Illinois

Apollo Flow Controls Signs 226,102 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow March 15, 2017

ROMEOVILLE, ILL. — Apollo Flow Controls has signed a 226,102-square-foot industrial lease in Romeoville, 26 miles southwest of Chicago. The producer of flow control products will occupy the space at 1881 Normantown Road. The building, developed by Molto Properties in 2015, features 32-foot clear heights, two drive-in doors, 35 docks and parking for 200 cars and 39 trailers. Britt Casey, Chris Lydon and Al Caruana of Cushman & Wakefield represented Apollo in the long-term lease transaction, while Jim Estus of Colliers International represented Molto. Meridian Design Group was responsible for tenant improvements.

March 15, 2017

Illinois Midwest Multifamily

Gateway Multifamily Group Purchases 78-Unit Apartment Community in O’Fallon, Illinois

by Kristin Harlow March 15, 2017

O’FALLON, ILL. — Gateway Multifamily Group, along with its in-house property management company Tut and Tut Properties, has purchased a 78-unit apartment community in O’Fallon, about 17 miles east of St. Louis. The purchase price was not disclosed. The garden-style community will be rebranded as the Park Entrance Apartments. Gateway plans to invest an additional $2 million to $3 million in renovations. The property sits on 5.4 acres and consists of two-bedroom units averaging 1,200 square feet.

March 15, 2017

Illinois Midwest Retail

Adelphia Properties Arranges $3.4M Sale of Retail Property in Chicago Suburb

by Kristin Harlow March 14, 2017

MOUNT PROSPECT, ILL. — Adelphia Properties has arranged the sale of a newly constructed retail property in Mount Prospect, a northwest suburb of Chicago, for $3.4 million. The 5,904-square-foot building is located at 100 W. Rand Road across from Randhurst Village. Potbelly Sandwich Shop and American Mattress occupy the building. A Chicago-based developer was the seller. Simeon Spirrison and George Spirrison of Adelphia Properties represented the buyer, a private real estate investor.

March 14, 2017

Illinois Midwest Retail

Marcus & Millichap Brokers $6.4M Sale of Retail Property in Orland Park, Illinois

by Kristin Harlow March 13, 2017

ORLAND PARK, ILL. — Marcus & Millichap has brokered the sale of a Mattress Firm regional mall outparcel center in Orland Park, a suburb of Chicago, for $6.4 million. The 10,000-square-foot retail property is located at 29 Orland Square Drive. Mattress Firm and State & Main Kitchen and Bar occupy the property. Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state developer. The duo also secured and represented the buyer, a private investor.

March 13, 2017

Illinois Loans Midwest Retail

Philipsborn Secures $2.2M Loan for Refinancing of Retail Center in Richton Park, Illinois

by Kristin Harlow March 13, 2017

RICHTON PARK, ILL. — The Philipsborn Co. has secured a $2.2 million loan for the refinancing of Sauk Trail Plaza in Richton Park, about 35 miles south of Chicago. The 30,267-square-foot center is located on the southwest corner of Sauk Trail and Central Park avenues. Constructed in phases during the 1960s and 1970s, the center is situated on 2.6 acres. The property is 98 percent leased and is anchored by Save-A-Lot. The fixed-rate loan was used to refinance the outstanding debt and provide funds for capital reserves. David Kubert of Philipsborn negotiated the transaction on behalf of all parties. ICA Investment Advisors provided the loan. The borrower was a limited liability company.

March 13, 2017

Illinois Industrial Midwest

ZWL Properties Purchases 138,000 SF Warehouse in Chicago

by Kristin Harlow March 10, 2017

CHICAGO — ZWL Properties has purchased a 138,000-square-foot office and warehouse property in Chicago. The two-story building is situated on 5.1 acres at 5000 W. Bloomingdale Ave. ZWL plans to convert the building for multi-tenant use. Exterior remodeling will include new roofing, gutters, fencing and window replacement. Interior remodeling will involve the construction of new tenant spaces and restrooms in addition to new plumbing, heating and electrical systems. An adjacent 31,250-square-foot land parcel will be resurfaced for parking. Shai Romirowsky of Eastern Union Funding arranged $2.2 million in acquisition and renovation financing for the purchase.

March 10, 2017

Illinois Industrial Midwest

Molto Properties Acquires 79-Acre Land Site in Minooka, Illinois

by Kristin Harlow March 8, 2017

MINOOKA, ILL. — Molto Properties has acquired a 79-acre land site in Minooka, about 28 miles south of Naperville. The site is situated along the I-80 corridor at McLindon Road. Oakbrook Terrace, Ill.-based Molto Properties plans to develop a 1.3 million-square-foot industrial building at the site. Jim Estus of Colliers International represented Molto Properties in the transaction, while Lynn Reich of Colliers International represented the undisclosed seller.

March 8, 2017

Illinois Midwest Office

Entre Commercial Brokers Sale of 30,745 SF Office Building in Mount Prospect, Illinois

by Kristin Harlow March 7, 2017

MOUNT PROSPECT, ILL. — Entre Commercial Realty LLC has brokered the sale of a 30,745-square-foot office building in Mount Prospect, about 22 miles northwest of Chicago. The sales price was not disclosed. Nicholas & Associates, a construction management company based in Mount Prospect, acquired the building along with 5.2 acres of land. The property is located at 1401 Feehanville Drive within Mount Prospect’s Kensington Business Center. Dan Benassi and Mike DeSerto of Entre Commercial represented the buyer in the transaction. Michael Magliano of Cushman & Wakefield represented the undisclosed seller.

March 7, 2017

Illinois Midwest Office

City Capital Advisors Renews 9,148 SF Office Lease in Chicago

by Kristin Harlow March 6, 2017

CHICAGO — City Capital Advisors has renewed its 9,148-square-foot office lease at 444 N. Michigan Ave. in Chicago. As part of the lease, the investment bank will undertake a significant renovation to its current space to improve layout and include the firm’s separate practice group, City Capital Ventures. Jon Milonas and Kyle Kamin of CBRE represented City Capital Advisors in the transaction. Emily Marquardt of The Telos Group represented the landlord.

March 6, 2017

Illinois Loans Midwest Multifamily

Joint Venture Receives $117.8M in Construction Financing for Development of Apartment Property in Chicago

by Kristin Harlow March 3, 2017

CHICAGO — Fifield Cos. and F & F Realty, in a joint venture equity partnership with Ares Management LP, has received $117.8 million in construction financing for the development of 727 West Madison, a 46-story apartment project in Chicago’s West Loop. Upon completion in late 2018, the project will comprise 492 apartment units averaging 783 square feet and approximately 10,000 square feet of retail space. Units will feature a mix of studio to three-bedroom floor plans. Designed by FitzGerald Associates Architects, the building will include amenities such as a swimming pool, yoga room, game room, resident lounge with coffee bar, movie theater, dog park and car wash area. Matthew Lawton and Danny Kaufman of HFF represented the developer by arranging joint venture equity and securing the construction financing. Bank of the Ozarks provided the loan.

March 3, 2017

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