Tuesday, July 8, 2025
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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $4M Sale of Apartment Building in Chicago’s Kenwood Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 31-unit apartment building in Chicago’s Kenwood neighborhood for $4 million. Located at 4915 S. Drexel Blvd. and originally built in 1926, the property features 10 one-bedroom, 15 two-bedroom and six three-bedroom layouts. The building has undergone several improvements in recent years, including plumbing upgrades, a new reflective roof coating, tuckpointing and window replacements. Brad Feldman of Interra represented the seller, a local operator, and the buyer, a local private partnership that completed a 1031 exchange. The buyer plans to transition operations of the building from market-rate to affordable housing. The transaction marks the first time the property has traded hands in over 20 years.

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AcquisitionsIllinoisMidwest

Quantum Negotiates $3.4M Sale of Timber Loft Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Quantum Real Estate Advisors Inc. has negotiated the $3.4 million sale of a timber loft building located at 1415 N. Dayton St. in Chicago’s Lincoln Park neighborhood. The 60,000-square-foot property was 80 percent vacant at the time of sale. The building sold to a local developer. The seller was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

SVN Core 3 Arranges Sale of 11,060 SF Industrial Building in Bloomington, Illinois

by Kristin Harlow

BLOOMINGTON, ILL. — SVN Core 3 has arranged the sale of an 11,060-square-foot industrial building located at 4 Currency Drive in Bloomington for $1.2 million. The property features overhead doors, office spaces, three restrooms, a retail front, warehouse in the back and ample parking on three sides. The transaction involved local buyers and sellers. Jill Spratt of SVN Core 3 represented the seller, while Patrick and Dan Kniery of Re/Max Rising represented the buyer.

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DevelopmentIllinoisIndustrialMidwest

Contegra Construction Underway on 611,000 SF Warehouse for McLeod Express in Decatur, Illinois

by Kristin Harlow

DECATUR, ILL. — Contegra Construction Co. is underway on a 611,000-square-foot warehouse for McLeod Express in Decatur, about 40 miles east of Springfield. Completion is slated for June 2025. The building will serve as McLeod’s second warehouse in Decatur. The project will feature a clear height of 36 feet and 56 dock doors, including four drive-through doors. Parking will be available for 63 cars and 64 trucks. There will also be a two-story, 6,000-square-foot office space. Founded in 1986, McLeod Express is a transportation company with more than 400 employees managing a fleet of over 300 trucks and 900 trailers.

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AcquisitionsIllinoisIndustrialMidwest

Alterra IOS Acquires Three Industrial Outdoor Storage Sites in Metro Chicago

by Kristin Harlow

ILLINOIS AND INDIANA — Alterra IOS has acquired three industrial outdoor storage (IOS) sites totaling 14 acres in metro Chicago for an undisclosed price. The parcels include 2201 E. Higgins Road in Elk Grove Village, Ill.; 22634 S. Frontage Road in Minooka, Ill.; and 300 W. Chicago Ave. in East Chicago, Ind. All three properties are fully leased to a company in the equipment rental industry and feature more than 30,000 square feet of accompanying warehouse space. Alterra’s industrial real estate platform, Alterra IOS, is focused on heavy industrial and outdoor storage space.

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HealthcareIllinoisLeasing ActivityMidwestNAI

NAI Hiffman Negotiates 2,330 SF Lease for Spec Medical Office Suite in Hinsdale, Illinois

by Kristin Harlow

HINSDALE, ILL. — NAI Hiffman has negotiated a 2,330-square-foot medical office lease at 12 Salt Creek Lane within the Salt Creek Medical Campus in Hinsdale, a western suburb of Chicago. Brian Edgerton of NAI Hiffman represented ownership, Remedy Medical Properties, in the lease with Bloom Plastic Surgery. NAI Hiffman also proposed that the landlord complete a speculative build-out of the long-vacant office suite into clinical space. The space now occupied by Bloom Plastic Surgery had been vacant for more than 10 years. Remedy completed the build-out in September. The lease brings the 62,000-square-foot building to 86 percent occupancy. Joey Carr of Carr Realty Advisors represented the tenant.

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DevelopmentIllinoisMidwestMultifamily

Bradford Allen, Moceri+Roszak Break Ground on 301-Unit Apartment Complex in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Bradford Allen Development Co. and Moceri+Roszak have broken ground on a 301-unit apartment complex in Arlington Heights, a northwest suburb of Chicago. The project is part of a larger master-planned community that includes ArlingtonMed, a 150,000-square-foot medical office complex that previously housed the Daily Herald newspaper. Designed by Thomas Roszak Architecture, the eight-story multifamily building will include 26,000 square feet of ground-floor retail space. Amenities will include an outdoor pool, fitness center, media rooms, coworking space, dog walk, golf simulator and grill stations. The exterior of the building will feature green vertical accents that pay homage to the nearby Ned Brown Preserve. Clark Construction is the general contractor. Completion is slated for 2026. The multifamily building and ArlingtonMed represent the first two of up to four buildings in the master plan.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of 195,375 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow

MUNDELEIN, ILL. — Colliers has arranged the sale of a 195,375-square-foot industrial building in Mundelein, a northern suburb of Chicago. The sales price was undisclosed. Known as Route 60 Logistics Center, the property is located at 1300 Allanson Road just west of a four-way interchange at I-94 and Route 60. Completed in 2021, the facility is fully leased to two tenants. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the sellers, Affinius Capital and Venture One Real Estate. An institutional real estate investor purchased the asset.

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DevelopmentIllinoisMidwest

Summit Design + Build Completes 14-Acre Innovation, Education Center for Farm Foundation in Metro Chicago

by Kristin Harlow

LIBERTYVILLE, ILL. — Summit Design + Build has completed Farm Foundation’s Innovation and Education Center in the Chicago suburb of Libertyville. The 14-acre project is situated on the Casey family farm. The development includes a 4,000-square-foot educational barn with a media room, demonstration kitchen and office space. Farm Foundation will offer various educational programs on agriculture and food systems. Kahler Slater served as the project architect, and JLL was the property manager.  

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Affordable HousingIllinoisLoansMidwestMultifamily

Bayshore Properties Receives $61.6M for Refinancing of Multifamily Property in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Bayshore Properties has received $61.6 million for the refinancing of 21 Kristen Apartments in the Chicago suburb of Schaumburg. The 357-unit multifamily property is a condo deconversion that Bayshore acquired in 2022 and has since invested over $2.5 million in capital expenditures. Of the total units, 30 percent are reserved for residents who earn 30 to 80 percent of the area median income. Amenities include a pool, fitness center and library/meeting room. Greystone provided a $55.6 million Freddie Mac loan with a five-year term, and 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing.

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