WHEATON, ILL. — Marcus & Millichap has brokered the sale of an 8,808-square-foot retail building in Wheaton for $5 million. Located at 2040 S. Naperville Road, the newly constructed property is fully leased to four tenants. Dunkin’ anchors the building and maintains a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a developer. The team also procured the buyer, a limited liability company.
PALOS HILLS, ILL. — Dougherty Mortgage LLC has provided a $2.6 million Fannie Mae supplemental loan for the refinancing of Green Oaks Apartments in Palos Hills, about 20 miles southwest of Chicago. The 384-unit apartment complex, built in 1965 and rehabbed in 1998, is comprised of 14 buildings. The loan features a five-year and one-month term and is amortized over 30 years. The borrower was Green Oaks at Palos Hills LP.
CHICAGO — iManage, a global provider of work management production solutions, has signed an 85,000-square-foot office lease at 71 South Wacker, a 48-story office tower in downtown Chicago. Irvine Co. owns the property. iManage will relocate from 540 W. Madison St. and will begin occupying its new space in early 2021. Frank Franzese, Steven Bauer and Aaron Schuster of Cushman & Wakefield represented iManage, while Brad Despot, Mark Georgas and Annie Nicolau of JLL represented Irvine.
WHEELING, ILL. — CMX CinéBistro is set to open at Wheeling Town Center on Friday, Feb. 14 in suburban Chicago. The movie theater anchors the retail portion of the mixed-use project. Spanning 40,000 square feet CMX CinéBistro Wheeling will offer a bar and lounge area, seven screens, reclining seats and tables for food and beverage service. After 8 p.m., movie goers must be 21 years of age or older. Previous tenants who have opened at Wheeling Town Center include Starbucks, Inland Bank, AT&T and City Works. The apartments at the project opened in spring 2019 and are more than 70 percent leased.
CAROL STREAM, ILL. — ShipFusion Inc., an e-commerce fulfillment company, has leased a 381,600-square-foot industrial facility at 365 E. North Ave. in suburban Chicago’s Carol Stream. The location will serve as ShipFusion’s new U.S. flagship operation. The Chicago-based company provides proprietary inventory management software and a wide range of fulfillment services, including freight, insurance, returns and custom workflows. Completed in 2017 on a speculative basis, the Class A facility features 40,000 square feet of temperature-controlled space, 8,500 square feet of office space and a clear height of 36 feet. Doug Pilcher and Jason West of Cushman & Wakefield represented ShipFusion in the lease. David Prell and Kevin Segerson of CBRE represented the landlord, Link Industrial Properties.
CHICAGO — Associated Bank has provided a $15.5 million loan for the acquisition of a 22,500-square-foot land parcel and subsequent construction of an apartment project. The borrower, Cedar Street Cos., plans to develop a five-story, 78-unit apartment building at the site, which is located at 5440 N. Sheridan Road in Chicago’s Edgewater neighborhood. Method Development, a wholly owned subsidiary of Cedar Street, will serve as general contractor. Once completed, the apartments will be managed by Flats, an affiliate of Cedar Sreet.Daniel Barrins of Associated Bank managed the loan and closing.
BURR RIDGE, ILL. — Cawley Chicago has brokered the sale of a 42,235-square-foot warehouse in Burr Ridge, a southwestern suburb of Chicago. The sales price was undisclosed. Located at 60 Shore Drive, the facility features approximately 5,000 square feet of office space and a ceiling height of 18 feet. Joshua Hearne of Cawley Chicago represented the seller, Barnett Capital. He also procured the undisclosed buyer.
BENSENVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 36,080-square-foot industrial building located at 236 William St. in Bensenville. The purchase price was undisclosed. At the time of sale, the multi-tenant building was fully leased, but a 14,068-square-foot portion will become available in September. Constructed in 1965, the property features five docks, four drive-in doors, parking for 40 cars and a clear height of 16 feet. Venture One plans to make improvements to the 14,068-square-foot space. Phil Reiff of JLL represented the seller and will be retained by Venture One as the leasing agent.
ALSIP, ILL. — American Street Capital (ASC) has arranged a $10.9 million bridge loan for the acquisition of a 144-unit apartment complex in Alsip, about 25 miles south of Chicago. Built in 1974, the 12-building complex is situated on 5.9 acres. The property features 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 95 percent occupied at the time of closing. Igor Zhizhin of ASC sourced the institutional bridge loan, which features a three-year term at 90 percent loan-to-cost. Deshe Real Estate was the borrower.
CHICAGO — Essex Realty Group Inc. has arranged the sale of 6700 S. Constance Avenue, a multifamily property in Chicago’s Jackson Park Highlands neighborhood, for $4.3 million. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, a New York-based real estate group. Brian Mond of Essex represented the seller, a local family who owned the asset for more than 40 years. The 78-unit property represents a value-add opportunity for the buyer, as it features vintage finishes and below-market rents, according to Essex.