CHICAGO — R2 Cos. has purchased Morton Salt Inc.’s iconic property on Elston Avenue with plans to redevelop the former packaging and warehousing operation into a mixed-use development. R2 purchased the 4.2-acre site for $15 million, according to local media reports. As part of the agreement, Morton Salt will retain its branded rooftop and relocate the company’s research and development center to the site from its current location in Elgin, Ill. The center will anchor the office portion of the development with 20,000 square feet. Morton Salt selected R2 in 2016 to re-imagine the riverfront site from heavy industrial use to commercial and retail use. Morton Salt is headquartered in Chicago.
NORTHBROOK, ILL. — Podolsky Circle CORFAC International has arranged the sale of 400 Skokie Boulevard in Northbrook, a northern suburb of Chicago, for $20.9 million. Built in 1984 and renovated in 2012, the 195,326-square-foot office building features a café, fitness center, conference center, on-site storage and two balconies. The property is currently 77 percent leased to multiple tenants. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Syndicated Equities. Ameritus Real Estate Investment purchased the asset. Podolsky Circle managed 400 Skokie Boulevard prior to the sale and has been retained by the new owner to continue property management.
CHICAGO — Draper and Kramer Inc. has broken ground on a boutique apartment building along Chicago’s lakefront. The eight-story rental property, which will be situated on the last undeveloped site on North Lake Shore Drive in the Gold Coast neighborhood and known as 61 Banks Street, will feature a mix of 58 two- and three-bedroom residences. Designed by Larry Booth of Booth Hansen, the building will be topped by a green roof with an outdoor terrace as well as an enclosed rooftop amenity space. Seven “maisonette” residences, which feature two-story units with street-level entrances and private terraces, will flank the ground floor of the property. Jacobs/Ryan Associates is designing the landscaped areas while Leopardo Cos. is serving as the project’s general contractor. Two-bedroom units will average 1,700 square feet while three-bedroom units will average 2,400 square feet. Monthly rents are expected to range from $5,500 to over $12,000. Residents will have access to a full-time concierge and 24-hour valet parking.
CHICAGO — Marcus & Millichap has brokered the sale of a 6,100-square-foot mixed-use building in Chicago’s Lakeview neighborhood for $3.4 million. The property, located at 3452 N. Southport Ave., features three apartment units and one retail tenant on the ground floor. Hanna Andersson, a children’s retailer, occupies the ground-floor space. Kyle Stengle of Marcus & Millichap represented the seller, a local developer. An international private investor purchased the asset.
NORTHBROOK, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged a $19 million bridge loan for the acquisition of 400 Skokie in Northbrook, a northern suburb of Illinois. The 195,000-square-foot office building is currently 75 percent leased by tenants in various industries, including industrial manufacturing, financial services and healthcare. Michael Hart of Cohen Financial arranged the loan on behalf of the borrower, Ameritus. A Chicago-based bank provided the loan.
CHICAGO — BP Products North America has renewed its 240,000-square-foot office lease at CME Center-10 & 30 South Wacker in Chicago’s West Loop. BP has leased space at the property since 2010 when it relocated from the western suburbs. CME Center is 90 percent leased. The 2.3 million-square-foot property consists of two 40-story towers connected by a 10-story center structure and a 500-car parking garage. Amenities include a car wash, valet parking, tenant lounge and fitness facility. Matt Carolan, Steve Steinmeyer and Bruce Renwick of JLL represented BP in the lease transaction. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership, Tishman Speyer.
CHICAGO — Inland Real Estate Acquisitions LLC has closed on the purchase of four retail properties occupied by Jewel-Osco in suburban Chicago. The properties total a combined 248,622 square feet and feature new 20-year leases. The assets include: 1860 S. Arlington Heights Road in Arlington Heights; 1340 Patriot Blvd. in Glenview; 1759 W. Odgen Ave. in Naperville; and 7122 W. 40th St. in Stickney. Joe Cosenza of Inland and Gina LaMantia, managing counsel for Charles J. Benvenuto PC, completed the transaction on behalf of an Inland affiliate. The seller was not disclosed.
BLOOMINGTON, ILL. — CBL Properties has launched redevelopment of Eastland Mall in Bloomington. H&M and Planet Fitness will occupy the space formerly home to J.C. Penney. Outback Steakhouse is also slated to join the lineup of tenants. Construction of H&M, Planet Fitness and Outback Steakhouse is currently underway. Tenants are expected to open prior to the 2018 holiday season. The mall, originally built in 1967, has a gross leasable area of 760,833 square feet.
AURORA, CAROL STREAM AND NEW LENOX, ILL. — Colliers International has arranged the sale of a 1.4 million-square-foot industrial portfolio in metro Chicago for $95 million. All six buildings in the portfolio are located in business parks with immediate access to interstate highways. The buildings include: 494 E. Lies Road, an 89,380-square-foot facility in the Carol Point Business Center in Carol Stream; 2520 Diehl Road, a 130,000-square-foot facility in the White Oak Business Park in Aurora; and 2700 Ellis Road, 2101 Haven Road, 2201 Haven Road and 2200 Haven Road within the Cherry Hill Business Park in New Lenox. Collectively, the buildings were 100 percent leased to seven tenants at the time of sale. Jeff Devine and Steve Disse of Colliers International represented the seller, institutional investors advised by J.P. Morgan Asset Management. A comingled fund managed by CBRE Investors purchased the portfolio.
CHICAGO — Harrison Street Real Estate Capital LLC has agreed to acquire a portfolio of six student housing properties in Germany from MPC Capital AG. The portfolio consists of more than 1,000 beds and serves university students in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg. In addition, Harrison Street has formed a strategic joint venture with MPC Capital to acquire student housing properties across Europe. Headquartered in Germany, MPC Capital is a developer and operator of student accommodations. A press release announcing the transaction didn’t provide a purchase price or the expected closing date. Under the terms of the joint venture, the properties will continue to be managed under MPC Capital’s STAYTOO brand and existing property management teams. MPC Capital has identified several other properties as possible acquisitions for the joint venture, which will also be managed under the STAYTOO brand. Germany has Europe’s largest student population and a supply-constrained student accommodation market, according to Robert Mathias, senior managing director and head of international at Harrison Street. Those attributes plus strong user demand and enrollment growth present an attractive investment opportunity, adds Mathias. Chicago-based Harrison Street is one of the largest owners of student housing in the United States and Europe. Harrison …