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AcquisitionsIllinoisIndustrialMidwest

Bridge Development Sells 899,278 SF Industrial Park in Cicero, Illinois

by Kristin Harlow

CICERO, ILL. — Bridge Development Partners has sold Bridge Point 290 Business Park in Cicero for an undisclosed price. Cabot Properties purchased the industrial development, a large portion of which is currently under construction. When completed, the development will total 899,278 square feet across three buildings. In March, Bridge delivered the 323,343-square-foot Building 1, which is fully leased to Royal Box Group. Buildings 2 and 3 are slated for completion in August 2019. Michael Caprile, Ryan Bain and Zach Graham of CBRE represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the sale. Steve Connolly and Mark Moran of NAI Hiffman are marketing Buildings 2 and 3 for lease.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Two New Restaurants Sign Leases at Wheeling Town Center in Suburban Chicago

by Kristin Harlow

WHEELING, ILL. — Two new restaurants have signed leases at Wheeling Town Center, which is slated to open in early 2019. Meat and Potato Eatery and Eggsperience will occupy 4,000 square feet each and provide outdoor seating for patrons. Both restaurants have other locations in the Chicagoland area. The retail portion of Wheeling Town Center is now 83 percent leased. Previously signed tenants include City Works Eatery and Pour House, Mia’s Cantina, Starbucks, Inland Bank, CMX Cinemas, 312 Nails & Spa and The Learning Experience. The Lynmark Group is the developer for the mixed-use project.

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IllinoisLoansMidwestMultifamily

Philipsborn Arranges $1.2M Refinancing for Apartment Building in University Park, Illinois

by Kristin Harlow

UNIVERSITY PARK, ILL. — The Philipsborn Company has arranged a $1.2 million loan for the refinancing of Burnham Oaks in University Park, about 30 miles south of Chicago. The 59-unit apartment building is situated on 2.2 acres at 745 Red Oak Lane. Constructed in 1975, the property is fully leased and managed by Lincoln Way Management. Andrew Philipsborn arranged the loan on behalf of the borrower, an Illinois limited partnership that has owned the property since 1981. Innovative Capital Advisors provided the loan.

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IllinoisIndustrialLeasing ActivityMidwest

Assemblers Signs 353,322 SF Industrial Lease Renewal in McCook, Illinois

by Kristin Harlow

MCCOOK, ILL. — Assemblers Inc. has renewed its lease for 353,322 square feet of industrial space in McCook, a southwestern suburb of Chicago. The private assembly and contract packaging company fully leases the building at 8601 W. 47th St. The company has occupied the space since 2016. Built in 2015, the property features a clear height of 32 feet. Geoffrey Kasselman of Newmark Knight Frank negotiated the lease transaction, which included tenant improvements such as more power to support additional cooler and freezer areas, on behalf of Assemblers. Heitman Capital Management is the landlord.

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AcquisitionsIllinoisMidwestRetail

Westwood Financial Purchases 24,601 SF Retail Center in Chicago

by Kristin Harlow

CHICAGO — Westwood Financial has purchased Clybourn Galleria in Chicago’s Lincoln Park neighborhood for an undisclosed price. The 24,601-square-foot retail center is located at 1841-1847 N. Clybourn Ave. Constructed in 2005, Clybourn Galleria is fully leased to tenants such as Natuzzi Italla Furniture, Jos. A. Bank, SWEAT, Massage Envy, Amazing Lash, Smartchoice MRI and Red Wing Shoes. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Newport Capital Partners.

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DevelopmentIllinoisIndustrialMidwest

Bridge Development Buys 48-Acre Site, Plans 741,621 SF Industrial Project in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Bridge Development Partners LLC has purchased a 48-acre vacant land site in Itasca with plans to develop Bridge Point Itasca, a three-building industrial property. Spanning 741,621 square feet, the buildings will be designed to accommodate single users or multiple tenants with a clear height of 32 feet. In addition to the industrial buildings, the development will include more than seven acres of land zoned for retail use. Chris Nelson of Lee & Associates represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the land transaction. Lee & Associates will market the property for lease. The seller, Entercom Communications Corp., acquired the site in a merger with CBS Radio in November 2017. Terms of the sale were not disclosed.

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AcquisitionsIllinoisMidwestRetail

Quantum Arranges $1.5M Sale of Retail Building Occupied by Sherwin Williams in Lake Bluff, Illinois

by Kristin Harlow

LAKE BLUFF, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.5 million sale of a single-tenant retail building occupied by Sherwin Williams in Lake bluff, about 35 miles north of Chicago. The 3,799-square-foot building is located at 545 Rockland Road. Sherwin Williams has a 10-year lease at the property. A private real estate investor based in suburban Chicago purchased the asset. Chad Firsel of Quantum represented the seller, a Chicago-based acquisition and development company.

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AcquisitionsIllinoisMidwestRetail

NARE Acquires Retail Center in Suburban Chicago for $20M

by Kristin Harlow

WOODRIDGE, ILL. — North American Real Estate (NARE) has acquired Woodgrove Festival in Woodridge, about 29 miles west of Chicago, for $20 million. The 157,276-square-foot retail center is situated on 15 acres at 1001 W. 75th St. Completed in 1985 and renovated and expanded in 2010, the property is 88.3 percent leased to tenants such as Hollywood Blvd. Cinema, Five Below, Carter’s, Shoe Carnival, Pearle Vision, Starbucks, T-Mobile, Carrabba’s Italian Grill, Jameson’s Charhouse and Panera Bread. Amy Sands and Clinton Mitchell of HFF represented the seller, Kimco Realty Corp.

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IllinoisIndustrialLeasing ActivityMidwest

Expeditors International Leases 423,726 SF Warehouse in Streamwood, Illinois

by Kristin Harlow

STREAMWOOD, ILL. — Expeditors International has signed a 423,726-square-foot industrial lease to fully occupy a warehouse in Streamwood, a northwest suburb of Chicago. A joint venture between Opus Development Co. LLC and USAA Real Estate own the property, which is situated on 35 acres near the Elgin O’Hare Expressway. Building features include a clear height of 32 feet, 48 exterior truck docks, 55 trailer parking stalls and 193 car parking spaces. The build-out for Expeditors International, a logistics company that specializes in warehousing and distribution services, is slated for completion this fall. Doug Pilcher, Jason West and Sean Henrick represented the tenant in the lease transaction. David Prell and Kevin Segerson of CBRE represented the landlord.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Brokers $19.5M Sale of Industrial Building in Darien, Illinois

by Kristin Harlow

DARIEN, ILL. — Lee & Associates has brokered the $19.5 million sale of a 185,850-square-foot industrial building in Darien, a southwestern suburb of Chicago. Built on a speculative basis in 2017, the building is located at 7879 Lemont Road. Brian Vanosky, Tim McCahill and Jeff Janda of Lee & Associates represented the seller, Panattoni Development Co. Mike Plumb of Lee & Associates represented the buyer, a private investor. Tile distributor Tile & Top occupies a portion of the property. Lee & Associates will market for lease the remaining 116,043 square feet.

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