DES PLAINES, ILL. AND DUBLIN, OHIO — NorthMarq has arranged $16.9 million in acquisition financing for two flex industrial properties in Illinois and Ohio. Jeff Frankel of NorthMarq arranged both fixed-rate loans with Ready Capital Structured Finance. The first is a three-building property spanning 140,134 square feet in Des Plaines, a northwestern suburb of Chicago. The second is a three-building property totaling 124,929 square feet in Dublin, a northern suburb of Columbus. The Des Plaines property was 94 percent occupied at the time of acquisition, while the Dublin asset was 80 percent occupied.
SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $3.2 million sale of a Family Dollar-anchored retail center in South Holland, about 20 miles south of Chicago. The 36,389-square-foot property is located at 1000 E. 162nd St. All tenants operate under net leases at the fully leased center. Six of the 15 tenants have occupied their space for an average of 25 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.
CHICAGO — CMK Cos. and Greystar Real Estate Partners have begun preleasing units at Imprint Apartment Homes, a new 349-unit high-rise community underway along the historic Printer’s Row in Chicago’s South Loop neighborhood. Local media outlets report the tower will rise 31 stories. CMK is the project’s developer, and Greystar is providing property management services. Chicago-based RL Accelerated is handling Imprint’s leasing services and has secured the property’s first lease. Imprint will feature floor plans ranging from 478-square-foot studio apartments to 3,276-square-foot, four-bedroom penthouses. According to Imprint’s home page, rents range from $1,745 for a studio to $8,100 for a penthouse. Move-ins will begin in mid-April and conclude this fall. The property is situated at 717 S. Clark St., the site of the former Palmer Printing building. Nearby transit options include the Harrison L Stop on Chicago Transit Authority’s (CTA) Red Line and the LaSalle L Stop on CTA’s Blue Line. Community amenities will include a fitness center, resident lounge, coworking spaces, dog grooming station, bike storage, community terrace with fire pits, top-floor observation deck, library and 24-hour concierge services. Designed by Hartshorne Plunkard Architecture, Imprint has received the Green Globes certification from the Green Building Initiative for the project’s …
CHICAGO — Affirm Inc. has signed a 57,000-square-foot lease to open its first Chicago office at 350 North Orleans. The financial technology company, which operates as a lender of installment loans for consumers to use at retailers, will occupy two floors. Affirm plans to move into the new space in spring 2020. The Chicago space will be Affirm’s fourth office, along with San Francisco, New York City and Pittsburgh. The building owner, EQ Office, recently invested nearly $20 million in improvements, including façade upgrades, a fitness center, tenant lounge and private roof deck.
CHICAGO — Standard Equipment Co. has sold its headquarters property in Chicago’s Fulton Market West for $14.8 million. The 2.8-acre site includes four buildings totaling 43,828 square feet as well as a lot for truck and trailer parking. It has served as the environmental equipment company’s headquarters since 1986. Standard Equipment will relocate its operations to Elmhurst this quarter. George Toscas of ACO Commercial represented the buyer, Realterm Logistics.
CHICAGO — Berkadia has arranged a $7.5 million Freddie Mac small balance loan for the acquisition of Paulina Street Lofts, a 24-unit multifamily property in Chicago. Chuck Christensen, Vincent Punzi and Lowell Takahashi of Berkadia secured the financing on behalf of the buyer, Saxony Properties LLC. The 10-year loan features a 3.64 percent interest rate and a 70 percent loan-to-value. Paulina Street Lofts was originally constructed as a masonic temple in 1928 and converted to apartments in 2019.
LIBERTYVILLE, ILL. — EVBox has signed a 60,000-square-foot lease for its first North American headquarters and production facility located in Libertyville, about 40 miles north of Chicago. EVBox, which is a manufacturer of electric vehicle charging stations and charging management software, will occupy the space within the Innovation Park campus. The facility is expected to create between 80 and 120 new jobs in the immediate region. Operations will commence this summer. Based in Amsterdam, EVBox currently maintains U.S. offices in New York City, San Francisco and Los Angeles.
NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of a Regency Inn hotel in Naperville for $3.3 million. The buyer, Northbrook-based MZ Capital Partners, plans to redevelop the property and convert it into 112 micro apartments. The hotel was not well-occupied and had significant deferred maintenance, according to Ebrahim Valliani of Marcus & Millichap. Valliani, along with colleagues Michael Klar, Chris Gomes and Allan Miller, represented MZ Capital as well as the seller, Prime Motel Inc. The two-story, 122-room hotel is located at 1350 E. Ogden Ave.
CHICAGO — Developers CA Ventures and Midwest Property Group Ltd. have broken ground on a 12-story, boutique office building located at 448 N. LaSalle St. in Chicago’s River North neighborhood. The Class A building is 75 percent pre-leased, as CA Ventures will occupy the lower five floors and WeWork will lease four floors. Chris Cassata and Craig Coupe of JLL will market the remaining three floors for lease. The 172,000-square-foot project is slated for completion in the first quarter of 2021. Amenities will include a rooftop deck, fitness center and bike room. Lamar Johnson Collaborative is the architect and Lendlease is the general contractor. Indure Build-to-Core Fund LLC provided project financing.
ROSEMONT, ILL. — Hofseth International has relocated to a larger 4,000-square-foot office space at 6300 N. River Road in Rosemont. Steven Goldstein of Jameson Commercial represented the tenant in the lease transaction. Goldstein also subleased Hofseth’s former 2,200-square-foot office at 5509 N. Cumberland Ave. in the O’Hare submarket. Hofseth is a producer, processor and marketer of seafood such as Norwegian Alaskan salmon.