TORONTO — WPT Industrial Real Estate Investment Trust, a publicly traded company based in Toronto, has increased its U.S. holdings by agreeing to acquire a 13-property logistics portfolio for approximately US$226 million. The industrial buildings total 2.2 million square feet and are situated in infill submarkets across the United States. The property names and addresses were not disclosed, but WPT says the portfolio will increase its scale in Chicago, Milwaukee and Minneapolis. The portfolio also includes assets in three new markets for the REIT, including Los Angeles and Miami. Additionally, WPT has confirmed that eight of the assets are leased to a single tenant and the other five are leased to multiple tenants. “We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth,” says Scott Frederiksen, CEO of WPT. WPT plans to fund the acquisition with cash on hand and proceeds from its senior unsecured credit facility. In anticipation of the purchase, WPT has received lender commitments to amend and extend the credit facility from US$300 million to $450 million. The REIT expects …
Illinois
CHICAGO — HFF has arranged the sale of Lakeshore Medical Center in Chicago. Completed in 2008, the 135,093-square-foot, five-story medical office building is attached to the 236-bed Weiss Memorial Hospital. Tenants at the property include Walgreens, Fresenius Medical Care and University Dermatology and Vein Clinic. Ben Appel, Evan Kovac, Andrew Milne, Matt DiCesare, Jeffrey Bramson and Bryan Rosenberg of HFF represented the seller, a partnership between CarVal Investors and Zeller Realty Group. The team also procured the buyer, an institutional investor. MBRE Healthcare will manage the asset.
ARLINGTON HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the sale of The Esplanade at Arlington Heights for $4.4 million. The 18,419-square-foot retail property is located at 2920-2964 W. Euclid Ave. in Arlington Heights. Subway and Starbucks are the anchor tenants. Tim Franz and John Livaditis of SVN represented the seller, a private real estate investment group. The buyer was not disclosed.
CHAMPAIGN URBANA AND NORMAL, ILL. — Ready Capital has provided an $11.9 million loan for the acquisition and renovation of a 79-unit, 276-bed student housing portfolio at the University of Illinois at Urbana-Champaign and Illinois State University. The borrower plans to extensively renovate the unit interiors. The nonrecourse, fixed-rate loan features a three-year term.
CHICAGO — Intelligent Medical Objects (IMO), a medical technology company, has signed a 13,424-square-foot office lease at the Inland Steel Building in Chicago. IMO will move from its current WeWork space at 100 S. State St. to the new location this summer. Approximately 75 employees will work in the space, which encompasses the entire 18th floor. Jon Azulay, Robert Sevim and Adam Southard of Savills represented IMO in the lease transaction. Mark Buth and Kelsey Morgan of MBRE represented the owner, Capital Properties. IMO is headquartered in Rosemont, Illinois.
CHICAGO — Clayco is nearing completion of a new 149-unit apartment project known as Upshore Chapter in Chicago. Pre-leasing will begin in May and the first residents are expected to move into the property in July. Amenities include a rooftop terrace, 24-hour fitness center, coffee bar, dog run, bike storage and a Luxer One package system. Monthly rental rates start at $1,460. Approximately 5,300 square feet of ground-floor retail space is available for lease.
CHICAGO — Cawley Chicago has brokered the sale of a 70,000-square-foot industrial building in Chicago for an undisclosed price. The property is located at 3950 S. Karlov Ave. Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, PanHellenic Scholarship Foundation. The buyer was not disclosed.
CHICAGO — JLL has acquired Corporate Concierge Services, a national provider of onsite tenant amenity and concierge solutions for retail, office, residential and hospitality properties. JLL says the acquisition is in line with its mission to bring the level of service that guests experience in the hospitality sector to the office, retail and residential sectors. Corporate Concierge Services adds more than 200 employees to JLL. The majority will continue to work in the buildings where they provide services for their tenants. Founded in 2001 by Tom Larance, Corporate Concierge Services has employees in 15 markets across the country. Services include conveniences in office buildings such as TSA Pre-Check, dry cleaning and pickup delivery, flu shots and yoga classes as well as concierge services in retail and multifamily buildings.
CHICAGO — InnerWorkings Inc. has signed a 41,443-square-foot lease for its global headquarters to be located at 203 N. LaSalle St. in downtown Chicago. InnerWorkings is a marketing execution firm serving Fortune 1000 brands across a range of industries. The company is relocating from 600 W. Chicago Ave. in the River North submarket. Jeff Dowdell, Eric Myers and William Briggs of Transwestern Commercial Services provided office leasing services on behalf of the landlord, a publicly traded international holding company. Brandon Glick, Chris Bargowski and Sam Picchiotti of Mohr Partners Inc. represented the tenant. The 625,000-square-foot office property is now 71 percent leased.
CHICAGO — North Wells Capital LLC has acquired 6943 S. Cornell, a 43-unit multifamily property in Chicago’s South Shore neighborhood. The purchase price was not disclosed. Originally constructed in 1912, the property is situated in one of Chicago’s designated opportunity zones, which were created by the Tax Cuts and Jobs Act of 2017. North Wells plans to make substantial upgrades to the units and common areas. Byline Bank provided acquisition and renovation financing.