CHICAGO — LM Commercial has brokered the sale of a 67,305-square-foot industrial building in Chicago’s Montclare neighborhood. The property is located at 2701 N. Normandy Ave. The listing price was $1.5 million, but the final sales price was not disclosed. Martha Winter, Mike Merry and Brian Wabick of LM Commercial brokered the transaction.
ELK GROVE VILLAGE, ILL. — The Opus Group has completed a new corporate headquarters for MC Machinery Systems Inc. in Elk Grove Village, a northwest suburb of Chicago. The 175,000-square-foot property consists of two buildings located off I-90. The new headquarters features 50,000 square feet of office space, 75,000 square feet of warehouse and storage space and a 50,000-square-foot industrial machinery showroom to showcase the company’s equipment and host customer walkthroughs. MC Machinery Systems, a subsidiary of Mitsubishi Corp., develops, sells and supports seven different types of manufacturing equipment used primarily for metalworking. Opus Design Build was the design-builder, Opus AE Group was the structural engineer of record and Heitman Architects was the architect of record and the design architect.
HUNTLEY, ILL. — Midwest Industrial Funds has purchased a 71,000-square-foot industrial building in Huntley, about 50 miles northwest of Chicago. The property is located at 12007 Smith Drive. The building features 22-foot clear heights, eight exterior docks and parking for 60 cars. An additional three acres at the site can be developed separately. The facility is currently fully leased to one tenant that uses the property for warehousing and light manufacturing. Midwest Industrial plans to improve the exterior façade, install new windows, perform landscaping enhancements and eventually perform interior improvements to reposition the property in the marketplace. Dan Tobin of CTK Chicago Partners represented Midwest Industrial in the purchase. Michael Magliano of Cushman & Wakefield represented the seller, a private investor. The purchase price was not disclosed.
CHICAGO — McShane Construction Co. has completed Clybourn 1200, an 84-unit mixed-use property in Chicago’s Old Town neighborhood. The seven-story building is located at the corner of Clybourn Avenue and Division Street and offers mixed-income housing. The property is within walking distance to several shops, restaurants and entertainment options as well as the CTA Clark/Division Red Line Station. The infill site is also easily accessible to the Kennedy Expressway. Clybourn 1200 also features 17,000 square feet of ground-floor retail space and a 25,295-square-foot parking garage. Studio, one-, two- and three-bedroom floor plans are available. Amenities include a community room, computer lab, party room and fitness center. The rooftop features a vegetable garden and bee keeping area. Brinshore-Michaels was the developer, while Pappageorge Haymes Partners served as the project architect.
CHICAGO — Baum Realty Group LLC has arranged the sale of a 16,180-square-foot mixed-use building located at 6-8 S. Clark St. in Chicago. The sales price was not disclosed. The first floor of the building was previously occupied by a Wendy’s restaurant while the other three floors have been vacant in recent years. Greg Dietz and Danny Spitz of Baum represented the undisclosed seller. An out-of-state investor purchased the property.
VERNON HILLS, ILL. — Inland Real Estate Acquisitions Inc. has purchased The Commons at Town Center in Vernon Hills, a northern suburb of Chicago, for an undisclosed price. The 85-unit apartment property is located at 1255 Town Center Road. Constructed in 2010, the property sits on 2.4 acres and features a mix of one-, two- and three-bedroom units. The property also includes 10,609 square feet of first-floor retail space. Tenants include Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry LLC and Giuseppe’s Pizza Restaurant. The Commons at Town Center was 96 percent leased at the time of sale. Joe Cosenza and Brett Smith of Inland closed the transaction on behalf of Inland Residential Properties Trust Inc.
ELMHURST, ILL. — Peak Construction Corp. has completed a 38,000-square-foot industrial renovation for MedTorque Inc. in Elmhurst, a western suburb of Chicago. Peak coordinated installing new power, plumbing, HVAC and millwork at the multi-tenant building. MedTorque’s Chicago location specializes in the machining and assembly of complex medical instruments for the orthopedic industry.
CHICAGO — Meridian Capital Group has arranged $19.9 million in bridge financing for the acquisition of Ivy Park Homes, a multifamily community on Chicago’s South Side. The 80-acre property was 62 percent occupied and features a basketball court, jogging path, softball field and on-site parking. The three-year loan, provided by a national balance sheet lender, features full-term, interest-only payments and two one-year extension options. David Hayum, who works from Meridian’s New York City headquarters, arranged the financing.
CHICAGO — The Illinois Bone & Joint Institute (IBJI) has selected The Missner Group to undertake a renovation and expansion project for the company’s North Canal Street offices in Chicago. The 2,900-square-foot expansion will include interior improvements, a new physical therapy gym, reception area, paint and flooring. Heath Yarger is the project manager and Steve Bulger is the project superintendent for The Missner Group. Stephen Rankin Associates is providing the architectural services. The project is scheduled for completion in summer 2017.
CHICAGO — The Habitat Co. has been awarded the property management and leasing contracts for two luxury apartment properties totaling 444 units in Chicago and Evanston, Ill. The Reserve at Evanston is a four-story building located at 1930 Ridge Ave. Habitat will consult on repositioning and upgrading the property, which opened in 2009. Amenities include a cyber café, fitness center, poolside gas grills and complimentary coffee bar. Barings owns the property. Slated to open this July, 640 North Wells consists of 250 apartment units. The new tower is located in Chicago’s River North neighborhood. Amenities include a rooftop swimming pool, fitness center, open-air terraces and lounges, billiards lounge and golf simulator. JDL Development is the developer.
