Illinois

Contegra Underway on $6M Retail Property Near St. Louis

by Kristin Harlow November 27, 2018

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.

November 27, 2018

Development Illinois Midwest Multifamily

Related Midwest Opens 70-Story Apartment Tower in Chicago’s Streeterville Neighborhood

by Kristin Harlow November 26, 2018

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.

November 26, 2018

Development Illinois Midwest Multifamily

Holladay Properties Opens 89-Unit Apartment Complex in Downers Grove, Illinois

by Kristin Harlow November 26, 2018

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.

November 26, 2018

Acquisitions Illinois Midwest Multifamily

Colliers Negotiates $6.5M Sale of Apartment Building in Grayslake, Illinois

by Kristin Harlow November 21, 2018

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.

November 21, 2018

Development Illinois Midwest Mixed-Use

The Habitat Company to Develop $200M Mixed-Use Project in Chicago’s Lawndale Neighborhood

by Kristin Harlow November 20, 2018

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.

November 20, 2018

Acquisitions Illinois Midwest Multifamily

Draper and Kramer Acquires 180-Unit Apartment Community in Schaumburg, Illinois

by Kristin Harlow November 20, 2018

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.

November 20, 2018

Acquisitions Illinois Industrial Midwest

NKF Arranges Sale of 87,640 SF Manufacturing Facility in Addison, Illinois

by Kristin Harlow November 20, 2018

ADDISON, ILL. — Newmark Knight Frank (NKF) has arranged the sale of an 87,640-square-foot manufacturing facility in Addison, about 20 miles west of Chicago. Bridge Development Partners purchased the asset for an undisclosed price. Built in 2008, the building features 62,640 square feet of warehouse space and 25,000 square feet of office space. The facility includes three interior docks, one drive-in door and 128 car parking spaces. The property is situated on 4.6 acres at 133 N. Swift Road. Corey Chase and David Stremler of NKF represented the seller, a private investor. Chase also negotiated a lease renewal on behalf of the tenant, Associated Material Handling Industries Inc.

November 20, 2018

Acquisitions Illinois Midwest Retail

Quantum Brokers $1.2M Sale of Retail Building in Fairborn, Ohio

by Kristin Harlow November 19, 2018

FAIRBORN, OHIO — Quantum Real Estate Advisors Inc. has brokered the $1.2 million sale of Shops at Valle Green in Fairborn, about 12 miles northeast of Dayton. The 5,000-square-foot property is located at 1171 E. Dayton Yellow Springs Road. The asset is fully leased to Verizon, Great Clips and Hot Head Burritos. Daniel Waszak and Zack Hilgendorf of Quantum represented the private seller. A Midwest-based investment fund purchased the property.

November 19, 2018

Development Illinois Midwest Mixed-Use

Structured Development to Undertake Final Phase of Mixed-Use Project in Orland Park, Illinois

by Kristin Harlow November 16, 2018

ORLAND PARK, ILL. — Structured Development LLC has been selected to develop the final phase of the downtown Main Street Triangle project in Orland Park. Structured will complete the five remaining parcels comprising approximately nine acres within the 27-acre Triangle master plan. The project will include retail, office, hospitality and entertainment space. Completion is slated for 2021. The Triangle currently houses Ninety7Fifty, a 295-unit mixed-use rental community; the University of Chicago Medicine Center for Advanced Care, a 110,000-square-foot medical office building; a 500-space public parking structure; and Crescent Park, a landscaped green space.

November 16, 2018

Acquisitions Illinois Midwest Retail

DRA Advisors, Pine Tree Acquire 171,339 SF Retail Center in Suburban Chicago for $32.5M

by Kristin Harlow November 16, 2018

KILDEER, ILL. — A joint venture between DRA Advisors and Pine Tree LLC has acquired The Shops at Kildeer, a 171,339-square-foot retail center located in the Chicago suburb of Kildeer, for $32.5 million. Bed Bath & Beyond, Ulta Beauty, Michael’s, Old Navy, Uncle Dan’s and Cost Plus World Market anchor the center. George Good and Christian Williams of CBRE brokered the transaction. William Barry of Draper and Kramer arranged acquisition financing through Wells Fargo on behalf of the joint venture. The seller was undisclosed.

November 16, 2018

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