LISLE, ILL. — First Western Properties Inc. has brokered the sale of 2 Woodland Corporate Center in Lisle, about 25 miles west of Chicago, for $4.7 million. The 56,000-square-foot office building is located at 4951 Indiana Ave. The property is 100 percent leased to two investment-grade tenants. Bradford Dessy of First Western Properties represented the out-of-state buyer. Jason St. John of Greenstone Partners represented the undisclosed seller.
BLOOMINGTON, ILL. — Stage Equity Partners has acquired The Center for Outpatient Medicine (TCOM) in Bloomington for $14.5 million. The 45,150-square-foot multi-specialty outpatient surgical center is located at 2502 East Empire St. The property is 100 percent leased to TCOM, which is majority owned by Advocate Health Care and Carle Clinic as well as 18 physicians. Stage purchased the asset from the physician owners of TCOM in a sale-leaseback transaction. MB Financial provided the financing.
JOLIET, ILL. — Peak Construction has broken ground on Building 14 in IDI Gazeley’s Rock Run Business Park in Joliet. The 291,728-square-foot speculative building will feature 36-foot clear heights, 38 dock doors, 234 parking spots and 88 trailer stalls. Completion is slated for this November. Peak teamed up with Sparks Architects Inc. and Jacob & Hefner Associates for civil engineering services on the project.
CHICAGO — Regency Centers Corp. has unveiled plans to develop Mellody Farm, a new mixed-use property in Vernon Hills, located 37 miles northwest of Chicago. The development will consist of nearly 270,000 square feet of retail space anchored by Whole Foods Market, Nordstrom Rack and REI. The project will also include 260 luxury apartment units. Focus Development and Atlantic Realty Partners will develop and own the apartment units. The project is slated for completion in late 2018.
DOWNERS GROVE, ILL. — Developer High Street Residential and general contractor Carlson Construction have broken ground on Maple&Main, a 115-unit luxury apartment community in Downers Grove, a western suburb of Chicago. The six-story building will include 4,000 square feet of ground-floor retail space. The community will offer one-, two- and three-bedroom units. Amenities will include a pet spa, bike lounge, coffee station, fitness center, yoga studio, pool and sky deck. Maple&Main is slated to open for occupancy in the second quarter of 2018. ESG Architects is the project architect. David Paino and Jerry Ebert of High Street Residential are overseeing project development. Jacob Dell of CBRE is handling retail leasing.
DOWNERS GROVE, ILL. — InvenTrust Properties Corp. has signed a 22,000-square-foot office lease at the Highland Landmark II building in Downers Grove, a suburb of Chicago. The real estate investment trust will occupy the space at 3025 Highland Parkway. InvenTrust is moving its corporate headquarters currently located at 2809 Butterfield Road in Oak Brook, Ill. The company expects to complete the move this summer. Jon Springer and Gary Fazzio of CBRE represented the tenant in the lease transaction.
PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $5.2 million Fannie Mae supplemental loan for Green Oaks Apartments in Palos Hills, a southwest suburb of Chicago. The property consists of 384 apartment units. The 7.9-year loan includes a 30-year amortization schedule, and was a supplemental loan for a previously closed refinancing. Dougherty’s Brentwood, Tenn. office arranged the loan for the borrower, Green Oaks at Palos Hills LP.
GLENDALE HEIGHTS, ILL. — The Boulder Group has brokered the sale of a retail strip center anchored by Target in Glendale Heights for $3.3 million. The 5,000-square-foot building is located at 177-179 West Army Trail Road. Sleep Number and Union Bank occupy the property, which is an outparcel to the 166,000-square-foot Target store. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based private real estate investor in a 1031 exchange. A national real estate developer was the seller.
CHICAGO — New York Life Real Estate Investors has originated a $59.4 million mortgage loan for a cold storage industrial portfolio scattered across metro Chicago. The portfolio consists of four buildings spanning 710,000 square feet. The buildings are located in Chicago, Bartlett and Lyons, Ill. The floating-rate loan has a five-year term. The borrower was an institutional investor.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a two-building multifamily property in Chicago’s Roscoe Village for $1.7 million. The buildings are located at 2101 W. Fletcher St. The first building consists of three units, including one- and two-bedroom units. The second building includes two four-bedroom units. Both buildings were renovated in 2015. Doug Fisher and Matt Welke of Essex represented the undisclosed seller, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed buyer.
