CHICAGO — Parkview Financial has provided a $9.8 million loan for the construction of a 48-unit apartment project in Northwest Chicago. The two-building, four-story development will also include 10,400 square feet of ground-floor retail space and 56 parking spaces. A joint venture between Noah Properties and MPM Holdings is developing the project. Construction has commenced and completion is slated for late 2021.
CHICAGO — Draper and Kramer Inc. has topped off a 120-unit multifamily project located at 949 W. Dakin St. in Chicago’s Wrigleyville neighborhood. The developer has named the project Wrigleyville Lofts, as it is situated 2.5 blocks north of Wrigley Field. Draper and Kramer plans to begin pre-leasing this summer for fall 2021 move-ins. The project includes 108 one-bedroom units and 12 two-bedroom units, as well as 14,000 square feet of ground-floor retail space. Lakeview Ace Hardware, which occupied the single-story structure previously on the site, will return to anchor the corner commercial space. Lakeview Ace is also a minority partner in the development. Amenities will include a rooftop deck, meeting areas, a coffee shop, clubroom, fitness center and private parking garage. Rents will start at roughly $1,900 per month. The Chicago regional office of HUD financed the project, with Gershman Mortgage acting as the HUD lender. Leopardo Construction is the general contractor and Sullivan, Goulette & Wilson Architects is the architect.
HOFFMAN ESTATES, ILL. — Somerset Development has opened coLab at Bell Works Chicagoland in Hoffman Estates. The 15,000-square-foot coworking facility offers flexible lease terms and workspaces, including access to dedicated conference and meeting rooms, lounges and amenities. It was designed as a turnkey solution for enabling companies to flexibly lease ready-to-use office space, according to Somerset. NPZ Style & Décor designed the space. Membership plans range from a $25 day pass to private team suites, which start at $2,000 per month. Bell Works Chicagoland is the transformation of the former AT&T campus. Somerset is developing the project in a similar fashion to its Bell Labs development in Holmdel, N.J.
ELMHURST, ILL. — Newcastle Properties has acquired a 7,763-square-foot retail center in Elmhurst, a western suburb of Chicago. Built in 2016, the property is fully leased to Starbucks, Hand & Stone Massage, T-Mobile and Bentley’s Pet Stuff. The center is shadow-anchored by LA Fitness. Sean Devine of Newcastle sourced and managed the acquisition. Beth Sansiper and Jeff Gurian of Becker & Gurian represented Newcastle in the transaction. The seller and sales price were undisclosed.
ROCKDALE, ILL. — Industrial Realty Group LLC (IRG) has acquired a 1.5 million-square-foot industrial facility formerly occupied by Caterpillar in Rockdale near Joliet. The purchase price was undisclosed. The 69-acre property includes several buildings along the Des Plaines River. The largest building is 1.3 million square feet and includes 65,384 square feet of office space. Caterpillar used the site for its hydraulic manufacturing operations. IRG’s CEO John Mase says the company intends to convert the single-tenant manufacturing facility into a multi-tenant complex capable of accommodating warehouse, distribution and manufacturing users. IRG plans to immediately begin renovations and marketing the space for lease.
CHICAGO — Chicago-based Bridge Development Partners LLC has rebranded and changed its name to Bridge Industrial. The privately owned industrial real estate operating company and investment manager also launched a new website. The new name represents Bridge’s evolution over the past 20 years, according to the company. Bridge is also prioritizing the growth of its investment management business. The company hired Sean Zasche as CFO in September to lead all capital markets efforts.
CHICAGO — Chicago-based Blueprint Healthcare Real Estate Advisors has expanded its platform into medical office brokerage. Coinciding with the announcement is the addition of medical office veterans Eric Lee and Chris Lashmet to lead the practice. Known for its activity in the seniors housing and care space, Blueprint says the expansion is an effort to provide innovative advisory services to the healthcare sector while also best serving its core senior living clients. Blueprint’s medical office practice will include services such as investment sales; sale-leaseback structuring for physician groups; strategic real estate advisory for health systems and investors; joint venture structuring with developers; and capital raising for ground-up development.
CHICAGO — Summit Design + Build LLC has completed construction of a 148-room SpringHill Suites hotel in Chicago’s Chinatown neighborhood. Summit constructed the four-story, 80,000-square-foot property on top of an existing two-story parking garage and retail center. The project includes a first-floor lobby, reception, gym, breakfast room and meeting room. SpringHill Suites is under the Marriott International umbrella. The project team included T2 Mechanical and Vari Architects.
ELGIN, ILL. — Lee & Associates has negotiated a 45,112-square-foot industrial lease at 1755 Britannia Drive in Elgin. Kenneth Franzese and John Cassidy of Lee & Associates represented the owner, Scannell Properties. Steve Bass of NAI Hiffman represented the tenant, Hardinge Inc., which is a provider of advanced metal-cutting solutions. The 80,491-square-foot, newly constructed building features a clear height of 32 feet. There are 35,379 square feet remaining available for lease.
CHICAGO — Interra Realty has negotiated the sale of a 16-unit apartment building in Chicago’s Lakeview neighborhood for $5.7 million. Originally constructed in 1916, the property is located at 700 W. Grace St. Units range in size from 850 to 1,500 square feet. The property was fully occupied at the time of sale. Joe Smazal of Interra represented both the East Coast-based seller and the private local buyer.
