ELGIN, ILL. — Brown Commercial Group has brokered the sale of a 38,128-square-foot industrial warehouse in Elgin, a northwest suburb of Chicago. The sales price was not disclosed. The fully leased property is located at 1700-1730 Todd Farm Drive within the Windsor Commerce Center. Brian Lindgren of Brown represented the buyer, Nottingham Realty Group LLC. John D’Orazio of Colliers International represented the seller, Cristie Ann Enterprises LLC.
CHICAGO — Baum Realty Group LLC has brokered the sale of a mixed-use property in Chicago’s Bucktown/Wicker Park neighborhood for $10.8 million. The property includes a 12,759-square-foot, three-story building for office and retail use as well as an adjacent 3,885-square-foot development parcel at 1616-1628 N. Damen Ave. The development parcel is zoned as a community shopping district. This zoning permits various businesses and apartments above the ground floor. Greg Dietz and Danny Spitz of Baum represented the undisclosed seller. A local investment group purchased the asset.
CHICAGO — Citadel and Sprout Social have signed lease renewals at Citadel Center at 131 S. Dearborn St. in Chicago. Financial institution Citadel has signed a long-term lease to maintain its global headquarters at the building. Sprout Social, a social media management company, has expanded its lease by 64,000 square feet. The property is now 90 percent leased. Other tenants include JPMorgan, Holland & Knight, Perkins Cole and Constellation Brands. Citadel Center spans 37 stories and 1.5 million square feet. A partnership between Angelo, Gordon & Co., Hines and Dearborn Capital Group acquired the property in 2016. Renovation plans include a new conference center that seats up to 180 people, security enhancements and a complete lobby renovation with elevators. All renovation work is expected to be complete by the end of the year. The Telos Group LLC handles leasing efforts at the property.
CHICAGO — JLL Capital Markets has arranged the sale of the 833,000-square-foot office portion of the iconic Sullivan Center in Chicago for $176 million. The buyer was New York-based 601W Companies. The seller, a venture between New York-based private equity firm KKR and Madison Capital, had owned the property since 2016. Originally constructed in 1899 as a department store, Sullivan Center has been a national historic landmark since 1970. Between 2001 and 2012, the building underwent major renovations to modernize the mechanical systems and restore historical features at a cost of more than $200 million. The upper floors were converted to office space in the early 2000s. The former owners of the property sold Sullivan Center’s 176,000 square feet of retail space, which includes the two lower floors and basement level, to Acadia Realty Trust in 2016 for $147 million. “This asset received significant investor interest because of its excellent location, strong tenant base and the fact that it is one of the few larger floor plate buildings catering to the progressive tenants driving demand in this market,” says Bruce Miller, JLL’s international director who co-heads the capital markets group in Chicago. “At nearly full occupancy, it is clearly the …
CHICAGO — KeyBank Real Estate Capital has originated a $92.7 million Freddie Mac loan for the refinancing of The Pavilion Apartments in Chicago. Built between 1968 and 1972, the property includes five buildings and 1,114 units. The apartment complex also features 7,891 square feet of retail and restaurant space. Tim Migchelbrink of KeyBank originated the fixed-rate loan through Freddie Mac’s Green Up program.
ADDISON, ILL. — Lee & Associates has negotiated the $2 million sale of two industrial buildings in Addison, about 20 miles west of Chicago. The properties include a 13,884-square-foot building at 1236 Capitol Drive and a 15,200-square-foot building at 1770 Cortland Court. Jay Farnam represented the seller in both transactions. Neither the buyer nor the seller was disclosed.
WHEATON, ILL. — Salon Lofts has signed a 3,795-square-foot retail lease to open at Town Square Wheaton near Chicago. The 203,000-square-foot shopping center is located at the intersection of Blanchard Circle and Naperville Road. Interior build-out of the national salon chain’s space is expected to begin this month with completion slated for summer 2018. Tucker Development owns Town Square Wheaton.
CHICAGO — Kemper Corp. has signed a 65,000-square-foot lease to occupy the 32nd and 33rd floors of Aon Center in Chicago. The insurance holding company is currently headquartered at 1 E. Wacker Drive. Aon Center, located at 200 E. Randolph St. at the head of Millennium Park, is undergoing a $25 million renovation to update lobbies, common areas and add more retail space. In 2015, 601W Cos. acquired the property, which was originally built in 1972. Matt Pistorio, Caroline Colnon and Steve Smith of The Telos Group LLC represented 601W in the lease transaction. Scott Goldman, Chris Wood, Dan Fisk and Adam McCostlin of Cushman & Wakefield represented Kemper.
CHICAGO — Kiser Group has brokered the $9 million sale of The Maynard in Chicago’s Uptown neighborhood. The 74-unit apartment building is located at 4875 N. Magnolia Ave. Originally built in 1925, the property features primarily micro-unit studios, some as small as 218 square feet. Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Becovic Management purchased the asset from CLK Properties.
CHICAGO — JLL Capital Markets has arranged the $86 million sale of a 1.2 million-square-foot, 11-property industrial portfolio across metro Chicago. High Street Realty Co. LLC purchased the portfolio on behalf of High Street Real Estate Fund V LP. Seven of the buildings are fully leased. The portfolio’s total occupancy rate is 86 percent. The properties include: 801, 901 and 1001 Technology Way in Libertyville; 101 Corporate Center in Lemont; 755 Remington Blvd. in Bolingbrook; 2050 Hammond Drive in Schaumburg; and 900, 909,1000 Asbury Drive and 911 Commerce Court in Buffalo Grove. Additionally, a 74,024-square-foot building at 1001 Asbury Drive in Buffalo Grove will be available for lease starting July 31. John Huguenard, Sean Devaney, Ed Halaburt, Steve Trapp and Steve Ostrowski of JLL brokered the transaction on behalf of the seller, an institutional client.
