Illinois

Interra Realty Arranges Sales of Two Chicago-Area Multifamily Buildings for $14.1M

by Kristin Harlow January 18, 2021

CHICAGO — Interra Realty has arranged the sales of two Chicago-area multifamily buildings for a total of $14.1 million. Craig Martin and Brian DiBasilio of Interra represented the buyers and sellers in both transactions. The duo arranged the $9 million sale of Vine Place Apartments in Park Ridge. The newly constructed property, located at 400 Talcott Road, features 22 units and one commercial space that is leased to STEM Studio, a daycare and preschool. Vine Place LLC sold the asset to DAG Vine Place LLC, which completed a 1031 exchange. Vine Place Apartments was 82 percent leased at the time of sale. In the second transaction, the Wrightwood Lamon Building sold for $5.1 million. Located at 4848 W. Wrightwood Ave. in Chicago, the property consists of 44 units. It was originally built in 1926. The buyer, an affiliate of Chicago Metropolitan Housing Development Corp., plans to renovate the building, which was 95 percent occupied at the time of sale. John Scorte was the seller.

January 18, 2021

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $9M Sale of Distribution Center in Spring Valley, Illinois

by Kristin Harlow January 18, 2021

SPRING VALLEY, ILL. — Marcus & Millichap has brokered the $9 million sale of the Marmon Keystone Distribution Center in Spring Valley, about 55 miles north of Peoria. The 184,320-square-foot property was constructed as a build-to-suit for Marmon Keystone in 2010. The single-tenant, net-leased facility sits on 22 acres. Sean O’Brien of Marcus & Millichap marketed the property on behalf of the seller, a developer. The buyer was undisclosed.

January 18, 2021

Illinois Loans Midwest Restaurant Retail

Aries Capital Arranges $3.4M Loan for Acquisition of Restaurant Building Occupied by Hampton Social in Chicago

by Kristin Harlow January 15, 2021

CHICAGO — Aries Capital has arranged a $3.4 million loan for the acquisition of an 8,700-square-foot restaurant building located at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The Hampton Social fully occupies the property. Neil Freeman and Brandon Perdeck of Aries arranged the five-year, fixed-rate loan on behalf of the borrower, Rüger Holding, which is a Germany-based real estate owner and developer. A local bank provided the loan, which features an interest rate under 4 percent, a 60 percent loan-to-value ratio and a 25-year amortization schedule. Chicago-based Parker Restaurant Group owns and operates The Hampton Social, which will continue its 10-year lease that will end in 2027. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, R2, in the transaction. The property sold for $6.3 million.

January 15, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $7.2M Sale of Multifamily Property in Lockport, Illinois

by Kristin Harlow January 14, 2021

LOCKPORT, ILL. — Kiser Group has brokered the $7.2 million sale of Lockport South Apartments in Lockport, about 30 miles southwest of Chicago. Located at 551 Diane Court, the 80-unit property was owned by the same entity since the 1980s. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group brokered the sale. The buyer and seller information was undisclosed.

January 14, 2021

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $6.9M Sale of Industrial Property in Elk Grove Village, Illinois

by Kristin Harlow January 12, 2021

ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the $6.9 million sale of a 95,000-square-foot industrial property in Elk Grove Village near Chicago’s O’Hare International Airport. The facility is located at 855 Morse Ave. Peter Doughty of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Doughty also procured the buyer, Texas-based AIC Ventures.

January 12, 2021

Development Illinois Midwest Multifamily

MZ Capital Partners Begins Pre-Leasing 112-Unit Apartment Community in Naperville, Illinois

by Kristin Harlow January 12, 2021

NAPERVILLE, ILL. — MZ Capital Partners has begun pre-leasing efforts for Vantage Naperville Apartments. The 112-unit apartment community, located at 1350 E. Ogden Ave. in Naperville, is slated to open in April. To commemorate the opening of the property, MZ donated a gift to the Northern Illinois Food Bank that will feed a local family of four for an entire year. Vantage Naperville Apartments features small studio and one-bedroom units with monthly rents as low as $950. Residents who pre-lease units are eligible to receive one month of free rent. Amenities include a fitness center, package pickup, common areas and private work suites.

January 12, 2021

Acquisitions Illinois Midwest Multifamily Single-Family Rental

Haven Realty Capital Buys Single-Family Rental Community in Naperville, Illinois for $18.5M

by Kristin Harlow January 8, 2021

NAPERVILLE, ILL. — Haven Realty Capital continues to build its single-family rental portfolio with the $18.5 million acquisition of Ashwood Place in Naperville. Ashwood Place is one of the first dedicated rental communities (DRC) in the Chicagoland area. A DRC is similar to a single-family housing subdivision except that it caters solely to renters. These types of communities are growing in popularity, particularly among residents who cannot afford to purchase a home but desire a neighborhood feel, according to Haven. Each of the 60 homes at Ashwood Place feature a two-bedroom, two-bathroom floor plan spanning 1,350 square feet. The community was 95 percent leased at the time of sale. Justin Ross, Matt Ishikawa, Bill Howe and David Guenther of CBRE represented the undisclosed seller.

January 8, 2021

Illinois Loans Midwest Multifamily

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

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