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IllinoisMidwestMixed-UseRetail

Novak Completes Construction of Target Store in Hyde Park, Illinois

by Kristin Harlow

CHICAGO — Novak Construction has completed a new 20,000-square-foot Target store in Chicago’s Hyde Park. The store is Target’s fifth flexible format store in Chicago and Novak’s 80th overall Target project. The smaller-scale Target, which occupies the first floor of a mixed-use building in Vue53 Apartments on 1330 E. 53rd St., will offer products catered to University of Chicago students and Hyde Park neighborhood residents. Director Jim Hempleman of Novak led the project along with superintendents Kelly Curry, Robert Hillyard and Jeff Potter; project manager Bob Burris; project engineer Jeff Zhang; and contract administrator Angela Campisi.

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IllinoisMidwestRestaurantRetail

The Boulder Group Arranges $2.9M Sale of a McDonald’s Ground Lease in Hoffman Estates, Illinois

by Kristin Harlow

HOFFMAN ESTATES, ILL. — The Boulder Group has arranged the $2.9 million sale of a McDonald’s ground lease in Hoffman Estates. McDonald’s is the sole occupant of the 4,388-square-foot building located at 1070 N. Roselle Road. McDonald’s has 20 years of lease term remaining with 8 percent rental increases every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the seller, both of which were Midwest-based real estate investment firms.

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IllinoisMidwestMultifamily

Kiser Group Brokers $3.1M Acquisition of Apartment Building on Chicago’s North Side

by Kristin Harlow

CHICAGO — Kiser Group has brokered the acquisition of a fully leased six-unit apartment building at 6900 N. Sheridan Road in Chicago’s Rogers Park neighborhood for $3.1 million. At $525,000 per unit, the sale price is the highest on record for Rogers Park on both a per-unit and per-square-foot basis. Located at the northwest corner of Farwell Avenue and Sheridan Road, the four-story building was built in 1918 and fully rehabbed in 2014. It includes four two-bedroom, two-bath units; one three-bedroom, two-bath duplex; and a four-bedroom, two-and-a-half-bath penthouse, with monthly rents ranging from $2,500 to $4,000. Aaron Sklar of the Kiser Group broker represented the buyer, a private investor.

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IllinoisMidwestMixed-Use

Baum Realty Arranges $2.4M Sale of Mixed-Use Building Occupied by Taco Bell Cantina in Chicago

by Kristin Harlow

CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building, located at 1439 N. Milwaukee Ave. in Chicago’s Wicker Park/Bucktown neighborhood. The property’s ground-floor retail space is occupied by Taco Bell Cantina, which offers the brand’s traditional food menu in addition to beer, wine and frozen alcohol drinks. The three uppers floors contain five recently updated apartments ranging from one-bedroom layouts to a three-bedroom unit. The property sold for $2.4 million. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller, a local investor. The buyer is a Chicago-based investment group.

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IllinoisMidwestOffice

Transwestern, Darwin Realty Arrange 24,400 SF Office Lease in Chicago’s Northwest Suburbs

by Kristin Harlow

DOWNERS GROVE, ILL. — Transwestern and Darwin Realty have brokered a 24,400-square-foot lease at Corridors I, a 149,896-square-foot office building located at 2651 Warrenville Road in Downers Grove. PLZ Aeroscience Corp., a specialty aerosol product manufacturer, plans to move its headquarters to Downers Grove in February from its current location in Addison. The Downers Grove office will house approximately 80 employees. Corridors I and II were acquired by Transwestern Investment Group in 2013. Transwestern was self-represented by Joe Stevens, Fred Ishler and Lindsay Borkan in the transaction. Adam Haefner of Darwin Realty represented the tenant.

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IllinoisMidwestMixed-Use

Essex Realty Group Brokers Nearly $2M Sale of a 10-Unit Mixed-Use Building in Logan Square

by Kristin Harlow

CHICAGO — Essex Realty Group Inc. has brokered the $1.98 million sale of 2843 N. Milwaukee Ave., a 10-unit mixed-use building located in the Logan Square neighborhood of Chicago. The property includes six apartments consisting of two one-bed units and four two-bed units, two street retail spaces and two flex spaces in the rear. The property is situated near the Logan Square CTA stop, which services the Blue Line to Chicago’s Loop and O’Hare International Airport. Jim Darrow and Jordan Gottlieb of Essex Realty Group were the brokers in the transaction.

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IllinoisMidwestMixed-Use

CA Ventures, K Giles Start Construction on 26-Story Mixed-Use Tower in Chicago

by Kristin Harlow

CHICAGO — CA Ventures, in conjunction with K Giles LLC, has started construction on a 320-unit mixed-use development at 1136 S. Wabash Ave. in Chicago’s South Loop. The transit-oriented project is located steps from the CTA Roosevelt station. Scheduled for completion in May 2018, the 26-story tower will include 320 luxury apartments, 5,000 square feet of street-level retail and parking for 141 vehicles. Floor plans will range in size from 389 to 1,027 square feet. Lendlease will oversee construction of the Solomon Cordwell Buenz-designed tower.

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IllinoisMidwestRetail

L3 Capital Purchases 30,000 SF W. Fulton Market for $14.5M

by Kristin Harlow

CHICAGO — Real estate investment firm L3 Capital has purchased 914-26 W. Fulton Market, a 30,000-square-foot, two-story property from El Cubano Wholesale Meats. The purchase price was $14.5 million. El Cubano had used the property as a cold storage and office facility, but the property can easily be subdivided for multiple tenants. El Cubano will be moving its production and distribution operations to a 96,000-square-foot facility at 5275 S. Archer Ave. Keely Polczynski, CBRE senior vice president, represented El Cubano in the transaction.

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IllinoisMidwestMultifamily

Smithfield Properties Constructs Chicago’s First Ground-up Micro Apartments

by Kristin Harlow

CHICAGO — Developer Smithfield Properties is nearing completion of SoNu Digs, Chicago’s first ground-up, micro-apartment building. SoNu is located at 1515 N. Fremont St. in the Lincoln Park/SoNo neighborhood. The apartments, which will be ready for occupancy in December, range in size from 336 square feet to 438 square feet. Monthly rental rates range from $1,300 to $1,655. SoNu is the final part of a planned SoNo complex built by Smithfield Properties, which includes the SoNo East apartments and SoNo West condominiums. Calibrate Management will lease and manage the property.

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IllinoisIndustrialMidwest

Meridian Starts Construction on 421,403 SF Speculative Industrial Project in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Meridian Design Build has started construction on a new 421,403-square-foot speculative industrial building for Exeter Property Group in Bartlett, a northwest suburb of Chicago. The new facility will be located on a 34-acre site within Brewster Creek Business Park. The multi-tenant building, which features a 32-foot clear height, is designed to accommodate up to four tenants, 117 loading docks, four drive-in doors, 449 auto parking stalls and 110 exterior trailer stalls. Harris Architects is providing architectural services, while V3 Cos. is completing civil engineering work.

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