Illinois

Venture One Acquires 126,086 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow September 23, 2020

BENSENVILLE AND SCHAUMBURG, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a four-building industrial portfolio spanning 126,086 square feet in the suburban Chicago communities of Bensenville and Schaumburg. The purchase price was not disclosed. The properties are located at 401 Eastern Ave., 501 Eastern Ave. and 1231 Ellis St. in Bensenville and 635 Remington Road in Schaumburg. The Bensenville properties are all single- Stenant buildings and are fully leased. The Schaumburg facility is home to multiple tenants and is currently 82 percent leased. Venture One plans to make improvements to the Schaumburg building’s 9,507-square-foot vacant space. Eric Fischer of Cushman & Wakefield represented the undisclosed seller. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

September 23, 2020

Illinois Industrial Loans Midwest

Wool Finance Partners Arranges $6.2M Construction Loan for Industrial Building in Vernon Hills, Illinois

by Kristin Harlow September 22, 2020

VERNON HILLS, ILL. — Wool Finance Partners has arranged a $6.2 million loan for the construction of a 95,245-square-foot speculative industrial building at Corporate Woods Business Park in Vernon Hills. The borrower, Forest Edge TH LLC, will acquire and demolish a vacant 48,100-square-foot office building at the site. Martin Siegel of Wool arranged the loan with a Chicago-based bank. The three-year loan features a floating rate starting at 3.5 percent. The project is led by Cary Goldman of Timber Hill Group and Jim Woldenberg. Brett Kroner of Cushman & Wakefield will serve as leasing agent and Premier Design + Build Group is the general contractor. A timeline for construction was not disclosed.

September 22, 2020

Affordable Housing Illinois Indiana Loans Midwest Multifamily Wisconsin

KeyBank Secures $51.5M in Acquisition Financing for Six-Property Affordable Housing Portfolio in Four States

by Kristin Harlow September 21, 2020

ILLINOIS, INDIANA, WISCONSIN AND TEXAS — KeyBank Real Estate Capital has secured $51.5 million in Fannie Mae financing for the acquisition of six affordable housing properties in four states. The properties include: Parkway Highlands in Green Bay, Wis.; Marian Heights in Alton, Ill.; Shelby’s Crest and Landing in Shelbyville, Ind.; Capitol Place in Springfield, Ill.; Broadway Place in South Roxana, Ill.; and Gardens of Mabank in Mabank, Texas. The portfolio totals 701 units. Tabare Borbon and Kyle Kolesar of KeyBank structured the financing on behalf of the borrower, Harmony Housing.

September 21, 2020

Illinois Loans Midwest Multifamily

Parkview Financial Provides $22.7M Construction Loan for Townhome Project in Chicago

by Kristin Harlow September 21, 2020

CHICAGO — Parkview Financial has provided a $22.7 million loan for the construction of a 67-unit townhome project in Chicago’s Avondale neighborhood. The for-sale units will be housed in eight three-story buildings. The project will offer a mix of three-, four- and five-bedroom townhomes. Amenities will include a clubhouse, gym, playground and dog run. Construction recently commenced with completion slated for spring 2021. A joint venture between Noah Properties and MPM Holdings was the borrower.

September 21, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.1M Sale of 7-Eleven Property in Alsip, Illinois

by Kristin Harlow September 21, 2020

ALSIP, ILL. — Marcus & Millichap has brokered the $5.1 million sale of a 4,000-square-foot property occupied by 7-Eleven in Alsip, a southern suburb of Chicago. The build-to-suit property is located on 127th Street. The tenant has a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. The duo also secured and represented the buyer, an out-of-state investor completing a 1031 exchange.

September 21, 2020

Acquisitions Illinois Midwest Retail

Cushman & Wakefield Brokers $30M Sale-Leaseback of Crash Champions Portfolio in Metro Chicago

by Kristin Harlow September 18, 2020

CHICAGO — Cushman & Wakefield has brokered the $30 million sale-leaseback of a Crash Champions property portfolio in metro Chicago. Crash Champions is an auto body collision and paint repair company based in Chicago with additional operations in California and Ohio. Jack Chang of Cushman & Wakefield represented the seller and procured the undisclosed buyer. The sale includes multiple Crash Champions shops.

September 18, 2020

Development Hospitality Illinois Midwest

29-Story Hotel Audrey Opens on Chicago’s Magnificent Mile

by Kristin Harlow September 17, 2020

CHICAGO — Oxford Hotels & Resorts LLC, the Chicago-based hotel management affiliate of Oxford Capital Group LLC, has opened Hotel Audrey at 166 E. Superior St. within Chicago’s Magnificent Mile shopping district. Oxford worked with Fillmore Capital Partners to reposition the 29-story hotel, which was originally developed as The Barclay Hotel. Each of the 216 guestrooms and suites includes an executive desk, ergonomic chair, 55-inch flatscreen TV, coffeemaker and complimentary Wi-Fi. The suites include a separate living area with a sleeper sofa. Rooms start at $159 per night. The fitness center is equipped with ellipticals, treadmills and other workout machines. Due to COVID-19, all areas of the hotel are sanitized at an increased frequency with approved disinfecting products. The rooftop bar, café and meeting spaces will not open until 2021.

September 17, 2020

Development Illinois Midwest Multifamily

McShane, UJAMAA Complete Construction of Mixed-Income Apartment Community in Chicago

by Kristin Harlow September 17, 2020

CHICAGO — McShane Construction Co. and UJAMAA Construction have completed 4400 Grove, an 84-unit apartment complex in Chicago’s Bronzeville neighborhood. Brinshore Development and the Michaels Organization are the developers for the four-story project, which features commercial space on the ground floor. Of the property’s 84 units, 21 are reserved for Chicago Housing Authority residents, 38 are affordable at 60 percent of the area median income and 25 are market rate. Amenities include a lounge, bike room, fitness center, mailroom and conference rooms. Pappageorge Haymes Partners was the architect.

September 17, 2020

Illinois Industrial Leasing Activity Midwest

Second City Prints Signs 86,251 SF Industrial Lease in Batavia, Illinois

by Kristin Harlow September 15, 2020

BATAVIA, ILL. — Second City Prints has signed an 86,251-square-foot industrial lease at 1020 Olympic Drive in Batavia. Midwest Industrial Funds purchased the 121,321-square-foot building in 2019 and renovated it to create more efficient space for multiple tenants. There is currently 35,000 square feet of space available for lease. Tom Curtis, John Moysey and Fort Richardson of Avison Young represented Midwest Industrial Funds in the lease transaction with Second City Prints. Brendan Sheahan of Darwin Realty represented the tenant. Second City Prints, which is moving from another Batavia facility, provides merchandise printing, webstore management and tour merchandise fulfillment services for the music industry. The company produced concert merchandise prior to COVID-19 but now supports the concert, entertainment and gaming industries through e-commerce.

September 15, 2020

Acquisitions Illinois Midwest Retail

Hanley Investment Group Brokers Sale of Amazon Locker Property in Chicago

by Kristin Harlow September 15, 2020

CHICAGO — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant Amazon Hub Locker+ in Chicago for an undisclosed price. The 2,800-square-foot Amazon package pickup space is situated directly across from DePaul University. It is located on the ground floor of a four-story condominium building, which was constructed in 2010. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Los Angeles-based Westwood Financial. John Oks of Banco Santander International represented the buyer, a Mexico-based private investor. Amazon has locker locations in over 900 cities.

September 15, 2020

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