CHICAGO — American Street Capital (ASC) has arranged a $7.6 million bridge loan for a self-storage facility in Chicago’s Old Town neighborhood. The 55,418-square-foot facility consists of 885 traditional storage units and 490 wine storage units. Built in 1920, the property was converted into a self-storage facility in 1984. The bridge loan will be used for capital improvements to modernize the facility. Igor Zhizhin of ASC arranged the two-year loan.
BURR RIDGE, ILL. — Krusinski Construction Co. has broken ground on a new 25,000-square-foot rehabilitation center for the Shirley Ryan AbilityLab in Burr Ridge, a southwestern suburb of Chicago. Formerly known as the Rehabilitation Institute of Chicago, the center will treat individuals with complex disabilities through a model of integrated research, education and patient-centered care. MedProperties Group is the project developer. Other project team members include architect HDR, civil engineer Manhard Consulting and electrical engineer Gage Consulting Engineers. Completion is slated for March 2018.
CHICAGO — Foresite Realty Partners LLC has arranged the sale of 215 W. Ohio St. in Chicago for an undisclosed price. The 47,880-square-foot office building is located in the heart of the River North neighborhood. Ryan Nelson of Foresite Realty represented the undisclosed seller. Tyler Hague of Colliers International represented the buyer, an entrepreneurial real estate investor with other holdings in Chicago.
LAKEVIEW, ILL. — Advocate Health Care has leased a former Sports Authority property in Lakeview. The healthcare company plans to convert the space, located at 3154 N. Clark St., into a new medical office center. Advocate has leased the entire property, which includes 40,400 square feet of ground-floor space, 10,100 square feet of basement space and a two-story parking facility for 115 vehicles. The new location will house clinical and ancillary operations including internal medicine, cardiology, cardiac testing, obstetrics, endocrinology, neurology, X-ray and laboratory services. Demolition and construction is underway, with completion slated for early 2018. Next Realty LLC is the property landlord. Amy Levin of Next represented the real estate investment firm in the lease transaction. Gary Fazzio and Sharon Kahan of CBRE represented Advocate.
CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co., has unveiled the master plan for its redevelopment of 777 and 700 W. Chicago Ave. Architecture firm Solomon Cordwell Buenz designed the plan, which will convert 37 acres of underutilized industrial land into a new neighborhood known as the River District. The area extends Chicago’s downtown district and establishes a natural connection between The Loop, River North, Fulton Market and River West. The mixed-use development at 777 will include 5,900 residential units and 9 million square feet. Pending city approval, Phase I of redevelopment is slated for completion in early 2020.
WAUKEGAN, ILL. — Eagle Foods has signed a 98,251-square-foot industrial lease at Delany Commerce Center in Waukegan. The manufacturer and distributor of household food products will occupy the property in December after an interior build-out is completed. The 218,500-square-foot building, located at 2431 Delany Road, is now fully leased and is the first distribution facility at Delany Commerce Center. Chicago-based HSA Commercial Real Estate developed the center in partnership with Washington Capital Management Inc. Tim Thompson of HSA represented ownership in the lease transaction. Ed Lowenbaum of Lowenbaum REP represented Eagle Foods.
CHICAGO — The Harold E. Eisenberg Foundation’s 19th annual dinner drew 750 guests and raised over $550,000 to benefit the foundation’s two-pronged mission of funding gastrointestinal cancer research and advancing real estate education. The event took place at the Hilton Chicago on Sept. 26. The 2017 scholars include Amanda Doster and James Alex Collins of Indiana University, Ines Andrade Gruest and Logan Walker of the University of Illinois, Justin Hucek of DePaul University and Ashley Pollock of Roosevelt University. Each student will work hand-in-hand with real estate innovators for six months and receive a $5,000 scholarship. Also unveiled at the event were details of the foundation’s largest gift in its history — $1.5 million to fund the foundation’s OncoSET program at the Robert H. Lurie Comprehensive Cancer Center at Northwestern University. The research program provides a more personalized medicine option for cancer patients by combining oncology with genomics. Steven Weinstock of Marcus & Millichap was the event’s chair while Kevin Wolfberg of Schain, Banks, Kenny & Schwartz Ltd. was the vice-chair.
EDWARDSVILLE, ILL. — PCCP has formed a joint venture with TriStar Properties to develop a 593,940-square-foot industrial building in Edwardsville, about 25 miles northeast of St. Louis. Situated on 54 acres, the project is located within Gateway Commerce Center, which consists of 15.7 million square feet. The building will feature 36-foot clear heights and 185-foot truck courts. Construction is underway and completion is slated for February 2018. Gateway Commerce Center is 100 percent leased to tenants such as Procter & Gamble Co., Unilever, Amazon.com and Geodis, part of SNCF Logistics.
CHICAGO — JDL Development has opened SixForty North Wells, a 250-unit luxury apartment tower in Chicago’s River North neighborhood. The 23-story building is currently 41 percent leased and 37 percent occupied. Floor plans vary from studios to three-bedroom units and range in size from 500 to 1,600 square feet. Rents range from $1,850 to $5,820. Amenities include a rooftop deck, kitchen, gaming lounge, fitness center, golf simulator and grill area with fire pits. The Habitat Co. manages the property.
ALGONQUIN, ILL. — Realty Metrix Commercial has negotiated the sale of Algonquin Town Center in Algonquin, a northwest suburb of Chicago. The sales price was not disclosed. The 103,266-square-foot center is located at 3120-1440 E. Algonquin Road. Built in 1988, the property sits on 11 acres. Chase Bank, Dollar Tree, Goodwill and the U.S. Post Office anchor the property. Linda Kost and Dave Schmidt of Realty Metrix represented the seller, Nickels Quarters LLC. Millennium Properties represented the buyer, RMS Properties.
