Illinois

NKF Negotiates 125,000 SF Industrial Lease Renewal for Leslie’s Poolmart in West Chicago

by Kristin Harlow March 26, 2018

WEST CHICAGO, ILL. — Newmark Knight Frank (NKF) has negotiated a 125,000-square-foot industrial lease renewal on behalf of Leslie’s Poolmart Inc. in West Chicago, about 38 miles west of the Windy City. The property is located at 320 Industrial Drive. Phoenix-based Leslie’s, which sells swimming pool and spa supplies, will use the space for warehousing products. Jerry Jacobs of NKF represented Leslie’s in the lease transaction. Adam Marshall and Mark Deady of NKF served as local advisors. David Prell of CBRE represented the landlord, Colony NorthStar Inc.

March 26, 2018

Acquisitions Illinois Midwest Retail

Jameson Brokers $6.8M Sale of Retail Building in Chicago

by Kristin Harlow March 26, 2018

CHICAGO — Jameson Commercial has brokered the $6.8 million sale of a retail building in Chicago’s Elston corridor. The 81,700-square-foot property is situated on 1.5 acres at 2525 N. Elston Ave. Artsupply.com and Johnstone Supply are two of the property’s tenants. Jose Colon represented the buyer in the sale. Both the buyer and seller were investment groups based in the Chicago area.

March 26, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $1.4M Condo Deconversion in Oak Park, Illinois

by Kristin Harlow March 23, 2018

OAK PARK, ILL. — Interra Realty has brokered the $1.4 million sale of a condo deconversion in Oak Park, a suburb of Chicago. The buyer intends to convert the property’s 10 condominiums into apartment rental units. Built in the 1950s and located on Marion Street, the property features a mix of one- and two-bedroom floor plans. Patrick Kennelly of Interra represented the sellers through the condominium’s association and also procured the undisclosed buyer. The sales price equates to approximately $145,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner.

March 23, 2018

Acquisitions Illinois Industrial Midwest

Colliers International Brokers Sale of 225,006 SF Industrial Warehouse in Elk Grove Village, Illinois

by Kristin Harlow March 22, 2018

ELK GROVE VILLAGE, ILL. — Colliers International has brokered the sale of a 225,006-square-foot industrial warehouse in Elk Grove Village. The sales price was not disclosed. The property is located at 1501 Nicholas Blvd. The buyer, GHP Group Inc., is a manufacturing company that specializes in electric fireplaces and accessories, personal heating products and gas grills. Chris Volkert and Brendan Green of Colliers represented GHP Group in the sale. Ken Franzese and John Cassidy of Lee & Associates represented the seller, Prologis.

March 22, 2018

Illinois Leasing Activity Midwest Retail

Premier Veterinary Group to Open 10,000 SF Animal Hospital in Orland Park, Illinois

by Kristin Harlow March 22, 2018

ORLAND PARK, ILL. — Premier Veterinary Group will open a 10,000-square-foot animal hospital at 7000 W. 159th St. in the Chicago suburb of Orland Park. The company is relocating from Crestwood, Ill. Iris Construction Services is the general contractor for the project. Completion is slated for August. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the tenant in the lease transaction.

March 22, 2018

Acquisitions Illinois Midwest Multifamily

Michael P. Jakubiec Investment Real Estate Brokers Sale of Three Apartment Properties in Illinois

by Kristin Harlow March 20, 2018

WOODBRIDGE, ST. CHARLES AND CRYSTAL LAKE, ILL. — Michael P. Jakubiec Investment Real Estate Inc. has brokered the sale of three apartment properties in Illinois for a purchase price of just under $26 million. The properties, which total 263 units, include The Quarters in Woodbridge, Charleston Park Apartments in St. Charles and Camelot Apartments in Crystal Lake. TriCap Residential was the buyer. A private party was the seller.

March 20, 2018

Illinois Leasing Activity Midwest Office

Arjo Signs 62,000 SF Office Lease Renewal, Expansion in Addison, Illinois

by Kristin Harlow March 20, 2018

ADDISON, ILL. — Arjo Inc. has signed a 62,000-square-foot office lease renewal for its North American headquarters in Addison, about 20 miles west of Chicago. The medical technology company is expanding by 18,000 square feet to occupy the entire second floor at Meadows Corporate Center I. Dave Burden of Colliers International negotiated the lease transaction on behalf of Arjo. Over the past 10 years, Arjo has grown steadily from 31,000 square feet to become the largest tenant in the building today, according to Colliers.

March 20, 2018

Illinois Loans Midwest Retail

MidCap Financial Provides $18M Loan for 362,000 SF Retail Center in Aurora, Illinois

by Kristin Harlow March 19, 2018

AURORA, ILL. — MidCap Financial has provided an $18 million senior loan for the acquisition and refinancing of a 362,000-square-foot retail center in Aurora. Chicago-based Windfall Group was the borrower. Best Buy, Value City Furniture and Pier 1 Imports anchor the center, which is located north of Fox Valley Mall. Windfall plans to rename the center Pacific Square and remodel it with new restaurants and shops. Jessica Ke of Cushman & Wakefield and John Leslie of Eastern Consolidated arranged the loan.

March 19, 2018

Acquisitions Illinois Midwest Retail

Adelphia Negotiates $2.9M Sale of Retail Building in Suburban Chicago

by Kristin Harlow March 19, 2018

GLEN ELLYN, ILL. — Adelphia Properties has negotiated the $2.9 million sale of a two-tenant retail building in Glen Ellyn, about 24 miles west of Chicago. Mattress Firm and F45 Fitness occupy the 7,006-square-foot property. Simeon Spirrison and George Spirrison represented the seller, a local developer, in the transaction. A local investor purchased the asset for 98 percent of the list price.

March 19, 2018

Illinois Midwest Multifamily Student Housing

Contegra Breaks Ground on 486-Bed Student Housing Asset Near Southern Illinois University-Edwardsville

by Kristin Harlow March 16, 2018

EDWARDSVILLE, ILL. — Contegra Construction Co. has broken ground on a 486-bed student housing property to serve Southern Illinois University-Edwardsville (SIUE). Richland Residential is developing the project, known as The Reserve. The property will comprise nine buildings with two-, three- and four-bedroom units. Amenities will include a workout room, study area, gaming room and a pool. Completion is slated for summer 2019.

March 16, 2018

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