PEORIA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.7 million non-recourse loan for the acquisition of an 82,229-square-foot retail center in Peoria. Schnucks grocery store anchors the property with a 20-year lease. Robert Bhat of MMCC arranged the loan that features a 75 percent loan-to-value and two years of interest-only payments followed by a 30-year amortization schedule. Brett Chetek, Chris Garavaglia and Alex Perez of Marcus & Millichap represented the seller and procured the buyer. The sales price was $18.2 million.
CHICAGO — Summit Design + Build LLC has broken ground on 1040 West Fulton, a five-story, 29,000-square-foot boutique office building in Chicago. Summit plans to occupy the top two floors of the property following its completion next fall. This leaves roughly 14,000 square feet of office space and 2,800 square feet of retail space for lease. The property will include 17 indoor parking spaces, a fifth-floor outdoor terrace and a sixth-floor rooftop. The project team includes architect Hartshorne Plunkard Architecture, owner’s representative Carr Realty Advisors, structural engineer IMEG Corporation, civil engineer Weaver Consultants Group and MEP engineer WT Engineering. Chad Schroedl, Scott Maesel and Drew Dillon of SVN Commercial Chicago will market the available space for lease. First Bank of Highland Park is providing construction financing.
TINLEY PARK, ILL. — Lee & Associates has negotiated the $7 million sale of an 84,388-square-foot industrial building in Tinley Park, about 30 miles south of Chicago. The property is located at 8201 W. 183rd St. Terry Grapenthin, Jeff Galanteand Ryan Earley of Lee & Associates represented the buyer, 7600 Grant BR LLC. The seller was not disclosed. The property was 80 percent leased at the time of sale.
CHICAGO — A partnership between Green Door Capital and Citimark Inc. has purchased a seven-property industrial portfolio in metro Chicago for $38 million. The properties, totaling 447,059 square feet, include: 5120 Prairie Stone Parkway in Hoffman Estates; 1124 Tower Road and 1555-1559 Brasswood Road in Schaumburg; 3225 Corporate Drive and 3301-3301 Corporate Drive in Joliet; 454 Scott Drive in Bloomingdale; and 3720 Prairie Lake Court in Aurora. At the time of sale, the portfolio was 93 percent leased to 10 different tenants. Kurt Sarbaugh, Robin Stolberg, Stephen Skok and Sam Berry of HFF marketed the portfolio on behalf of the seller, Globe Corp.
CHICAGO — It’Sugar has opened a 2,000-square-foot store at Chicago’s Navy Pier. Founded in 2006, the candy retailer has approximately 100 locations across the country and worldwide. The store at Navy Pier offers a “Taste of Chicago Box,” which features products that originated in Chicago including Tootsie Rolls, Razzles, Baby Ruth, Juicy Fruit, Charleston Chew, Sugar Daddy and Chuckles. Other current tenants at Navy Pier include Build-A-Bear Workshop, Garrett Popcorn Shops, Giordano’s, Harry Caray’s Tavern, Bubba Gump Shrimp Co., McDonald’s and Starbucks. Gregory Kirsch, Corey Black and Larry Kling of Newmark Knight Frank represented It’Sugar in the lease.
ORLAND PARK, ILL. — Redwood Capital Group LLC has acquired The Residences of Orland Park Crossing, a 231-unit apartment complex in the southwest Chicago suburb of Orland Park. The purchase price was $70 million, according to Crain’s Chicago Business. Constructed in 2016, the property consists of four mid-rise buildings and 63 townhomes. Units average 980 square feet and townhomes range from 1,487 to 1,994 square feet. Amenities include a clubhouse, pool and fitness center. REVA Development Partners was the seller.
DOWNERS GROVE, ILL. — J.C. Anderson has completed an office renovation and reconfiguration for Northwestern Mutual in Downers Grove. The firm relocated from another floor within the same building to occupy a tailored 22,000-square-foot space. Construction included the addition of new private offices, open workspace and meeting areas, as well as modern finishes and amenities throughout. J.C. Anderson’s Joe Maguire oversaw the construction team, which included Mike Ruffolo as project manager and Gary Kuechler as superintendent. Whitney provided the architectural services and Avison Young represented Northwestern Mutual in lease negotiations. Hamilton Partners owns the property, Esplanade IV.
WADSWORTH AND ROCKFORD, ILL. — Love’s Travel Stops has purchased two additional land sites in Illinois for the development of its convenience stations. Love’s purchased an 18.8-acre site in Wadsworth from four private individuals. The project will include an Arby’s quick-service restaurant. In Rockford, Love’s purchased a 26-acre site from a local family. The project will include a Hardee’s quick-service restaurant. Construction on both convenience stations is expected to begin in 2019. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in both transactions. Love’s plans to open more than 40 new locations during the next year.
QUINCY, ILL. — Quincy Medical Group plans to open a new surgery and cancer treatment center at Quincy Mall in central western Illinois. The healthcare provider will occupy about half of the approximately 105,000 square feet on two floors of the former Bergner’s space. Quincy Medical Group will also have the opportunity for expansion on both first and second floors. Cullinan Properties Ltd. owns and manages the mall. The firm continues to identify new national retail tenants for the mall. Three new restaurants opened at the property within the last year.
LINCOLNSHIRE, ILL. — Heathrow Scientific has signed a build-to-suit agreement with a private developer for a 186,616-square-foot industrial property in Lincolnshire. The building will be situated on 10 acres and will include 25,000 square feet of office space, a clear height of 36 feet and 14 exterior docks. Heathrow Scientific, a manufacturer of lab equipment, is slated to take occupancy in April 2019. Brett Kroner, Keith Puritz and Eric Fischer of Cushman & Wakefield represented Heathrow in the transaction. The team is also marketing the remaining 68,589 square feet for lease.