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IllinoisIndustrialMidwest

Cushman & Wakefield Arranges Sale of Four-Building Industrial Portfolio in Chicago

by Kristin Harlow

CHICAGO — Cushman & Wakefield has arranged the sale of a four-building industrial portfolio in West Town’s Kinzie Industrial Corridor in Chicago. The price was not disclosed. A joint venture between Clear Height Properties and Diamond Realty Holdings purchased the portfolio with plans to fully reposition it. Located at 404-434 N. Armour St. and 1514 W. Kinzie St., the properties span 45,568 square feet. By demolishing 1514 W. Kinzie and combining that site with the neighboring building at 1515 W. Hubbard and a vacant 14,000-square-foot site at 401 N. Ashland that the joint venture already owns, the new complex will support 46,000 square feet of space suited for flex/office, last-mile delivery or high-tech manufacturing. Larry Goldwasser, Colin Green, Matt Cowie and Michelle Maguire of Cushman & Wakefield brokered the transaction. The team will also oversee lease-up of the redevelopment.

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IllinoisMidwestRetail

Cypress Equities Acquires Two Grocery Properties in Illinois

by Kristin Harlow

LOVES PARK AND ROCKFORD, ILL. — Cypress Equities has acquired two properties occupied by Schnucks grocery store in Loves Park and Rockford, both located in northern Illinois. The purchase price was not disclosed. The Loves Park location spans 15 acres at 1810 Harlem Road, while the Rockford location spans 11 acres at 6410 E. State St. This transaction signals the first closing in Cypress’ new triple-net fund, Cypress NNN Fund I LLC. Through this investment fund, Cypress seeks to purchase properties across the United States including triple-net, build-to-suit opportunities and/or sale-leaseback deals. Dan Elliot and Sean Lutz of SRS Real Estate Partners brokered the sale.

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IllinoisMidwestMultifamily

Habitat Co. Acquires 305-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — The Habitat Co. has acquired 1333 S. Wabash in Chicago’s South Loop for an undisclosed price from CMK Cos. The company acquired the 305-unit luxury apartment tower in a joint venture with Pacific Life and Township Capital. Designed by Chicago-based Brininstool & Lynch, the 28-story building opened in August 2016 and is currently 75 percent leased. The property features a mix of one-, two- and three-bedroom units, including nine duplex penthouses. Building amenities include a courtyard on the fourth floor that features a lounge area, fire pit and grill stations. Inside, the building features a workout facility, demonstration kitchen and lounge area. Habitat will also handle leasing and management for the property.

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IllinoisLoansMidwestMultifamilySeniors Housing

Capital One Provides $21.5M HUD Loan for Refinancing of Skilled Nursing Facility in Long Grove, Illinois

by Kristin Harlow

LONG GROVE, ILL. — Capital One has provided a $21.5 million HUD 232/223(f) loan for the refinancing of Avantara Long Grove. The 195-bed skilled nursing facility is located in Long Grove, about 35 miles northwest of Chicago. The property was built in 1995 with additions in 2006 and 2007. The borrower, Cascade Capital Group, purchased the facility in 2016 and completed $3 million in improvements to the rehabilitation wing, therapy gym, front lobby, offices and conference room. Joshua Rosen of Capital One originated the 35-year loan.

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Affordable HousingIllinoisMidwestMultifamily

Joseph J. Duffy Co. Breaks Ground on $12M Affordable Housing Project in Chicago

by Kristin Harlow

CHICAGO — The Joseph J. Duffy Co. has broken ground on Brainerd Park Apartments, a $12 million affordable housing project in Chicago’s 21st ward. The 36-unit property is located at 8920 S. Loomis St. The two-story building features one-, two-, three- and four-bedroom units. The property will serve families earning at or below 60 percent of the area median income. Chicago Housing Authority rental assistance will cover 25 percent of the units. Safeway Construction Co. Inc. is a partner in the construction of the building. Two nonprofit organizations, Full Circle Communities Inc. and Christian Community Health Center, are the co-owners and developers. Hooker DeJong Inc. is providing architectural services.

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HospitalityIllinoisLoansMidwest

Associated Bank Provides $7.3M Refinancing for 104-Room Hotel in Deer Park, Illinois

by Kristin Harlow

DEER PARK, ILL. — Associated Bank has provided a $7.3 million loan for the refinancing of Hampton Inn & Suites in Deer Park, about 40 miles northwest of Chicago. The 104-room hotel is located at 21660 W. Lake Cook Road. The borrower, Atira Hotels, built the property in 2009. Brian Rogan of Associated Bank originated the loan.

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IllinoisMidwestMultifamily

Foresite Realty Negotiates Sale of 72-Unit Apartment Property in Springfield, Illinois

by Kristin Harlow

SPRINGFIELD, ILL. — Foresite Realty Partners LLC has negotiated the sale of Bally Vaughn Apartments in Springfield in central Illinois for an undisclosed price. The 72-unit property consists of 60 two-bedroom and 12 three-bedroom units in four buildings. The property has been vacant for the past four years. Kristen Keehnast and Ryan Nelson of Foresite Realty represented the seller in the transaction. The buyer, an out-of-state investor, plans to rehab the property.

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IllinoisMidwestOffice

Marcus & Millichap to Expand Chicago Offices

by Kristin Harlow

CHICAGO — Marcus & Millichap will expand its downtown Chicago office by 6,000 square feet. Located at 333 W. Wacker Drive, the downtown office will support more than 80 sales professionals, originators and staff with three managers. Previously, the downtown location had 47 agents and staff members. The firm is also expanding personnel in its Oak Brook office, located at One Mid-America Plaza. The Oak Brook office is expanding from 34 agents and staff to approximately 45 employees in order to support more rapid suburban market penetration, according to Marcus & Millichap.

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IllinoisMidwestMultifamily

Interra Brokers $6.5M Sale of Multifamily Property in Chicago’s Hyde Park

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.

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AlabamaFloridaIllinoisIndustrialMichiganMidwestMinnesotaSoutheastTop Stories

Brennan Investment, Arch Street Acquire $100M Industrial Portfolio in Midwest, Southeast

by Taylor Williams

CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …

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