CHICAGO — Westmount Realty Capital and Stockbridge have partnered to acquire a 1.7 million-square-foot light industrial portfolio in metro Chicago. Stockbridge acquired the portfolio on behalf of the firm’s Value Fund III. The portfolio includes 38 buildings in submarkets such as O’Hare, Lake County and Elgin. The mix of properties are 95 percent leased to more than 280 tenants. The buildings were constructed between the 1970s and 2000s. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group arranged a nonrecourse acquisition loan with a national bank. Loan terms were undisclosed.
BRIDGEVIEW, ILL. — NAI Hiffman has arranged the sale of a 254,425-square-foot industrial building in Bridgeview, about 16 miles from Chicago’s Loop. The sales price was not disclosed. Located at 7557-7575 S. 78th Ave., the property includes 37 exterior loading docks, one drive-in door, 113 trailer positions and a clear height of 20 feet. It was built in 1970. Lawrence Much, Steve Connolly and Drew Bulson of NAI Hiffman marketed the property on behalf of the seller, Heller Industrial Parks. The team also procured the buyer, TradeLane Properties, an Oak Brook-based private investment group. The new owner intends to immediately begin extensive renovations to modernize the building.
JOLIET, ILL. — Target Corp. has leased the entire 1.2 million-square-foot Rock Creek Logistics Center in Joliet, a southwestern suburb of Chicago. The Minneapolis-based retailer expects to fully occupy the building this month. Located at 3300 Channahon Road, the facility features a clear height of 36 feet, 350 trailer positions, four drive-in doors, 92 exterior dock doors and more than 400 car parking stalls. The building is less than one mile from I-80 and will provide easy access to the interstate via the Houbolt Road interchange. Traci Payette and Paige Rickert of CBRE represented Target in the lease transaction. Steve Connolly and Eric Tresslar of NAI Hiffman represented the landlord, The Opus Group. Opus served as the developer, design-builder, architect and structural engineer of record. The project was a joint venture partnership with AEW Capital Management LP.
CHICAGO — Smith Senior Living has broken ground on an expansion project at Smith Village, a continuing care retirement community in Chicago’s Beverly neighborhood. The project will modernize the community’s Johanson Wing, which offers short-term rehabilitation, skilled nursing care and therapy rooms. The expansion will feature a three-story, 10,204-square-foot structure upon completion. Construction will actually reduce the number of licensed beds in Johanson Wing from 100 to 78, as most double-occupancy rooms will be replaced by private suites. Development costs for the project are estimated at $22.3 million.
CHICAGO — Thor Equities and QuadReal have broken ground on 800 W. Fulton, a 19-story, 450,000-square-foot office tower in Chicago’s Fulton Market district. The project will be situated at the southeast entrance to the historic neighborhood and occupy a full city block. The property, which features a stepped terrace design, will also include retail space and public amenities. The developers have yet to announce any tenants. Completion is slated for spring 2021. Skidmore, Owings & Merrill is the architect and Cushman & Wakefield will market the property for lease. A groundbreaking ceremony took place on Tuesday, Oct. 29.
American Street Capital Arranges $13.6M Refinancing for 20-Property Multifamily Portfolio in Chicago
CHICAGO — American Street Capital (ASC) has arranged $13.6 million in permanent debt for the refinancing of a 20-property multifamily portfolio in Chicago. The 214 units within the portfolio are located on the city’s south side in various neighborhoods such as Bronzeville, Kenwood and Southshore. The portfolio was approximately 95 percent leased at the time of loan closing. Igor Zhizhin and Alexander Rek of ASC secured three separate loans on behalf of the borrower, a Chicago-based REIT. A correspondent agency lender provided the loans, each of which featured a 10-year, fixed-rate term and a 30-year amortization schedule.
BLOOMINGTON, ILL. — Marcus & Millichap has negotiated the sale of U-Lock-It Mini Storage, a 553-unit self-storage facility in Bloomington. The sales price was not disclosed. The property is located at 2427 S. Main St. and spans 69,110 square feet on 6.3 acres. Of the 553 units, 441 are non-climate-controlled and 112 are climate-controlled. Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Delaney also secured and represented the buyer, a limited liability company.
CHAMPAIGN, ILL. — Block & Co. Inc. has brokered the sale of an 11,458-square-foot retail center in Champaign for an undisclosed price. Located at 1006 W. Anthony Drive, the property is near Marketplace Regional Mall. Sam’s Club and Rural King shadow-anchor the asset. David Block and Phil Peck of Block represented the sellers, Bloomfield 2005 LLC and Metcalf Arlington SPE LLC. A local investment buyer purchased the property. This is Block’s 12th shopping center sale on behalf of the same ownership group.
LINCOLNWOOD, ILL. — Mag Mile Capital has arranged a $12.5 million loan for the refinancing of a 63,453-square-foot retail property located at 6850 McCormick Blvd. in Lincolnwood. The property is home to Walmart’s new online grocery and consumer goods pick-up concept as well as Planet Fitness. R&R Global Partners acquired the building in November 2015, following an unsuccessful redevelopment attempt by its previous owner. The property had been vacant for more than two years after Dominick’s exited the market in 2013. Mac Dobson of Mag Mile arranged the seven-year, fixed-rate loan with a 73 percent loan-to-value ratio. A regional bank provided the loan.
BENSENVILLE, ILL. — Third-party logistics firm Axis Warehouse Management has signed a 174,178-square-foot industrial lease in Bensenville. The property is located at 500 Country Club Drive, about 24 miles northwest of Chicago. Built in 1974, the facility features a clear height of 22 feet, 31 exterior docks, two drive-in doors and 6,300 square feet of office space. CenterPoint Properties owns the building. Rick Daly of Darwin Realty led the lease transaction on behalf of both parties with assistance from colleague George Cibula.