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DevelopmentIllinoisIndustrialMidwest

Ryan Cos. Completes Development of Pullman Crossings Industrial Project in Chicago

by Kristin Harlow

CHICAGO — Ryan Cos. has completed the development of Pullman Crossings, a 62-acre industrial project within the larger Pullman Park in Chicago’s Pullman neighborhood. Ryan served as master developer in collaboration with Chicago Neighborhood Initiatives. With the recent completion of a 145,000-square-foot, build-to-suit distribution center for Amazon, Ryan has developed three industrial facilities totaling 685,000 square feet at Pullman Crossings since 2017. Located at the intersection of I-94 and 103rd Street, Pullman Crossings is part of an area that was originally home to factories that served as manufacturing sites for Pullman rail cars beginning in the late 1800s. Current tenants besides Amazon include Whole Foods Market and SC Johnson.

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DevelopmentIllinoisMidwestMultifamily

Optima Receives Final Municipal Approval for Development of 109-Unit Apartment Building in Wilmette, Illinois

by Kristin Harlow

WILMETTE, ILL. — Optima Inc. has received final approval from the village of Wilmette for the development of a 109-unit luxury apartment building. The developer plans to break ground in late 2021 at the site, which is currently occupied by a bank. Designed by Hovey, the project will also include more than 8,000 square feet of commercial space on the first floor. Residents will have access to various amenities, including a rooftop sky deck and pool. Completion is scheduled for 2023.

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AcquisitionsIllinoisIndustrialMidwest

DeBartolo, Location Finders International Sell 879,040 SF Warehouse in Monee, Illinois for $50.3M

by Kristin Harlow

MONEE, ILL. — DeBartolo Development LLC and Location Finders International have sold an 879,040-square-foot warehouse in Monee, a southern suburb of Chicago, for $50.3 million. Dallas-based Hillwood, a Perot company, was the buyer. Located on 61 acres within Bailly Ridge Corporate Center, the facility is named Bailly Ridge 4. It features a clear height of 36 feet, 100 dock doors, four drive-in doors, 346 trailer stalls and up to 406 car parking stalls. Principle Construction Group completed construction of the property in November 2019. Bailly Ridge Corporate Center spans 412 acres. Notable tenants include Amazon, XPO Logistics and Hancock Tires.

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AcquisitionsIllinoisMidwestRestaurantRetail

JLL Brokers $2.5M Sale of Raising Cane’s Ground Lease in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — JLL Capital Markets has brokered the $2.5 million sale of a Raising Cane’s Chicken Fingers ground lease in Batavia within suburban Chicago. The 3,343-square-foot, single-tenant retail building sits on one acre at 1998 McKee St. Construction of the building was completed this year. Alex Sharrin and Alex Geanakos of JLL represented the seller, Kensington Development Partners. A family trust was the buyer. Raising Cane’s has more than 520 restaurants in 28 states.

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DevelopmentIllinoisMidwestRetail

Knoebel Construction Completes Two Jiffy Lube Service Centers in Illinois

by Kristin Harlow

SYCAMORE AND SPRINGFIELD, ILL. — Knoebel Construction has completed two Jiffy Lube locations in Sycamore and Springfield. The automotive service centers each span 3,500 square feet and each cost $1.2 million to build. Knoebel has also been selected to build six additional Jiffy Lube locations in four Midwest states for Stonebriar Auto Services, a Jiffy Lube franchisee. Those projects are in Cape Girardeau and Nixa, Mo.; Lake Hallie and Manitowoc, Wis.; Jeffersonville, Ind.; and Machesney, Ill. Completion of those facilities is slated for early 2021.

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DevelopmentIllinoisMidwestMultifamily

Hines Begins Development of One Oak Brook Commons Apartment Tower in Suburban Chicago

by Kristin Harlow

OAK BROOK, ILL. — Hines has received construction financing from New York Life Real Estate Investors and has broken ground on One Oak Brook Commons, a 17-story apartment development in Oak Brook within suburban Chicago. The Class A project will include 250 luxury apartment units and 420 parking stalls within a private parking deck. One Oak Brook Commons is situated within the larger 16.5-acre Oak Brook Commons, a $500 million mixed-use project also being developed by Hines on the site of the former McDonald’s campus. The residences will average 1,055 square feet. Amenities will include a heated pool, fitness center, clubroom, library, dog room, package facility and bike storage. Antunovich Associates is the architect and W.E. O’Neil will serve as general contractor. Occupancy is expected to begin in early 2022. Development partners include Levy Family Partners, Duchossois Capital Management and Las Americas.

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AcquisitionsIllinoisMidwestRetail

Newport Purchases Stonebrook Plaza Shopping Center in Suburban Chicago

by Kristin Harlow

MERRIONETTE PARK, ILL. — Newport Capital Partners has purchased Stonebrook Plaza in Merrionette Park, located about 17 miles southwest of Chicago. The purchase price was undisclosed. Stonebrook Plaza is a 95,825-square-foot shopping center anchored by grocer Jewel-Osco. It is currently 96 percent leased. Other tenants include Blink Fitness and Pet Supplies Plus as well as eateries and personal care tenants. Jewel-Osco has operated at the property since 1985. Jacksonville, Fla.-based Regency Centers was the seller. Chicago-based Newport specializes in the acquisition and management of neighborhood shopping centers throughout major metro areas.

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AcquisitionsHealthcareIllinoisMidwest

IRA Capital Acquires 15,500 SF Health Center in Oswego, Illinois

by Kristin Harlow

OSWEGO, ILL. — IRA Capital, a Southern California-based private equity firm, has acquired the Edward-Elmhurst Health Center in Oswego, located about 45 miles southwest of Chicago. It is fully leased to Edward-Elmhurst Healthcare, which was created by the merger of Edward Hospital and Elmhurst Memorial. The 15,500-square-foot outpatient medical facility was constructed as a build-to-suit for the hospital system. Services at the property include imaging, women’s health, urgent care and lab services. The building is situated 14 miles from Edward Hospital in Naperville. The purchase price and seller were undisclosed.

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IllinoisLoansMidwestMultifamily

Associated Bank Provides $9.4M in Tax Credit Equity for Rehabilitation of Two Chicago Apartment Buildings

by Kristin Harlow

CHICAGO — Associated Bank has provided an equity investment totaling $9.4 million of low-income housing tax credits and federal historic tax credits for the rehabilitation of Major Jenkins Apartments in Chicago’s Uptown neighborhood. The two apartment buildings, originally constructed in 1928, are connected and each rise four stories. Upon completion of the renovations, there will be 156 units designated for individuals who are homeless, at risk of homelessness, physically disabled or have chronic or mental illnesses. The units will be further broken down by resident income. There will be 40 units designated for residents earning up to 30 percent of the area median income (AMI), 54 units for those earning up to 50 percent of AMI and 62 units for those earning up to 60 percent of AMI. Completion is slated for the first quarter of 2022. Teresa Rubio of Associated Community Development LLC managed the equity investment on behalf of the borrower, nonprofit developer Mercy Housing Lakefront. Associated Bank partnered with RBC Community Investments for the financing.

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DevelopmentIllinoisMidwestMultifamily

Synergy Construction Group Completes 100-Unit Luxury Apartment Development in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Synergy Construction Group has completed Panton Mill Station, a 100-unit luxury apartment development in South Elgin, about 40 miles west of Chicago. The four-story building is located on the banks of the Fox River and includes 10,000 square feet of retail space and a 180-stall surface parking lot. Amenities include a fitness center, business center and outdoor kitchens. Ware Malcomb provided architecture and interior design services for the project. Residents can now receive one month of free rent. Monthly rents start around $1,410.

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