CAROL STREAM, ILL. — ShipFusion Inc., an e-commerce fulfillment company, has leased a 381,600-square-foot industrial facility at 365 E. North Ave. in suburban Chicago’s Carol Stream. The location will serve as ShipFusion’s new U.S. flagship operation. The Chicago-based company provides proprietary inventory management software and a wide range of fulfillment services, including freight, insurance, returns and custom workflows. Completed in 2017 on a speculative basis, the Class A facility features 40,000 square feet of temperature-controlled space, 8,500 square feet of office space and a clear height of 36 feet. Doug Pilcher and Jason West of Cushman & Wakefield represented ShipFusion in the lease. David Prell and Kevin Segerson of CBRE represented the landlord, Link Industrial Properties.
CHICAGO — Associated Bank has provided a $15.5 million loan for the acquisition of a 22,500-square-foot land parcel and subsequent construction of an apartment project. The borrower, Cedar Street Cos., plans to develop a five-story, 78-unit apartment building at the site, which is located at 5440 N. Sheridan Road in Chicago’s Edgewater neighborhood. Method Development, a wholly owned subsidiary of Cedar Street, will serve as general contractor. Once completed, the apartments will be managed by Flats, an affiliate of Cedar Sreet.Daniel Barrins of Associated Bank managed the loan and closing.
BURR RIDGE, ILL. — Cawley Chicago has brokered the sale of a 42,235-square-foot warehouse in Burr Ridge, a southwestern suburb of Chicago. The sales price was undisclosed. Located at 60 Shore Drive, the facility features approximately 5,000 square feet of office space and a ceiling height of 18 feet. Joshua Hearne of Cawley Chicago represented the seller, Barnett Capital. He also procured the undisclosed buyer.
BENSENVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 36,080-square-foot industrial building located at 236 William St. in Bensenville. The purchase price was undisclosed. At the time of sale, the multi-tenant building was fully leased, but a 14,068-square-foot portion will become available in September. Constructed in 1965, the property features five docks, four drive-in doors, parking for 40 cars and a clear height of 16 feet. Venture One plans to make improvements to the 14,068-square-foot space. Phil Reiff of JLL represented the seller and will be retained by Venture One as the leasing agent.
ALSIP, ILL. — American Street Capital (ASC) has arranged a $10.9 million bridge loan for the acquisition of a 144-unit apartment complex in Alsip, about 25 miles south of Chicago. Built in 1974, the 12-building complex is situated on 5.9 acres. The property features 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 95 percent occupied at the time of closing. Igor Zhizhin of ASC sourced the institutional bridge loan, which features a three-year term at 90 percent loan-to-cost. Deshe Real Estate was the borrower.
CHICAGO — Essex Realty Group Inc. has arranged the sale of 6700 S. Constance Avenue, a multifamily property in Chicago’s Jackson Park Highlands neighborhood, for $4.3 million. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, a New York-based real estate group. Brian Mond of Essex represented the seller, a local family who owned the asset for more than 40 years. The 78-unit property represents a value-add opportunity for the buyer, as it features vintage finishes and below-market rents, according to Essex.
CHICAGO — Skender has begun interior construction of the new 536,000-square-foot Bank of America Tower at 110 N. Wacker Drive in Chicago. Bank of America will relocate approximately half of its employees, roughly 2,000 people, from its current office at 135 S. LaSalle St. upon completion of the new building. The Charlotte, N.C.-based bank will occupy 17 floors of the 56-story office tower. Bank of America’s space will include private offices, open workstation areas, conference rooms, work cafes, support space and other workplace amenities. Unique features will include a trading floor, barista bar and market café with two outdoor terraces. The interior will also feature an internal staircase that will connect a two-floor conference center and executive suite. Serving as general contractor, Skender is collaborating with Interior Architects and JLL on the project. Completion is slated for the fourth quarter of this year. Howard Hughes Corp. and Riverside Investment & Development are the developers of the nearly $800 million project. Several law firms, including King & Spalding, as well as investment bank Lincoln International and coworking space provider No18 have signed leases at the property, according to the Chicago Tribune.
OAK BROOK, ILL. — A joint venture between Clear Height Properties and Buligo Capital has purchased 814 Commerce Drive, a three-story, 171,933-square-foot office building in the Chicago suburb of Oak Brook. The purchase price was undisclosed. The buyers plan to reposition the building, which was constructed in 1990. Improvements will be made to the exterior façade, building entryway, lobby, common areas and landscaping. Commercial real estate firm IRC leases 43,000 square feet at the building and Innovista Health occupies 41,000 square feet. DeVry University, which currently leases 66,500 square feet on the second floor for its Oak Brook campus, plans to relocate. Art Burrows, James Adler and Dan O’Neill of NAI Hiffman represented the seller, Elliott Management. NAI Hiffman has been named the exclusive marketing and property management representative for the property.
ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has purchased a 37,092-square-foot industrial building in Romeoville for an undisclosed price. Built in 1990, the property is located at 1319 Marquette Drive, approximately 30 miles southwest of Chicago. It features one exterior dock, three drive-in doors and parking for 135 cars. At the time of sale, the building was fully leased to one tenant. Ryan Klink of Cushman & Wakefield represented Venture One in the transaction.
ROSCOE, ILL. — Cushman & Wakefield has brokered the $7.7 million sale of the SwedishAmerican Clinic & Immediate Care-Prairie Center, a 25,565-square-foot medical office building in Roscoe in northern Illinois. Constructed in 2014, the facility sits on 7.5 acres at 4282 E. Rockton Road. SwedishAmerican, a division of UW Health, occupies 80 percent of the property. Services provided at the facility include immediate care, primary care, obstetrics and gynecology, podiatry, orthopedics, pulmonology, cardiology and physical therapy. The other tenant, Siepert & Co. LLP, is a public accounting firm and occupies 3,600 square feet. At the time of sale, 1,400 square feet was available for lease. Gino Lollio, Scott Niedergang and Travis Ives of Cushman & Wakefield represented the seller, Glen Rock Development LLC. A non-traded real estate investment trust focused primarily on healthcare assets purchased the building.