GURNEE, ILL. — Luxor Workspaces has expanded its warehouse operations to a newly built, 190,000-square-foot warehouse along I-94 in Gurnee. The move, which took place prior to the Thanksgiving holiday, was expected to create eight new jobs and enhance Luxor’s level of service to its Midwest customers. CenterPoint Properties developed the warehouse and Morgan/Harbour Construction served as general contractor. Sam Badger of CBRE represented Luxor in the search for the new property. Vivek Singla of CBRE served as Luxor’s tenant improvement project manager during the final buildout. Features of the distribution center include a clear height of 36 feet, 22 docks and a 7,000-square-foot office space with a conference room and break room. Waukegan, Ill.-based Luxor is a designer and manufacturer of workspace products.
AURORA, ILL. — Kiser Group has brokered the sale of 2000 Illinois, a 128-unit apartment property in Aurora. The sales price was undisclosed, but the cap rate was 5.64 percent. Constructed in 1973, the property includes parking and an outdoor pool. In 2014, the seller entered into a land use restriction agreement with the Illinois Housing Development Authority that stipulated 25 percent of the units be income-restricted to 60 percent of the area median income for a 10-year period. Matt Halper and Danny Mantis of Kiser represented the undisclosed buyer and seller.
ROSEMONT, ILL. — US Foods has signed a 275,000-square-foot office lease renewal at Riverway in Rosemont. This is the largest office lease signed in suburban Chicago since 2017, according to Cushman & Wakefield. Riverway is a 1.1 million-square-foot office campus comprised of four 11-story buildings. Dan Svachula, Michael Simpson and Allyson Birchmeier of Cushman & Wakefield represented the landlord, Adventus Realty. James Otto, Abigail Zaleski and Chris Reynolds of CBRE represented US Foods, a major foodservice distributor and supplier.
DOWNERS GROVE, ILL. — JVM Realty Corp. has acquired Maple & Main, a 115-unit luxury apartment complex in Downers Grove, from an undisclosed seller. Completed in 2018, Maple & Main is home to a fitness center, yoga room, rooftop lounge, clubroom, package room, pet spa and heated pool. The community’s ground floor features The FoxTail, a 4,289-square-foot restaurant that is slated to open in January. JVM Management Inc. will manage the property. JVM also announced it will close two equity funds that are expected to raise a combined $115 million. The two funds, Fund 7 and Premier Fund III, are currently co-invested in five apartment communities: The Landing at Briarcliff in Kansas City; Summit Ridge Apartments in Lee’s Summit, Mo.; Randall Highlands in North Aurora, Ill.; Uptown LaGrange in LaGrange, Ill.; and Maple & Main. The total acquisition cost of the five properties was $291.4 million.
DES PLAINES, ILL. — Associated Bank has provided a $15.8 million loan for the construction of Sherwin Industrial, a redevelopment project of a 7.8-acre industrial site in Des Plaines. Panattoni Development Co. is the borrower and developer. Panattoni plans to tear down two existing industrial buildings on the site and build a 162,000-square-foot speculative warehouse. Completion is slated for fall 2020. The project is situated in the O’Hare submarket. Krista Casper of Associated Bank handled the loan arrangements and closing.
AURORA, ILL. — Newmark Knight Frank (NKF) has brokered the sale-leaseback of 1175 S. Frontenac St., a 120,000-square-foot industrial building in Aurora. The sales price was undisclosed. Elise Couston and Adam Marshall of NKF represented the seller, design studio Embossed Graphics Inc., which will lease back the property from Exeter Property Group. Located in the Meadow Lakes Corporate Park, the facility was constructed in 1999 as a build-to-suit for Embossed Graphics. The building features a clear height of 24 feet, 10,000 square feet of office space and parking for 135 vehicles.
CHICAGO — SVN Chicago Commercial has brokered the sale of an approximately 48,000-square-foot flex industrial building in Chicago’s Humboldt Park neighborhood for $3.5 million. The property is located at 1757 N. Kimball Ave., along the 606 Trail. Wayne Caplan of SVN represented the seller. Buyer and seller information was not disclosed.
DEER PARK, ILL. — Redwood Capital Group LLC has acquired Deer Park Crossing, a 236-unit luxury multifamily complex in Deer Park. The purchase price was undisclosed. Constructed in 2018 by REVA Development Partners, the property consists of seven two-story townhomes and three four-story apartment buildings. Units average 1,252 square feet. Amenities include a fitness center, pool, sundeck, dog park, media lounge and concierge services. REVA was the seller.
NILES, ILL. — Maverick Commercial has arranged a $13.5 million first mortgage loan for a 360,000-square-foot industrial property in Niles. A partnership between Harley Kahn of REA Commercial Real Estate and JDI Realty was the borrower. The partnership purchased the property in spring 2018. At that time, it was 70 percent occupied. The borrowers have since increased occupancy to 92 percent. A national lender provided the nonrecourse, fixed-rate loan which has a term of 10 years, an interest rate below 4 percent and one year of interest-only payments followed by a 29-year amortization schedule. Proceeds from the loan paid off the existing lender, covered closing costs, funded real estate tax and returned equity to the borrowing entity.
CHICAGO — Skender has begun interior construction of the new 85,000-square-foot headquarters for AbelsonTaylor in Chicago’s Old Post Office building. AbelsonTaylor, a health and wellness advertising agency, is relocating from its current offices at 33 W. Monroe St. The new space will accommodate private offices, workstations, an open collaboration area and break room. Skender is working in collaboration with HED, Syska Hennessy Group and Cushman & Wakefield to complete the project by March 2020. Skender is the contractor for nearly 500,000 square feet of office space at the Old Post Office project, including buildouts for Walgreens and PepsiCo. Owner and developer 601W Cos. is redeveloping the 2.8 million-square-foot former post office in an $800 million project.