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.
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.
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.
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.
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.
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.
VERNON HILLS, ILL. — FPA Multifamily LLC has acquired The Commons at Town Center in the North Shore community of Vernon Hills for an undisclosed price. The property consists of 85 apartment units and more than 10,000 square feet of ground-floor retail space leased to Sam Martirano Salon & Spa, Hawthorn Dental Associates, Design Studio Jewelry, Eight Piece and Giuseppe’s Pizza. Completed in 2010, the six-story property is located just northwest of Highway 45 and North Milwaukee Avenue. Community amenities include a heated parking garage, fitness center, hospitality room and resident lounge. Both the residential and retail components are fully leased. Wick Kirby, Sean Fogarty, Marty O’Connell and Kevin Girard of HFF marketed the property on behalf of the seller, Inland Residential Properties Trust Inc. The team also procured the buyer.
EVERGREEN PARK, ILL. — Interra Realty has brokered the sale of Riviera Apartments for $6.6 million. The 84-unit apartment property is located at 9739 S. Kedzie Ave. in Evergreen Park, approximately 15 miles south of Chicago. Built in 1968, the property includes three buildings. James Clough of Interra represented both the buyer and the seller. The buyer plans to make interior renovations, including new kitchens and baths, in order to boost rents to the market rate.
BOURBONNAIS, ILL. — Marcus & Millichap has arranged the sale of a 6,200-square-foot retail property in Bourbonnais for $2.5 million. The building is fully leased to Five Guys, Firehouse Subs and Lacey’s Place. Located at 1609-1617 N. State Route 50, approximately 54 miles south of Chicago, the property is a newly constructed outparcel to the Water Town Plaza shopping center. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A California-based buyer purchased the asset.
CHICAGO — Mondelez International, a global snacks company, has leased 905 West Fulton Market in Chicago for its new headquarters. The company will relocate from Deerfield, Ill. Mondelez will occupy all 77,100 square feet of office space within the five-story building as well as 6,150 square feet of retail space. Thor Equities Group is the landlord for the property, which is still under construction. The building has three distinct facades, contiguous floor plates, a landscaped terrace and green roof, and 300 square feet of retail frontage. Approximately 10,000 square feet of retail space remains available for lease. The building is scheduled for completion in summer 2019, and Mondelez is planning to relocate in April 2020.