Illinois

Hanley Investment Group Brokers $3.1M Sale of Two-Tenant Retail Building in Palatine, Illinois

by Kristin Harlow January 9, 2020

PALATINE, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, two-tenant retail building in Palatine for $3.1 million. Aspen Dental and T-Mobile occupy the 5,250-square-foot property, which is located on East Dundee Road about 30 miles northwest of Chicago. Completed in 2019, the building is situated near other retailers such as Walmart, Home Depot and Target. Jeff Lefko and Bill Asher of Hanley, along with Greg Dietz and Danny Spitz of Greenstone Partners, represented the seller, a Chicago-based real estate investment and development firm. RML Management represented the buyer, a California-based private investor.

January 9, 2020

Illinois Loans Midwest Multifamily

NKF Arranges $61M Acquisition Loan for Multifamily Asset in Suburban Chicago

by Kristin Harlow January 8, 2020

NAPERVILLE, ILL. — Newmark Knight Frank (NKF) has secured a $61 million Freddie Mac loan for the acquisition of Railway Plaza in Naperville. Built in 2000, the transit-oriented multifamily property is adjacent to the Route 59 Metra station. Bill Weber, Henry Stimler and Daniel Sarsfield of NKF arranged the 10-year, fixed-rate loan on behalf of the buyers, BH Equities and Cantor Fitzgerald. Railway Plaza comprises 13 three-story buildings with 417 units. Amenities include a clubroom, fitness center, lounge, pool and fire pit.

January 8, 2020

Illinois Leasing Activity Midwest Office

TrueBlue Signs 83,000 SF Office Lease at Chicago’s Old Post Office

by Kristin Harlow January 8, 2020

CHICAGO — Temporary staffing firm TrueBlue has signed an 83,000-square-foot office lease at Chicago’s Old Post Office. The Tacoma, Wash.-based company currently maintains a local office at 860 W. Evergreen Ave. near Goose Island. TrueBlue is expected to move into the new office in early 2021. Jack Keenan of Cushman & Wakefield represented the tenant in the lease transaction. Cushman & Wakefield will also handle project management for the new space. 601W Cos. is redeveloping the Old Post Office project. Other tenants who have signed leases at the property include Walgreens, Uber and Ferrara Candy.

January 8, 2020

Acquisitions Illinois Industrial Midwest

Stream Capital Partners Brokers $16.8M Sale-Leaseback of Industrial Facility in Buffalo Grove, Illinois

by Kristin Harlow January 7, 2020

BUFFALO GROVE, ILL. — Stream Capital Partners LLC has brokered the sale-leaseback of a 161,976-square-foot industrial facility in Buffalo Grove for $16.8 million. The property, occupied by Safco Dental Supply Co., is located at 1111 Corporate Grove Drive. Chelsea Mandel and Phil DiGennaro of Stream represented Safco, a national distributor of dental supplies, in the sale. A REIT acquired the property and simultaneously entered into a long-term lease agreement with Safco.

January 7, 2020

Illinois Loans Midwest Office

JLL Arranges $6M Refinancing for Boutique Office Property in Chicago’s Streeterville

by Kristin Harlow January 7, 2020

CHICAGO — JLL has arranged a $6 million loan for the refinancing of 200 East Ohio in Chicago’s Streeterville neighborhood. The 27,000-square-foot boutique office property rises five stories and is nearly 90 percent occupied by multiple tenants. Christopher Carroll and Lucas Borges of JLL represented the borrower, Tishman Realty. A Chicago-based financial institution provided the loan, terms of which were undisclosed. Boutique office buildings are smaller than traditional office buildings, typically under 150,000 square feet.

January 7, 2020

Acquisitions Illinois Midwest Multifamily

Passco Acquires 260-Unit Multifamily Community in Vernon Hills, Illinois

by Kristin Harlow January 3, 2020

VERNON HILLS, ILL. — Passco Cos. has acquired The Atworth at Mellody Farm in Vernon Hills, a northern suburb of Chicago. The 260-unit multifamily community was developed in 2018 adjacent to Mellody Farm, a dining and retail destination. The Atworth’s seven-acre site is divided into several common areas in order to create a resort-style feel. The common areas include: The Conservatory, a two-story lounge with complimentary coffee, Wi-Fi, computer and televisions; The Courtyard, which features a pool and sundeck; The Game Loft, home to billiards, shuffle board, table tennis and foosball; and The Tasting Room, which features seating arrangements for casual or formal events. Additional amenities include a bike room, fitness center, yoga room and pet grooming stations. Units range in size from 556 to 1,465 square feet. The property was 97 percent occupied at the time of sale. A venture between AEW Capital Management, Focus and Atlantic Residential was the seller. Peter Evans and Richard Evans of Moran & Co. Midwest represented both parties in the transaction. Caleb Marten and Chris Black of KeyBank Real Estate Capital arranged $57.2 million in fixed-rate Fannie Mae financing for the acquisition.

January 3, 2020

Illinois Midwest Office

Willis Tower Becomes Largest Building in U.S. to Earn LEED Platinum Certification

by Kristin Harlow January 3, 2020

CHICAGO — Chicago’s Willis Tower has become the largest building in the country to earn the LEED Platinum designation, the highest ranking possible given by the U.S. Green Building Council. The property owner, EQ Office, made energy, sustainability and comfort improvements to achieve the designation. EQ worked with Rivion, a Wisconsin-based energy consulting firm. Some of the enhancements include revamping the heating and cooling system, replacing electric hot-water generators with natural gas hot-water boilers, upgrading the building’s lighting and installing low-flow faucets and toilets. The 110-story Willis Tower is undergoing a $500 million renovation. The property, largest in the United States by square footage, earned LEED Gold certification in 2018.

January 3, 2020

Acquisitions Hospitality Illinois Midwest

Essex Negotiates $4M Sale of 22-Room Apartel in Chicago

by Kristin Harlow January 3, 2020

CHICAGO — Essex Realty Group Inc. has negotiated the $4 million sale of 747 N. May St., a 22-unit building operating as an apartment hotel, also known as an apartel. This type of property is an apartment building that functions with a hotel-style booking system. At 747 N. May St., hotel operator Ginosi operates the units, which feature full kitchens and washers and dryers. The building underwent a full renovation in 2017. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex brokered the sale. A Chicago investor purchased the asset from local development firm City Pads.

January 3, 2020

Acquisitions Hospitality Illinois Midwest

Mumford Co. Brokers Sale of 141-Room Best Western Hotel in Rosemont, Illinois

by Kristin Harlow January 3, 2020

ROSEMONT, ILL. — Mumford Co. has brokered the sale of the 141-room Best Western hotel in Rosemont for an undisclosed price. The three-story property is situated near Chicago’s O’Hare International Airport. Ed James and George Arvanitis of Mumford represented the seller, OMS O’Hare LLC. The team also procured the buyer, North Star Real Estate Group LLC, a Minnesota-based hotel investment group.

January 3, 2020

Acquisitions Illinois Midwest Retail

Quantum Brokers $11M Sale of Shopping Center in Melrose Park, Illinois

by Kristin Harlow January 2, 2020

MELROSE PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $11 million sale of a 138,203-square-foot shopping center in Melrose Park, a western suburb of Chicago. The multi-tenant property is located at 1901-2029 N. Mannheim Road. Anchor tenants include dd’s Discounts and Planet Fitness. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local property owner from Chicago. A New York-based private real estate investor purchased the asset.

January 2, 2020

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