GENEVA, ILL. — Marcus & Millichap has negotiated the sale of the Comfort Inn & Suites in Geneva for $6.3 million. The 90-room hotel, built in 2000, is located at 1555 E. Fabyan Parkway in Kane County. Ebrahim Valliani, Michael Klar, Scott Harris, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller. Valliani, Klar, Miller and Gomes represented the buyer.
CHICAGO — Rumble, a boxing-inspired workout concept, has selected its first Chicago location at 1139 N. State St. in the Gold Coast neighborhood. Nicole Cardot and Adam Secher of Baum Realty Group assisted Rumble in selecting the location. Expected to open in late summer, the 8,000-square-foot facility will be Rumble’s sixth location nationwide. Rumble classes are 45 minutes and feature full-body strength training and conditioning workouts. The company is known for its aqua training bags, which are tear drop-shaped, water-filled punching bags. Baum represented Rumble in negotiations with the landlord, Newcastle Limited. Danny Jacobson, Luke Molloy and Stephen Ansani of CBRE represented Newcastle.
LOCKPORT, ILL. — Pepperidge Farm Inc. has leased 87,602 square feet of industrial space at Heritage Crossing in Lockport. The property is located at 15901 W. 147th St. Heritage Crossing, a 228-acre business park, is now 94 percent leased. Jason West and Brian Borget of Cushman & Wakefield represented Pepperidge Farm, a cookie, cracker and bread company, in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners.
CREST HILL, ILL. — Hanley Investment Group Real Estate Advisors and Greenstone Partners have arranged the sale of South Weber Plaza, a 28,600-square-foot retail property in Will County’s Crest Hill. The sales price was not disclosed. The center is fully leased by The Southern Café, Fire Water BBQ, 12 Handles Ale House, Sammy’s Gaming Parlor, Motivation Fitness, Serenity Wellness Center, Grandeur Salon & Spa, The Awesome A’s Activities Club, Natasha’s Clothing Boutique and Cambium Realty. In 2018, the property underwent a major renovation, which included a new façade, storefronts, signage, parking lot, HVAC and landscaping. The sale also included a 2.1-acre pad site in front of the center and a 7,400-square-foot pad site in the parking lot. Jeff Lefko and Bill Asher of Hanley and Johnny Lefko of Greenstone represented the seller, a private partnership. The team also represented the buyer, a Southern California-based 1031 exchange buyer.
PEORIA, ILL. — Portland, Ore.-based breakfast chain Original Pancake House will open a 3,800-square-foot restaurant within Grand Prairie Developments, a 200-acre mixed-use development by Cullinan Properties Ltd., in Peoria. The landlord will break ground on a new space for the restaurant this spring, with the opening slated for October. Major anchors at Grand Prairie Developments include AMC Theatre, Hy-Vee and Dick’s Sporting Goods in addition to numerous restaurants, retail stores and five hotels. Adjacent to the development is the $18 million Louisville Slugger Sports Complex estimated to draw 450,000 visitors each year.
CHICAGO — Interra Realty has arranged the sale of 1827 W. Hubbard, a 33,000-square-foot flex office building in Chicago’s West Town neighborhood. Chicago-based Dayton Street Partners LLC paid $3.9 million to acquire the structure located within the Kinzie Industrial Corridor. Interra’s Colin O’Malley and Jon Morgan represented the private seller. Built in 1960, the 33,000-square-foot building is currently leased to a single tenant, Tablescapes Chicago Party Rentals. The property features 6,320 square feet of fully conditioned showroom space, two loading docks and a paved parking lot with space for 34 vehicles. The city’s proposed rezoning of the Kinzie Industrial Corridor is attracting strong interest from investors and developers as they look to move west of Fulton Market, according to Interra Realty. The property is located less than a mile from Metra’s Western Avenue station and the Chicago Transit Authority’s Green/Pink Line station at Ashland/Lake. The planned Green Line stop at Damen/Lake, scheduled for completion in 2020, is expected to further enhance accessibility in the immediate area, which is approximately one mile from both the Kennedy and Eisenhower expressways.
DOWNERS GROVE, ILL. — The Boulder Group, an investment brokerage firm specializing in net-leased properties, has brokered the $3.2 million sale of a 6,267-square-foot retail asset in Downers Grove, about 25 miles west of Chicago. Located at 336-338 W. Ogden Ave., the property was fully leased at the time of sale to three tenants: Five Guys, ATI Physical Therapy and Sports Clips. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a local investor, in the transaction. The buyer was a private investor based in California. There are approximately 253,000 people earning an average household income of $121,377 living within a five-mile radius of the property.
Long before the emergence of Fulton Market, local real estate professionals referred to the West Loop as the office submarket between Wells Street and immediately west of the Chicago River. But today some also refer to the Fulton Market area, an area one mile west and across a natural boundary of the Kennedy Expressway, as the West Loop. So which is it? The West Loop is the leading — and by far the largest — office submarket in Chicago with over 50 million square feet of office space inventory. Its proximity to public transportation and wide setbacks along Wacker Drive and the Chicago River offer better view corridors and more access to natural light — key competitive advantages in an area that permits more buildable density than the periphery of the central business district (CBD). On the other hand, Fulton Market has its own distinct “edgy” identity that some area office tenants consider the antithesis of the Loop (recall that the original reference to the Loop meant the area surrounded by the Elevated CTA tracks, the “El,” that loops around the CBD). The West Loop proper has witnessed significant change in the last 10 to 15 years. The …
AURORA, ILL. — The Pizzuti Companies, and its partner Molto Properties, has unveiled plans to develop a 274,000-square-foot speculative industrial building in Aurora. The property will be situated on 16 acres on Mitchell Road. The project will feature a clear height of 32 feet, 52 loading docks, 49 trailer spaces, 238 car parking spaces and LED lighting. Construction is scheduled to begin this spring, with completion slated for the third quarter. David Prell and Jeff Kapcheck of CBRE will handle leasing for the property.
CHICAGO — Draper and Kramer Inc. has broken ground on 2111 S. Wabash Ave., a 24-story, 275-unit apartment tower in the McCormick Square area of Chicago’s South Loop. Designed by Solomon Cordwell Buenz, the property will feature an asymmetric base topped with a glass tower. Apartment units will range from 529 to 1,411 square feet and will include a mix of one-, two- and three-bedroom floor plans. A 25,000-square-foot amenity area on the fourth floor will feature a club lounge with a bar, coworking space, music rooms, fitness studios and an outdoor terrace. Monthly rents are expected to start at $1,800. Power Construction Co. LLC and Ujamaa Construction are serving as the general contractors. Completion is slated for summer 2020.