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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $5.8M Sale of Luxury Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sale of a 12-unit luxury apartment building in Chicago’s Lincoln Park neighborhood for $5.8 million. The price per unit of $481,250 is the highest in the submarket in four years, according to CoStar. The asset was built in 2017 as condos but has always operated as a rental property. It is located at 1513-17 W. Diversey Parkway. Jeremy Morton and Ted Stratman of Interra represented the seller, a local real estate developer. A California-based private investor purchased the property while completing a 1031 exchange. The building was fully leased at the time of sale.

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AcquisitionsIllinoisMidwestMultifamilyStudent Housing

GMH Capital, AGC Equity Acquire The Dean Student Housing Asset in Champaign, Illinois

by Kristin Harlow

CHAMPAIGN, ILL. — GMH Capital Partners LP and AGC Equity Partners have acquired The Dean, a 672-bed student housing property in Champaign, for an undisclosed price. The seller, Core Spaces, completed development of the property this past summer. Spanning 240,737 square feet and rising 17 stories, The Dean is an off-campus community serving the University of Illinois-Urbana Champaign campus. Its ground-floor retail space houses Target and Jimmy John’s. Units average 683 square feet and contain private bathrooms and modern finishes. Amenities include a fitness center, rooftop sundeck, pool, hot tub, outdoor lounge and multiple study areas. Monthly rents start at $695 for shared units.

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IllinoisMidwest

CORFAC International Names New CEO, Jonathan Salk

by Kristin Harlow

DES PLAINES, ILL. — CORFAC International has named Jonathan Salk as CEO of the organization. Salk previously served as executive director. Since joining CORFAC in 2015, he has been responsible for day-to-day operations of the organization and spearheaded growth. Thirty new offices have joined CORFAC since 2015, bringing the total count to 75 offices globally. Salk has also been instrumental in expanding the CORFAC sponsorship program, arranging industry alliances and rolling out new education and networking initiatives. Founded in 1989, Des Plaines-based CORFAC is a global brokerage network comprising privately held commercial real estate firms.

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AcquisitionsIllinoisMidwestOhio

Investcorp Acquires 32 Industrial Properties in Illinois, Ohio

by Kristin Harlow

ILLINOIS AND OHIO — Investcorp has acquired 32 industrial properties totaling approximately 3.5 million square feet across four U.S. markets. The value of the acquired properties was more than $280 million. The assets are 96 percent leased and consist of a variety of Class A and B warehouse, distribution and flex industrial buildings. Tenants work in the healthcare, logistics, e-commerce, telecommunications and food service industries. Most of the properties are located in Chicago and Cleveland but others are situated in Columbus and Cincinnati. The acquisition grows Investcorp’s U.S. industrial portfolio to roughly $2 billion with 22 million square feet across 260 buildings.

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IllinoisLoansMidwestRetail

JLL Arranges $15.7M in Acquisition Financing for Retail Center in Libertyville, Illinois

by Kristin Harlow

LIBERTYVILLE, ILL. — JLL Capital Markets has arranged $15.7 million in post-acquisition financing for Red Top Plaza, a 147,840-square-foot retail center anchored by Jewel-Osco in the suburban Chicago town of Libertyville. The property is also home to a mix of service, essential, restaurant and medical tenants. Christopher Drew, Brian Gaswirth, Christopher Knight and Michael DiCosimo of JLL worked on behalf of the borrower, Florida-based Sterling Organization. An insurance company provided the 10-year, fixed-rate loan.

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IllinoisMidwestRetail

Two Industry Veterans Launch AneVista Group in Chicago to Target Small-Format, Last-Mile Retail

by Kristin Harlow

CHICAGO — Commercial real estate industry veterans Christopher Nolte and David Schreiber have launched Chicago-based AneVista Group, a private equity platform focused on investment and operating strategies in the retail real estate sector. AneVista Group will develop and redevelop small-format, necessity-based shopping centers comprised of Internet-resistant retailers in last-mile locations. The duo intends to address the disruptive trends that the retail sector faces today. AneVista says it will benefit from market tailwinds created by significant product availability, limited competition and distressed pricing. Prior to co-founding AneVista, Nolte worked for the Marcus family and served as president of its family office, Marcus Investments. There, he founded Berengaria Development, a development and investment firm focused on retail and senior living assets. Schreiber served as managing director and retail sector lead at LaSalle Investment Management, where he managed retail and office investment across various markets.

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DevelopmentIllinoisMidwestRetail

Principle Construction Completes Four-Bay Truck Wash in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Principle Construction Corp. has completed the construction of Lola’s Truck Wash, a four-bay truck cleaning facility located at 1331 N. Independence Road in Romeoville. Principle worked to reduce the amount of fresh water required to support the 12,840-square-foot project in order to maximize environmental and economic efficiency. Principle built a series of trench drains and wastewater sediment separation tanks to facilitate water recycling needs of the truck wash. A&M Architects LLC was the project architect. Romeoville is the second heaviest-traveled truck corridor in Chicagoland, according to Principle’s COO Mark Augustyn. It is situated near I-55.

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AcquisitionsIllinoisMidwestMultifamily

Joint Venture Purchases Chicago Apartment Building for $32.8M

by Kristin Harlow

CHICAGO — Dwelle, a joint venture between Drew Breneman’s firm RiseInvest and Sam Meyer, has acquired a 72-unit apartment building in Chicago for $32.8 million. The fully leased property is located at 1247-1249 W. Madison St. in the West Loop. The property also includes six commercial units and a heated parking garage. Dwelle’s investors are high-net-worth individuals looking to invest in real estate over the long term and generate dividend income in a tax-efficient manner.

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IllinoisIndustrialLeasing ActivityMidwest

Bestway Transport Signs 67,932 SF Industrial Lease in Wood Dale, Illinois

by Kristin Harlow

WOOD DALE, ILL. — Bestway Transport Inc. has signed a 67,932-square-foot industrial lease at 888 Central Ave. in Wood Dale. The property is situated near Chicago O’Hare International Airport as well as I-290. Chris Nelson of Lee & Associates represented Bestway Transport, which is a Chicagoland freight shipping and trucking company. Tom Rodeno, Matthew Stauber and Pat Turner of Colliers International represented the landlord, ML Realty Partners.

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DevelopmentIllinoisLoansMidwestMultifamilyTop Stories

JLL Arranges More Than $100M in Financing for Multifamily Tower Under Construction in Chicago

by Alex Tostado

CHICAGO — JLL has arranged more than $100 million in financing for a 278-unit multifamily community in Chicago’s West Loop neighborhood. The developer broke ground on the community in late September and expects to deliver it in spring 2022. JLL worked on behalf of developer Marquette Cos. to secure a $65 million construction loan through Bank OZK. Further details of the financing were not disclosed. Power Construction is the general contractor and Chicago-based Brininstool + Lynch is the architect. The 25-story property, located at 1400 Randolph St., will feature coworking spaces, a fitness center, club room and a pool on the 18th floor. Amenities in the surrounding neighborhood include the 13-acre Union Park; the L Train Ashland Station; and “Restaurant Row,” which features restaurants such as Au Cheval, Bad Hunter, Bandit, Girl & the Goat, Haymarket Tavern, La Josie, Lena Brava and Rooh. Matthew Schoenfeldt of JLL represented the Naperville-based developer in securing the construction financing. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept,” says Schoenfeldt. According to research from CBRE, there were 2,500 multifamily units delivered in the Chicago area in the …

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