ZION, ILL. — JSM Venture Inc. has acquired a former Kmart store located at 3355 Sheridan Road in Zion for $2.3 million. JSM plans to convert the 90,426-square-foot building into a self-storage facility with 69,750 rentable square feet. Of the 619 total units, 96 percent are expected to be climate-controlled. Patrick Turner and Brendan Green of Colliers International represented JSM. Paine/Wetzel represented the seller, Amin & Shah Solutions LLC.
AURORA, ILL. — Panattoni Development has purchased a 53.4-acre site in Aurora to develop Orchard Gateway, a 764,895-square-foot speculative warehouse. The Class A facility will be divisible up to 300,000 square feet. Completion is slated for the third quarter of 2019. Building features will include a clear height of 36 feet, 166 exterior docks, 185 trailer parking positions and 304 car parking spaces. Alston Construction and Harris Architects make up the project team.
CHICAGO — Interra Realty has brokered the sales of two multifamily buildings in Chicago’s South Shore community for $6.4 million. The first property, located at 6901 S. Paxton Ave., sold for $4.2 million. The 50-unit building includes a mix of one, two-, three- and four-bedroom units. At the time of sale, the property was 94 percent leased. The second property, located at 7250 S. Yates Blvd., sold for $2.2 million. The 29-unit building features hardwood flooring, granite countertops and in-unit laundry. The asset was 93 percent leased at the time of closing. David Goss, Jon Morgan, Ted Stratman, Lucas Fryman and Jeremy Morton of Interra represented the undisclosed buyers and seller.
ST. CHARLES, ILL. — Baum Realty Group LLC has arranged the $3 million sale of a 4,469-square-foot retail building in St. Charles, roughly 40 miles west of Chicago. Starbucks and Verizon fully occupy the property. Patrick Forkin of Baum represented the seller, a national retail developer. An East Coast-based buyer completing a 1031 tax-deferred exchange purchased the asset in an all-cash transaction.
CHICAGO — Square Mile Capital Management LLC has provided a $149 million loan for the refinancing of The Gallery on Wells, a 40-story apartment tower in Chicago’s River North. Magellan Development Group LLC, Wanxiang America Real Estate Group LLC, MAC Management and Strand Advisors developed the 442-unit property in 2017. The borrowers used the loan to repay existing debt and preferred equity on the asset. Peter Marino and Molly Green of CBRE arranged the loan, terms of which were not disclosed.
EDWARDSVILLE, ILL. — Holland Construction Services has broken ground on a $34 million apartment community known as Whispering Heights in Edwardsville, located near St. Louis. Fireside Financial is the developer. The community will feature two six-story buildings with a total of 153 luxury units. The development will also include 18,000 square feet of retail and restaurant space. Additional features include a fitness center, business center and rooftop amenity deck with grilling stations, fire pits and a bar area. Completion is slated for fall 2019. Gray Design Group is the project architect. David Garfinkel of NorthMarq Capital arranged a $21.8 million construction loan for the project through Illinois National Bank.
CHICAGO — Skender is underway with the interior construction of the future 40,000-square-foot headquarters for Vital Proteins, a retailer of health supplement products. The company is assuming full occupancy of the four-story building at 939 W. Fulton St. and relocating 130 employees from its current office at 1201 W. Washington Blvd. The company’s new space will include open office workstation areas as well as private offices and conference rooms, two reception areas and a large café. The interior design will retain the historic building’s high ceilings, exposed brick walls and wood floors. Completion is slated for July 2019. SCB and JLL are project partners.
CHICAGO — Cushman & Wakefield has been selected by Hilco Redevelopment Partners to complete lease-up of Exchange 55, which is currently under development. The 1 million-square-foot warehouse is the largest new industrial development available in Chicago, according to Cushman & Wakefield. The planned development is a fully entitled and zoned for industrial use. Hilco plans to break ground immediately, with completion slated for the first quarter of 2020. The development is intended to attract a variety of users from e-commerce and manufacturing to food and cold storage and rail users. The project, located within Chicago’s Little Village neighborhood, will feature a clear height of 40 feet, 70-foot speed bays, multiple access points and options for parking expansion.
CICERO, ILL. — Associated Bank has provided a $3.8 million loan for the acquisition of two industrial buildings in Cicero. The borrower, JSM Venture Inc., plans to convert a 115,379-square-foot building into a 693-unit self-storage facility. The property, located at 1309 S. Cicero Ave., was formerly home to Brad Foote Gear Works. The self-storage facility will be climate-controlled and span 63,587 net rentable square feet. JSM’s acquisition also includes a 28,000-square-foot building that will either be demolished and paved for parking or improved and leased at a market rate. JSM is a Northfield, Ill.-based self-storage development company headed by John S. Mengel. Daniel Barrins of Associated Bank originated the loan, terms of which were not disclosed.
OAK LAWN, ILL. — The Boulder Group has arranged the $16 million sale of a single-tenant property net leased to Jewel-Osco in Oak Lawn, a southwest suburb of Chicago. The 47,370-square-foot property is situated on 3.6 acres at 4650 W. 103rd St. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the sale. A Southwest-based private real estate investment company sold the asset to an investor based in Australia.