Illinois

CFC Begins Construction of 3,000 SF Cannabis Dispensary in Calumet City, Illinois

by Kristin Harlow September 25, 2020

CALUMET CITY, ILL. — Cannabis Facility Construction (CFC) has begun the buildout of a Mission Dispensaries-branded cannabis dispensary at 1330 Torrence Ave. in Calumet City, about 20 miles south of Chicago. The 3,000-square-foot facility will feature retail space, back office space for processing, a secure vault for inventory storage and an advanced security system. Completion is slated for mid-December. The developer, 4Front Ventures Corp., has utilized CFC for other dispensary projects in Ann Arbor and Chicago’s South Side.

September 25, 2020

Development Illinois Midwest Office

Rooftop Terrace Opens at Chicago’s Old Post Office

by Kristin Harlow September 24, 2020

CHICAGO — The Meadow, a 3.5-acre rooftop terrace, has opened at The Old Post Office building in Chicago. Situated on the 13th floor, the space includes a basketball court, running track and bistro and bar area. The rooftop park is part of the 2.5 million-square-foot restoration and repositioning of the building, which reopened in November 2019. Tenants include Uber, Walgreens, Ferarra Candy Co., HomeChef and Cboe. Gensler and Hoerr Schaudt Landscape Architects designed the rooftop. BEAR Construction served as general contractor. “The Meadow represents a timely launch of next-generation tenant amenities, offering workers access to ample outdoor space that allows for multiple modes of use,” says Sheryl Schulze, principal and global repositioning and landlord services leader at Gensler. “Access to daylight, outdoor air and contact with nature is no longer an option; it’s an expectation.”

September 24, 2020

Acquisitions Illinois Midwest Office

Colliers Arranges Sale of 121,000 SF Office Property in Lisle, Illinois

by Kristin Harlow September 24, 2020

LISLE, ILL. — Colliers International has arranged the sale of 2400 Ogden Avenue in Lisle for an undisclosed price. Built in 2000, the office property spans 121,000 square feet on 10.4 acres. It has more than 500 parking spaces. At the time of sale, the asset was 71 percent leased to ARRIS Solutions Inc. and Automated Logic. Alissa Adler and John Homsher of Colliers represented the institutional seller. A local investor purchased the property.

September 24, 2020

Acquisitions Illinois Industrial Iowa Michigan Midwest Minnesota

Arbah Capital, Brennan Investment Group Acquire Five-Property Industrial Portfolio Across Midwest

by Kristin Harlow September 23, 2020

MICHIGAN, MINNESOTA, ILLINOIS AND IOWA — Saudi Arabia-based Arbah Capital and Chicago-based Brennan Investment Group have acquired a five-property industrial portfolio across four Midwest states. JLL Capital Markets arranged the joint venture partnership between the two companies as well as $22.9 million in debt financing for the acquisition. The portfolio spans more than 557,000 square feet and includes light industrial and flex space in Michigan, Minnesota, Illinois and Iowa. The properties include: 5460 Executive Parkway in Grand Rapids, Mich.; 1865 Industrial Drive in Grand Haven, Mich.; 7550 49th Ave. in New Hope, Minn.; 4050 Ryan Road in Gurnee, Ill.; and 1100 E. LeClaire Road in Eldridge, Iowa. Four of the five properties are single-tenant assets. The portfolio is 97.5 percent leased to tenants in the automotive, manufacturing and telecommunications industries. Claudio Sgobba, Christopher Carroll, David Berglund, Matthew Schoenfeldt and Doug Childers of JLL arranged the partnership and financing. Wintrust Bank provided the five-year, floating-rate loan. The seller was undisclosed.

September 23, 2020

Acquisitions Illinois Industrial Midwest

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

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