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AcquisitionsIllinoisIndustrialMidwest

Dalfen Industrial Acquires 174,300 SF Industrial Facility in Aurora, Illinois

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestMultifamily

Greystone Bel Negotiates Sale of 267-Unit Apartment Portfolio in Chicago

by Kristin Harlow

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.

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DevelopmentIllinoisIndustrialMidwest

Opus Completes Headquarters Building for WEN Power Tools in West Dundee, Illinois

by Kristin Harlow

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.

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IllinoisLoansMidwestMultifamily

Ready Capital Closes $29.1M Loan for Refinancing of Multifamily Portfolio in Metro Chicago

by Kristin Harlow

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.

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DevelopmentIllinoisMidwestMultifamily

McShane to Build 285-Unit Apartment Project at Naperville’s CityGate Centre

by Kristin Harlow

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.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 503,244 SF Distribution Center in Aurora, Illinois

by Kristin Harlow

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.

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AcquisitionsIllinoisIndustrialLoansNevadaWestern

PGIM Real Estate Provides $41M Acquisition Loan for Three Industrial Buildings Near Las Vegas, Chicago

by Amy Works

HENDERSON, NEV., AND AURORA, ILL. — PGIM Real Estate, on behalf of its U.S. core-plus debt fund, has provided a $41 million loan facility to Dalfen Industrial for the acquisition of a Class A industrial portfolio in the Las Vegas and Chicago metro areas. Totaling 438,000 square feet, the portfolio includes AirParc South and Suncrest Commerce Center in Henderson, plus Butterfield Logistics Center in Aurora. The loan features a three-year term with two one-year extension options. Trevor Arnholt of PGIM Real Estate originated the loan on the firm’s behalf.

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HospitalityIllinoisMidwest

Hotel Essex on Chicago’s Michigan Avenue Rebrands as Le Méridien Essex Chicago

by Kristin Harlow

CHICAGO — Hotel Essex, a luxury hotel located on Chicago’s Michigan Avenue adjacent to Grant Park, has been rebranded as Le Méridien Essex Chicago. Oxford Hotels & Resorts LLC owns the asset in joint venture with Quadrum Global. The property will continue to operate as an independent hotel until it officially joins the Marriott Bonvoy family this summer. The property reopened in 2019 after undergoing a multimillion-dollar transformation from Essex Inn into Hotel Essex. Each of the 274 guestrooms include a workstation, 55-inch smart TV, refrigerator and luxury linens. The onsite fitness center features workout equipment by Peloton, Star Trac, Life Fitness and Powermill. Guests can dine at Grant Park Bistro, a modern French grill, or SX Sky bar, a lounge with space for meetings and events. A Marriott brand, Le Méridien features a European flair and mid-century modern design aesthetic. “We’re always looking for ways to optimize the performance and value of our hotels and as leisure and business travel regains momentum this year, and in the years ahead, we felt combining forces with Le Méridien was a prudent, strategic move,” says John Rutledge, founder, president and CEO of Oxford.

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IllinoisIndustrialMidwestOffice

Clear Height Properties Recapitalizes 15-Property Industrial Portfolio, Forms JV with Harbert

by Kristin Harlow

OAK BROOK, ILL. — Clear Height Properties has completed a more than $55 million recapitalization of a 15-property industrial portfolio through the formation of a joint venture partnership with Harbert U.S. Real Estate. The transaction provides capital for Clear Height to utilize in pursuing its goal of doubling in size over the next 12 months, according to a news release. The portfolio totals more than 1 million square feet throughout metro Chicago and is home to 130 tenants. Most of the properties are multi-tenant facilities that are approximately 90 percent leased. Oak Brook-based Clear Height owns more than $250 million of industrial and office assets. Kurt Sarbaugh, Christopher Carroll and Robin Stolberg of JLL arranged the recapitalization.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Interfaith Housing Development Corp. Opens 72-Unit Affordable Housing Project in Suburban Chicago

by Kristin Harlow

MAYWOOD, ILL. — Interfaith Housing Development Corp. has opened Fifth Avenue Apartments in Maywood, a western suburb of Chicago. The 72-unit affordable housing project is situated at 800 S. 5th Ave., a site purchased from the Village of Maywood in 2019. A 5,500-square-foot retail space on the ground floor is slated for grocery store use. Of the apartment units, 19 are set aside for special needs populations, eight for homeless veterans and 11 for residents from the Illinois State Referral Network. The building’s first occupants are being selected based on their ability to meet the federal income criteria for affordable housing programs. Maintaining its affordability status for a minimum of 40 years, the five-story development will provide housing for households at or below 60 percent of the area median income. HED was the project architect and McShane Construction Co. was the general contractor. Additional project team members include SITE Design for landscape architecture and Ericksson Engineering for civil engineering. Interfaith Management Services will serve as property manager. Financial partners for the project included Illinois Housing Development Authority, the Cook County Department of Planning and Development, the Richman Group Affordable Housing Corp. and Bank of America. The Chicago Community Loan Fund …

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