LINCOLNSHIRE, ILL. — ML Realty Partners has acquired a 70,957-square-foot industrial building in Lincolnshire, a northern suburb of Chicago. The purchase price was not disclosed. A single tenant occupies the entire property, located at 500 Bond St. Jeff Devine, Steve Disse and Matthew Stauber of Colliers International represented the undisclosed seller in the transaction.
LOMBARD, ILL. — Mid-America Real Estate Corp. has brokered the sale of a Mariano’s ground lease in Lombard for $20 million. The 74,000-square-foot property is located at the intersection of Roosevelt and Finley roads. Mariano’s holds a 20-year ground lease corporately guaranteed by Kroger Co. Joe Girardi and Wes Koontz of Mid-America brokered the sale on behalf of the seller, Bradford Real Estate. A private investor purchased the property.
CHANNAHON, ILL. — Principle Construction Corp. has completed a 750,000-square-foot industrial facility in Channahon. The building, which sits on a 34-acre site, is the first building in the new Channahon Corporate Center, developed by IDI Gazeley. Building A features 86 dock doors, parking for 440 vehicles, 192 trailer parking spaces, an ESFR sprinkler system and a 185-foot concrete truck court. Principle will continue to build out infrastructure for the remaining 72 acres of the park. Jim Brucato, Darrin Dehmlow and Doug Brucato of Principle oversaw the project. Sparks Architects Inc. designed the site, while Jacob & Hefner was the civil engineer.
CHICAGO — Interra Realty has brokered the sale of a 13-unit mixed-use property in Chicago’s Pilsen neighborhood for $3.1 million. The property, which comprises 12 residential units and one street-level retail space, is located at 1157 W. 18th St. The building underwent a full renovation in 2016, including all new kitchens and baths. The 2,300-square-foot retail space has a new facade with large windows, exposed brick walls, high ceilings and access to additional basement storage. Jeremy Morton and Ted Stratman of Interra represented both the undisclosed buyer and the seller, a local development group. At $238,462 per unit, this was the second highest price-per-unit sale in Pilsen history, according to Interra.
WHEELING, ILL. — The Missner Group and Sitex Group are developing an 84,000-square-foot speculative industrial building in Wheeling. The ground-up facility will be located on a 5.3-acre site at 1075 Chaddick Drive. The building will be designed to accommodate both small and mid-size users, for either a single-user or divisible up to two tenants. The warehouse building will feature 30-foot clear heights, 10 exterior loading docks, two drive-in doors and 90 vehicle parking spaces. Ron Cinkus and Dan Castrogiovanni of The Missner Group will lead construction on behalf of the firm, while Harris Architects will provide design services. Completion is slated for early 2018.
CHICAGO — 4C Insights has signed a 14,394-square-foot office lease expansion at 1 E. Wacker Drive in Chicago. The data science and media technology firm previously occupied 4,785 square feet in the building. This expansion more than triples the firm’s footprint. Bill Sheehy and Mark Cassata of CBRE represented 4C in the lease transaction. John Beason and Monica Moore of JLL represented the undisclosed landlord.
WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed a 626,8480-square-foot industrial tenant build-out for an e-commerce company in Waukegan, a northern suburb of Chicago. The fulfillment center resides on the grounds of Bridge Point North, a 240-acre business park located at Route 43 and McGaw Road. The facility features 16,121 square feet of office space, 53 exterior docks and 130 trailer positions. The tenant will likely hire a minimum of 100 full-time employees to staff the facility, according to PREMIER. Joe Ahrens and Scott Lebak of PREMIER oversaw the project. Cornerstone Architects Ltd. provided architectural services, while Manhard Consulting Ltd. and Structures Unlimited delivered engineering support. Bridge Development Partners was the project developer.
LA GRANGE, ILL. — The Opus Group has completed Uptown La Grange, a luxury apartment community located in the western Chicago suburb of La Grange. The 254-unit, 450,000-square-foot property sits on the former site of the Rich Port YMCA. Floor plans range from studios to three-bedroom units. Amenities include a rooftop terrace deck, dog run, fitness center and clubroom. Opus broke ground on the project in November 2015, and the first residents moved in during April 2017. Opus Development Co. served as the project developer, while Opus Design Build was the design builder and Opus AE Group was the architect and structural engineer. Greystar will lease and manage the complex.
CHICAGO — A joint venture between real estate investment firms AXA Investment Managers – Real Assets and Blue Vista Capital Management has purchased University Center Chicago, a 1,732-bed student housing complex located at 525 S. State St. in Chicago’s South Loop district. Educational Advancement Fund (EAF) sold the asset to the joint venture for $201 million. University Center Chicago was jointly developed in 2004 by three major universities in Chicago – Columbia College Chicago, DePaul University and Roosevelt University. The 702,000-square-foot project features student housing, dining facilities, recreational areas, music practice rooms, conference center operations and ground-floor retail space. As part of the transaction, the three universities each negotiated a long-term lease with the new ownership to remain in the facility. John Jaeger, Dan Cohen and M.J. Zaring of CBRE represented EAF in the transaction in partnership with CBRE’s National Student Housing Team, headed by Jaclyn Fitts and William Vonderfecht. CBRE also partnered with Kevin Hoecker and Chris Good of RBC Capital Markets, as well as RBC’s Real Estate Investment Banking team. Peter Marino and Molly Green of CBRE’s Chicago office partnered with the Dallas CBRE Capital Markets Debt & Structured Finance team of Mike Bryant, Jon Wooton and Ben …
CHICAGO — Associated Bank has provided a $17.5 million acquisition and construction loan for a self-storage project in Chicago’s Wicker Park. A joint venture between JSM Ventures Inc. and CEDARst Cos. plans to renovate the non-retail floors of two former office buildings located at 1279 N. Milwaukee Ave. and 1300 N. Ashland Ave. Upon completion later this summer, the self-storage facility will total 86,660 square feet and 1,273 units. The two buildings, originally constructed in 1928, are part of the 325,000-square-foot Wicker Park Commons shopping center. Centrum Properties sold the office portion of the buildings, totaling approximately 156,000 square feet, to the joint venture. RREEF will continue to own the ground-floor retail space as a separate condominium. Additionally, Neighborhood Housing Services of Chicago Inc. will remain in place on the fourth floor. Daniel Barrins of Associated Bank originated the loan.
