BURR RIDGE, ILL. — Edwards Realty Co. and Core Acquisitions have acquired Burr Ridge Village Center in suburban Chicago for $15 million. The joint venture plans to renovate the 200,000-square-foot retail center. Originally constructed in 2007, the property is home to more than 30 national and local retail tenants. Renovation plans call for more entertainment and food options, according to Ramzi Hassan, president of Edwards Realty Co.
EDWARDSVILLE, ILL. — HDA Architects and Kadean Construction have completed a 768,678-square-foot speculative distribution center in Edwardsville near St. Louis. Known as Lakeview 5, the warehouse is designed for four tenants with office spaces at each corner of the building. This is the second distribution center that HDA has designed at Lakeview Commerce Center on behalf of Panattoni Development.
ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of the Cornerstone Medical Building in Rockford for an undisclosed price. Constructed in 1988 and renovated in 2003, the 61,174-square-foot medical office building is 84 percent leased to a variety of healthcare providers, including pain management, retina care, dermatology, gynecology and orthopedics. Ben Tashakorian and David Benjamin of Marcus & Millichap marketed the property on behalf of the seller, Ephraim LLC. Cornerstone Cos. Inc. purchased the asset.
CHICAGO — Skender has completed interior construction of Upwork’s new 34,000-square-foot headquarters in Chicago. Upwork, a website for hiring freelancers, has relocated to 525 W. Van Buren St. from its former space at 224 N. Desplaines St. Upwork’s space includes a café, server room, reception area, executive suite and open office concept for workstations. Upwork plans to build out an additional 34,000 square feet for use in 2020. Skender collaborated with architecture firm SCB, engineering firm Syska Hennessy Group and the building owner’s representative, Cresa.
ROCKFORD, ILL. — An affiliate of Phoenix Investors has acquired a former Bon-Ton distribution center located at 4650 Shepherd Trail in Rockford. The 517,000-square-foot facility features 25,000 square feet of office space, one drive-in door, 127 dock doors and a clear height of 26 feet. Phoenix plans to renovate the property in the coming months. River Valley Bank provided senior mortgage financing.
MERRIONETTE PARK, ILL. — Michael P. Jakubiec Investment Real Estate Inc. has brokered the $3.3 million sale of a 48-unit apartment building in Merrionette Park, about 18 miles south of Chicago. The property, built in 1966, is located at 3170-84 115th St. Michael Jakubiec represented both the private buyer and seller. Jakubiec brokered the sale of the same building in 2004.
LOCKPORT, ILL. — The Boulder Group has arranged the $12.9 million sale of a single-tenant property net leased to Jewel-Osco in Lockport, 30 miles southwest of Chicago. The 67,450-square-foot building sits on 10.3 acres at 16625 W. 159th St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate investment company based in the Southwest. A private investor completing a 1031 tax-deferred exchange purchased the asset.
FRANKLIN PARK, ILL. — Apex Wire Products Co. Inc. has signed a 106,848-square-foot industrial lease in Franklin Park. On March 1, the company will begin occupying the space at 3701 Centrella St. Owned by Morgan Stanley, the Class A facility is located across the street from Chicago O’Hare International Airport. Tom Rodeno and Matthew Stauber of Colliers International brokered the lease transaction.
CHICAGO — Interra Realty has brokered the $6 million sale of 5424 S. Cornell Ave., a 64-unit apartment building in Chicago’s Hyde Park neighborhood. Built in 1924, the building features 61 studio apartments and three one-bedroom units. The property was 90 percent occupied at the time of sale. Joe Smazal of Interra represented the private seller. Ted Stratman and Jeremy Morton of Interra represented the buyer, Chicago-based Nautilus Investments. A portion of financing was obtained through the opportunity investment fund set up by nonprofit lender Community Investment Corp. and Preservation Compact. The buyer plans to improve the property by updating both residences and common areas. About 20 percent of the units are designated as affordable for renters earning up to 50 percent of the area median income.
CHICAGO — Upwork, a global freelancing website, has signed a 67,730-square-foot office lease at 525 W. Van Buren St. in Chicago. The Silicon Valley-based start-up launched its Chicago presence in 2017. Melissa Rubenstein and Gary Kostecki of JLL represented the owner, AEW Capital Management LP. Allen Rogoway, Janna Luce and Eric Nolin of Cresa represented Upwork. Completed in 2002, the 16-story office tower consists of 519,668 square feet. This year, AEW plans to renovate the lobby.
