CHICAGO — Verizon has leased 2,455 square feet on North Cicero Avenue in Chicago for a flagship store. The property, which sits below 64 residential units, is located in Portage Park near the Jefferson neighborhood. First Western Properties brokered the 10-year lease transaction.
WOODRIDGE, ARLINGTON HEIGHTS AND O’FALLON, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant retail properties in Illinois for a combined $5.2 million. In Woodridge, Jeff Lefko and Bill Asher of Hanley brokered the sale of a Carrabba’s Italian Grill ground lease. The 6,500-square-foot building was constructed in 2002. Carabba’s has 6.5 years remaining on the original lease term. Lefko and Asher represented the seller, a Schaumburg, Illinois-based private development company. Jeff Gates of The Kase Group represented the Dallas-based buyer. The asset sold for $2 million. In Arlington Heights, a 5,995-square-foot building net leased to Chili’s sold for $1.7 million. Chili’s has seven years remaining on its lease. Lefko and Asher represented the Schaumburg, Illinois-based seller. Don Straub of NNN Property represented the buyer, a California-based private investor completing a 1031 tax-deferred exchange. Lastly, in O’Fallon, Illinois, a 4,700-square-foot MedExpress Urgent Care ground lease sold for $1.4 million. Built in 2016, the 4,700-square-foot building sits on one acre. MedExpress has eight years remaining on its original lease term. Lefko and Asher, with assistance from Alex Apter of L3 Corp., represented the Missouri-based seller. Helvetica Group represented the California-based buyer.
ALGONQUIN, ILL. — Marcus & Millichap has arranged the sale of Riverside Plaza in Algonquin for $12.7 million. Built in 2014, the property includes 63 apartment units ranging in size from 1,042 to 1,339 square feet, plus six retail units totaling 9,600 square feet. At the time of sale, the apartments were 92 percent occupied and the retail spaces were vacant. Amenities include a clubroom, event room, fitness center, barbecue area and private plaza. Eric Bell, Frank Roti and Brett Rodgers of Marcus & Millichap marketed the property on behalf of the seller, a financial institution that acquired the property through foreclosure. Bell also secured and represented the buyer, a limited liability company.
CHICAGO — SVN | Chicago Commercial has brokered the sale of a 50,400-square-foot concrete loft office building in Chicago’s River North neighborhood for $10.3 million. The property is located at 405 W. Superior St. Stephen Cusano and Jim Mead of SVN represented the undisclosed parties in the sale.
EDWARDSVILLE, ILL. — Contegra Construction is underway on a $6 million retail property in Edwardsville near St. Louis. Known as IronWorks, the property will connect to the Madison County Transit Trail. The first phase of the property will include a two-building, 22,000-square-foot retail and restaurant space that is currently 60 percent leased to Sugarfire Barbecue, Global Brew and Strange Donuts. A third building is planned at a later date. Completion of the first two buildings is slated for March 2019. Gray Design Group, civil engineer Thouvenot, Wade & Moerchen and structural engineer Alper Audi make up the project team.
CHICAGO — Related Midwest has opened One Bennett Park in Chicago’s Streeterville neighborhood. The 70-story apartment tower is the first residential tower designed by Robert A.M. Stern Architects. The property is anchored by Bennett Park, a 1.7-acre green space designed by Michael Van Valkenburgh Associates set to open in summer 2019. The tower includes 279 apartment units, located on floors four through 39. Four-bedroom penthouses are located on the top three floors. Monthly rents start at $3,705. One Bennett Park also includes 69 condominiums, which are located on floors 41 through 66. Purchase prices start at $2 million. The condos are slated for completion in spring 2019. Floors three and four include 7,000 square feet of fitness facilities, a 60-foot indoor pool, 10,000-square-foot outdoor deck, children’s play suite, lounge area and entertainment suite.
DOWNERS GROVE, ILL. — Holladay Properties has opened Burlington Station, an 89-unit luxury apartment complex in Downers Grove. The site, located at 5100 Forest Ave., previously housed a bank building. The property features an 8,000-square-foot outdoor amenity deck in addition to a fitness center, cyber café and covered parking. Monthly rents start at approximately $1,600.
GRAYSLAKE, ILL. — Colliers International has negotiated the $6.5 million sale of Brittany Square Apartments in Grayslake, about 45 miles north of Chicago. The 83-unit apartment building, built in 1974, is located at 720 Brittany Square. Jack Maloney and Tyler Hague of Colliers represented the longtime family owner, Jim Freese. The undisclosed buyer plans to upgrade units and add a dog park and basketball court.
CHICAGO — The Habitat Company has received approval from the city’s planning commission to develop a $200 million mixed-use project in Chicago’s North Lawndale neighborhood. The Chicago Housing Authority (CHA), Sinai Health System, Cinespace Chicago Film Studios and the city of Chicago are serving as development partners for the 10-acre project. Known as Ogden Commons, the development will offer hundreds of mixed-income rental housing units in addition to approximately 120,000 square feet of retail and commercial space. The project will be situated on the site of the former CHA Lawndale development. Ogden Commons will be developed in multiple phases, with the first phase comprised of 45,000 square feet of commercial space, 15,000 square feet of retail space and a portion of the planned residences. Construction on the commercial space is expected to begin during the second quarter of 2019 with the residential work to follow. The entire development is slated for completion in 2021, at which time Cinespace and Sinai will occupy a significant portion of the commercial space, expanding on their current locations on Ogden Avenue across from the Ogden Commons site.
SCHAUMBURG, ILL. — Draper and Kramer has acquired North 680, a 180-unit apartment community in Schaumburg, a northwest suburb of Chicago. The purchase price was not disclosed. Draper and Kramer purchased the property as part of a 1031 tax-deferred exchange following the firm’s sale of Fieldpointe of St. Louis, a 318-unit community in suburban St. Louis. Located at 680 E. Algonquin Road, North 680 is comprised of 176 apartment units and four townhomes. Units range from 665 to 1,588 square feet. Amenities include a heated pool, dog park, clubhouse and fitness studio. Draper and Kramer plans to make select renovations to the property over time as needed.