Illinois

Lynmark Breaks Ground on Retail Portion of Wheeling Town Center in Suburban Chicago

by Kristin Harlow May 22, 2018

WHEELING, ILL. — The Lynmark Group has broken ground on the retail portion of Wheeling Town Center, including anchor tenant CMX Cinemas, City Works Eatery and Pour House and Starbucks. The developer has also unveiled new tenants such as Mia’s Cantina and 312 Nails & Spa. The 100,000-square-foot commercial plaza is set to open in early 2019. Mexican grill and tequila bar Mia’s Cantina will occupy 4,000 square feet, while 312 Nails & Spa will occupy 2,500 square feet. Wheeling Town Center is a mixed-use development featuring a 300-unit luxury apartment building in addition to retail space.

May 22, 2018

Development Illinois Midwest Multifamily

Medici Living Group Opens 75-Unit Co-Living Concept in Chicago

by Kristin Harlow May 22, 2018

CHICAGO — Medici Living Group is opening QUARTERS in Chicago’s Fulton Market this month. The co-living concept will feature 75 apartment units, with 175 bedrooms known as “quarters.” Floor plans range from studios to five-bedroom units with a communal kitchen and bathrooms. The property also includes a common kitchen, outdoor lounge and rooftop deck. Co-living is aimed at young professionals, entrepreneurs and millennials because it provides all-inclusive housing. Each quarter is fully furnished with appliances and even mattresses, sheets and pillows. Leases are available for as little as three months. Medici has previously opened QUARTERS in Germany and New York City. Locally based Caton Commercial Real Estate Group assisted Medici with bringing the concept to Chicago.

May 22, 2018

Acquisitions Illinois Industrial Midwest

ML Realty Purchases 55,120 SF Industrial Building in Addison, Illinois

by Kristin Harlow May 21, 2018

ADDISON, ILL. — ML Realty Partners has purchased a 55,120-square-foot industrial building in Addison, about 20 miles west of Chicago. The purchase price was not disclosed. The single-tenant property is located at 31 S. Mitchell Court. Justin Lerner and Joe Karmin of Transwestern represented the undisclosed seller. Transwestern will also handle lease-up of the building.

May 21, 2018

Development Illinois Industrial Midwest

Dayton Street to Develop 116,000 SF Distribution Center in Bensenville, Illinois

by Kristin Harlow May 17, 2018

BENSENVILLE, ILL. — Dayton Street Partners is developing a 116,000-square-foot distribution center in Bensenville near O’Hare International Airport. Black Creek Group LLC owns the property. Construction will involve the demolition of an outdated facility located at 1055 Sesame St. The new building will feature a clear height of 32 feet, 24 exterior dock doors and 137 parking spots. Construction is scheduled to begin in June with completion slated for spring 2019.

May 17, 2018

Hospitality Illinois Loans Midwest

ASC Arranges $10.7M Refinancing for Boutique Hotel in Chicago

by Kristin Harlow May 16, 2018

CHICAGO — American Street Capital (ASC) has arranged a $10.7 million loan for the refinancing of the Ivy Boutique Hotel in Chicago’s Magnificent Mile district. The 63-room hotel was formerly an office building. The 15-story property features a rooftop deck, two banquet halls and spa services. Igor Zhizhin of ASC arranged the loan, which was provided by a debt fund. The borrower was not disclosed.

May 16, 2018

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 666,079 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow May 15, 2018

CHICAGO — Colliers International has brokered the sale of a five-building, 666,079-square-foot industrial portfolio in metro Chicago for an undisclosed price. The properties include: 550 and 600 North Commons in Aurora; 710-854 Foster Ave. in Bensenville; 1400-1538 Elmhurst Road in Elk Grove Village; 3456 Ridge Ave. in Arlington Heights; and 8220 Austin Ave. in Morton Grove. At the time of sale, the buildings were 85 percent leased to a roster of 77 tenants including Advocate Health, Amazon and Crawford Murphy & Tilly. Patrick Turner, Tom Rodeno and Matthew Stauber of Colliers represented the buyer, Clear Height Properties. American Landmark Properties was the seller.

May 15, 2018

Acquisitions Illinois Indiana Midwest Multifamily Wisconsin

Berkadia Arranges $41.5M Sale of 545-Unit Multifamily Portfolio in Midwest

by Kristin Harlow May 15, 2018

ILLINOIS, INDIANA AND WISCONSIN — Berkadia has arranged the $41.5 million sale of the Tristate Portfolio, a 545-unit multifamily portfolio located in Illinois, Indiana and Wisconsin. The properties include: the 184-unit Garden Quarter in Elgin, Ill.; the 123-unit Glacier Hills in Madison, Wis.; the 138-unit Arbor Crossing in Valparaiso, Ind.; and the 100-unit Barrington Bridge in Chesterton, Ind. Glacier Hills was constructed in 1989, while the other properties were built in the 1970s. Alex Blagojevich, Ralph DePasquale, Chris Bruzas and Parker Stewart of Berkadia represented the undisclosed seller. Two separate buyers purchased the portfolio.

May 15, 2018

Development Illinois Industrial Midwest

Contegra Completes $26M Distribution Facility Near St. Louis

by Kristin Harlow May 15, 2018

EDWARDSVILLE, ILL. — Contegra Construction Co. has completed a new $26 million distribution facility at Gateway Commerce Center near St. Louis. Dubbed Gateway East 594, the 593,940-square-foot property features a clear height of 36 feet, 66 dock doors and two drive-in doors. This is the fifth distribution facility jointly developed by TriStar Properties and PCCP at Gateway Commerce Center, which now spans more than 15.2 million square feet. Ed Lampitt of Cushman & Wakefield is handling lease-up of the property. Gray Design Group was the project architect while Stock & Associates Consulting Engineers Inc. was the civil engineer.

May 15, 2018

Darlington Court Apartments, Crystal Lake, Ill.

Acquisitions Illinois Midwest Multifamily

Greystone Brokers $16M Sale of 235-Unit Multifamily Property in Crystal Lake, Illinois

by Jeff Shaw May 14, 2018

CRYSTAL LAKE, ILL. — Greystone Real Estate Advisors has brokered the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake that includes 209 apartments and 26 privately owned condominiums. Situated 45 miles northwest of Chicago and built in the 1970s, Darlington Court Apartments features one- and two-bedroom units ranging in size from 681 to 942 square feet, as well as laundry facilities, a children’s play area, swimming pool and storage units. The undisclosed buyer plans to convert the condo units into rental apartments. The buyer also plans to renovate the interiors of the apartment units and the common areas across the complex. Bill Montana and Chris Sackley of Greystone brokered the transaction on behalf of the seller, Darlington Properties LLC.

May 14, 2018

Development Illinois Industrial Midwest Office Retail

Krusinski Breaks Ground on 112,505 SF Flex Building in Chicago’s Northwest Suburbs

by Jeff Shaw May 14, 2018

ROLLING MEADOWS, ILL. — Krusinski Construction Co. has broken ground on a 112,505-square-foot flex facility for School Health Corp. at 5600 Apollo Drive in Rolling Meadows. School Health is a national, full-service provider of health supplies, services and solutions. Construction on the distribution, shop and office facility began May 1. Ware Malcomb is the project architect and the Trammell Crow Co. is serving as project consultant. When completed, the new structure will include a two-story, 24,700-square-foot office space, plus a state-of-the-art warehouse with a dozen dock doors, a clear height of 32 feet, LED lighting and modern material handling equipment to service more than 100,000 customer orders per year. The new LEED-certified building will be centrally located among various retail restaurants and shopping centers, with close proximity to I-290 and I-90 situated directly north. The project is scheduled for completion this fall.

May 14, 2018

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