ARLINGTON HEIGHTS, ILL. — Essex Realty Group Inc. has arranged the sale of The Fountain Apartments in Arlington Heights, a northwest suburb of Chicago, for $2.4 million. The 26-unit apartment property is located at 908-910 Euclid Ave. The property is comprised of eight studios, 16 one-bedroom and two two-bedroom units split between two buildings. Jordan Gottlieb and Brian Mond of Essex brokered the transaction.
CHICAGO — Harvest Homes, a 36-unit affordable housing complex, has opened in Chicago’s East Garfield Park. People’s Community Development Association of Chicago Inc. and The NHP Foundation developed the $14.1 million project. The property, located at 3512-46 W. Fifth Ave. on the city’s West Side, consists of four three-story buildings. The complex features a mix of two- to four-bedroom apartment units for residents earning up to 60 percent of the area median income. City support for the project included $1 million in tax increment financing and approximately $1.4 million in low-income housing and donation tax credits that generated $12.7 million in equity for the project. Other funding sources included a grant from the Federal Home Loan Bank and a private mortgage loan. The project is part of the city’s five-year housing plan to commit $1.3 billion in public and private funds to build, rehabilitate or preserve 41,000 units of affordable housing by the end of 2018.
VERNON HILLS, ILL. — Wool Finance Partners has arranged a $14 million loan for the refinancing of two industrial buildings in Vernon Hills, a northern suburb of Chicago. The buildings total 350,000 square feet and are leased to a single tenant. A regional bank was the lender. The borrower was not disclosed. Gary Wool of Wool Finance arranged the loan.
ITASCA, ILL. — M&R Development has opened The Residences at Hamilton Lakes in Itasca, 27 miles northwest of Chicago. The 297-unit luxury apartment complex is located adjacent to the Hamilton Lakes Business Park. A joint venture between Itasca-based M&R Development and Hamilton Partners and Chicago-based POB Capital LLC developed the property. The Residences at Hamilton Lakes includes three four-story buildings offering a mix of studio, one-, two- and three-bedroom floor plans. Rental prices range from $1,340 to $3,180. Amenities include an outdoor pool with cabanas, media room, fully equipped gym, business center and demonstration kitchen along with a spa, sauna and steam room. Chicago-based RMK Management manages the property.
BELLWOOD, ILL. — Darwin Realty has brokered the sale of a 160,000-square-foot warehouse in Bellwood, 13 miles west of Chicago. The sales price was not disclosed. The property is located at 950 S. 25th Ave. U-Haul/AMERCO Real Estate Co. purchased the property for use as a truck rental and self-storage facility. The building features 11,500 square feet of office space, 5,000 square feet of cooler space, clear heights ranging from 12.5 to 19.5 feet, 14 exterior docks and two interior docks. U-Haul chose this site due to its proximity to I-290 and large parking lot on the 8.3-acre site. The new owner will take occupancy of the building in October. Jeffrey Provenza and George Cibula of Darwin represented the seller, 950 S. 25th Ave. LLC. U-Haul was self-represented.
BRADLEY, ILL. — McColly Bennett Commercial has brokered the sale of the 74-acre former Bunge plant in Bradley, about 50 miles south of Chicago. The sales price was not disclosed. International pharmaceutical company CSL Behring acquired the property to accommodate future anticipated growth. The property, adjacent to CSL Behring’s current facility, includes office buildings, warehouse and cold storage space as well as 50 additional acres. The acquisition is taking place in two phases. CSL Behring already has closed on the acquisition of the vacant land parcels. Upon the demolition of the former manufacturing plant, CSL Behring will acquire the remainder of the property. No timeframe has been established for when any new development will take place on the site. Jeff Bennett of McColly Bennett Commercial represented the seller, a private investment and development firm. Buck Tamblyn of McColly Bennett Commercial represented CSL Behring.
CHICAGO — Veggie Grill has unveiled plans to open its first restaurant in Chicago, the first of the Midwest region. The vegetarian fast casual brand will open a 2,000-square-foot restaurant at 614 W. Diversey Parkway this fall. The restaurant will serve lunch and dinner, as well as provide online ordering and delivery services. Specialty menu items include the VG beyond burger, Santa Fe crispy chickin’ sandwich, quinoa power salad and Sonoran bowl. Founded in 2006, Veggie Grill currently operates 28 locations throughout California, Oregon and Washington. The company plans to open several Chicago locations over the next few years.
CHICAGO — GGP Inc. (NYSE: GGP) has unveiled plans to relocate its headquarters to River North Point in Chicago during the first quarter of 2018. The 24-story mixed-use building is located at 350 N. Orleans St. The lease totals 168,000 square feet of office space and equates to two full floors. With over 700 employees working in the corporate office, GGP will occupy the entire fourth floor and a portion of the third and fifth floors of the building. The real estate investment trust, which owns and manages shopping malls throughout the United States, currently operates out of 110 N. Wacker Drive in Chicago. New amenities at River North Point will include a fitness center, 10,000-square-foot tenant lounge, conference center and 5,000-square-foot rooftop deck. Michael Kazmierczak, Ron Lakin and Ellen Zalatoris of CBRE represented the landlord, Equity Office, in the lease transaction. Vineet Sahgal and Meredith O’Connor of JLL represented GGP.
ST. CHARLES, ILL. — Silverado will host a groundbreaking ceremony Friday, Aug. 11 for Silverado St. Charles, a 90-unit memory care community in the Chicago suburb of St. Charles. The 47,000-square-foot, single-story community is scheduled to open during summer 2018. It will be located on a four-acre plot. Silverado estimates total project costs at $12 million. Development team members include Jensen and Halstead Ltd. for architecture and planning; Cemcon Engineering for civil engineering; Terracon for geo-technical field observations; and Testing Services Corp (TSC) for construction testing services. Irvine, California-based Silverado is a memory care operator with 52 locations in Arizona, California, Illinois, Texas, Utah, Washington and Wisconsin.
ROMEOVILLE, ILL. — Novak Construction, a general contractor and construction management firm, has completed a 2,060-square-foot expansion and renovation of an Aldi grocery store, located at 398 S. Weber Road in Romeoville, roughly 30 miles southwest of Chicago. The original building was constructed in 2009, and the remodel features open ceilings, a larger floor plan, additional refrigeration space and a reconfigured checkout area. Environmentally friendly building materials were incorporated in construction.
