CHICAGO — Tucker Development has secured three new retail leases for its mixed-use development known as 900 West in Chicago’s Fulton Market. The retailers include Kinton Ramen, a Toronto-based ramen bar; Jeni’s Splendid Ice Creams; and Independence, an upscale menswear boutique. All three businesses plan to open their new locations sometime this year. Completed in 2017, 900 West is the adaptive reuse of 10 historic buildings in the 900 block of West Randolph Street. Together, the buildings offer more than 45,000 square feet of street-level retail space and 45,000 square feet of office space on the upper floors. The office space is fully leased by co-working provider Spaces and private equity firm Parker Gale. Current retailers include lululemon, Bluemercury and Bonci Pizzeria.
Illinois
OAK BROOK AND WARRENVILLE, ILL. — Cronheim Mortgage has arranged a $47.7 million loan for the acquisition of Oak Brook Gateway and Cornerstone I at Cantera in suburban Chicago. Oak Brook Gateway is a multi-tenant office building in Oak Brook. Tenants include Lewis University, the U.S. Census Bureau, Thomson Reuters and Oxford Bank. Cornerstone I at Cantera is a multi-tenant office building in Warrenville with 80 percent occupancy. A national lender provided the 10-year loan, which features an interest rate of 4.84 percent and a 30-year amortization schedule. The loan represented 75 percent of the acquisition price. Fairbridge Partners was the borrower.
NASHVILLE, ILL. — Stan Johnson Co. has brokered the $15.5 million sale of a 276,887-square-foot manufacturing facility in Nashville, about 55 miles east of St. Louis. Grupo Antolin, an automotive parts supplier, has occupied the building for 30 years and recently completed an expansion and renovation. Mike Sladich and Mollie Alteri of Stan Johnson Co. represented the seller, Agracel Inc. Jason Powell and Colin Couch of Stan Johnson Co. represented the buyer, a Blufton, S.C.-based private investment group managed by David Strong and Nick Dzendzel.
CHICAGO — Skender has started construction on the conversion of the former Soft Sheen building into a middle and high school for Perspectives Charter Schools (PCS). The 100,000-square-foot building is located at 8522 S. Lafayette Ave. in Chicago’s Chatham neighborhood. The project will include classrooms, two gymnasiums and an auditorium with staircase seating. Skender is working with Perkins + Will and ConopCo Project Management. Completion is slated for August. Founded in 1997, PCS is one of the first charter schools in Illinois. PCS manages tuition-free public schools for grades 6-12 in the Auburn Gresham, Bronzeville and South Loop neighborhoods. Soft Sheen was a hair care products company that was acquired by L’Oreal.
ELGIN, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to Jewel-Osco in Elgin for $14.8 million. The 69,129-square-foot building, located at 1660 Larking Ave., was remodeled in 2009. Jewel-Osco has approximately 19 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A Los Angeles-based real estate firm completing a 1031 tax-deferred exchange purchased the asset. A Southwest-based private real estate investment company was the seller.
RIVER FOREST, ILL. — Interra Realty has brokered the sale of 7772 Central Ave., a 13-unit apartment building in River Forest, about 10 miles west of downtown Chicago. The private buyer purchased the asset for $2 million. Built in 1927, the property comprises nine one-bedroom units and four two-bedroom units. The property was 85 percent occupied at the time of sale. Patrick Kennelly represented both parties in the transaction.
ELGIN, ILL. — Marcus & Millichap has arranged the sale of Regency Apartments in Elgin for $2.3 million. The 32-unit apartment property is situated at 230 S. State St. The building includes four studios, 12 one-bedroom units, 12 two-bedroom units and four three-bedroom units. Andrean Angelov and Ryan Engle of Marcus & Millichap brokered the transaction. Neither the buyer nor the seller was disclosed.
CHICAGO — Summit Design + Build LLC has begun construction of 6145 N. Broadway in Chicago’s Edgewater neighborhood. City Pads, Catapult Real Estate Solutions, Cagan Management Group and Built Form make up the project team. Construction commenced with the demolition of an existing single-story building. The new apartment building will span 79,000 square feet and six stories. The project will feature 105 apartment units ranging from studios to two bedrooms as well as 3,700 square feet of first-floor retail space and 45 parking spaces. Amenities will include a bike room, fitness center, outdoor patio and storage lockers. Completion is slated for spring 2020.
CHICAGO — Interra Realty has negotiated the sale of a 14-unit multifamily property in Chicago’s West Town neighborhood for $3.3 million. Built in 1889 and extensively renovated in 2017, the property is located at 1436 W. Erie St. and includes a mix of studio, one- and two-bedroom units. The property was fully leased at the time of sale. Brad Feldman and Adam Saxon of Interra represented both parties. The buyer plans to make further updates to the units.
CHICAGO — SVN | Chicago Commercial has arranged the sale of a loft office building located at 327 N. Aberdeen St. in Chicago’s Fulton Market for $8.1 million. The 27,895-square-foot property is located one block from Google’s Midwest headquarters and three blocks from McDonald’s new headquarters. Chad Schroedl, Drew Dillon and Scott Maesel of SVN represented the seller.