. Pullman Crossings is a 50-acre industrial park within Pullman Park, a 180-acre mixed-use project being developed by Chicago Neighborhood Initiatives. The new building will feature outdoor eating areas, exterior bike racks, ESFR fire protection and a clear height of 32 feet in the warehouse. Ryan is developing and building the facility with construction financing provided by Bankers Trust. Completion is slated for August 2025.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane, Ashlaur Complete 76-Unit Affordable Housing Building for Visually Impaired Residents in Chicago

by Kristin Harlow

CHICAGO — A joint venture between McShane Construction Co. and Ashlaur Construction has completed The Foglia Residences in Chicago. Brinshore Development and The Chicago Lighthouse developed the 76-unit affordable housing building for residents who are blind, visually impaired, disabled and veterans. The development marks the first Low-Income Housing Tax Credit building in the nation for the blind community, according to McShane. Situated on a site adjacent to The Chicago Lighthouse’s center in the Illinois Medical District, the podium-style building features nine stories with three levels of parking, six levels of units and first-floor retail space. Units are offered in studio, one- and two-bedroom floor plans. Income restrictions were not provided. Amenities include a fitness center, community room, fourth-floor rooftop terrace, dog run and playground. The common areas offer contrasting colors, lit braille unit signage, handrails, braille wallpaper, braille numbering on mailboxes, contrasting flooring in front of unit doors and elevators with audible signals. LBBA was the architect.

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IllinoisLeasing ActivityLee & AssociatesMidwestRestaurantRetail

Lee & Associates Negotiates 3,163 SF Restaurant Lease in Downtown Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Lee & Associates has negotiated a 3,163-square-foot restaurant lease at Riverwalk Plaza in downtown Naperville, a suburb of Chicago. U Sushi Club Rotary Sushi Bar leased the second-floor space. Michael Petrik and Rick Scardino of Lee & Associates represented the landlord, Naper LP. The building offers onsite parking and is located adjacent to the Naperville Public Library and near the Naperville Riverwalk.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Skender Completes Major Renovation of Two Senior Living Towers on Chicago’s West Side

by Kristin Harlow

CHICAGO — Skender and its joint venture partner Blackwood Group have completed extensive renovations of two senior living apartment towers in partnership with the Chicago Housing Authority and Michaels Development. Canopy Architecture designed the 400,000-square-foot renovation project. Located at 3700 W. Congress Parkway in the East Garfield Park neighborhood, Irene McCoy Gaines Apartments rises 17 stories with 150 units. The property was built in 1964. All units underwent substantial renovations, including updated HVAC, electrical and plumbing systems. Skender added new amenity spaces such as a redesigned dining and community room, exterior courtyard and upgraded laundry spaces. Albany Terrace Apartments, located at 3030 W. 21st Place in the South Lawndale neighborhood, rises 17 stories with 350 units. The property was built in 1974. The building received upgrades to resident units, common spaces and HVAC systems, including electrical and plumbing systems. Skender also installed a new elevator. Each unit in both buildings received new flooring, paint, LED lights, kitchens and baths, and air conditioning and thermostats. Common areas and units received upgraded internet connectivity and Wi-Fi.

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AcquisitionsIllinoisIndustrialLoansMidwest

Gantry Arranges $14.7M Acquisition Loan for Industrial Property in Suburban St. Louis

by Kristin Harlow

COLLINSVILLE, ILL. — Gantry has arranged a $14.7 million permanent loan for the acquisition of Eastport Tech Center in the St. Louis suburb of Collinsville. The four-building industrial property, located on Eastport Plaza Drive, totals 202,508 square feet. The asset is fully leased to multiple tenants. Joe Monteleone and Bonnie Monteleone of Gantry represented the borrower, a private real estate company. A life insurance company provided the five-year, fixed-rate loan, which features a 30-year amortization.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $7.7M Sale of Retail Strip Center in Lake Zurich, Illinois

by Kristin Harlow

LAKE ZURICH, ILL. — Marcus & Millichap has brokered the $7.7 million sale of Lakeview Plaza, a retail strip center totaling 52,400 square feet in the Chicago suburb of Lake Zurich. Built in 1987, the property is home to restaurants, health and fitness tenants, and automotive service users. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a family office specializing in owning and operating shopping centers.

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IllinoisLoansMidwestMultifamily

IPA Capital Markets Arranges $68.5M in Construction Financing for Chicago Apartment Project

by Kristin Harlow

CHICAGO — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $56 million senior construction loan and $12.5 million in equity for the development of the first phase of Yorktown Reserve in Chicago. The apartment project, which involves the transformation of Yorktown Mall, will include 271 units. Frank Montalto of IPA Capital Markets secured the debt with a local bank and arranged the equity with an institutional investor. Chicago-based Synergy Development was the borrower.

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AcquisitionsIllinoisMidwestOffice

Coldwell Banker Commercial Negotiates $17.5M Sale of Country Financial Campus to Illinois State University

by Kristin Harlow

BLOOMINGTON, ILL. — Coldwell Banker Commercial Devonshire Realty has negotiated the sale of Country Financial/Country Co.’s main campus in Bloomington to Illinois State University (ISU) for $17.5 million. The property includes roughly 400,000 square feet of office space in three buildings on 28.3 acres. The transaction will occur in two phases as Country vacates one of the buildings over the next two years. ISU plans to renovate the buildings for its new engineering campus slated for fall 2025 enrollment. AJ Thoma III of Coldwell Banker Commercial represented the seller, and Bob Revoir of Cushman & Wakefield was a co-broker in the deal. Mike Talkington of AXIS 360 Commercial Real Estate Specialists represented ISU.

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