RIVER FOREST, ILL. — Interra Realty has brokered the sale of 7772 Central Ave., a 13-unit apartment building in River Forest, about 10 miles west of downtown Chicago. The private buyer purchased the asset for $2 million. Built in 1927, the property comprises nine one-bedroom units and four two-bedroom units. The property was 85 percent occupied at the time of sale. Patrick Kennelly represented both parties in the transaction.
ELGIN, ILL. — Marcus & Millichap has arranged the sale of Regency Apartments in Elgin for $2.3 million. The 32-unit apartment property is situated at 230 S. State St. The building includes four studios, 12 one-bedroom units, 12 two-bedroom units and four three-bedroom units. Andrean Angelov and Ryan Engle of Marcus & Millichap brokered the transaction. Neither the buyer nor the seller was disclosed.
CHICAGO — Summit Design + Build LLC has begun construction of 6145 N. Broadway in Chicago’s Edgewater neighborhood. City Pads, Catapult Real Estate Solutions, Cagan Management Group and Built Form make up the project team. Construction commenced with the demolition of an existing single-story building. The new apartment building will span 79,000 square feet and six stories. The project will feature 105 apartment units ranging from studios to two bedrooms as well as 3,700 square feet of first-floor retail space and 45 parking spaces. Amenities will include a bike room, fitness center, outdoor patio and storage lockers. Completion is slated for spring 2020.
CHICAGO — Interra Realty has negotiated the sale of a 14-unit multifamily property in Chicago’s West Town neighborhood for $3.3 million. Built in 1889 and extensively renovated in 2017, the property is located at 1436 W. Erie St. and includes a mix of studio, one- and two-bedroom units. The property was fully leased at the time of sale. Brad Feldman and Adam Saxon of Interra represented both parties. The buyer plans to make further updates to the units.
CHICAGO — SVN | Chicago Commercial has arranged the sale of a loft office building located at 327 N. Aberdeen St. in Chicago’s Fulton Market for $8.1 million. The 27,895-square-foot property is located one block from Google’s Midwest headquarters and three blocks from McDonald’s new headquarters. Chad Schroedl, Drew Dillon and Scott Maesel of SVN represented the seller.
CHICAGO — Tegus, a research platform for institutional investors, has signed a 14,195-square-foot office lease at 120 S. LaSalle St. in Chicago. Toronto-based Slate Office REIT owns the property, and plans to upgrade the amenity package with a rooftop lounge and fitness center. Tegus plans to move 45 employees into the new space on April 1. The space allows for expansion up to 100 employees. Tony Karmin and Joe Stevens of Colliers International represented Tegus in the lease transaction. Mason Taylor of JLL represented Slate.
CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $19 million loan for the refinancing of 70 E. Walton, a 50,000-square-foot building in Chicago’s Gold Coast neighborhood. The property includes 25 apartment units and 15,000 square feet of retail space on the first through third floors. Michael Hart of Cohen arranged the fixed-rate, seven-year loan on behalf of the borrower, a private investor.
CHICAGO — American Street Capital (ASC) has arranged $15.4 million in permanent loans for the refinancing of a seven-building multifamily portfolio located in Chicago’s Bronzeville and Kenwood neighborhoods. The recent acquisitions required significant amenity upgrades. The portfolio was approximately 90 percent occupied at closing. Igor Zhizhin and Alexander Rek of ASC arranged seven non-recourse loans on behalf of the Chicago-based borrower.
BARRINGTON, ILL. — The Boulder Group has brokered the sale of a 59,885-square-foot single-tenant property net leased to Jewel-Osco in Barrington for $12.8 million. The building sits on a 3.8-acre parcel at 150 W. Main St. Randy Blankstein and Jimmy Goodman of Boulder represented both the buyer and the seller. A Southwest-based private real estate investment company sold the asset to a Midwest-based family completing a 1031 tax-deferred exchange.
CHICAGO — Conor Commercial Real Estate has completed development of Last Mile Logistics Center I-55, a speculative industrial facility in Chicago. The 316,550-square-foot property is situated on an infill site at the intersection of 51st Street and St. Louis Avenue. The facility features 55 truck docks, 71 trailer stalls, 50-foot bays and a clear height of 36 feet. McShane Construction Co. and Ware Malcomb provided the design-build services. Walter Murphy and Sean Austin of Lee & Associates will market the property for lease.
