CHICAGO — Harrison Street Real Estate Capital LLC, based in Chicago, has formed a joint venture with Crosslane Property Group UK Limited to develop a portfolio of four student housing properties totaling 1,267 beds. The properties will be located in Leeds, Coventry, Portsmouth and Swansea, which are cities in the United Kingdom that have a combined enrollment of more than 131,000 students. Gross development value for the four properties is approximately $175 million. Harrison Street’s European student housing portfolio comprises more than 7,000 beds in ownership or under construction across Ireland, France, Germany and the United Kingdom.
CHICAGO — CBRE Strategic Partners US Value 8 has acquired a six-building industrial portfolio totaling over 1.4 million square feet in the Chicago area. The purchase price was not disclosed. The portfolio is 95 percent leased to six tenants. The properties include: 2700 Ellis Road in Joliet; 2101 W. Haven Road in New Lenox; 2201 W. Haven Road in New Lenox; 2200 W. Haven Road in New Lenox; 2520 Diehl Road in Aurora; and 494 E. Lies Road in Carol Stream. The buildings range in size from 90,000 to 690,000 square feet and feature clear heights of 24 to 32 feet.
CHICAGO — SVN | Chicago Commercial has negotiated the sale of a 42,000-square-foot loft office building in Chicago’s West Loop for $12.9 million. The property, located at 117-121 N. Jefferson Ave., is known as the Haymarket Building. The building was over 90 percent leased at the time of sale. Wayne Caplan and Lee Ffrench of SVN represented the seller, an affiliate of St. Louis-based Hoffmann Commercial Real Estate. In-Commercial Group, based in Chicago, led the purchasing group, which was an investor completing a 1031 exchange.
CHICAGO — Westwood Financial has acquired Kingsbury Center in Chicago’s North and Clybourn retail corridor for an undisclosed price. The 53,079-square-foot shopping center is located at 1415-1435 N. Kingsbury St. Completed in 2012, the center is 100 percent leased to Buy Buy Baby, PetSmart, Road Runner Sports and Jimmy John’s. Amy Sands and Clinton Mitchell of HFF represented the undisclosed seller.
DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 54-acre infill site in Downers Grove. The developer plans to build three industrial buildings totaling 680,420 square feet. The development will be known as Bridge Point Downers Grove. The buildings will feature clear heights of 32 and 36 feet and offer immediate access to I-88 and I-355. Completion is slated for the fourth quarter of 2018. Jason West, Sean Henrick, Michael Magliano, Doug Pilcher and David Friedland of Cushman & Wakefield will represent Bridge in the lease-up of the properties. No brokers were involved in the sale of the land site, as it was conducted off-market. An undisclosed national developer sold the land. Daniel Barrins of Associated Bank originated a $20 million acquisition loan, with $21.16 million syndicated to Byline Bank and Inland Bank.
ITASCA, ILL. — Raging Wire Data Centers has purchased 19 acres of land at Hamilton Lakes Business Park in Itasca. Patrick McKillen of Hamilton Partners represented ownership in the transaction. Recent development activity at the business park includes the 183,000-square-foot headquarters for American Academy of Pediatrics. Hamilton Lakes has approximately 3.5 million square feet of office space and 35 acres of additional development land remaining.
SCHILLER PARK, ILL. — NAI Hiffman has arranged the sale of a 17,600-square-foot industrial park in Schiller Park near the Chicago O’Hare International Airport. The sales price was not disclosed. The property, located at 9525 River St., includes 3,000 square feet of office space. Murat Cable LLC, an independent manufacturer of automotive and battery cables based in Turkey, purchased the property in an effort to expand its North American customer base. Joe Bronson, Jay Maher and Josh Will of NAI Hiffman represented the seller, Spell Capital Partners LLC. Thomas Gath of Newmark Knight Frank represented the buyer.
CHICAGO — Marcus & Millichap has brokered the sale of a four-story loft office building in Chicago’s Lincoln Park neighborhood for $4.5 million. The 24,000-square-foot property is located at 1525 W. Homer St. Built in 1990 and renovated in 2017, the building is situated within the North Branch Industrial Corridor. Six tenants fully occupied the property at the time of sale. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the seller, a local developer. A private Chicago-based investor was the buyer.
CHICAGO — SVN | Chicago Commercial has arranged the sale of an entire city block located at 400 N. May St. in Chicago’s Fulton Market. The block is comprised of a 75,000-square-foot timber and beam office building and 43,000 square feet of land currently being used as a parking lot. Stephen Cusano, Chad Schroedl, Drew Dillon and James Mead of SVN represented the seller, May St. Investments LLC, which owned the property for over 30 years. MCZ Development purchased the property.
CHICAGO — Summit Design + Build LLC has completed the conversion of an 18-story mixed-use building into apartments in Chicago’s Uptown neighborhood. Montrose Apartments, formerly known as Pensacola Place, underwent a phased conversion and renovation of floors one through three, which were vacant offices and retail space. Developer Waterton Associates purchased the property in 2015 with plans to modernize and refresh the building. Summit started construction in the summer of 2016, beginning with the conversion and new construction of 23 studio and one-bedroom apartments. Summit also renovated the lobby and first-floor leasing center, and added new tenant amenity spaces including a fitness center and third-floor urban lounge. Summit completed construction while the building was fully operational and occupied. Chicago-based Brininstool + Lynch provided architectural services for the project.