CHICAGO — Shopoff Realty Investments has acquired two creative loft office commercial buildings in Chicago for an undisclosed price. At the time of acquisition, the 87,270-square-foot property at 900 N. Franklin St. was 89 percent occupied. The 76,729-square-foot building at 224 N. Desplaines St. was 92 percent occupied. The name of the seller was not released.
DOWNERS GROVE, ILL. — Metro Commercial Real Estate has arranged the lease of retail space at Butterfield Plaza in Downers Grove. Skechers has leased 8,000 square feet at the retail property. Other tenants at the center include Ross Dress for Less, Catherines, Tuesday Morning and Half Price Books. This location will be Skechers’ 16th store in the Chicagoland market. Steven Baer of Metro Commercial Real Estate represented Skechers in the transaction. The name of the landlord was not released.
CARBONDALE, ILL. — Foresite Realty Partners has arranged the sale of St. Germain Square, a student housing rental community in Carbondale. The four-building property features 122 units in a mix of studio, one-bedroom and two-bedroom layouts. Donald Shapiro of Foresite Realty Advisors and Kristen Keehnast of Foresite Realty Partners represented the undisclosed seller in the transaction. The name of the buyer and the acquisition price were not released.
CHICAGO — @properties Commercial has brokered the sale of a multifamily property located at 6900 N. Sheridan Road in the Rogers Park neighborhood of Chicago. A private limited liability company acquired the property for $3.1 million, or $525,000 per unit. Restored and renovated in 2013, the six-unit property was 100 percent occupied at the time of sale. The building features a mix of two-, three- and four-bedroom apartments. Kevin Rocio of @properties represented the seller, a private limited liability company, in the transaction.
SKOKIE, OAK BROOK AND HYDE PARK, ILL. — Nando’s Peri-Peri is opening three locations this fall in Chicagoland. The restaurants in Skokie, Oak Brook and Hyde Park will be the company’s ninth, tenth and eleventh locations in the Chicago area. The South African-Portuguese restaurant operates locations in 23 nations from Australia to Zimbabwe.
BOLINGBROOK, ILL. — Equus Capital Partners has completed the disposition of Tallgrass Corporate Center, an office center located at 1000 Remington in Bolingbrook. Middletown Partners acquired the property for $67.3 million. At the time of sale, the 533,365-square-foot Class A office center was 100 percent leased to a variety of tenants, including ULTA Beauty, Presence Health, Quad Graphics and AMITA Health. The office center features a full-service cafeteria, fitness center with locker rooms and showers, and state-of-the-art auditorium and conferencing capabilities. James Postweiler and Peter Harwood of JLL represented the seller in the transaction.
HAZEL CREST, ILL. — American Street Capital has arranged $3.8 million in financing for Homewood Court, a multifamily property located in Hazel Crest, a southwest suburb of Chicago. The loan features a 20-year term and was funded through the Freddie Mac Small Balance Program. Built in 1988, the 90-unit property consists of 15 buildings and offers a mix of one- and two-bedroom units. Igor Zhizhin of American Street Capital originated the loan for the undisclosed borrower.
CHICAGO — Cushman & Wakefield is consolidating its corporate headquarters and Chicago operations at 225 W. Wacker Drive in Chicago’s West Loop submarket. The firm plans to occupy 83,033 square feet of office space at 225 W. Wacker Drive in the second quarter of 2017. Dan Maslauksi, Michael Sessa and Scott Shelbourne provided in-house representation for Cushman & Wakefield, while Brian Atkinson and Mark Anderson of Hines represented the landlord, Mirae Asset Global Investments.
Chicago’s nearly 1.2 billion-square-foot industrial market continues to be a strong performer, garnering national attention. Tightening vacancies, healthy absorption and rising rental rates have spurred increased construction across our region. In fact, 7.7 million square feet in new industrial product came on line during the first six months of the year, with another 16.6 million square feet currently under development, earning metro Chicago the distinction of having the second largest pipeline of new inventory in the country. As vacancies dwindle across the metro area, surging demand for quality, close-in manufacturing and distribution space is driving a critical mass of new speculative development in the city proper for the first time in more than a decade. From January 2015 through the second quarter of 2016, developers delivered 317,000 square feet of spec industrial product in metro Chicago, according to Cushman & Wakefield Research. To put that figure into context, a total of 238,000 square feet of spec product was introduced in the city during the prior 10 years (2005-2014). Another 369,000 square feet of spec development is underway and scheduled to be delivered in 2017, but the new construction will only partly mitigate the pent-up demand for space within city limits. …
ALGONQUIN, ILL. — Ryan Cos., Life Care Services, an LCS Company, and Harrison Street Real Estate Capital have completed the construction of Clarendale of Algonquin, a $40 million seniors housing community located in Algonquin. The 186-residence property features 76 independent living residences, 56 assisted living and 54 memory care suites in a variety of floor plans based on type of care. Independent living residences range from 720 to 1,285 square feet, while assisted living and memory care residences range from 310 to 835 square feet. The property also features a bistro, pub and billiards rooms, club room and library, living rooms with fireplaces, garage parking, a multipurpose room, wellness center with full-service salon, fitness room, private patio and courtyard, movie theater and a crafts room. Life Care Services of Des Moines, Iowa will manage the community. Clarendale of Algonquin is the second of the Clarendale-branded projects to open in the Chicago area.
