CHICAGO — Essex Three-Twelve LLC has brokered the sale of a six-unit multifamily property in Chicago’s Lincoln Park neighborhood for $2.9 million. The asset is located at 2525 N. Orchard St. Renovated in 2022, the property features large floor plans with separate living and dining areas. The renovations included the addition of two new apartments, new electrical systems, partial plumbing upgrades and modern finishes. Buyer and seller information was not released.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has announced that the Toledo-based REIT is exiting the outpatient medical property management business following a portfolio sale to Remedy Medical Properties and Kayne Anderson Real Estate. The portfolio comprises approximately 18 million square feet of outpatient medical facilities across 296 properties in 34 states. Welltower says that the transaction will total $7.2 billion and will be completed in tranches through mid-2026, with the first tranche selling for $2 billion. This acquisition establishes the Remedy Medical and Kayne Anderson Real Estate partnership as the nation’s largest owner of outpatient medical buildings, with more than 52.4 million square feet across approximately 1,104 properties in 44 states. “This acquisition reinforces our position as leading institutional investors in the outpatient healthcare sector and underscores our long-standing, successful partnership with Remedy,” says Al Rabil, CEO of Boca Raton, Fla.-based Kayne Anderson. “We remain focused on building upon our history of delivering superior risk-adjusted returns for investors, while advancing the delivery of high-quality healthcare across the country.” Remedy Medical is assuming all operational responsibilities from Welltower, including property management and leasing functions. The portfolio was 94 percent occupied at the time of the acquisition announcement. Welltower will retain a …
CHICAGO — Associated Bank has provided a $21.1 million construction loan to Wildwood Investments LLC and Concord Capital for the conversion of a 93,707-square-foot office and retail building in Chicago into 72 multifamily units. The seven-story property is located at 230 E. Ohio St. within the Streeterville neighborhood. Plans call for a mix of studio, one-, and two-bedroom units averaging 811 square feet. Existing first-floor retail, including Dao Thai Restaurant & Noodle Palace, Eye Society and YA Skin Studio, will remain open throughout construction. Completion is slated for December 2026. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.
CHICAGO — Pegasus, in cooperation with ParaSell Inc., has arranged the $3.2 million sale of Chatham Plaza, a fully occupied, four-tenant retail strip center positioned within Chatham Market in Chicago. Tenants include Athletico, H&R Block and UPS. The property totals 9,610 square feet, and the weighted average lease term is six years. Katherine Weaver of Pegasus represented the seller, a private fund based in Chicago. The buyer was a Texas-based private fund. The sales price represented a cap rate of 8.5 percent.
CHICAGO — McHugh Construction has commenced the office-to-residential conversion of Wacker Place, a 25-story, 248,000-square-foot art deco tower at 65 E. Wacker Place in downtown Chicago. Mavrek Development and partner ACRES Capital LLC recently closed more than $90 million in financing to launch the project. Pappageorge Haymes Partners is the architect, and Cross Street will oversee residential leasing. Originally built in 1928 as the Millinery Mart Building, the property will be transformed into 252 apartment units across floors 4-24. McHugh is currently overseeing demolition and structural work to prepare for the residential layouts, building systems and amenity spaces. Floors 1-3 will house a reimagined lobby and building services area while maintaining retail tenant Morton’s The Steakhouse, which occupies space at street level and part of the second floor. Upon completion, Wacker Place will offer a mix of 105 studios, 105 one-bedroom and 42 two-bedroom units. In compliance with Chicago’s Affordable Requirements Ordinance, the project will include 51 affordable housing units offered at a weighted average of 60 percent of the area median income. No parking is planned for the building, which has a Walk Score of 100 and is located steps from multiple transit lines. Amenities will include a third-floor …
CAROL STREAM, ILL. — JLL Capital Markets has brokered the sale of Renaissance at Carol Stream, a 293-unit apartment community in the western Chicago suburb of Carol Stream in DuPage County. Built in 1970, the property features a pool, full-size indoor basketball court and fitness center. There are 17 buildings, and units average 883 square feet. Current ownership has renovated 129 units. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, Chicago-based Bender Cos. The buyer was Highlands Vista Group.
UNIVERSITY PARK, ILL. — Hillwood and Clarius Partners have broken ground on University Park Logistics Center, a 970,123-square-foot speculative industrial development in University Park, a southern suburb of Chicago. Situated by the I-57 interchange at Stuenkel Road, the site provides access to 85.5 million people within a single day’s drive, according to the developers. David Bercu and Jim Estus of Colliers are marketing the project for lease.
CHICAGO — Marcus & Millichap has brokered the $15.5 million sale of a property in Chicago comprising 22 multifamily units and five commercial suites. Located at 1542 N. Damen Ave. and 2010 W. Pierce Ave. in the Wicker Park/Bucktown neighborhood, the asset is within walking distance of the CTA Blue Line and multiple bus routes. The residential units include a mix of one- and two-bedroom floor plans. The commercial spaces are fully leased to La Colombe, Urbanbelly, Blue Line Lounge & Grill, Eccentric Fitness and the Kadampa Meditation Center. Kyle Stengle of Marcus & Millichap represented the seller and procured the buyer, Stocking Urban LLC.
AURORA, ILL. — Standard Real Estate Investments LP and The Vistria Group LP have acquired Fox Valley Villages, a 420-unit apartment community in Aurora, for $93.2 million. The buyers plan to preserve long-term affordability for more than half of the apartments in the community. With this acquisition, Standard and Vistria jointly own 836 units in the Aurora/Naperville submarket. Situated on 21 acres, Fox Valley Villages includes 18 three-story buildings as well as a freestanding clubhouse, fitness center and maintenance garage. Additional amenities include two pools, a soccer field, dog park and barbecue areas. The property features 208 one-bedroom units and 212 two-bedroom residences and is 97 percent occupied. Standard and Vistria plan to invest more than $8 million in building improvements and renovations.
SPRINGFIELD, ILL. — Cushman & Wakefield has brokered the sale of White Oaks Plaza, a 320,933-square-foot regional shopping center in Springfield. The sales price was not disclosed, but Cushman & Wakefield states that the transaction represents one of the largest open-air shopping center deals in the region’s history. The property is home to more than 50 retailers and is anchored by Kohl’s + Sephora as well as TJ Maxx, HomeGoods and Sierra. Additional tenants include Harvest Market, Chili’s, Olive Garden, Petco and a freestanding Skechers outlet. The center is situated immediately west of Veteran’s Parkway, the area’s main north-south thoroughfare, and across from White Oaks Mall. Evan Halkias, Mark Gilbert, Zander Fried and David Matheis of Cushman & Wakefield represented the seller, Washington Prime Group. The R.H. Johnson Co. was the buyer.
