BUFFALO GROVE, ILL. — Aries/Conlon Capital has arranged a $31.5 million loan for the refinancing of Riverwalk Phase II in Buffalo Grove, a northern suburb of Chicago. The 258,995-square-foot office property, located at 2100 E. Lake Cook Road, serves as the corporate headquarters for CVS Caremark. The Class A building is 75 percent leased, with PrimeSource Healthcare serving as the other anchor tenant. Amenities include a fitness center, conference room and deli. Accesso Partners was the borrower.
Illinois
CHICAGO — Quadrant Real Estate Advisors has provided a $150 million loan for the refinancing of MILA, a 402-unit luxury apartment tower located along Chicago’s Michigan Avenue. Designed by bKL Architecture, the property also consists of 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel. Completed in May 2016, the tower features amenities such as a rooftop pool, garden, game room, fitness center and pet salon. Danny Kaufman and Jimmy Conley of HFF arranged the loan for the borrower, a joint venture between The John Buck Co. and Becker Ventures LLC. Loan proceeds will refinance the original construction financing.
GLENVIEW, ILL. — Lowe Enterprises Investors, in a joint venture with an institutional investor, has acquired The Reserve Glenview in suburban Chicago. The purchase price was not disclosed. The 239-unit apartment property is located on 7.6 acres at 195 Waukegan Road. The property features three-story buildings that wrap around a central parking structure. Floor plans range from studio to three-bedroom units. Amenities include a pool, outdoor kitchen and picnic area, courtyard, resident lounge and coffee bar, fitness center and business center. Greystar will manage the property.
BARTLETT, ILL. — Ridge, the industrial development arm of Transwestern Development Co., has broken ground on a 186,000-square-foot industrial spec development in Bartlett’s Brewster Creek Business Park. The project, called Ridge Brewster Creek II, is slated for delivery in December. Ridge previously developed Ridge Brewster Creek I, a 271,000-square-foot building that is 50 percent leased to Winhere Brake Parts. Located at 1331-1337 Schiferl Road, Ridge Brewster Creek II will feature 32-foot clear heights, an ESFR sprinkler system, 35 dock doors, two drive-in doors and 224 car parking spaces. Triumph Construction Services Corp. is the general contractor. Harris Architects Inc. is providing architectural services, while Eriksson Engineering Associate Ltd. is performing civil engineering work. Newmark Knight Frank will oversee leasing at the property.
CHICAGO — Spaces has signed a 27,110-square-foot office lease in Chicago’s Lincoln Park. The creative workspace company will occupy the second through fourth floors of the building, located at 1500 N. Halsted St. Spaces Lincoln Park is slated to open in early 2018 and will offer tenants a contemporary loft-style design with large windows. This will be the 14th location in North America for the Amsterdam-based company. Chad Schroedl of SVN | Chicago Commercial represented the landlord, Newcastle Limited, in the lease transaction. Bill Rogers and Kerry Gilar of JLL represented Spaces.
CHICAGO — Essex Realty Group Inc. has brokered the sale of two apartment buildings located at 1521 & 1608 W. Sherwin Ave. in Chicago for $11 million. The vintage corridor-style buildings are within one block of each other in the Rogers Park neighborhood. Vintage corridor buildings were built primarily in the 1920s or 1930s and feature layouts with one main hallway per floor. The properties total 138 units. Matt Welke of Essex represented the undisclosed buyer, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed seller.
SCHAUMBURG, ILL. — J.C. Anderson Inc. has completed a 40,000-square-foot office expansion and renovation for Sagent Pharmaceuticals Inc. in Schaumburg. The property, used for the biopharmaceutical company’s corporate headquarters, is located at 1901 N. Roselle Road. The project included a full rehab of existing workspaces, new conference and meeting rooms, private offices, workstations and boardrooms. New office fronts, ceilings, wall and flooring upgrades/replacements were made to the renovated space. Joe Maguire and Joe Rojas of J.C. Anderson led the project team. Partners by Design provided architectural services.
NOVI, UTICA AND SUPERIOR TOWNSHIP, MICH. — Love Funding has secured $97 million in FHA financing for five multifamily properties in Michigan and Illinois. The five loans will be used for the construction, rehabilitation or refinancing of the properties. Bruce Gerhart of Love Funding secured a $33.3 million FHA 221(d)(4) new construction loan for Manchester, a market-rate apartment community in the Detroit suburb of Novi adding 172 units. A $22.5 million FHA 221(d)(4) new construction loan will be used for Encore Townhomes, a market-rate townhouse community being developed in Utica, Mich. An $11.2 million FHA (223)(f) loan will refinance Danbury Park Manor, an existing 151-unit Section 8 multifamily community in Superior Township, Mich. The two remaining FHA (223)(f) loans will be used for the refinancing of two seniors housing Section 8 communities in Illinois. The borrower was not disclosed.
CHICAGO — Northern Trust has signed a 462,000-square-foot office lease at 333 South Wabash in Chicago. The global financial services company will move some of its Chicago staff to the office property in 2020, upon completion of building renovations planned by ownership. Northern Trust will have the option to expand its footprint in the building up to 750,000 square feet at a future date. Northern Trust’s global headquarters will remain unchanged, located at 50 S. LaSalle St. Affiliates of The John Buck Co. and Morgan Stanley purchased 333 South Wabash from CNA Financial Corp. (CNA) last year, after CNA signed a lease to relocate its offices and left a 750,000-square-foot vacancy in the 1.2 million-square-foot office tower. The property was originally constructed in 1972 and is known for its red exterior. Renovations are planned for the property, including construction of a new building lobby, an upgraded fitness center, day care and tenant lounge. Completion of the renovations is slated for 2019. Bill Rolander and Jon Cordell of Newmark Knight Frank negotiated the lease transaction on behalf of The John Buck Co. and Morgan Stanley. Todd Lippman, Todd Doney, James Whalen, Maura Mahoney and Scott Brandwein of CBRE represented Northern Trust. Rolander and Cordell …
BARTLETT, ILL. — Meridian Design Build has completed a 421,203-square-foot speculative industrial building for developer Exeter Property Group in Bartlett, about 35 miles northwest of Chicago. The new facility, located on a 34-acre site within Brewster Creek Business Park, can accommodate up to four tenants. The building features 32-foot clear heights, 117 loading docks, four drive-in doors, 449 car parking stalls and 110 exterior trailer stalls. Harris Architects provided architectural services, while V3 Cos. completed civil engineering work.