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AcquisitionsIllinoisIndustrialLoansMidwest

Gantry Arranges $14.7M Acquisition Loan for Industrial Property in Suburban St. Louis

by Kristin Harlow

COLLINSVILLE, ILL. — Gantry has arranged a $14.7 million permanent loan for the acquisition of Eastport Tech Center in the St. Louis suburb of Collinsville. The four-building industrial property, located on Eastport Plaza Drive, totals 202,508 square feet. The asset is fully leased to multiple tenants. Joe Monteleone and Bonnie Monteleone of Gantry represented the borrower, a private real estate company. A life insurance company provided the five-year, fixed-rate loan, which features a 30-year amortization.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $7.7M Sale of Retail Strip Center in Lake Zurich, Illinois

by Kristin Harlow

LAKE ZURICH, ILL. — Marcus & Millichap has brokered the $7.7 million sale of Lakeview Plaza, a retail strip center totaling 52,400 square feet in the Chicago suburb of Lake Zurich. Built in 1987, the property is home to restaurants, health and fitness tenants, and automotive service users. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a family office specializing in owning and operating shopping centers.

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IllinoisLoansMidwestMultifamily

IPA Capital Markets Arranges $68.5M in Construction Financing for Chicago Apartment Project

by Kristin Harlow

CHICAGO — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $56 million senior construction loan and $12.5 million in equity for the development of the first phase of Yorktown Reserve in Chicago. The apartment project, which involves the transformation of Yorktown Mall, will include 271 units. Frank Montalto of IPA Capital Markets secured the debt with a local bank and arranged the equity with an institutional investor. Chicago-based Synergy Development was the borrower.

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AcquisitionsIllinoisMidwestOffice

Coldwell Banker Commercial Negotiates $17.5M Sale of Country Financial Campus to Illinois State University

by Kristin Harlow

BLOOMINGTON, ILL. — Coldwell Banker Commercial Devonshire Realty has negotiated the sale of Country Financial/Country Co.’s main campus in Bloomington to Illinois State University (ISU) for $17.5 million. The property includes roughly 400,000 square feet of office space in three buildings on 28.3 acres. The transaction will occur in two phases as Country vacates one of the buildings over the next two years. ISU plans to renovate the buildings for its new engineering campus slated for fall 2025 enrollment. AJ Thoma III of Coldwell Banker Commercial represented the seller, and Bob Revoir of Cushman & Wakefield was a co-broker in the deal. Mike Talkington of AXIS 360 Commercial Real Estate Specialists represented ISU.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $5.7M Sale of Retail Center in Burbank, Illinois

by Kristin Harlow

BURBANK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a 17,683-square-foot retail center in Burbank, a southern suburb of Chicago. The fully leased property is home to tenants such as Meat Moot, Pizza Hut, Tropical Smoothie Café, OSF Healthcare and Dental Town. Dan Waszak, Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, GW Properties. The buyer was a private investor based in Kansas.

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AcquisitionsIllinoisIndustrialMidwest

Standard, TCC Sell 217,000 SF Industrial Facility in Woodridge, Illinois

by Kristin Harlow

WOODRIDGE, ILL. — Standard Real Estate Investments LP and Trammell Crow Co. (TCC) have sold Woodridge Industrial Center in the Chicago suburb of Woodridge for an undisclosed price. Standard made an equity investment through its $150 million investment vehicle last year, and construction was completed in July of this year. The transaction marks the first sale in the investment vehicle. Located at 8110 Lemont Road, Woodridge Industrial Center totals 217,000 square feet on 17 acres. The development is situated two miles north of the I-55/I-355 interchange and features 22 dock doors with 130-foot truck courts and 270 parking spaces. The project team included Harris Architects, general contractor FCL and civil engineer SpaceCo.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Negotiates Sale of 118,041 SF Industrial Building in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — Lee & Associates has negotiated the sale of a 118,041-square-foot industrial building in the Chicago suburb of Batavia for an undisclosed price. The property is located at 1020 Olympic Drive. Michael Androwich Jr. of Lee & Associates represented the buyer, Blue Peak Tents, which is currently located in Batavia and is expanding its operations. Blue Peak Tents will consolidate three locations into the new facility. Nick Eboli and Andrew Block of Lee & Associates represented the private seller, which closed its screen printing operation that was housed in the building.

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IllinoisLeasing ActivityLife SciencesMidwest

COUR Pharmaceuticals Signs 50,000 SF Lease at Evanston Labs in Illinois

by Kristin Harlow

EVANSTON, ILL. — COUR Pharmaceuticals has signed a 50,000-square-foot lease at Evanston Labs in Evanston. The company is relocating its headquarters, R&D lab and pilot manufacturing plant to the recently delivered project. COUR, a clinical-stage biotechnology company developing therapies to treat patients with autoimmune diseases, will occupy space across the eighth and ninth floors. Located at the southwest corner of Orrington Avenue and Clark Street, Evanston Labs is an advanced sciences lab building rising 10 stories and totaling 178,800 square feet. Completed earlier this year by Trammell Crow Co. (TCC), the development features a penthouse amenity center, outdoor terrace and health and wellness center.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Arranges $4.3M Sale of Apartment Building in Chicago’s Buena Park

by Kristin Harlow

CHICAGO — Essex Realty Group has arranged the $4.3 million sale of a 23-unit, value-add apartment building in Chicago’s Buena Park neighborhood. The property at 821 W. Montrose Ave. is one of the last untouched vintage buildings in the neighborhood, according to Essex. The asset features one-, two- and three-bedroom layouts along with a shared green space and six surface parking spaces. Brian Karmowski of Essex represented the seller, while Matt Feo and Abe Eilian of Essex represented the buyer. The property sold above the listing price.

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DevelopmentIllinoisIndustrialMidwest

Krusinski to Build 788,000 SF Spec Industrial Project in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Krusinski Construction Co. will serve as general contractor for a 788,000-square-foot speculative industrial project within Plainfield Business Center in the southwest Chicago suburb of Plainfield. Trammell Crow Co. (TCC) is the developer. Named TCC Stewart South Phase I, the 52-acre project is slated for occupancy in fall 2025. The cross-dock facility is being marketed as a single-tenant property, but it will be divisible for multiple users. The building will feature a clear height of 40 feet, 80 dock-level doors, four drive-in doors and parking for 392 cars and 211 trailers. Future phases of Plainfield Business Center are currently being planned. At full build-out, the development will encompass over 8 million square feet of industrial space. The project team includes Harris Architects and civil engineer Kimley-Horn. Edward Notz of Associated Bank originated a $43.6 million construction loan.

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