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.
BEDFORD PARK, ILL. — Garage Door Supplies has subleased 30,000 square feet of industrial space at 6558 W. 73rd St. in Bedford Park, a southwest suburb of Chicago. The 35,000-square-foot building features a clear height of 23 feet, five exterior dock doors and 300 car parking spaces. Jeffrey Provenza and Rollo Dace of Darwin Realty/CORFAC International represented Garage Door Supplies, which manufactures and distributes garage doors and related parts. William Strey of Cushman & Wakefield represented the sublandlord, Jerich USA. The sublease is for 18 months.
WEST CHICAGO, ILL. — Marcus & Millichap has brokered the sale of Aspen Ridge in West Chicago for an undisclosed price. The 253-unit multifamily asset is situated in a wooded area near DuPage County Forest Preserve. Built in 1967 on 12 acres, the property features an Olympic-size pool, fitness center and playground. There are 77 one-bedroom units and 176 two-bedroom units. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors.
AURORA, ILL. — Dalfen Industrial has acquired a 174,300-square-foot industrial facility located at 1103 Butterfield Road in Aurora. Built in 2004, the property is known as Butterfield Logistics Center and offers convenient access to I-88. Brendan Sheahan and Nick Krejci of Darwin Realty/CORFAC International represented Dalfen in the transaction and will lead marketing efforts for the building. Seller information and the purchase price were undisclosed. A Dallas-based industrial owner and operator, Dalfen focuses on urban infill warehouses and distribution buildings.
CHICAGO — Greystone Bel Real Estate Advisors has negotiated the sale of a five-property multifamily portfolio totaling 267 units in Chicago. The sales price was undisclosed. The buildings are situated in the neighborhoods of Buena Park, Rogers Park, Ravenswood and Lincoln Square. The portfolio sold to three individual investors, who plan to make improvements to the 1920s-era properties. Bill Montana and Chris Sackley of Greystone Bel’s Chicago office represented the seller, a family office.
WEST DUNDEE, ILL. — The Opus Group has completed the headquarters for WEN Power Tools in West Dundee, a far northwest Chicago suburb. The 180,623-square-foot build-to-suit features 4,000 square feet of office space, a 1,900-square-foot showroom, 21 dock doors, two drive-in doors and a clear height of 32 feet. Additionally, there is a 2,000-square-foot office buildout on the north side of the building that WEN will lease out on a short-term basis. WEN consolidated its three local facilities and workforce to streamline warehouse and distribution operations at the new headquarters. Opus provided development services and also served as design-builder, interior designer, architect and structural engineer. This is the eighth project that Opus has completed in Oakview Corporate Park.
CHICAGO — Ready Capital has closed a $29.1 million loan for the refinancing and stabilization of a newly delivered multifamily portfolio throughout metro Chicago. The Class A portfolio consists of four properties and 118 units in the western and northern Chicago suburbs. Loan proceeds will be utilized to retire the existing construction loan, provide a cash-out at close and an earnout will be made available upon the properties achieving a pre-determined performance threshold. The floating-rate loan features a 24-month term. Borrower information was undisclosed.
NAPERVILLE, ILL. — Lincoln Property Co. and Calamos Real Estate have selected McShane Construction Co. to build a 285-unit luxury apartment project at CityGate Centre in Naperville, a western suburb of Chicago. Known as Lincoln at CityGate, the four-story project will include a 430-space parking garage and a shell for a 37,893-square-foot rooftop event center. Residents will have access to amenities such as a lounge, library, fitness and yoga rooms, bike lounge, storage, dog spa and pool area. Completion is slated for February 2023. CallisonRTKL is the architect. CityGate Centre is home to a hotel, office space and bars and restaurants.
AURORA, ILL. — Colliers International has brokered the sale of Butterfield VI Distribution Center, a 503,244-square-foot facility in Aurora, located about 40 miles west of Chicago. Situated on 34.5 acres at 2350 Frieder Lane, the warehouse features a clear height of 36 feet and parking for 125 trailers and 286 cars. Built in 2020, the property is 66 percent leased to LGSTX Distribution Services. It is located within the larger Butterfield Center for Business and Industry. Jeff Devine and Steve Disse of Colliers represented the seller, a partnership between Sterling Bay Industrial, Development Resources Inc. and Levy Family Partners. An institutional investment advisor purchased the asset for an undisclosed price.
