MOLINE, ILL. — SVN Chicago Commercial has brokered the sale of Paulsen Manor Apartments in Moline for $3.3 million. The 67-unit multifamily complex is located at 2424 41st St. within the Quad Cities. Reid Bennett and Cody Doran of SVN brokered the transaction. A local investor purchased the asset.
CHICAGO — ESG Kullen has acquired 1400 N. Lakeshore Drive in Chicago for $107 million. The buyer will convert the 391-unit, multi-building condominium property back into apartments. Sam Haddadin and Dan Cohen of CBRE represented the condo association and its president, Michael Arrington, in the condo deconversion sale. Built in 1927, the property originally comprised apartment units and was converted to condos in 2006. A large majority of the units are studios and one-bedroom units. The façade of the building was repaired in 2017 and the elevators were updated in 2016. The property features a large rooftop deck for residents. “Chicago is home to a great number of buildings in the age range of 50 to 90 years old. Many of those buildings were converted to condominiums in the 80s, 90s and early 2000s,” says Haddadin. “We’re finding that a large subset of those condominium associations have deferred important maintenance and capital expenditures and are now facing a choice: Do we do a large special assessment to address these capital projects? Or do we sell our building to a developer for a substantial premium and use those proceeds to purchase a newer home?”
LOMBARD, ILL. — Brown Commercial Group has arranged the sale of a 10,000-square-foot industrial warehouse in Lombard for an undisclosed price. The Davey Tree Expert Co. purchased the property, which is located on a 4.7-acre site at 1200 N. Lombard Road. Mike Anotnelli of Brown represented the buyer, a residential and commercial tree and landscaping company. The sale enabled the buyer to acquire a local tree care company that occupied the building and to take over its business.
ADDISON, ILL. — Bridge Development Partners LLC has sold an 87,640-square-foot industrial facility in Addison for an undisclosed price. Cabot Properties purchased the building, which is located at 133 N. Swift Road. Bridge purchased the property in December 2018 and completed extensive upgrades. Associated Material Handling Industries Inc. is the tenant. Mike Caprile, Ryan Bain and Zach Graham of Bridge represented Bridge in the sale.
CHICAGO — JLL has negotiated the sale of a 9,794-square-foot, single-tenant retail building in Chicago for an undisclosed price. The property is triple net leased to Walter E. Smithe, a family-owned and operated local furniture business. Located at 2009 N. Clybourn Ave., the building is one of the tenant’s 10 Chicagoland showrooms. Nicholas Kanich and Alex Sharrin of JLL represented the seller, a Chicago-based private partnership. JLL also procured the buyer, a California-based family office, which purchased the asset while completing a 1031 tax-deferred exchange.
CHICAGO — SVN Chicago Commercial has brokered the sale of a six-unit multifamily building located at 1644 W. 21st St. in Chicago’s Pilsen neighborhood for $1.3 million. The property, situated near the 18th Street Pink Line stop, was renovated in 2012. Paul Cawthon and Angelo Labriola of SVN brokered the transaction. Buyer and seller information was not disclosed.
CHICAGO — Qualtrics, a survey software provider, has leased 25,000 square feet at 191 N. Wacker Drive in Chicago for its 25th office. The company, which maintains headquarters in Provo, Utah and Seattle, will begin occupying the space in 2020 and expects to hire more than 200 employees in the area. Built in 2003, 191 N. Wacker Drive is a 37-story, Class A office tower with approximately 731,000 square feet of rentable space. Manulife Investment Management manages the property and recently upgraded the lobby, fitness center and conference center. Michael Finley, Evan Djikas and Kyle Hundelt of Colliers represented Qualtrics in the lease transaction. Christine Choi Moore and JD Strode of Manulife Investment Management represented ownership.
DEERFIELD, ILL. — Marcus & Millichap has brokered the sale of the Red Roof Inn Deerfield, a 115-room hotel, for $4.9 million. The property is located at 340 S. Waukegan Road. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not disclosed.
SHOREWOOD, ILL. — DSC Logistics has leased 375,000 square feet of industrial space at Heartland Corporate Center in Shorewood near the I-55 and I-80 interchange. The Des Plaines-based logistics company has already taken occupancy of 250,000 square feet to start processing inbound deliveries. Within the next six months, DSC will expand to the rest of its space. HSA Commercial Real Estate and Clarion Partners developed the 757,880-square-foot Heartland Corporate Center, located at 21530 SW Frontage Road. The distribution center features a clear height of 36 feet, 108 truck docks and 240 car parking spaces. David Bercu and Matthew Stauber of Colliers International represented HSA and Clarion in the lease transaction. Lynn Reich and Suzanne Serino of Colliers represented DSC.
ROCKFORD, ILL. — SVN Chicago Commercial has brokered the sale of Main Place Apartments, a 60-unit apartment building in Rockford, for $2.2 million. The property is located at 929-935 N. Main St. Reid Bennett and Cody Doran of SVN brokered the transaction. Becovic Management Group acquired the property from an undisclosed seller. Jerry Lumpkins of BMO Harris Bank originated acquisition financing. The deal marks the second time in five years that the asset has traded hands.
