HIGHLAND PARK, ILL. — The Northern Suburban Special Recreation Association (NSSRA) has purchased a 30,000-square-foot property at 1221 Lake Cook Road in Highland Park for an undisclosed price. NSSRA provides recreation programs and services to people with disabilities in 13 North Shore communities. The new property will enable the organization to expand and offer additional programing and services onsite. Larry Serota, Cece Conway and John Marquardt of Transwestern represented NSSRA. The facility previously belonged to the Lakeside Congregation for Reform Judaism.
CRYSTAL LAKE, ILL. — Premier Commercial Realty has brokered the sale of a 56,310-square-foot building formerly occupied by Sports Authority in Crystal Lake for $1.8 million. The property sits on 5.2 acres at 800 Cog Circle, about 45 miles northwest of Chicago. Heather Schweitzer and Heide Casciaro of Premier represented the seller. Steve Pilafas of Great Street Realty represented the buyer, a Chicago-based investor and developer. The new owner has secured an undisclosed tenant for the property.
ELK GROVE VILLAGE, ILL. — JLL has brokered the sale of Mallard Crossing, an 80,708-square-foot retail center in Elk Grove Village. The sales price was not disclosed. Anchor tenants Aldi, Ross Dress for Less and Dollar Tree have all signed long-term leases within the past year. Located on Meacham Road, the property was recently renovated with a new roof, parking lot and façade. Janice Sellis of JLL represented the seller, IRC Retail Centers LLC. JLL also procured the buyer, a vehicle sponsored by AmCap Management LLC.
Venture One, USAA Real Estate Break Ground on Speculative Infill Logistics Facility in Metro Chicago
GLENDALE HEIGHTS, ILL. — Venture One Real Estate, in joint venture with USAA Real Estate, has broken ground on One North Ave, a 151,200-square-foot speculative infill logistics facility in Glendale Heights. Completion is slated for the second quarter of 2020. Located in the North DuPage submarket, the property will be divisible down to 30,000 square feet offering modern warehousing space for tenants with smaller footprints. The facility will feature a clear height of 32 feet and 130-foot truck courts. Brian Kling and Reed Adler of Colliers International will market the property for lease.
CARBONDALE, ILL. — NorthMarq Capital has arranged a $20 million Freddie Mac loan for the refinancing of Aspen Court Apartments in Carbondale, home of Southern Illinois University. The property is located at 1101 E. Grand Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
WAUKEGAN, ILL. — Bridge Development Partners LLC has begun development of the third and final phase of its Bridge Point North campus in Waukegan. Phase III will consist of four new buildings totaling 918,972 square feet. The buildings will range in size from 100,314 to 500,800 square feet. Clear heights will range from 32 to 36 feet. Phase III buildings are slated for completion in summer and fall 2020. Whit Heitman, Sam Badger and Jared Paff of CBRE are the leasing agents for the project. Premier Design + Build Group is the general contractor. The project team also includes architect Cornerstone Architects Ltd., structural engineer LJB Inc. and civil engineer Manhard Consulting Ltd. CIBC Bank and Simmons Bank provided project financing. Bridge Point North is a 225-acre campus that Bridge has been developing since 2015. Tenants include Amazon, Medline, Thermoflex and Bolke-Miller Corp.
CHICAGO — Interra Realty has brokered the sale of 1540 Fullerton in Chicago’s Lincoln Park neighborhood for $10.6 million. The four-story, 25-unit apartment property is located at 1540 W. Fullerton Ave. Completed in 2015, the fully leased asset includes 12 two-bedroom units, 12 three-bedroom units and one commercial space. Joe Smazal of Interra represented the private seller while Jeremy Morton and Ted Stratman of Interra represented the undisclosed buyer. At $425,400 per unit, the sale was the largest multifamily sale in Lincoln Park so far this year, according to CoStar data.
CHICAGO — Lathrop Community Partners, a development partnership between Related Midwest, Heartland Housing and Bickerdike Redevelopment Corp., has revitalized the Julia C. Lathrop Homes public housing project in Chicago. Originally built in 1938 as part of the nation’s New Deal public housing effort, the project now consists of a mixed-income residential property. The rehabilitated North Campus includes the original administration building and updated apartment buildings along the re-activated riverfront. The 35-acre project features 16 buildings. Design firm HED served as the executive architect for Phase I of the redevelopment, which is now open. The firm helped with modernizing historic structures, addressing accessibility challenges and coordinating new technology and HVAC systems. When all phases are complete, Lathrop will comprise a total of 1,116 residences, with 494 units leased at market rates, 222 offered to working families that meet affordable housing guidelines and 400 reserved for Chicago Housing Authority households. The flagship amenity at Lathrop is the five-acre riverfront park, reimagined by landscape architectural firm Michael Van Valkenburgh Associates. The project team also included Farr & Associates, JGMA, McGuire Igleski & Associates and Terra.
ELGIN, ILL. — Darwin Realty has arranged the sale of a 90,000-square-foot industrial building located at 501 Davis Road in Elgin. Consideration for the sale was in excess of $5 million. The property features seven loading docks, three drive-in doors, 5,000 square feet of office space and a clear height of 24 feet. Noel Liston of Darwin brokered the transaction. Chicago Logistic Service owned and occupied the building. Navis Industries, which provides plastic packaging films, purchased the building and plans to relocate from a 25,000-square-foot facility in Elgin.
ELK GROVE VILLAGE, ILL. — Pacific Surfaces LLC has signed a 40,000-square-foot industrial lease in Elk Grove Village. The India-based granite distributor has maintained a sales office in Chicago for several years, but this is the company’s first warehouse in the United States. Located at 1300 Mark St., the single-story facility features six docks, several bridge cranes and a clear height of 22 feet. It is situated in Elk Grove Industrial Park. The new property will enable Pacific Surfaces to sell smaller quantities to a broader market. John D’Orazio of Colliers International represented Pacific Surfaces in the lease transaction.