LOMBARD, ILL. — Millennium Properties has arranged the sale of Colonial Commons in Lombard for $1.2 million. The 15,500-square-foot retail center is located at 418-436 S. Main St. Improvements have been made to the center in the last few years, including an updated façade, new monument sign, windows, lighting and awnings. Two of the units were vacant at the time of sale. Neither the buyer nor seller was disclosed.
NORMAL, ILL. — Triad Real Estate Partners has brokered the sale of an eight-property, 391-bed student housing portfolio at Illinois State University in Normal. The sale price was not disclosed. The properties were built in the 1980s and are located within two blocks of campus. The portfolio was 99 percent occupied for the 2016-2017 school year. Green Street Realty purchased the portfolio with plans to renovate the units. An investment group based in Evanston was the seller. Young America Realty manages the properties.
LISLE, ILL. — National Express has signed a new long-term lease for 54,000 square feet of office space at Navistar Headquarters Campus in Lisle, approximately 25 miles west of Chicago. The campus is located at 2601 Navistar Drive. National Express previously occupied office space at 4300 Weaver Parkway, and is expected to move into the new office in the second quarter of this year. Jon Springer and Gary Fazzio of CBRE represented the tenant in the transaction. John Musgjerd of Jones Lang LaSalle represented the landlord.
AURORA, ILL. — INEOS Styrolution has signed a long-term lease renewal for 22,000 square feet of office space at 4245 Meridian Parkway in Aurora. The global manufacturer of petrochemicals, specialty chemicals and oil products has occupied the first floor of the building since 2012. The Class A office property consists of 140,000 square feet and is owned by a private account advised by UBS Realty Investors LLC. Ryan Moen of Bradford Allen arranged the lease transaction on behalf of ownership. Hartford Fire Insurance Co. and Sedgwick Claims Management Service also maintain leases within the building.
CHICAGO — Premier Design + Build Group LLC has been selected to construct a 40,750-square-foot distribution facility in Chicago’s Portage Park neighborhood. Dayton Street Partners and WBS Equities are the project developers. The speculative facility will sit on 1.6 acres at 4150 N. Knox Ave., a few miles south of O’Hare International Airport. The warehouse will feature 30-foot clear heights, two parking lots and four covered dock positions. Chris Kiziak of Premier Design + Build is the project manager and Scott Lebak is the field superintendent. Kimley-Horn will provide engineering services, while Cornerstone Architects Ltd. is providing architectural services. Mike Senner and Steve Kohn of Colliers International are handling the leasing.
OAK LAWN AND WORTH, ILL. — Essex Realty Group Inc. has brokered the sale of a 110-unit multifamily portfolio in suburban Chicago for $7.4 million. The portfolio consists of three buildings in the southwest suburbs of Oak Lawn and Worth. The properties include 10409-35 S. Menard Ave. and 10300-20 S. Parkside Ave. in Oak Lawn, and 6615-19 W. Lloyd Drive in Worth. The buildings were converted to condos in the mid-2000s. The unit mix for the buildings includes 49 one-bedroom, 59 two-bedroom and two three-bedroom units. The purchaser plans to acquire the remaining 16 units. Brian Kochendorfer and Matt Welke of Essex represented the seller in the transaction. Doug Imber and Kate Varde represented the buyer.
CHICAGO — Nitel has relocated to a 32,115-square-foot office space in Chicago’s River North neighborhood. The building is located at 350 N. Orleans St. The space at River North Point is fully built-out and Nitel will make modest tenant improvements to its new space to accommodate density. The provider of telecommunications network services previously occupied 20,000 square feet at 1101 W. Lake St. in Fulton Market. Kyle Kamin, Jon Milonas and Dan Persa of CBRE represented Nitel in the transaction.
CHICAGO — Essex Realty Group Inc. has brokered the sale of an eight-unit apartment building in Chicago for $1.1 million. The building is located at 2020 N. Spaulding Ave. in Logan Square. The property is comprised of six three-bedroom units and two two-bedroom units. The undisclosed buyer plans to completely renovate the building. Jim Darrow and Jordan Gottlieb of Essex brokered the transaction.
Solid employment growth and the attractiveness of an urban lifestyle led to improvements in the multifamily market across metro Chicago in 2016. Although there was positive movement in the performance of key indices in both the city and the suburbs, corporate migration from the suburbs to the city brought young professionals and high-paying job opportunities, especially to the core. Millennials overwhelmingly favored renting over homeownership in 2016 and sought residence in urban centers offering walkability and a live-work-play lifestyle. In 2017, these trends are expected to continue. Job growth acts as catalyst Last year, Chicago employers hired 65,000 workers, representing a 1.4 percent workforce expansion metrowide. This healthy job growth helped boost the median household income to around $67,168 per year at the end of 2016. In 2017, job growth is expected to continue at a similar rate, and it is anticipated that Chicagoland employers will hire 70,000 new workers for a 1.5 percent employment gain over the course of this year. Employment gains last year were led by the professional and business services sectors, which expanded headcount by 2.6 percent with the creation of nearly 21,200 positions over the yearlong period that ended in September 2016. During the same …
BARTLETT, ILL. — Meridian Design Build has completed construction of a 67,080-square-foot industrial facility for Traffic Control & Protection in Bartlett, about 35 miles west of Chicago. The 9.5-acre site is located within Abbott Land & Investment’s Blue Heron Business Park. The new facility includes 10,000 square feet of office/employee facilities space, a 13,000-square-foot sign shop/silk screen area, a barricade shop and seven vehicle maintenance bays. Additional features include a 24,000-square-foot covered exterior dock platform and a 7.5-acre outside storage yard. Dan Flanagan of Flanagan Realty represented Traffic Control & Protection in the selection and acquisition of the site, and coordinated overall planning/approval efforts for the project. Harris Architects served as project architect and Mackie Consultants provided civil engineering services for the project.
