ITASCA, ILL. — Stan Johnson Co. has arranged the sale of a 50,000-square-foot medical office building in Itasca, a western suburb of Chicago, for $20.6 million. The Class A property is located at 870 N. Arlington Heights Road. It is fully leased to a publicly traded healthcare services company under a 15-year net lease. The single-story building sits on six acres and includes traditional office space in addition to specialty pharmacy spaces, walk-in freezers and clean rooms. Construction of the property finished in August of this year. John Zimmerman and Craig Tomlinson of Stan Johnson represented the seller, a regional developer. A private group focused on single-tenant acquisitions was the buyer.
INDIANA, ILLINOIS AND MISSOURI — JLL Capital Markets has brokered the sale of a medical office portfolio spanning seven properties and 439,000 square feet for an undisclosed price. The assets are primarily located on hospital campuses in metro areas within Indiana, Illinois and Missouri. The Class A portfolio is 93 percent leased to healthcare systems such as Ascension, Franciscan, AMITA and University of Missouri Health. Mindy Berman, Daniel Turley, Tim Joyce and Brannan Knott of JLL represented the undisclosed seller. Healthpeak Properties Inc. purchased the portfolio.
CHICAGO — Peppercorn Capital, a Chicago-based commercial real estate development company, has sold a 70,000-square-foot warehouse in Chicago for $12 million to Prologis. The property is located at 455 N. Ashland Ave. and features a ceiling height of 22 feet and five docking systems. Peppercorn purchased the asset in 2017 and leased it to movie production and equipment companies.
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.
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.
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.
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.
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.
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 …
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.