Illinois

Kiser Group Brokers Two Condo Deconversion Sales in Oak Park, Illinois for $12.4M

by Kristin Harlow January 21, 2020

OAK PARK, ILL. — Kiser Group has brokered two condo deconversion sales in Oak Park for a total of $12.4 million. Regency Terrace Condominiums, a 56-unit property located at 922 North Blvd., sold for $8.8 million. Andy Friedman and Matt Halper of Kiser represented the seller, The Regency Terrace Condominium Association. Marco Cesario of Kiser represented the buyer, Goldman Investments. “Regency Terrace Condominiums is a prime example of how condo deconversions can be a win-win scenario for all parties involved,” says Friedman. “The property requires substantial and costly physical improvements. This deal saved residents from large special assessments.” Clarence Court, a 26-unit property located at 628 Harrison St., sold for $3.6 million. Friedman and Halper represented the buyer, Redpoint Capital Management, and seller, Clarence Court Condominium Association. “This property fits the most common mold for deconversions. Most of the owners purchased a starter condo in the mid-2000s,” says Friedman. “When the market crashed and was slow to recover, owners had two options instead of selling at depressed pricing. They either became accidental landlords and rented the unit out or were stuck living in the unit. These owners received 25 to 30 percent more in the deconversion than if they would have sold …

January 21, 2020

Illinois Midwest Net Lease

Farbman Group Launches Chicago-Based Net Lease Division

by Kristin Harlow January 21, 2020

NORTHBROOK, ILL. — NAI Farbman Group, a full-service real estate company based in Southfield, Michigan, has launched FarbNET, a new metro Chicago-based division focused on selling net lease assets. National commercial real estate expert Mark Lewensohn leads the division, which focuses on the office, industrial, healthcare and retail sectors. The FarbNET office is located at 40 Skokie Blvd. in Northbrook. The decision to open a net lease division was based on “significant growth occurring in the net lease investment space,” says CEO Andrew Farbman.

January 21, 2020

Acquisitions Illinois Industrial Midwest

Exeter Property Group Acquires 193,000 SF Industrial Building in Lombard, Illinois

by Kristin Harlow January 21, 2020

LOMBARD, ILL. — Exeter Property Group has acquired a 193,000-square-foot industrial building located at 100 Progress Road in Lombard for an undisclosed price. The property is situated at the intersection of I-355 and North Avenue in the Central DuPage County submarket. The building offers clear heights ranging from 24 to 29 feet and is fully leased to Orora Packaging. David Bercu of Colliers International brokered the sale. A private investor sold the asset.

January 21, 2020

Illinois Industrial Leasing Activity Midwest

Consumer Packaged Goods Company Leases 144,614 SF of Industrial Space in Addison, Illinois

by Kristin Harlow January 21, 2020

ADDISON, ILL. — CPG.IO has leased 144,614 square feet of industrial space at 1150 N. Swift Road in Addison. The company, which helps brands grow their e-commerce operations, previously subleased 100,000 square feet at the facility before entering into the direct lease agreement. Kelly Disser and Michael Freitag of NAI Hiffman represented CPG.IO in the seven-year lease, which commences in May. Cushman & Wakefield represented Lincoln Property Co., which manages the property on behalf of a domestic pension fund. Lincoln will upgrade the warehouse with new LED lighting and heating units and make improvements to the office space. Built in 1998 on 15 acres, the property features a clear height of 30 feet, more than 40 loading docks, four drive-in doors and 200 car parking spaces.

January 21, 2020

Development Illinois Midwest Office

Moceri + Roszak Completes Development of 20-Story Office Building in Chicago

by Kristin Harlow January 20, 2020

CHICAGO — Moceri + Roszak has completed the development of a 20-story, loft-style office building in Chicago’s Loop. Firmspace, an Austin-based shared office provider, has leased the top three floors of the 210,000-square-foot property. Known as 145 South Wells, the building includes a 12,000-square-foot amenity center with conference rooms, a fitness center, golf simulator, martini and espresso bar and outdoor space. The project also features a 24-stall executive parking garage and 3,840 square feet of ground-floor retail space. Mason Taylor and Chris Cassata of JLL are handling leasing at the property. Corey Siegrist of JLL represented Firmspace in its lease. The tenant plans to take occupancy in mid-October. Thomas Roszak Architecture is the project architect. Bentall Kennedy provided project financing.

January 20, 2020

Acquisitions Illinois Midwest Retail

Mid-America Brokers $1.1M Sale of Retail Building in Evergreen Park, Illinois

by Kristin Harlow January 17, 2020

EVERGREEN PARK, ILL. — Mid-America Real Estate Corp. has brokered the $1.1 million sale of an outlot at Evergreen Marketplace in Evergreen Park, about 15 miles south of Chicago. The 5,851-square-foot retail building is home to Cousins Subs, Hair Cuttery and The Crazy Crab. Ben Wineman and Emily Gadomski of Mid-America represented the seller, Sterling Bay. A private buyer purchased the asset.

January 17, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $18.4M Sale of Apartment Portfolio in Chicago’s South Shore

by Kristin Harlow January 16, 2020

CHICAGO — Kiser Group has brokered the sale of a three-property apartment portfolio in Chicago’s South Shore neighborhood for $18.4 million. The transaction was the largest by dollar amount in the submarket in the last 15 years, according to CoStar Group. The portfolio includes the 130-unit 7500 S. Shore built in 1950; the 53-unit S. Clyde built in 1928; and the 25-unit 7038 S. Chappel constructed in 1926. Monthly rental rates range from $525 to $1,515. Noah Birk and Aaron Sklar of Kiser represented the seller, DAX Real Estate. An undisclosed buyer purchased the portfolio.

January 16, 2020

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $54.2M Sale of Apartment Complex in Wheeling, Illinois

by Kristin Harlow January 15, 2020

WHEELING, ILL. — Foxboro Apartments in Wheeling has traded hands for $54.2 million. The 402-unit apartment property is located at 470 Foxboro Drive. Built in two phases in the late 1970s, Foxboro Apartments is a five-building complex offering one- and two-bedroom units. Amenities include a coffee bar, resident lounge, business center, pool, picnic area, sand volleyball court and three-acre lake. Sean Connelly of 33 Realty represented the buyer, Marquette Cos. Tara Mathew, a Chicago-based independent broker, assisted Connelly in the transaction. Partnership Concepts was the seller.

January 15, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $7M Bridge Loan for Multifamily Property in Chicago

by Kristin Harlow January 15, 2020

CHICAGO — American Street Capital (ASC) has arranged a $7 million bridge loan for the acquisition of a 45-unit multifamily property in Chicago’s Logan Square. Originally built in 1928, the asset was recently renovated. Floor plans range from one- to three-bedroom units. Amenities include a bike storage room, Wi-Fi and common laundry area. Igor Zhizhin of ASC arranged the 12-month loan with Freddie Mac. The loan was later converted to a 10-year, fixed-rate loan with a 30-year amortization schedule. The borrower was undisclosed.

January 15, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Fundamental Advisors Sells 53-Story Continuing Care Retirement Community in Chicago

by Kristin Harlow January 14, 2020

CHICAGO — Fundamental Advisors has sold The Clare, a 53-story, 338-unit continuing care retirement community in downtown Chicago, to LCS for an undisclosed price. Fundamental partnered with Senior Care Development and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center and augmented programs and services for residents. Additionally, Life Care Services, the management arm of LCS, was brought in to operate the community. During the years since the acquisition, occupancy increased from 34 percent to 98 percent. Located at 55 E. Pearson St. within the Gold Coast neighborhood, The Clare was developed in 2008 and features 248 independent living units, 26 assisted living units, 14 memory care units and 50 skilled nursing beds. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller in the transaction.

January 14, 2020

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