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Illinois

AcquisitionsIllinoisMidwestMultifamily

Greenstone Partners Brokers $3.1M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the sale of a 16-unit value-add apartment building located at 633 S. Laflin St. in Chicago’s Little Italy/University Village neighborhood. The asset sold for $195,000 per unit. The three-story building totals approximately 10,800 square feet and features a mix of one- and two-bedroom units. It is situated near the University of Illinois Chicago campus and the Illinois Medical District. Tom Galvin and Brewster Hague of Greenstone represented the seller, a private local owner, and procured the buyer, a private partnership based in Illinois.

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AcquisitionsIllinoisIndustrialMidwest

Dalfen Industrial Acquires Multi-Tenant Property in Chicago’s O’Hare Submarket

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Dalfen Industrial has acquired a multi-tenant industrial property on Howard Street in Elk Grove Village. Built in 1990, the facility offers immediate access to I-90, I-290, I-294 and the Chicago O’Hare International Airport. The asset is currently 75 percent leased and includes a move-in ready vacancy. Each suite features both dock-high and drive-in loading, providing flexible functionality for distribution and light industrial users. With this transaction, Dalfen now owns and operates 17 buildings across the Midwest. The company aims to double its footprint in the region over the next 12 months.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

SVN Chicago Commercial Arranges Sale of 105-Unit Seniors Housing Community in Bolingbrook, Illinois

by Kristin Harlow

BOLINGBROOK, ILL. — SVN Chicago Commercial has arranged the sale of McKenzie Falls, a 105-unit seniors housing community located at 265 Lakeshore Drive in Bolingbrook. Reid Bennett and Dan Short of SVN Chicago served as the sole advisors on the transaction. The asset sold for $6.7 million. Buyer and seller information was not provided.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $2.9M Sale of Retail Strip Center in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the $2.9 million sale of a 22,910-square-foot retail strip center located at 1776 Algonquin Road in Mount Prospect. Mitchell Kiven, Coult Greenwell, Eric Abbott and Zachary Taylor of Marcus & Millichap represented the seller, a large property owner with a national retail portfolio, and procured the buyer, a local investor who operates a chain of grocery stores. Built in 1964, the property sits on 1.8 acres and features 13 suites. The buyer plans to improve the physical condition of the asset and work to lease second-floor space.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $14M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $14 million sale of a 50-unit apartment building in Chicago’s Lakeview neighborhood. Joe Smazal of Interra represented the buyer, JAB Real Estate, and the confidential seller. The transaction marks the first time the asset has traded hands in 20 years. Built in 1927, the courtyard building features 13 studio, 24 one-bedroom, one three-bedroom and six four-bedroom floor plans. Recent renovations to some units include hardwood flooring, updated bathrooms and new kitchens. Residents have access to an onsite fitness center.

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DevelopmentIllinoisIndustrialMidwest

Brennan Investment Group to Build 140,340 SF Food Processing Facility for Tovala in Winfield, Illinois

by Kristin Harlow

WINFIELD, ILL. — Brennan Investment Group has signed a long-term lease with Tovala for a new 140,340-square-foot food processing facility in Winfield. Construction on the build-to-suit project is scheduled to commence in March. Completion is slated for the second quarter of 2027. The project represents Brennan’s fourth build-to-suit development in the food service sector. Founded in 2015, Tovala is a meal delivery service. Tod Greenwood, Jack Brennan and Larry DiVito represented Brennan on an internal basis. Jonathan Kohn of Colliers represented Tovala.   

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AcquisitionsIllinoisMidwestMultifamily

Greystone Provides Financing for $110M Multifamily Acquisition in Suburban Chicago

by Kristin Harlow

CREST HILL, ILL. — Greystone has provided an $89.2 million first loan and a $5.6 million second loan to finance the acquisition of Woodlands of Crest Hill, a 730-unit multifamily property in Crest Hill. Eric Rosenstock of Greystone originated the loan on behalf of the buyer, Bayshore Properties. The financing includes an $89.2 million nonrecourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization as well as five years of interest-only payments. The second is a nonrecourse, fixed-rate DUS Lender Affiliate mezzanine loan with a 10-year term and full-term interest-only payments. Built in 1969, the property features studio, one- and two-bedroom units along with a clubhouse, fitness center, business center, pool and outdoor volleyball courts. The sales price is about 16 percent more than what Osso Capital paid for the complex in 2023, according to Crain’s Chicago Business.

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AcquisitionsIllinoisIndustrialMidwest

Matterhorn Venture Partners, TPG Acquire Two Chicagoland Industrial Buildings

by Kristin Harlow

CHICAGO — Matterhorn Venture Partners (MVP) has formed a joint venture with TPG Angelo Gordon U.S. Real Estate to acquire a portfolio of industrial value-add assets in metro Chicago and surrounding Midwest markets over the next four years. The joint venture has an initial equity commitment of $300 million to deploy across industrial acquisitions in Chicago and surrounding target markets, with total buying power of over $900 million. As part of the new venture, the firms recently acquired two vacant industrial assets totaling $30 million in capitalized value. The first building totals 184,902 square feet in Elk Grove Village, while the second spans 47,175 square feet in Lombard. Brian Colson of Avison Young is handling leasing for the Elk Grove Village property, while Joe Karmin of Transwestern is the leasing agent for the Lombard facility.

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IllinoisLeasing ActivityMidwestOffice

Carr Workplaces Opens New Coworking Space in Downtown Chicago

by Kristin Harlow

CHICAGO — Carr Workplaces, a provider of flexible office solutions, has opened Carr Workplaces – The Loop at 20 North Clark Street in downtown Chicago. Located within walking distance of City Hall, government administration buildings, courthouses and public transportation, the workspace offers private offices, dedicated workstations, four meeting rooms, phone rooms and rentable lockers. Members also enjoy access to in-building amenities such as a fitness center, conference center, lounge and 24/7 building security.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Arranges Sale of 226-Unit Carriage Creek Apartments in Metro Chicago

by Kristin Harlow

RICHTON PARK, ILL. — Marcus & Millichap has arranged the sale of Carriage Creek Apartments, a 226-unit multifamily property in the southern Chicago suburb of Richton Park. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and seller, both of which were private investors. Located at 22501 Butterfield Road, the property comprises 190,328 rentable square feet across nearly 26 acres. Built in two phases in 1972 and 1974, the community features a mix of studio, one- and two-bedroom units. The asset is within walking distance of the Richton Park Metra Station.

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