WEST CHICAGO, ILL. — Colliers International has brokered the sale of 1717 W. Harvester Road, a 465,940-square-foot industrial facility in West Chicago. The sales price was undisclosed. Situated on 30.5 acres, the property features a clear height of 25 feet, 145 car parking stalls, 23 loading docks and four drive-in doors. It is fully leased to two tenants. Boston-based Plymouth Industrial REIT purchased the asset. Jeff Devine and Steve Disse of Colliers represented the institutional seller.
CHICAGO — Interra Realty has arranged the deconversion sale of 1638-44 W. Greenleaf Ave., a 40-unit condominium building in Chicago’s Rogers Park neighborhood, for $6.5 million. Built in 1929, the property rises three stories. Renovated two- and three-bedroom units feature exposed brick, kitchens with granite countertops and stainless-steel appliances as well as in-unit laundry. Craig Martin and Lucas Fryman of Interra represented the buyer, a local investment group that purchased the asset through a 1031 tax-deferred exchange. Martin and Fryman also represented the sellers, a private equity group that owned 36 of the units, three individual investors who each owned a unit and one owner-occupier.
WHEELING, ILL. — Matanky Realty Group has brokered the sale of River Trail Apartments in Wheeling for an undisclosed price. The 56-unit multifamily complex is located on South Milwaukee Avenue. Terri Cox and Zach Slagle of Matanky represented the undisclosed seller. NS Properties LLC, a local investor, purchased the asset. The buyer plans to invest capital in building improvements.
CHICAGO — Fairgrounds Coffee & Tea has signed a 2,623-square-foot retail lease at 306 West Erie, an office development currently under construction in Chicago’s River North neighborhood. The location will serve as the company’s seventh coffee shop in the Chicago area. The building is the first phase of Verso, a three-building office redevelopment undertaken by North Wells Capital and Urban Innovations. Renovation work began in late 2019 to expand and modernize the property. JLL is the leasing agent for 306 West Erie and the entire Verso portfolio.
STREATOR, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.6 million sale of a freestanding 2,158-square-foot property occupied by Wendy’s in Streator in central Illinois. Wendy’s has a 20-year lease at the newly developed building. Dan Waszak of Quantum represented the seller, a Chicago-based developer that specializes in net leased assets. Zack Hilgendorf of Quantum represented the buyer, a Dubuque, Iowa-based private investor.
CHICAGO — JLL Capital Markets has brokered the sale of 801 Canal Street in Chicago’s South Loop for $68 million. The five-story, 591,577-square-foot office building is fully occupied by the Northern Trust Co. through August 2020. The property features 105,000-square-foot floorplates. Amenities include a food hall, fitness center, daycare facility, conferencing facilities and outdoor terrace space. In addition to the office building, the sale included a 1.3-acre development site south of the property. Jaime Fink, Bruce Miller, Jeff Bramson, Patrick Shields and Sam DiFrancesca of JLL represented the seller, Canal/Taylor Venture. JLL also procured the buyer, 601W Cos.
CHICAGO — Medical video game company Level Ex has expanded its footprint and relocated to 180 North LaSalle Street, a 38-story, 760,000-square-foot office tower in the Chicago Loop. Level Ex’s new headquarters is more than 20,000 square feet, double the size of its previous office in River North. The sublease commenced in early 2020. Jon Azulay and Adam Mitchell of Savills represented Level Ex in the lease negotiations. Level Ex creates mobile, augmented reality and virtual reality games for physicians. The company uses video game technology and cognitive neuroscience to capture the challenges of practicing medicine. Owned by Ivanhoe Cambridge, 180 North LaSalle is located at the corner of LaSalle and Lake streets. James Stein and Jack Tunnicliff of Cushman & Wakefield represented the sublandlord, Newell.
OAK BROOK, ILL. — Cawley Chicago has negotiated the sale of a 70,497-square-foot office building in Oak Brook for $4.6 million. Built in 1978, the three-story property is located at 915 Harger Road near Oak Brook Mall. Amenities include a conference facility and kitchen area. Building renovations are currently underway. Tony Russo and Ryan Freed of Cawley Chicago represented the buyer, KMMRD Enterprises. Jane Stroebeck of Stroebeck Real Estate represented the seller, 915 Harger LLC. Russo and Freed will serve as the leasing representatives and Cawley Chicago Management will manage the property on behalf of the new ownership.
DEKALB, ILL. — Trammell Crow Co. has begun development of a 1.2 million-square-foot distribution center and a 466,000-square foot packaging facility at ChicagoWest Business Center in DeKalb, about 70 miles west of Chicago. Ferrara Candy Co. will occupy the two buildings. The new development is expected to be fully operational in the second quarter of 2021. Ferrara expects to bring approximately 500 jobs to the city. The project team includes Krusinski Construction Co., Harris Architects Inc. and Jacob & Hefner Associates Inc. Joe Grimes of Trammell Crow will oversee the design and construction. Matt Mulvihill and Kevin Segerson of CBRE represented Ferrara in the negotiations.
GLENVIEW, ILL. — Associated Bank has provided a $17.7 million loan for the acquisition of land and development of a 62,540-square-foot shopping center in Glenview, about 20 miles northwest of Chicago. Known as Willows Crossing, the multi-tenant center will be located at the southwest corner of Willow and Pfingsten roads. Previously signed leases at the project include Mission BBQ, First Watch Café and an undisclosed 35,000-square-foot grocery tenant. Completion is slated for spring 2021. Daniel Barrins of Associated Bank managed the loan and closing on behalf of the borrower and developer, GW Properties.
