Illinois

Brown Commercial Negotiates Sale of 26,000 SF Industrial Building in Elgin, Illinois

by Kristin Harlow September 9, 2019

ELGIN, ILL. — Brown Commercial Group has negotiated the sale of a 26,000-square-foot industrial building located at 2475 Millennium Drive in Elgin for an undisclosed price. Foderaro Investment Partnership Corp. purchased the building, which will house V&F Transformer Corp., a manufacturer of custom-designed transformers and reactive magnetic components. Built in 2002, the building is situated on a 1.5-acre site within an industrial park near I-90. Jim Pietrarosso of Brown Commercial represented the buyer. Dan Brown of Brown Commercial represented the seller, 2475 Millennium Drive Holdings LLC.

September 9, 2019

Acquisitions Illinois Midwest Multifamily

Bridge Capital Partners, Friedkin Property Group Acquire 206-Unit Apartment Complex in Naperville

by Kristin Harlow September 6, 2019

NAPERVILLE, ILL. — Bridge Capital Partners and Friedkin Property Group Inc. have acquired River Run at Naperville Apartments for an undisclosed price. The 206-unit, 11-building apartment complex is located at 1015 Preserve Ave. in suburban Chicago. Built in 2003, the property includes a clubhouse, game room, fitness center, conference room, dog park and pool. The average unit size is 1,316 square feet. Dan Cohen and John Jaeger of CBRE represented the joint venture seller, Marquette Cos. and an affiliate of Heitman.

September 6, 2019

Illinois Loans Midwest Retail

NorthMarq Arranges $8.4M Refinancing of Retail Center Near St. Louis

by Kristin Harlow September 6, 2019

ALTON, ILL. — NorthMarq has arranged an $8.4 million loan for the refinancing of Alton Corners Shopping Center in Alton, about 15 miles north of St. Louis. The 50,063-square-foot retail center is located at 309-319 Horner M Adams Parkway. Tenants include Office Depot, Mattress Firm, Firehouse Subs and Applebee’s. Susan Branscome of NorthMarq arranged the loan, which features an 80 percent loan-to-value ratio, with a regional bank.

September 6, 2019

Acquisitions Illinois Midwest Ohio

Plymouth Industrial REIT Acquires Midwest Assets for $68.4M

by Kristin Harlow September 5, 2019

CHICAGO, CINCINNATI AND COLUMBUS, OHIO — Plymouth Industrial REIT Inc. has acquired industrial assets in Chicago, Cincinnati and Columbus for $68.4 million in separate transactions totaling approximately 1.8 million square feet. Plymouth purchased a seven-building Class B portfolio totaling just under 1.1 million square feet in Chicago for $32.2 million. The portfolio is 97 percent leased to 15 tenants. Anchor tenants include Ply Gem Building Products, A-Reliable Auto Parts & Wreckers, Pactiv and Aryzta. Plymouth also purchased a six-building light industrial and flex portfolio in Cincinnati and Columbus totaling 591,695 square feet. The Cincinnati properties are 93 percent leased and consist of four buildings, Enterprise Business Center 1 & 2, Cornell Commerce Center and 6918 Fairfield Business Drive. The two Columbus properties, located on Orange Point Drive and Graphics Way, are fully occupied and total 217,289 square feet. Major tenants include Safelite Auto, Pilot Chemical, Modern Office Methods and Ohio National Life Insurance.

September 5, 2019

Illinois Loans Midwest Multifamily

Capital One Provides $7.5M Refinancing for Apartment Building in Chicago

by Kristin Harlow September 4, 2019

CHICAGO — Capital One has provided a $7.5 million Freddie Mac small balance loan for the refinancing of a 17-unit apartment building in Chicago’s Wicker Park neighborhood. The borrower, Saxony Capital, purchased the property in January 2018 and renovated it with new appliances, flooring and cabinets. The company also added nine new units and modernized the street-level retail space. Vincent Punzi of Capital One originated the 20-year loan, which features a fixed rate for the initial five years and a floating rate thereafter. The loan also features interest-only payments during the first five years followed by a 30-year amortization schedule.

September 4, 2019

Development Illinois Midwest Multifamily

500-Unit Luxury Apartment Tower Opens in Chicago

by Kristin Harlow September 3, 2019

CHICAGO — Owners Murphy Development Group and CIM Group have opened The Paragon, a 500-unit luxury apartment tower in Chicago. The property lies in the South Loop, between 13th and 14th streets. The 47-story tower features 7,500 square feet of retail space. Solomon Cordwell Buenz served as the architect while Mary Cook Associates designed the interiors. Amenities include a fitness center, yoga room, rooftop sky lounge, clubroom and a 2,100-square-foot coworking space. Each residence features smart home automation for programming lights, outlets, thermostats and speakers. Bozzuto is the property manager. Monthly rental rates start at $1,805 for studios.

September 3, 2019

Illinois Leasing Activity Midwest Restaurant Retail

Tropical Smoothie Cafe to Open 800th Location

by Kristin Harlow September 3, 2019

ARLINGTON HEIGHTS, ILL. — Tropical Smoothie Cafe, a fast-casual concept known for its smoothies and tropical food, is opening its 800th location. The restaurant, located at 115 W. Rand Road in Arlington Heights, is set to open this Friday, Sept. 6. Tropical Smoothie Cafe has grown at a rapid pace this year, opening its 750th location in May. Existing franchisee Hani Halloun, along with first-time franchisees Edward Joubran and Martin Khoshaba, will own and operate the new Arlington Heights location. There are currently seven Tropical Smoothie Cafe locations in the Chicago market, with 18 more in the pipeline.

September 3, 2019

Development Illinois Midwest Office

Briar Meads Capital Begins Renovation of 300,000 SF Office Property in Lisle, Illinois

by Kristin Harlow August 30, 2019

LISLE, ILL. — Briar Meads Capital has begun a renovation of The Westwood in Lisle. Located at 2441 and 2443 Warrenville Road, the Class A office property spans 300,000 square feet. It currently has approximately 150,000 square feet available for lease. Plans call for a café, fitness center, conference center, tenant lounge and lobby renovations. The project team includes Wright Heerema Architects and J.C. Anderson Construction. Completion is slated for the end of the year. Dan Svachula, Adam Showalter and Allyson Yates of Cushman & Wakefield serve as leasing agents alongside the NAI Hiffman property management team of Dawn Cothern and Sara Bruno.

August 30, 2019

Acquisitions Illinois Industrial Midwest

ML Realty Partners Acquires Two Chicagoland Industrial Buildings Totaling 101,405 SF

by Kristin Harlow August 30, 2019

HANOVER PARK AND WILLOWBROOK, ILL. — ML Realty Partners has acquired two single-tenant industrial buildings in metro Chicago totaling 101,405 square feet. The first is 1565 Hunter Road in Hanover Park within the Central DuPage County submarket. The second is 7100 S. Madison St. in Willowbrook within the I-55 Corridor submarket. Both properties are fully leased. Jeffrey Devine and Steven Disse of Colliers International represented the undisclosed seller. The purchase price was not disclosed.

August 30, 2019

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $12.8M Financing for Skilled Nursing Facility in Illinois

by Kristin Harlow August 29, 2019

AURORA, ILL. — Walker & Dunlop Inc. has provided $12.8 million in bridge financing for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, approximately 40 miles west of downtown Chicago. The debt was structured and provided by Walker & Dunlop’s bridge lending program, which utilizes its balance sheet to offer short-term, nonrecourse loans for properties that are being repositioned as part of a new business strategy. Led by Joshua Rosen, the Walker & Dunlop team structured the financing to cover 100 percent of the acquisition cost in addition to working capital and capital expenditures for the owner, Cascade Capital Group. The loan includes a nine-month term, flexible prepayment options and full-term, interest-only payments. The plan is to replace the loan with HUD financing in early 2020.

August 29, 2019

Newer Posts

Older Posts