Illinois

HOFFMAN ESTATES, ILL. AND CINCINNATI — Sears Holdings Corp. has announced that 64 Kmart stores and 39 Sears stores will close nationwide between March and early April of this year. Sears had previously unveiled an effort to close unprofitable stores and “right size” store footprints. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. Liquidation sales will begin as early as Jan. 12 at the stores set to close. The company is closing three Kmart stores and three Sears stores in its home state of Illinois. For a full list of store closings, click here. Meanwhile, Cincinnati-based Macy’s has also announced the planned closure of 11 stores, four of which were previously disclosed. With these closures, the retailer will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sales transactions are completed. Including the newly announced stores, Macy’s has closed 124 stores since 2015. A majority of the Macy’s stores closing in early 2018 are located in California and Florida. A full list is available here. …

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CHICAGO — NorthMarq Capital has arranged a $93 million Fannie Mae loan for the refinancing of Columbus Plaza in downtown Chicago. The 533-unit multifamily property will undergo extensive work in the lobby and outdoor amenity spaces, including a complete renovation and expansion of the building’s deck and grilling stations. Additionally, energy-saving appliances will be added to reduce water consumption and improve energy efficiencies. Sue Blumberg of NorthMarq arranged the seven-year loan. An entity controlled by the Habitat Co. owns the property.

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ELMHURST, ILL. — Inland Real Estate Acquisitions LLC has purchased the Edward-Elmhurst Health Center in Elmhurst, about 20 miles west of Chicago. The purchase price was not disclosed. The 13,000-square-foot medical office building is located at 755 N. York St. Newly constructed in 2017, the property is home to Edward Health Ventures, which operates as Edward-Elmhurst Health. Serving as a medical office space, the property includes 10 exam rooms, one procedure room, one endoscopy suite and four recovery rooms. The center features physicians who specialize in family medicine, internal medicine, obstetrics/gynecology and gastroenterology. Mark Cosenza and Brett Smith of Inland completed the deal on behalf of an Inland affiliate. The seller was not disclosed.

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CHICAGO — Scion Student Communities has purchased a 24-property student housing portfolio containing 13,666 beds across 18 states for $1.1 billion. The portfolio involves 20 leading national universities. The transaction also includes the recapitalization of two communities previously owned by Scion-affiliated private syndications. Five different Harrison Street Real Estate Capital funds owned the properties in partnership with multiple operators. Chicago-based Scion Student Communities is a joint venture between the Scion Group, GIC and Canada Pension Plan Investment Board (CPPIB). The portfolio contains a mix of recently developed Class A properties in primarily Tier 1 university markets, as well as select value-added assets. “This is a compelling investment opportunity to efficiently build further scale in the U.S. student housing sector with a portfolio of high-quality, well-located properties in new and existing joint venture markets,” says Hilary Spann, managing director and head of U.S. real estate investments for CPPIB. Harrison Street sold an additional nine-property student housing portfolio to Scion this past March for $465 million. These assets were within a larger 11-property portfolio the JV acquired from four different owners. This portfolio contained a total of 5,000 beds at eight universities. Scion Student Communities notes it plans to pursue additional opportunities to …

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NEW LENOX, ILL. — Marcus & Millichap has arranged the sale of Calistoga Plaza in New Lenox, about 40 miles southwest of Chicago, for $4.5 million. The 36,839-square-foot retail property is located at 2001-2131 Calistoga Drive. Tenants include Honeycuts, Grapple Games, Italian Fiesta Pizzeria, Arrowhead Ales, Badda Bings, Cedar Way Veterinary Clinic and Tuckers Doggy Delights. All of the tenants are currently operating under net leases. Sean R. Sharko, Austin Weisenbeck and Joseph Sigal of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. Brian Parmacek, also of Marcus & Millichap, secured and represented the buyer, a limited liability company.

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ROSEMONT, ILL. — Farpoint Development and Greco/DeRosa Investments have unveiled plans to redevelop a 135,000-square-foot loft office building located at 6300 North River Road in Rosemont. The $6 million core/shell renovation of the seven-story building is expected to begin immediately and be completed by mid-2018. The redevelopment of the property will include a fully renovated lobby, replacement of all exterior windows and staining of the exterior brick. The Class A office building will include a new fitness center, yoga room, conference facilities, tenant lounge and food market with outdoor seating. Jason Simon and Jonathon Connor of Colliers International will market the property for lease.

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GREENVILLE, ILL. — CareTrust REIT (NASDAQ: CTRE) has acquired Helia Healthcare of Greenville, a 90-bed skilled nursing facility in Greenville, about 50 miles east of St. Louis. The purchase price was not disclosed. The property, located at 400 E. Hillview Ave., is the only nursing home within a 20-mile radius that offers skilled nursing services, including neuromuscular disorders care, amputation care, cardiac care, nutritional support, advanced wound care and enteral nutrition, according to HFF. David Fasano, Ryan Maconachy, Chad Lavender and Sarah Anderson of HFF marketed the property on behalf of the seller, Palladian Healthcare.

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CRESTWOOD, ILL. — Marcus & Millichap has brokered the sale of a 4,800-square-foot retail property in Crestwood, about 25 miles southwest of Chicago, for $2.4 million. The building, located at 13430 South Cicero Ave., is 100 percent leased to T-Mobile, Jersey Mike’s and Sport Clips. Sean R. Sharko and Austin Weisenbeck of Marcus & Millichap marketed the property on behalf of the seller, a developer. Brendan Lee of Marcus & Millichap secured and represented the buyer, a limited liability company.

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MOLINE, ILL. — Marcus & Millichap has brokered the sale of Heartland Clinic and Ambulatory Surgery Center in Moline, one of the Quad Cities, for $11.6 million. The 34,020-square-foot medical office building is a multi-specialty practice that includes gastroenterology, pain management, otolaryngology (ENT), urology and nutrition departments. The physicians affiliated with the clinic perform their surgeries at the on-site Regional SurgiCenter, an ambulatory surgical center that is majority owned and operated by Covenant Surgical Partners Inc. Private equity firm Kohlberg, Kravis & Roberts, a global investment firm with over $148 billion in assets under management, recently acquired Covenant. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the physician partnership that built the property. The buyer was not disclosed.

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DES PLAINES, ILL. — American Louver Co. has signed a 127,800-square-foot industrial lease in Des Plaines, a northwestern suburb of Chicago. The manufacturer of plastic products will occupy the space at 100 E. Howard Ave. Denise Chaimovitz of Paine Wetzel represented the tenant in the lease transaction. Kevin Segerson and Matt Mulvihill of CBRE represented the landlord, ML Realty Partners.

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