Illinois

Silverado to Host Groundbreaking Ceremony for 90-Unit Memory Care Community Near Chicago

by Kristin Harlow August 3, 2017

ST. CHARLES, ILL. — Silverado will host a groundbreaking ceremony Friday, Aug. 11 for Silverado St. Charles, a 90-unit memory care community in the Chicago suburb of St. Charles. The 47,000-square-foot, single-story community is scheduled to open during summer 2018. It will be located on a four-acre plot. Silverado estimates total project costs at $12 million. Development team members include Jensen and Halstead Ltd. for architecture and planning; Cemcon Engineering for civil engineering; Terracon for geo-technical field observations; and Testing Services Corp (TSC) for construction testing services. Irvine, California-based Silverado is a memory care operator with 52 locations in Arizona, California, Illinois, Texas, Utah, Washington and Wisconsin.

August 3, 2017

Illinois Midwest Retail

Novak Completes 2,060 SF Expansion, Remodeling of Aldi in Suburban Chicago

by Kristin Harlow August 3, 2017

ROMEOVILLE, ILL. — Novak Construction, a general contractor and construction management firm, has completed a 2,060-square-foot expansion and renovation of an Aldi grocery store, located at 398 S. Weber Road in Romeoville, roughly 30 miles southwest of Chicago. The original building was constructed in 2009, and the remodel features open ceilings, a larger floor plan, additional refrigeration space and a reconfigured checkout area. Environmentally friendly building materials were incorporated in construction.

August 3, 2017

Illinois Midwest Multifamily

Ryan Cos., Lincoln Property Co. Deliver $100M Apartment Tower in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — Ryan Cos., in partnership with Lincoln Property Co., has completed Aurélien, a $100 million apartment tower located at the southeast corner of Clark and Chestnut streets in Chicago’s Gold Coast neighborhood. The 31-story, 41,000-square-foot property was designed by Ryan and includes a mix of studio, one- and two-bedroom units, ranging in size from 564 to 1,245 square feet, with monthly rents ranging from $1,895 to $4,110. The tower also features six penthouse units, ranging from 1,165 to 3,339 square feet, and rents starting at $4,660. Lincoln Property Cos. will manage the property and oversee leasing efforts. Other team members include Antunovich Associates, architect of record; Daiwa House of Texas, primary equity investor; U.S. Bank, construction financing; Studio K, interior designer, Ryan A + E, design architect and TGRWA, structural engineer. Aurélien features floor-to-ceiling glass windows; a rooftop level that includes a swimming pool, private cabanas, outdoor fireplaces and a fitness center; bocce ball courts, a private terrace and a business center. The first tenants moved into the apartment community in June.

August 2, 2017

Illinois Midwest Multifamily

Essex Brokers $11M Sale of Two Apartment Buildings in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — Essex Realty Group Inc. has brokered the $11 million sale of two multifamily properties located at 1521 and 1608 W. Sherwin Ave. in Chicago. The properties, which are situated within the Rogers Park area near the Jarvis Avenue “El” station, were built in the vintage corridor-style layout with one main hallway per floor with units on either side. Matt Welke of Essex represented the buyer and Doug Imber, Kate Varde and Clay Maxfield, also of Essex, represented the seller. Both parties involved in the transaction requested anonymity.

August 2, 2017

Illinois Midwest Office

CBRE Arranges 4,175 SF Office Lease Expansion for HealthScape Advisors in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — CBRE has arranged a 4,175-square-foot lease expansion for HealthScape Advisors LLC at 55 W. Monroe St. in Chicago, bringing the firm’s total occupancy to 21,139 square feet in the office building. HealthScape Advisors provides consulting services and business intelligence solutions to the healthcare industry. With the new lease, effective Dec. 1, the company will expand to occupy the entire 21st floor of the tower. Previously, the firm leased 16,964 square feet in the building. The lease will run through 2024. Jon Milonas, Brad Serot and Scott Brandwein of CBRE represented HealthScape Advisors in the lease transaction, and Andrew Saewitz and Matt Lerner of Cushman & Wakefield represented the building owner, John Hancock Real Estate.

August 2, 2017

Illinois Midwest Restaurant Retail

Dunkin’ Donuts to Open Location in Machesney Park Near Rockford, Illinois

by Jeff Shaw August 1, 2017

MACHESNEY PARK, ILL. — Dunkin’ Donuts has unveiled plans to open a new location at the intersection of Harlem Road and North Second Street in Machesney Park, roughly seven miles north of Rockford, Illinois. The location will be the fourth store in the Rockford area for co-owners Vijay Patel and Greg Novak, who secured the new location in a shopping center occupied by Michalsen’s Office Furniture. Slated to open this fall, Dunkin’ Donuts will join several new tenants who have opened in Machesney Park, including Potbelly Sandwich Shop and Eggspresss. Pita Pit is expected to open later this month.

August 1, 2017

Illinois Midwest Multifamily

MCM Acquires 509-Unit Multifamily Property in Mount Prospect, Illinois

by Kristin Harlow July 31, 2017

MOUNT PROSPECT, ILL. — Monument Capital Management (MCM), a division of A-ROD CORP, has acquired the Residences at 1550 in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 509-unit multifamily property is situated on 20 acres at 1550 W. Dempster St. The property features one-, two- and three-bedroom garden and townhome units. MCM plans to upgrade select units and improve exterior landscaping. The firm’s sister company, Monument Real Estate Services, will manage the property.

July 31, 2017

Illinois Industrial Midwest

Entre Commercial Arranges Sale of 76,421 SF Industrial Building in Cary, Illinois

by Kristin Harlow July 31, 2017

CARY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 76,421-square-foot industrial building in Cary, about 40 miles northwest of Chicago. The sales price was not disclosed. The property is located at 680 Industrial Drive. Illinois Lift Equipment Inc., a national equipment dealer providing forklifts and scissor lifts, purchased the property from Midwest Industrial Funds (MIF). The industrial investment and development company sold the building after completing extensive upgrades, including the demolition of over 20,000 square feet of a two-story oﬃce space; demolition of over 20,000 square feet of warehouse mezzanines, modernization of the truck docks; roof repairs; upgraded lighting; landscaping; parking lot replacement; and façade remodeling. Dan Jones, Mike DeSerto and Cory Kay of Entre Commercial represented MIF in both the original acquisition of the property and this sale. Steve Morken of Morken Associates represented the buyer in the transaction. In addition, Entre Commercial arranged a 25,000-square-foot lease at the property for Witt Management Group, a third-party provider of warehousing, order fulfillment and distribution.

July 31, 2017

Illinois Midwest Office

CenterCore Acquires 168,000 SF Office Complex in Lisle, Illinois

by Kristin Harlow July 28, 2017

LISLE, ILL. — CenterCore Properties LLC has acquired Corporetum Office Campus VI in Lisle for an undisclosed price. The 168,000-square-foot, Class A property is located at 550-650 Warrenville Road. The two-building complex features amenities such as a fitness center, conference center and on-site café. The property is currently 82 percent leased to tenants such as Fairway Mortgage, Primera Engineers, Circle K, United Healthcare and ABM Janitorial Services. Colliers International will continue to serve as the property manager and leasing agent for Corporetum VI. Winthrop Realty Liquidating Trust was the seller.

July 28, 2017

Illinois Midwest Multifamily

Draper and Kramer Undertakes Renovation, Rebranding of 448-Unit Apartment Property in Palatine, Illinois

by Kristin Harlow July 28, 2017

PALATINE, ILL. — Draper and Kramer Inc. has begun work on an $8.2 million renovation and rebranding of Village Park of Palatine after acquiring the 448-unit apartment property in Palatine. Located at 852 W. Panorama Road, the property has been renamed as The Clayson. The community consists of 15 two- and three-story buildings with a mix of one-, two- and three-bedroom apartments. All units are being renovated, with new rents ranging from $892 to $1,485. As part of the common area improvements, an existing clubhouse is being remodeled to include a new resident lounge area with a bar, built-in kitchen and fireplace; a fitness center offering on-demand exercise classes; and a new leasing office. Additionally, Draper and Kramer is adding a sun deck with a fire pit and outdoor grilling station, and a new dog park and bocce ball court. The new amenities will open this fall.

July 28, 2017

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