DECATUR AND GALESBURG, ILL. — Affiliates of Phoenix Investors have purchased three industrial properties totaling approximately 1.8 million square feet in Decatur and Galesburg for an undisclosed price. Located in central Illinois, the Decatur property was formerly a BorgWarner facility that spans 475,000 square feet on 56 acres. The building features 20 loading docks, 16 overhead doors and clear heights ranging from 16 to 30 feet. The two Galesburg assets were originally constructed by Maytag between 1974 and 1996 and then acquired by Whirlpool Corp.
LINCOLNWOOD, ILL. — CubeWork has signed a 202,259-square-foot industrial lease at 7080 N. McCormick Blvd. in Lincolnwood, a northern suburb of Chicago. CubeWork is an office and warehousing coworking company. The 234,000-square-foot property sits on an 8.6-acre site. The remainder of the building is leased to Service King, a national vehicle collision repair company. Steve Stone of Cushman & Wakefield represented the landlord, New Lincoln LLC. Bill Mass of Mass Realty represented CubeWork.
CHICAGO — Evergreen Real Estate Group has completed a $4 million renovation of Bethel Terrace Apartments, a 123-unit affordable seniors housing community in Chicago’s Englewood neighborhood. Evergreen Construction Co., the firm’s full-service construction arm, managed the six-month project. Evergreen also helped secure the renewal of the HUD Section 8 HAP (Housing Assistance Payment) contract, which provides tenant-based assistance, for an additional 20 years. Updates to the residential units at Bethel Terrace included new flooring and paint; new appliances, cabinetry and countertops in kitchens; new vanities and plumbing fixtures in baths; energy-efficient baseboard heaters with programmable thermostats; and LED lighting. Improvements to common areas included new paint, flooring, lighting, elevator upgrades, shared Wi-Fi and an enhanced security system. Outside, Evergreen Construction Co. completed a façade restoration and roof replacement, installed new lighting and landscaping, replaced fencing, repaired sidewalks, repaved the parking lot, and added a new garden patio with accessible seating. The Illinois Housing Development Authority (IHDA) provided financing for the rehabilitation. The community’s nonprofit owner is Englewood Cooperative Apartments. Bethel Terrace is connected by a ground-level corridor to the adjacent Sangamon Terrace Apartments, a four-story affordable seniors housing development that Evergreen is currently building.
CARY, ILL. — Illinois Lift Equipment Inc. has signed a 29,000-square-foot industrial lease at 675 Industrial Drive in Cary. The 53,944-square-foot facility was built in 1987. The equipment dealer, which provides forklifts and scissor lifts, currently occupies more than 75,000 square feet at 640 Industrial Drive and was seeking additional space for overflow storage. Dan Brown of Brown Commercial Group represented the landlord, DOD Technologies Inc. Brian Lindgren of Brown represented the tenant.
CHICAGO — Architecture firm Lamar Johnson Collaborative (LJC), a subsidiary of constructor Clayco, has combined with Clayco-owned architecture firm BatesForum, creating one firm of more than 240 professionals in five offices. The expanded firm has expertise in commercial, residential, multi-use, interiors, healthcare, retail, planning, landscape, education and industrial architecture. Among the firm’s unique capabilities are its technical assurance group, which consults with project teams to apply lesson from the built environment to projects still on the drawing board, and the virtual design and construction team, which provides building information modeling support. The combined firm now exceeds 200 active architecture and design projects in 24 states, while together with parent company Clayco, the overall construction value of projects exceeds $4 billion. Chicago-based Clayco acquired LJC last fall.
ORLAND PARK, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Orland Park for $6.6 million. The 14,820-square-foot building is located at 11981 W. 143rd St. Walgreens has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private partnership. An individual investor purchased the asset.
PERU, ILL. — Marcus & Millichap has negotiated the $2.5 million sale of a 61-room Super 8 hotel in Peru, which is located in central Illinois. The property is situated at 1851 May Road. Ebrahim Valliani, Michael Klar and Chris Gomes of Marcus & Millichap brokered the transaction on behalf of the undisclosed buyer and seller. The hotel caters to leisure and business clientele.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Chicago for $2.9 million. The 19,289-square-foot property is located at 5101-5149 S. Cicero Ave. The asset is fully leased. Some of the tenants include Dollar Tree, Boost Mobile and Cricket Wireless. Chad Firsel of Quantum brokered the transaction. A Charlotte, N.C.-based private investor purchased the property from a Chicago-based acquisition and development company.
NILES, ILL. — SEDCO Capital, an asset management company headquartered in Saudi Arabia, has purchased a distribution facility occupied by FedEx Ground in the Niles submarket of Chicago. The purchase price was not disclosed. SEDCO used a separate account managed by ElmTree Funds LLC to acquire the property. The 306,448-square-foot facility is located at 5959 W. Howard St. Originally constructed in 2015 as a build-to-suit for FedEx Ground, the net-leased property features 101 dock doors. FedEx has approximately 11 years remaining on its lease.
HIGHLAND PARK, ILL. — Berger Asset Management has sold a 52,000-square-foot retail building known as the Tesla Building in Highland Park. The sales price was not disclosed. The two-story property is located at 1200 Old Skokie Valley Road. The anchor tenant, Tesla, occupies 32,000 square feet. Bystol Performance Center, a sports performance and personal training firm, occupies the remaining 20,000 square feet. In order to develop the property, Berger Asset Management first had to complete three different acquisitions from unrelated parties to form an assemblage that would ultimately create the existing asset and 140-space parking lot. The site originally consisted of a series of buildings with 10 parking spaces. Tesla signed on as a tenant at the building in 2014. At the location Tesla provides sales, service and charging stations for its north suburban Chicago and southeast Wisconsin clientele. Bystol Performance Center also signed its lease in 2014. Joshua Silverglade of The Equitable Group of Companies represented Berger in the transaction. The buyer, a Hawaii-based private investor, purchased the asset while completing a 1031 tax-deferred exchange.