CHICAGO — Baum Realty Group LLC has negotiated the sale of a 23,562-square-foot retail center in Chicago for an undisclosed price. The property is located at 4701-4729 N. Pulaski Road. Tenants include a laundromat, dentist and beauty shop. Greg Dietz, Brad Teitelbaum and Danny Spitz of Baum represented the private seller. A local investment group acquired the property in a 1031 exchange.
BERWYN, ILL. — Interra Realty has arranged the $1.5 million sale of a 24-unit multifamily building in Berywn, a western suburb of Chicago. The property is located at 1941 Kenilworth Ave. The three-story building, originally constructed in 1917, includes 22 one-bedroom units and two studios. Patrick Kennelly of Interra represented the private buyer, who plans to extensively renovate the building.
ELK GROVE VILLAGE AND GILBERTS, ILL. — Brown Commercial Group has brokered the $7 million sale of three industrial buildings in suburban Chicago totaling 136,915 square feet. The properties include 1340-1400 Higgins Road and 1425-1455 Tonne Road in Elk Grove Village, as well as 300-338 Arrowhead Drive in Gilberts. All three buildings are fully leased to multiple tenants. Dan Brown of Brown Commercial brokered the transaction on behalf of the buyer, Gilberts and Groves LLC.
CHICAGO — ZOM Living is developing Union West, a 357-unit apartment property at the corner of West Washington Boulevard and North Sangamon Street in Chicago’s West Loop. The property will consist of two residential towers atop a three-story podium, which will house 12,636 square feet of ground-floor retail space and 255 car parking spaces. Floor plans will include studio, convertible, penthouse, one-, two- and three-bedroom units ranging from 501 square feet to 1,377 square feet. Completion is slated for the fourth quarter of 2019. The project team includes general contractor Power Construction, architect BKL Architecture LLC and interior design firm R.D. Jones. ZRS Management LLC will provide leasing and property management services, and Union Labor Life provided construction financing.
CHICAGO — Goodman Manufacturing, a member of Daikin Industries Ltd., has signed a 21,000-square-foot industrial lease at 4150 N. Knox Ave. on Chicago’s North Side. The residential and commercial HVAC company will utilize the space as a showroom, training center and distribution hub. Dayton Street Partners owns the 41,000-square-foot property, which features a clear height of 30 feet, six docks, four drive-in doors and T8 lighting. Mike Senner and Steve Kohn of Colliers International in Chicago represented Dayton Street in the lease transaction.
HOMEWOOD, ILL. — The Boulder Group has arranged the $2.9 million sale of a single-tenant property net leased to Walgreens in Homewood, a southern suburb of Chicago. The 13,905-square-foot retail property is located at 820 183rd St. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based real estate investment firm. A West Coast-based real estate investment firm purchased the asset. Walgreens has over 12 years remaining on its lease.
Office developers in Chicago are thinking outside the box — and outside the central business district — in order to cater to tenants in search of creative office space. While there will always be companies that want the cachet that a business address in the Loop offers, others realize the strategic advantages of urban, non-CBD locations as a recruiting tool. Live/work/play neighborhoods like River North and the West Loop are growing because high-profile employers want to attract a younger workforce that is drawn to the loft-style offices these neighborhoods can provide. This can be achieved either through ground-up development projects like McDonald’s soon-to-open headquarters at 1035 W. Randolph St., or adaptive reuse projects such as 1K Fulton, a former cold-storage facility that now counts Google among its tenants. Yet as rents in these submarkets continue to climb, office users are starting to ask whether they can get the same space for less money in equally desirable locations. For many, the answer is a resounding “yes.” New opportunities While neighborhoods near the CBD such as River West and Pilsen have benefitted from this office “ripple effect,” Chicago’s recently rezoned North Branch Industrial Corridor is perhaps the most alluring and uncharted territory …
ROMEOVILLE, ILL. — CT has begun development of Interchange 55 Logistics Park in the Chicago suburb of Romeoville. The $125 million, 1.3 million-square-foot logistics park is slated for completion by the end of this year. The project will consist of two distribution facilities, each with clear heights of 32 feet, 560-foot building depths and 185-foot truck courts. Building A will feature 657,000 square feet with 60 dock doors, 157 trailer parking spaces and 241 car parking spaces. Building B will feature 684,000 square feet with 68 dock doors, 175 trailer parking spaces and 465 car parking spaces. The design will allow for future expansion of parking and dock doors. Adam Roth, Dan Leahy and Packy Doyle of NAI Hiffman represented CT in the acquisition of the 112-acre land site.
COUNTRYSIDE, ILL. — Colliers International | Chicago has brokered the $6.3 million sale of a 161,591-square-foot warehouse in Countryside, about 20 miles southwest of Chicago. The property is located at 5300 Dansher Road. The warehouse features 19 docks, two drive-in doors and 8,200 square feet of office space. Fred Regnery and Jack Rosenberg of Colliers represented the seller, Value Industrial Partners LLC, in the sales transaction. Combined Warehouse purchased the asset. Colliers also arranged a 50,000-square-foot lease for Veepak, a distributor of health and beauty products, at the property.
WARRENVILLE, ILL. — Brown Commercial Group has arranged the sale of a 39,375-square-foot industrial building located on Youghal Road in Warrenville, about 30 miles west of Chicago. The sales price was not disclosed. The D/C Group purchased the property to use as an ancillary location to better serve its customers. The warehouse and distribution company is headquartered in Elk Grove Village, Ill. Mike Antonelli of Brown Commercial represented the buyer in the sales transaction. Mike Magliano of Cushman & Wakefield represented the seller, a private investor.
