Illinois

CenterPoint Properties Breaks Ground on 560,000 SF Logistics Center in Franklin Park, Illinois

by Kristin Harlow October 19, 2017

FRANKLIN PARK, ILL. — CenterPoint Properties has broken ground on CenterPoint Logistics Center – O’Hare in Franklin Park, about 17 miles west of Chicago. The property, located on Seymour Avenue, will feature two speculative warehouses totaling 560,000 square feet. CenterPoint O’Hare 1 will consist of 225,891 square feet with 32-foot clear heights, 50 exterior docks and parking for 68 trailers. CenterPoint O’Hare 2 will total 333,696 square feet with 36-foot clear heights, 92 exterior docks and parking for 76 trailers. Jim Estus of Colliers International will market the property for lease.

October 19, 2017

Illinois Midwest Multifamily

Berkadia Arranges Sale of 208-Unit Apartment Property in St. Charles, Illinois

by Kristin Harlow October 19, 2017

ST. CHARLES, ILL. — Berkadia has arranged the sale of Ashford at St. Charles in suburban Chicago. The sales price was not disclosed. The 208-unit apartment property is located at 1690 Covington Court. The property features one- and two-bedroom units with a newly renovated clubhouse, fitness center and pool. Approximately 40 percent of the apartment units recently received upgrades. Ralph DePasquale and Alex Blagojevich of Berkadia arranged the sale on behalf of the seller, The Radco Cos. An affiliate of Chicago-based Ansonia Properties LLC purchased the asset.

October 19, 2017

Hospitality Illinois Midwest

MCR Acquires 120-Room Hotel in Suburban Chicago for $12.7M

by Kristin Harlow October 19, 2017

MOUNT PROSPECT, ILL. — MCR has acquired the Hampton Inn & Suites by Hilton in Mount Prospect, a northwest suburb of Chicago, for $12.7 million. The 120-room hotel is located in Randhurst Village, a 1 million-square-foot, open-air lifestyle center. Opened in 2012, the property features an indoor pool, fitness center, business center and meeting space.

October 19, 2017

Illinois Industrial Midwest

LM Commercial Brokers $2.2M Sale of Industrial Property in Cicero, Illinois

by Kristin Harlow October 18, 2017

CICERO, ILL. — LM Commercial Real Estate has brokered the sale of an 86,670-square-foot industrial property in Cicero for $2.2 million. The property, which sits on 5.5 acres at 1410 S. 55th St., consists of two industrial buildings, six drive-in doors, three rail entry points, railcar storage capabilities and outside storage. Mike Merry and Brian Wabick of LM Commercial brokered the sale on behalf of the undisclosed seller. Peter Bourke and Vern Schultz of Colliers International represented the buyer, A.L.L. Masonry Construction Co.

October 18, 2017

Healthcare Illinois Midwest

CBRE Arranges Sale of 44,000 SF Medical Office Property in Schaumburg, Illinois

by Kristin Harlow October 18, 2017

SCHAUMBURG, ILL. — CBRE has arranged the sale of the American Academy of Dermatology (AAD) headquarters in Schaumburg for an undisclosed price. The 44,000-square-foot medical office property is located at 930 E. Woodfield Road. The association will remain in the property through a short-term leaseback, then relocate to a new 41,459-square-foot office at O’Hare Gateway Center in Rosemont next spring. The association has a membership base of 19,000 physicians worldwide. Peggy McTigue and Dan Bessey of CBRE represented AAD in the sale. Terry Mostrom and Jon Azuley of Savills represented the buyer, Emergency Nurses Association. The organization purchased the building with plans to relocate from Des Plaines in 2018. In addition, McTigue and Paul Diederich of CBRE represented AAD in its lease transaction at O’Hare Gateway. Dan Svachula and Jim Ward of Cushman & Wakefield represented the undisclosed landlord.

October 18, 2017

Illinois Industrial Midwest

PREMIER Breaks Ground on 323,343 SF Distribution Warehouse in Cicero, Illinois

by Kristin Harlow October 17, 2017

CICERO, ILL. — PREMIER Design + Build Group LLC has broken ground on a 323,343-square-foot distribution warehouse in Cicero, about eight miles southwest of downtown Chicago. Bridge Point 290 will feature 50 exterior truck dock positions, 36-foot clear heights, 273 vehicle parking spots and 77 trailer stalls. Bridge Development Partners LLC is the project developer. The project team also includes architect Cornerstone Architects Ltd., civil engineer SPACECO Inc. and structural engineer Swift Structural Design. George Maragos, Mitch Adams and Nicole Mentone of CBRE are marketing the property for lease. Completion is slated for the first quarter of 2018.

October 17, 2017

Healthcare Illinois Midwest

Avison Young Arranges Sale of 93,903 SF Medical Office Building in Lake Bluff, Illinois

by Kristin Harlow October 17, 2017

LAKE BLUFF, ILL. — Avison Young has arranged the sale of the Carriage Point Medical Complex in Lake Bluff, about 35 miles north of Chicago. The sales price was not disclosed. The 93,903-square-foot medical office building is located at 101 Waukegan Ave. Anchored by Fresenius Medical Care, the property is 100 percent leased to several regional healthcare providers. Erik Foster, Mike Wilson and Tim Henry of Avison Young represented the seller, Franklin Partners. J. Emil Anderson & Sons Co., a Chicago-based developer and owner, purchased the property.

October 17, 2017

Illinois Midwest Multifamily

Millennium Brokers $1.7M Sale of Apartment Complex in Cicero, Illinois

by Kristin Harlow October 17, 2017

CICERO, ILL. — Millennium Properties R/E has brokered the sale of a 38-unit apartment complex in Cicero, a western suburb of Chicago, for $1.7 million. The property, located at 1930 S. Cicero Ave., features 32 two-bedroom units and six one-bedroom units. The building was 95 percent occupied at the time of sale. Michael Mintz of Millennium Properties was the sole broker for the transaction. Neither the buyer nor the seller was disclosed.

October 17, 2017

Illinois Midwest Seniors Housing

$27.7M Supportive Living Facility Opens in Chicago

by Kristin Harlow October 16, 2017

CHICAGO — Montclare Senior Residences SLF of North Lawndale has opened in Chicago. The $27.7 million supportive living community, located at 4339-47 W. 18th Place, features 120 studio and one-bedroom apartments. Amenities include a main dining room, recreation room, general store, library, wellness clinic and barbershop. City assistance for the project included $3 million in multifamily loans, $2 million in Tax Increment Financing (TIF) and $1.1 million in low-income housing tax credits that generated $10.2 million in equity for the project. Other financing included a $12.3 million HUD loan and a $191,000 grant from the Illinois Department of Commerce and Economic Opportunity. Under the Illinois Supportive Living Program, supportive living communities are an alternative to nursing home care for low-income older persons and persons with physical disabilities under Medicaid. Montclare Senior Residences SLF of Lawndale LLC developed the property, while a joint venture between Joseph J. Duffy Co., Safeway Construction Co. and Brown & Momen Co. managed the construction. Worn Jerabek Wiltse Architects P.C. served as the architect. Gardant Management Solutions will manage the property.

October 16, 2017

Illinois Industrial Midwest

Weiman Products Signs 255,418 SF Industrial Lease in Gurnee, Illinois

by Kristin Harlow October 13, 2017

GURNEE, ILL. — Weiman Products LLC has signed a 255,418-square-foot industrial lease renewal and expansion in Gurnee, about 40 miles north of Chicago. Previously occupying 155,000 square feet at the property, the surface care product manufacturer will now occupy the entire property. Developed by CenterPoint Properties in 2008, the building is located at 705 Tri-State Parkway and features 30-foot clear heights and 20 exterior docks. Whit R. Heitman, Sam Badger and Jared Paff of CBRE represented Weiman in the lease transaction.

October 13, 2017

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