PALATINE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 42,588-square-foot retail center in Palatine, a northwestern suburb of Chicago, for $4.5 million. The multi-tenant center is located at 801-861 N. Quentin Road., and includes tenants such as Anytime Fitness, Papa John’s Pizza and H&R Block. A commercial real estate fund based in Denver was the buyer. Chad Firsel of Quantum Real Estate Advisors represented the seller, a Chicago-based investment group.
DEERFIELD, ILL. — Novak Construction has completed the construction of a 9,000-square-foot Portillo’s restaurant in Deerfield, approximately 25 miles north of Chicago. The building is located at 700 Lake Cook Road. Novak’s work on the development included the demolition of an existing building, new site utilities, curbs and asphalt paving. The restaurant opened on Tuesday, Nov. 15.
LOMBARD, ILL. — Berkadia has brokered the sale of Westmore Apartments, a multifamily property in the Chicago suburb of Lombard, for $29.2 million. Built in 1968, the property is located at 1049 S. Westmore Ave. The 230-unit apartment building features one-, two- and three-bedroom units. Ralph DePasquale of Berkadia arranged the sale. A Chicago-based private seller sold the property. Axiom Westmore LLC was the buyer.
EAST ST. LOUIS, ILL. — St. Clair County has started construction on the $8.1 million River Bridge District project. The project is focused on transforming a key section of the East St. Louis Riverfront to draw industry and jobs. This is the final piece of highway infrastructure improvements already made by state and federal partners, including the relocation of Illinois Route 3. A comprehensive overhaul of Front Street from Trendley Avenue in East St. Louis to where the road ends in Fairmont City is planned, as well as improvements to connecting roadways.
WOODBRIDGE, ILL. — Venture One Real Estate has acquired a 51,773-square-foot industrial building in Woodridge, a suburb of Chicago. The sales price was not disclosed. The building, located at 10321 Werch Dr., is 75 percent occupied. Venture One acquired the building through its acquisition fund, VK Industrial III LP, a partnership between Venture One and Kovitz Investment Group. Jim Estus of Colliers International represented the seller in the transaction.
CHICAGO — Square Mile Capital Management LLC has originated a $15.2 million mezzanine loan secured by a mixed-use project to be developed by Russland Capital Group-South Loop LLC. Located at 1411 S. Michigan Ave. in Chicago’s South Loop, the property will consist of a 15-story building comprising 199 apartment units and 43,148 square feet of commercial space upon completion. Rush University Medical Center will lease approximately 41,500 square feet of office space. Russland Capital Group has teamed up with LendLease and Boarman Kroos Vogel Group to develop the project. Michael Lavipour of Square Mile originated the loan.
BLOOMINGDALE, ILL. — Cushman & Wakefield has arranged the sale of a 94,682-square-foot industrial facility located at 221 Covington Dr. in Bloomingdale, a western suburb of Chicago. The sales price was not disclosed. University Beauty Products Inc. purchased the recently renovated facility, which is located near the company’s headquarters in Glendale Heights. The facility sits within the Covington Corporate Center business park and features 19,115 square feet of premium Class A office space, 25-foot clear heights and five enclosed truck docks. Eric Fischer, Keith Puritz and Brett Kroner of Cushman & Wakefield represented Universal Beauty Products in the transaction. Jeff Fischer and Adam Naparsteck of NAI Hiffman represented the seller, High Street Realty Company LLC.
CARY, ILL. — The Boulder Group has arranged the sale of a single-tenant property in Cary net leased to Starbucks for $1.6 million. The newly built property is located at 630 NW Highway. The Starbucks lease, which began in October 2016, spans for 10 years and features four five-year renewal option periods with 10 percent rental escalations in each period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private partnership. The buyer was a private west coast-based real estate partnership.
CHICAGO — Cohen Financial has closed a $20.7 million development loan for new ground-up construction of a 105-unit multifamily property at 710 W. Grand Ave. in the West Loop neighborhood of Chicago. The property will feature a mix of one- and two-bedroom units, convertibles and studios. Construction of the property is expected to be completed in the fourth quarter of 2017. Dan Rosenberg, Matt Terpstra and Jason Keith of Cohen Financial secured the loan with TCF Bank. Outlook Development Group and Wicker Park Apartments were the borrowers.
DOWNERS GROVE, ILL. — High Street Residential has acquired a nearly one-acre site for the construction of Maple & Main, a six-story mixed-use building in Downers Grove, a western suburb of Chicago. The project will include 115 apartment units and approximately 4,000 square feet of ground-floor retail and restaurant space. Construction is expected to begin in the first quarter of 2017. The building is being designed with eco-friendly aspects, such as minimized exposure to airborne pollutants. ESG Architects will serve as the project architect and Carlson Construction is the general contractor. David Paino of High Street Residential will oversee the development of the project. Jacob Dell of CBRE Oak Brook will handle the retail leasing.
