WHEATON, ILL. — Baum Realty Group LLC has arranged the sale of a net-lease retail property spanning 12,996 square feet in Wheaton for $4.6 million. Tenants include Starbucks, Qdoba, AT&T, Supercuts and UPS. The building is situated near a 116,000-square-foot Jewel-Osco. Patrick Forkin of Baum represented both the undisclosed seller and the buyer, a regional real estate investor.
CHICAGO — Friedman Properties and the City of Chicago have finalized the development agreement of their public-private partnership for Rivere, a 30-story high-rise office building coming to downtown Chicago’s River North district. The 674,000-square-foot tower will be situated at 450 N. Dearborn St., a block south of the intersection of Illinois and Dearborn streets. Rivere will feature a little more than 50,000 square feet of retail space, as well as high-end amenities including concierge services, meditation space, on-demand meeting space, an upscale fitness and wellness center, secure bike room with shower facilities, onsite valet, below-grade garage parking and a food and beverage program operated by Lettuce Entertain You Enterprises. The property will also house a new engine house for Engine Co. 42, the District 1 headquarters for the Chicago Fire Department. Designed by Goettsch Partners, Rivere will feature a glass façade with activated rooftops and sustainable features, including efficient mechanical systems that will help reduce water and energy use. Other design team members include construction management firm Lendlease and engineer DLR Group. Office managers and staff at Rivere will be able use an app to facilitate parking, concierge services, fitness class appointments, guest passes, thermostat control, restaurant reservations and conference …
CHICAGO — JLL Capital Markets has arranged a $57.6 million refinancing for the Home2Suites by Hilton Chicago River North, a newly constructed, 206-suite extended-stay hotel in Chicago’s downtown River North neighborhood. Opened in early 2019, the 17-story hotel features a fitness center, business center, outdoor terrace, complimentary breakfast, meeting space and a ground-floor restaurant. Keith Largay, Jeff Bucaro, Nicole Aguiar and Brian Walsh of JLL arranged the floating-rate loan on behalf of the borrower, Akara Partners. A global investment management firm provided the loan, proceeds of which will be used to refinance the construction loan.
CAROL STREAM, ILL. — ShipFusion Inc. has signed a 381,600-square-foot industrial lease at 365 E. North Ave. in Carol Stream, a suburb of Chicago. The warehouse will serve as the e-commerce fulfillment company’s new U.S. flagship operation. The Chicago-based company provides proprietary inventory management software and a wide range of fulfillment services. 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 as well as a clear height of 36 feet. Doug Pilcher and Jason West of Cushman & Wakefield represented ShipFusion in the lease transaction. David Prell and Kevin Segerson of CBRE represented the landlord, Link Industrial Properties.
CHICAGO — The Habitat Co. has been awarded the property management of Park Tower, a 724-unit condominium building in Chicago’s Edgewater neighborhood. Located at 5415 N. Sheridan Road and constructed in 1973, the building rises 55 stories. Amenities include a rooftop garden, grocery store, clubhouse, fitness center, pool and parking garage. Park Tower is one of the largest residential buildings in Chicago by unit count, according to Habitat, which maintains more than 22,000 units under management across six states.
NAPERVILLE, ILL. — Cawley Chicago has arranged the sale of a 34,984-square-foot warehouse in Naperville that formerly housed Naperville Gymnastics. The sales price was undisclosed. Located at 800 Enterprise Court, the property sits on 7.5 acres and features a clear height of 18 feet, two interior docks and 12,500 square feet of office space. Jack Brennan and Daniel Cawley of Cawley represented the private seller. Jeff Provenza of Darwin Realty represented the buyer, which plans to renovate the facility and improve the land to use for its construction equipment rental business.
CHICAGO — Jameson Commercial has brokered the sale of a retail portfolio in Chicago’s South Loop for $21.9 million. The portfolio includes a single-tenant Chick-fil-A, a 7-Eleven gas station and an 8,000-square-foot retail building anchored by Aspen Dental. Mark Kishtow of Jameson represented the seller, GW Properties, as well as the buyer, Park 1 Chicago.
BATAVIA, ILL. — Winslyn Industries has signed a 50,651-square-foot industrial lease at 1850 Fabyan Parkway in Batavia, a western suburb of Chicago. The wholesaler of kitchen and bathroom products is expanding from a 32,000-square-foot facility in Bartlett. Winslyn’s new space is part of a 150,838-square-foot distribution center newly developed by Cratos Industrial Properties. Winslyn is scheduled to take occupancy this quarter. Jim Pietrarosso of Brown Commercial Group represented the tenant in the lease transaction. Kate Coxworth of Morken & Associates represented the developer.
CHICAGO — Law firm Querrey & Harrow has leased 13,618 square feet of office space at 120 N. LaSalle St. in Chicago. The firm will occupy the entire 26th floor and will relocate from 175 W. Jackson when its lease commences in mid-2020. Originally built in 1991, the 390,000-square-foot Class A office tower features a six-story parking garage, two restaurants, a new fitness center, tenant lounge and rooftop deck. Ascentris, in partnership with Lincoln Property Co., owns the 40-story building. Jason Kleiman and Sean Murphy of Cresa represented Querrey & Harrow in the lease.
AURORA, ILL. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured the financing with a nine-month term, full-term interest-only payments and flexible prepayment options. The borrower plans to replace the loan with HUD financing before the end of the year. Supportive living is an Illinois program to offer assisted living services while still allowing for government reimbursement.
