Illinois

Conor Commercial Completes Development of 316,550 SF Logistics Center in Chicago

by Kristin Harlow January 17, 2019

CHICAGO — Conor Commercial Real Estate has completed development of Last Mile Logistics Center I-55, a speculative industrial facility in Chicago. The 316,550-square-foot property is situated on an infill site at the intersection of 51st Street and St. Louis Avenue. The facility features 55 truck docks, 71 trailer stalls, 50-foot bays and a clear height of 36 feet. McShane Construction Co. and Ware Malcomb provided the design-build services. Walter Murphy and Sean Austin of Lee & Associates will market the property for lease.

January 17, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $12.2M Sale of Apartment Building in Chicago

by Kristin Harlow January 17, 2019

CHICAGO — Marcus & Millichap has arranged the sale of a four-story apartment building in Chicago’s Rogers Park neighborhood for $12.2 million. Located at 1345 W. Estes Ave., the property includes 81 units with a mix of floor plans. The building was originally constructed in 1930. James Ziegler of Marcus & Millichap marketed the property on behalf of the private seller. Ziegler, along with Keith Zelenika, secured and represented the buyer, an out-of-state investor.

January 17, 2019

Acquisitions Illinois Industrial Midwest

Plymouth Industrial REIT Acquires Facility in Burr Ridge, Illinois for $5M

by Kristin Harlow January 17, 2019

BURR RIDGE, ILL. — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a multi-tenant industrial building in Burr Ridge near Chicago for $5 million. Known as 44 Tower Road, the facility spans 73,785 square feet. World PAC, a distributor of automotive parts, and Hydra Stop, a water control solutions provider. The seller was not disclosed.

January 17, 2019

Acquisitions Illinois Midwest Retail

Brookline Brokers $2.6M Sale of Retail Building in Illinois

by Kristin Harlow January 17, 2019

LAKE IN THE HILLS, ILL. — Brookline Real Estate & Investments has brokered the $2.6 million sale of a 6,584-square-foot retail building in Lake in the Hills, about 45 miles northwest of Chicago. The property, located at 280 N. Randall Road, is fully leased by Dunkin’ Donuts and Athletico. Brookline represented the buyer, while RN Realty represented the seller.

January 17, 2019

Illinois Midwest Retail

Edward Lampert Wins Bid, Sears to Keep 400 Stores Open

by Kristin Harlow January 16, 2019

HOFFMAN ESTATES, ILL. — Former Sears CEO Edward Lampert has won a bankruptcy auction for Sears Holdings Corp., according to The Wall Street Journal and other media reports. The billionaire hedge-fund manager upped his offer to about $5.3 billion from $4.4 billion. The offer, which will keep roughly 400 stores open, beat out a bid to close all the stores and sell the inventory. The plan must still be approved by the bankruptcy judge at a sale hearing set for Friday, Feb. 1. Last week, REBusinessOnline reported on Sears’ temporary deal to avoid liquidation.

January 16, 2019

Illinois Loans Midwest Retail

Cushman & Wakefield Arranges $12M Refinancing for Retail Property in Naperville, Illinois

by Kristin Harlow January 15, 2019

NAPERVILLE, ILL. — Cushman & Wakefield has arranged a $12 million loan for the refinancing of River Square in Naperville. The 58,677-square-foot retail property, located at 22 E. Chicago Ave., is 96 percent leased. Jeffrey Cohen of Cushman & Wakefield arranged the fixed-rate loan on behalf of Clarion Partners and a large overseas pension fund. Voya Investment Management provided the loan. NARE, a local real estate investor, sold the property to Clarion in October 2018.

January 15, 2019

Acquisitions Illinois Midwest Multifamily

Joint Venture Acquires 558-Unit Apartment Community in Westmont, Illinois

by Kristin Harlow January 14, 2019

WESTMONT, ILL. — A joint venture between a fund managed by DRA Advisors LLC and Marquette Cos. has acquired Westmont Village Apartments, a 558-unit apartment community in Westmont, about 20 miles west of Chicago. The purchase price was not disclosed. The property consists of 31 buildings. Units average 1,100 square feet. The seller, Long Wharf Capital LLC, recently completed unit renovations and constructed a new resident clubhouse with a fitness center, outdoor swimming pool, dog park and picnic area. Kevin Girard, Marty O’Connell, Sean Fogarty and Wick Kirby of HFF represented the seller.

January 14, 2019

Illinois Industrial Leasing Activity Midwest

First Logistics Signs 331,059 SF Industrial Lease in Chicago

by Kristin Harlow January 14, 2019

CHICAGO — First Logistics, a third-party logistics company, has signed a 331,059-square-foot industrial lease in Chicago. The Illinois-based company is expanding from its current facility in Alsip and will occupy the new space immediately. Located at 2075 W. 43rd St., the speculative development spans 633,057 square feet and features a clear height of 32 feet. Known as Marina Crossings, the rail-served property is situated on 35 acres. Larry Goldwasser, Jason West, Colin Green, Matt Cowie and Michelle Maguire of Cushman and Wakefield represented the landlord, Marina Crossings Owner LLC, a joint venture between MAT Limited Partnership and institutional investors advised by J.P. Morgan Asset Management. Larry Hanley of Midwest Commercial Real Estate represented the tenant.

January 14, 2019

Acquisitions Illinois Industrial Midwest

Podolsky Circle Arranges $8M Sale of Industrial Building in Crystal Lake, Illinois

by Kristin Harlow January 14, 2019

CRYSTAL LAKE, ILL. — Podolsky Circle CORFAC International has arranged the sale of 300 Millennium Drive in Crystal Lake for $8 million. The 92,453-square-foot industrial building is fully leased. It features a clear height of 21 feet, three truck docks, three drive-in doors and office space. Alissa Adler, John Homsher, Paul Tesdal and Stephen Podolsky represented the buyer, MR Michigan LLC. A local investor purchased the asset.

January 14, 2019

Illinois Industrial Leasing Activity Midwest

OWD Logistics Signs 343,410 SF Industrial Lease in Suburban Chicago

by Kristin Harlow January 11, 2019

MELROSE PARK, ILL. — ODW Logistics Inc. has leased an entire 343,410-square-foot industrial building in Melrose Park. The property, which features railway access, includes 84 truck-level docks, 17 trailer positions, 10 rail doors, 120 car parking spaces, two air freight doors and 30,000 square feet of office space. John Joyce of Transwestern represented the landlord, TSP Melrose Park LLC. Dan McGillicuddy of JLL represented the tenant.

January 11, 2019

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