EDWARDSVILLE, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of University Nursing and Rehabilitation Center and Edwardsville Nursing and Rehabilitation, both located in Edwardsville and totaling approximately 232 beds, for $5.5 million. The purchase price equates to approximately $24,000 per bed. The sale was prompted by the operator’s motivation to reduce its overall exposure to the state’s challenging reimbursement environment relating to delayed payments of Medicaid and its initial intention to not operate the facilities in the long term, according to a news release. Combined, the facilities were operating at approximately breakeven on nearly $12 million in total revenues. Josh Salzman, Michael Segal and Ben Firestone of Blueprint led the transaction. A St. Louis-based investor purchased the asset. A publicly traded REIT was the seller.
CHICAGO — HFF has arranged the sale of Optima Chicago Center in the city’s Streeterville neighborhood. The sales price was not disclosed. The 325-unit apartment tower is located at 200 E. Illinois St. Constructed in 2013 and designed by David Hovey, the 42-story property features a mix of one-, two- and three-bedroom units as well as two penthouses. The property includes a 233-space parking garage and 20,644 square feet of commercial space. Amenities include a rooftop, outdoor lounge, fitness center, yoga studio, pool, recreation area and concierge services. Sean Fogarty and Marty O’Connell of HFF marketed the property on behalf of the seller, a partnership comprising Optima Inc., DeBartolo Development LLC and OPTrust. The team also procured the undisclosed buyer. Danny Kaufman of HFF worked on behalf of the new owner to secure acquisition financing through Pacific Life Insurance Co.
CHICAGO — Marcus & Millichap has brokered the sale of a 53,931-square-foot mixed-use building and an adjacent development site in Chicago’s River West neighborhood for $11.3 million. The buyer, Tandem Development, plans to renovate the existing building and develop a 226-unit apartment tower on an adjacent parking lot. The 23-story tower will feature a parking garage and 2,300 square feet of first-floor retail space. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the private seller and procured the buyer.
WAUKEGAN, ILL. — HSA Commercial Real Estate has sold a 218,500-square-foot industrial building in Waukegan for an undisclosed price. The property is located within the Delany Commerce Center, a 22.7-acre development. HSA developed the building in 2013 in partnership with Washington Capital Management Inc. The property is fully leased to Eagle Foods, a manufacturer and distributor of household food and snack products, and Trifinity Partners, a third-party logistics firm that serves major retailers. Mike Caprile, Ryan Bain and Zach Graham of CBRE represented the sellers in the transaction. A private investor purchased the asset.
EVANSTON, ILL. — Developers CA Ventures and Focus have broken ground on 811 Emerson, an apartment building near Northwestern University in Evanston, Ill. The nine-story, 241-unit transit-oriented development is located at 811 Emerson St. One-, two- and three-bedroom floor plans will range in size from 400 to 1,100 square feet. Outdoor amenities will include a courtyard with a pool, fire pit and grilling stations. Indoor amenities will include a social lounge, business center and fitness center. Convenience store 7-Eleven will occupy a 3,300-square-foot retail space on the property’s ground floor. Focus is the general contractor, while bKL Architecture is providing architectural services. Pre-leasing will begin this fall, and the project is set for completion in the summer of 2019.
ELGIN, ILL. — iHerb Inc. has signed a 257,344-square-foot industrial lease in Elgin. The company sells nutritional supplements, vitamins, personal care, baby care and other health products. The industrial building, Zilber Industrial I, is located at 2640 Auto Mall Drive with immediate access to I-90. Jack Brennan and John Hamilton of CBRE represented the tenant in the lease transaction. Dominc Carbonari and Frank Griffin of JLL represented the owners, Zilber Property Group.
ROMEOVILLE, ILL. — Principle Construction Corp. has broken ground on a 43,227-square-foot, speculative office development in Romeoville, about 30 miles southwest of Chicago. Known as the OWL 3 Spec Office, the property is located at 1250 Windham Parkway. The project, slated for completion this October, will be able to accommodate 10 tenants. This will be the first LEED-certified office building in Romeoville, according to Principle. The project is being developed in partnership with Lakeview Realty Investors LLC. SKJN Architeckten is providing architectural services.
CHICAGO — Cresset Partners, the private investment affiliate of Cresset Wealth Advisors, has purchased Wells Place in the heart of Chicago’s South Loop for an undisclosed price. The 84-unit apartment community is located at 837 and 839 S. Wells St. The property features a mix of one- and two-bedroom units with in-unit washers/dryers and private patios. The seller was not disclosed.
CHICAGO — The Boulder Group has arranged the sale of a single-tenant property, net leased to Fresenius Medical Care in Chicago, for $4.4 million. The 9,396-square-foot building is located at 9924 S. Vincennes Ave. Fresenius, which provides renal services via its dialysis facilities, has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A West Coast-based real estate investment firm was the buyer.
ELGIN, ILL. — Eldorado Resorts Inc. (NASDAQ: ERI), a Nevada-based casino owner and operator, has agreed to acquire the Grand Victoria Casino for $327.5 million. The riverboat casino opened in 1994 and is moored on the Fox River in Elgin, approximately 40 miles northwest of Chicago. Eldorado Resorts will acquire the roughly 30,000-square-foot casino from a partnership between MGM Resorts International (NYSE: MGM) and RBG LLP, a subsidiary of Hyatt. Eldorado will use proceeds from recent asset sales, cash from ongoing operations and loans from its revolving credit facility to fund the transaction, which is expected to close during the fourth quarter. “The addition of Grand Victoria Casino will further diversify the geographic reach of our operations and includes excess contiguous acreage for potential future development,” says Gary Carano, CEO of Eldorado Resorts. “Grand Victoria is one of the leading casinos in the Chicagoland market and is extremely well maintained, which will allow us, upon closing, to focus on enhancing the guest experience and operating results without the need to undertake capital investments,” he adds. MGM acquired a 50 percent interest in Grand Victoria in 2005 when it acquired Mandalay Resort Group. As the seller, MGM will receive approximately $162 million …