Illinois

Colliers Brokers Sale of Four-Property Bus Terminal Portfolio in Suburban Chicago

by Kristin Harlow December 10, 2020

CHICAGO — Colliers International has brokered the sale of the Chicago Terminal Portfolio, which consists of four land sites totaling 25.5 acres in the western Chicago suburbs. The four properties are operated as school bus parking and staging sites for the school systems of Kane and DuPage counties. The sites are located in Glen Ellyn, Westmont, Batavia and Villa Park. They each accommodate parking for more than 100 buses. Bus fleet operator Laidlaw/First Services leases the properties. Jeff Devine and Steve Disse of Colliers represented the seller, CenterPoint Properties. Venture One Real Estate purchased the portfolio for an undisclosed price.

December 10, 2020

Development Illinois Industrial Midwest

Phoenix Investors to Build Phase II of Industrial Park in Normal, Illinois

by Kristin Harlow December 9, 2020

NORMAL, ILL. — An affiliate of Phoenix Investors has unveiled plans to build Phase II of the North Normal Industrial Park in Normal near Bloomington. The 500,000-square-foot addition will be built on 30 acres of land at 301 W. Kerrick Road. In June, Phoenix acquired the partially completed Phase I, which consists of 500,000 square feet that is leased to electric vehicle company Rivian. Phoenix expects to complete construction of Phase I in early 2021 and Rivian plans to take occupancy in March. Plans for Phase II include a clear height of 32 feet and 50 exterior docks. The space will be easily divisible for two users. The City of Normal approved tax-increment financing for the project.

December 9, 2020

Acquisitions Illinois Midwest Multifamily

Triad Real Estate Brokers $16.8M Sale of Apartment Complex in Peoria, Illinois

by Kristin Harlow December 9, 2020

PEORIA, ILL. — Triad Real Estate Partners has brokered the sale of Dunlap Falls in Peoria for $16.8 million. The 180-unit apartment complex was built in 1997. The property underwent a $4.2 million renovation in 2019 that included a new clubhouse and fitness center along with upgrades made to nearly 150 units. A Massachusetts-based portfolio owner sold the asset to a Chicago-based owner and operator.

December 9, 2020

Acquisitions Illinois Midwest Multifamily

Essex Arranges $14.4M Sale of Two Apartment Buildings in Chicago’s Lincoln Park

by Kristin Harlow December 8, 2020

CHICAGO — Essex Realty Group Inc. has arranged the sale of a pair of apartment buildings in Chicago’s Lincoln Park neighborhood for a combined $14.4 million. The buildings, 640 and 656 W. Wrightwood Ave., had been owned by the same entities for more than 50 years. A local investor purchased the 640 property for $5.9 million while a separate local investor bought the 656 property for $8.5 million. The two assets total 107 units. Doug Imber, Kate Varde, Clay Maxfield and Jaimie Steinher of Essex represented the undisclosed sellers. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex represented the buyers.

December 8, 2020

Development Illinois Midwest Office

Parkside Realty Opens 12-Story Fulton East Office Building in Chicago’s Fulton Market

by Kristin Harlow December 7, 2020

CHICAGO — Parkside Realty Inc. has opened Fulton East, a 12-story, next-generation office building in Chicago’s Fulton Market District. The speculative project features high-tech features for employee health, hygiene, safety and wellness such as hands-free elevators, a state-of-the-art air and surface disinfection system, open-air terraces and a rooftop park. The 90,000-square-foot development also features retail space and is located at 215 N. Peoria St. Each floor offers 10,605 square feet with a private outdoor terrace. The building’s top floors feature a multi-level penthouse office suite. An 8,000-square-foot rooftop park offers tenants additional outdoor space. Chicago-based Clayco and its in-house architect Lamar Johnson Collaborative served as builder and designer. Chicago-based interior designer Holly Hunt designed the building’s lobby.

December 7, 2020

Illinois Industrial Leasing Activity Midwest

World Wholesale Signs 27,523 SF Industrial Lease in Elmhurst, Illinois

by Kristin Harlow December 7, 2020

ELMHURST, ILL. — World Wholesale Inc., a distributor for convenience stores, has signed a 27,523-square-foot industrial lease at 845 N. Larch Ave. in Elmhurst. The recently constructed property, situated near the Chicago O’Hare International Airport, is now fully occupied. Christopher Lydon and Ryan Hanley of Avison Young represented the owner, Alpha Industrial Properties, in the lease transaction. Brian Colson and Brian Pomorski of Avison Young represented the tenant.

December 7, 2020

Illinois Midwest Retail

Comparable Sales for Ulta Beauty Drop 8.9 Percent in Third Quarter

by Kristin Harlow December 4, 2020

BOLINGBROOK, ILL. — Ulta Beauty Inc. (NASDAQ: ULTA) reports that its comparable sales, which includes store sales and e-commerce sales, decreased 8.9 percent in the third quarter on a year-over-year basis. The cosmetics retailer’s third quarter ended Oct. 31. Bolingbrook-based Ulta says the drop is due to the impact of COVID-19. This quarter, Ulta opened 17 new stores, compared with 31 new stores in third-quarter 2019. Net income was $74.8 million compared with $129.7 million for the same period last year. “We know guests are changing how they shop beauty, but importantly, their engagement with the category remains strong,” says Mary Dillon, CEO. Early holiday sales trends in November were encouraging, according to Dillon, but the retailer anticipates that comparable store sales will decline in the range of 12 to 14 percent in the fourth quarter.

December 4, 2020

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges Two Loans Totaling $5.2M for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow December 3, 2020

CHICAGO — Maverick Commercial Mortgage has arranged two Fannie Mae loans in the amounts of $3.3 million and $1.9 million for the refinancing of a six-building multifamily portfolio located on Chicago’s North Side. The portfolio totals 36 units in the Lakeview, Wrigleyville and Wicker Park neighborhoods. The 10-year, fixed-rate loans have loan-to-value ratios of 55 percent. Loan proceeds paid off the existing lender, returned equity to the borrowing entity and paid for closing costs. Matthew Cohen of Maverick arranged the loans with an undisclosed national lender.

December 3, 2020

Acquisitions Affordable Housing Illinois Midwest Multifamily

ShainRealty Capital Acquires 96-Unit Affordable Housing Property in Chicago’s East Garfield Park for $8.2M

by Kristin Harlow December 2, 2020

CHICAGO — ShainRealty Capital has acquired Madison Terrace, a 96-unit affordable housing property located at 3147 W. Madison St. in Chicago’s East Garfield Park, for $8.2 million, or $93 per square foot. The sales price represents a cap rate of 6.9 percent. The property was built in 1986. Units average 800 square feet, and most are leased on a Section 8 basis via the Chicago Housing Authority. ShainRealty plans to implement a renovation plan. Arbor Realty Trust provided a $6.7 million Fannie Mae loan for the acquisition. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the sale.

December 2, 2020

Development Illinois Industrial Midwest

Bridge Development Partners to Build 171,746 SF Spec Industrial Building in Skokie, Illinois

by Kristin Harlow December 1, 2020

SKOKIE, ILL. — Bridge Development Partners has acquired an existing industrial facility located at 7800 Austin Ave. in Skokie with plans to develop Bridge Point Skokie, a 171,746-square-foot speculative industrial project. The 12-acre site was previously home to Castwell Products LLC, a manufacturer of high-quality precision metal castings. Bridge will immediately begin demolishing the existing facility before commencing construction on the new project, which will feature a clear height of 32 feet, 25 rear-loading exterior docks, 31 trailer positions and parking for 300 cars. Completion is slated for the third quarter of 2021. Thomas Rodeno and Matthew Stauber of Colliers International brokered the sale. They will serve as the exclusive listing agents for the project.

December 1, 2020

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