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.
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.
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.
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.
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 …
HIGHLAND, ILL. —The City of Highland has selected S.M. Wilson & Co. to build a new $6.5 million public safety building. The 27,930-square-foot facility will house the city’s police, fire and EMS departments under one roof. A committee of public safety employees worked alongside the project architect, Loyet Architects. Completion is slated for summer 2021. Highland is located about 35 miles east of St. Louis.
VERNON HILLS, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 30,356-square-foot industrial building in Vernon Hills, a northern suburb of Chicago. The purchase price was undisclosed. The transaction was structured as a sale-leaseback with H&H Graphics. Located at 450 Corporate Drive and constructed in 1991, the building features two docks, one drive-in door and parking for 40 cars. Brian Bocci of Entre Commercial Realty represented Venture One. VK Industrial V is a partnership between Venture One and Kovitz Investment Group.
ROMEOVILLE, ILL. — Colliers International has arranged the sale of a 648,960-square-foot distribution center occupied by Samsung in Romeoville. The Class A facility is located within Pinnacle Business Center, just south of the full interchange at I-55 and Weber Road. Samsung has occupied the building since 2012 and uses the facility as its primary Chicago-area distribution center for all appliance lines. Samsung recently renewed its lease. Jeff Devine and Steve Disse of Colliers represented the seller, LaSalle Investment Management. Exeter Property Group purchased the asset for an undisclosed price.
FORSYTH, ILL. — A New York-based partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group has acquired Hickory Point Mall in Forsyth, about 45 miles east of Springfield. The 826,347-square-foot mall opened in 1978. Anchor tenants include Kohl’s, Von Maur, TJ Maxx, Hobby Lobby, Ulta Beauty and Ross Dress for Less. Eastdil brokered the transaction. CBL & Associates was the seller, according to local media reports. Elliot Nassim, president of Mason Asset Management, says the new owners are exploring all options to redevelop some of the vacant spaces at the property.
BARTLETT, ILL. AND PHOENIX, ARIZ. — NAI Hiffman has negotiated the sale of a three-building industrial portfolio in Bartlett, a western suburb of Chicago, and Phoenix. The GSI Family Office, along with Greco/DeRosa Investment Group, sold the portfolio to a discretionary fund managed by CBRE Global Investors. The properties include: 1323 Brewster Creek Blvd. and 1550 Hecht Drive in Bartlett; and 4450 N. 45th Ave. in Phoenix. They are home to seven tenants. Pat Sullivan, Ryan Chambers and Jeff Fischer of NAI Hiffman represented the seller. Tony Lydon and John Lydon of JLL assisted in the sale of the Phoenix property. Built in 2017, 1323 Brewster Creek Blvd. spans 421,354 square feet and features 48 docks, 800 car parking spaces and a clear height of 32 feet. It was the first building in Brewster Creek Business Park, which is now home to more than 1 million square feet of food-related tenants. Built in 2006, 1550 Hecht Drive serves as the headquarters for Greco Foods. The 209,628-square-foot warehouse offers an office and cold storage component. The Phoenix asset, built in 2017, spans 368,478 square feet.