Illinois

Kiser Group Negotiates $2.2M Sale of Single Room Occupancy Building in Chicago’s Hyde Park

by Kristin Harlow November 10, 2020

CHICAGO — Kiser Group has negotiated the sale of Park Beach Apartments in Chicago’s Hyde Park neighborhood for $2.2 million. The 77-unit single room occupancy (SRO) building is located at 5327 S. Cornell Ave. SRO refers to a form of housing that is geared toward residents with low incomes who rent furnished single rooms. The buyer will continue operating the property as an SRO. Park Beach Apartments includes 27 private bathroom units and 50 semi-private units. Jimal Gilbert and Lee Kiser brokered the transaction. Buyer and seller information was not disclosed.

November 10, 2020

Development Healthcare Illinois Midwest

McShane Completes Construction of New Facility for Option Care Health in Itasca, Illinois

by Kristin Harlow November 9, 2020

ITASCA, ILL. — McShane Construction Co. has completed a new build-to-suit facility for Option Care Health in Itasca. Quadrangle Development Co. and Janko Group were the developers. The 50,000-square-foot, single-story building houses office space, pharmacy and ambulatory infusion sites. There is also a treatment area, showroom space, pharmacy lab area and conference rooms. The building’s warehouse areas feature two walk-in coolers and freezers, two truck docks and two drive-in doors. Wright Heerema Architects and Whitney Architects made up the project team. JLL represented the tenant.

November 9, 2020

Acquisitions Illinois Midwest Retail

First National Realty Partners Acquires Tesla Dealership in Westmont, Illinois

by Kristin Harlow November 6, 2020

WESTMONT, ILL. — First National Realty Partners has acquired a 23,164-square-foot Tesla sales and service center located at 50 W. Ogden Ave. in Westmont, about 18 miles west of Chicago. The purchase price and seller were undisclosed. The location is one of five Tesla service centers in the state of Illinois. It is situated near other car dealerships such as Mercedes-Benz, Porsche and Lamborghini.

November 6, 2020

Development Healthcare Illinois Midwest

Contegra Construction Completes 17,000 SF Medical Facility Near St. Louis

by Kristin Harlow November 6, 2020

EDWARDSVILLE, ILL. — Contegra Construction Co. has completed a 17,000-square-foot medical office building in Edwardsville near St. Louis. Romano Co. was the developer. HSHS Medical Group has leased 13,500 square feet of the single-story facility. The space for HSHS includes 21 exam rooms, three treatment rooms, radiology services, an outpatient physical therapy gym, a conference room, staff break room, doctor’s offices and nurse workstations. An additional 3,500 square feet remains available for lease.

November 6, 2020

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $2.5M Sale of Industrial Building in Lansing, Illinois

by Kristin Harlow November 6, 2020

LANSING, ILL. — Marcus & Millichap has brokered the $2.5 million sale of a 45,000-square-foot industrial building located at 2200 Bernice Road in Lansing, a southern suburb of Chicago. National Express Transit occupies the property on a net-lease basis. The company operates and repairs buses for southern Cook County locally. It also operates public transportation services in North America, Europe and Africa. Peter Doughty of Marcus & Millichap marketed the property on behalf of the seller, a private investor. He also secured and represented the buyer, a private investor.

November 6, 2020

Illinois Loans Midwest Multifamily Top Stories Walker & Dunlop

Walker & Dunlop Originates $80.1M Refinancing of 1,155-Unit Multifamily Community in Suburban Chicago

by Katie Sloan November 6, 2020

GLENDALE HEIGHTS, ILL. — Walker & Dunlop Inc. has originated an $80.1 million refinancing of Ellyn Crossing, a garden-style multifamily community located about 30 miles west of Chicago in Glendale Heights. Ellyn Crossing was built from 1973 to 1978, and Rockwell Partners acquired the property in phases from 2014 to 2020. Since acquiring the property, the company has invested $4.5 million in unit upgrades and $1.5 million in common area upgrades. The loan provides an additional $1 million for ongoing renovations, which are scheduled for completion in six to nine months from the loan closing. Pat Dempsey of Walker & Dunlop secured the loan through Freddie Mac’s floating-rate program. “Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community,” says Dempsey. The 1,155-unit, 30-building community offers shared amenities including a resident clubhouse, business center, activity room, fitness center, pool, sundeck, tennis court, sand volleyball court, playground and picnic areas. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S. Chicago-based Rockwell Partners is a real estate investment firm with a portfolio of properties …

November 6, 2020

Acquisitions Illinois Midwest Retail

Colliers Brokers Sale of Walmart-Anchored Shopping Center in Chicago

by Kristin Harlow November 5, 2020

CHICAGO — Colliers International has brokered the sale of a Walmart Neighborhood Market-anchored shopping center located at 4720 S. Cottage Grove Ave. in Chicago. A private investor purchased the fully leased center for an undisclosed price. Other tenants include Burger King, Subway, Associated Bank and Snipes. Built in 2014, the 54,932-square-foot center is part of a larger development that includes a three-story, 72-unit apartment asset. Alex Perez, Chris Garavaglia and Chris Irwin of Colliers represented the seller, Skilken Gold Real Estate Development. The team also procured the buyer.

November 5, 2020

Acquisitions Illinois Midwest Multifamily

Oxford Capital, Quadrum Global Sell Essex on the Park Apartment Tower on Chicago’s Michigan Avenue

by Kristin Harlow November 4, 2020

CHICAGO — A joint venture between Oxford Capital Group LLC and Quadrum Global has sold Essex on the Park, a 56-story, 479-unit apartment tower that it developed and opened on Chicago’s Michigan Avenue in 2019. A West Coast-based investment firm purchased the asset for an undisclosed price. The Oxford-Quadrum venture retains ownership of the adjacent Hotel Essex, which continues to be managed by Oxford Hotels & Resorts LLC. Essex on the Park is the luxury apartment portion of a larger mixed-use development that includes Hotel Essex. Residents of Essex on the Park have convenient access to hotel amenities and services, including Grant Park Bistro and SX Sky Bar. Amenities in the apartment tower include an indoor pool, fitness center, yoga studio, party room, cocktail lounge, game room and private conference room. JLL acted as advisor to Oxford and Quadrum, and also arranged acquisition financing on behalf of the buyer.

November 4, 2020

Illinois Leasing Activity Midwest Office Retail

Two Tenants Sign Leases at Bell Works Chicagoland in Hoffman Estates

by Kristin Harlow November 4, 2020

HOFFMAN ESTATES, ILL. — The first two tenants have signed leases at Bell Works Chicagoland in Hoffman Estates. CPA Group Advisors is the first office tenant and Fairgrounds Craft Coffee and Tea is the first retail tenant. Bell Works Chicagoland is the redevelopment of the 1.6 million-square-foot former AT&T headquarters from developer Somerset Development. Fairgrounds will operate a kiosk at Bell Works beginning in December with plans to open a permanent location with a full cocktail bar in early 2022. Boutique full-service accounting firm CPA Advisors will occupy one of the property’s “ready-to-wear” office spaces. These pre-built office suites offer immediate occupancy for small- to medium-sized businesses. The $200 million Bell Works Chicagoland mirrors Somerset’s Bell Works New Jersey. Plans call for 1.2 million square feet of office space; 60,000 square feet of conference facilities, storage and amenities; and 60,000 square feet of restaurant and retail space. Despite COVID-19, interior renovations remain on schedule and construction is slated for completion this week. Colliers International and The Garibaldi Group are the leasing teams marketing office space at the property.

November 4, 2020

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 18,000 SF Warehouse in Chicago

by Kristin Harlow November 4, 2020

CHICAGO — Cawley Chicago has brokered the sale of an 18,000-square-foot warehouse located at 3228 S. Wood St. in Chicago for an undisclosed price. Situated near I-55 between Pilsen and the stockyards corridors, the facility sits on 1.5 acres. The property also includes office space and a securely fenced lot. Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, SES Equipment Services, and procured the buyer, Taylor Excavating & Construction Inc.

November 4, 2020

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