CHICAGO — Millennium Properties R/E has arranged the sale of a six-flat apartment building located at 5532 S. Kimbark Ave. in Chicago’s Hyde Park neighborhood. Antheus Capital acquired the property for $1.3 million. The 7,050-square-foot building features six two-bedroom, two-bath units, each with large living spaces and eat-in kitchens. At the time of sale, the building was fully leased. The name seller was not released. Brad Thompson of Millennium Properties arranged the transaction.
MCCOOK AND HANOVER PARK, ILL. — Gramercy Property Trust has acquired two single-tenant industrial properties near Chicago for $60.2 million in separate transactions. In the first deal, Gramercy purchased a 147,923-square-foot, temperature-controlled facility in McCook, approximately 15 miles west of Chicago. The building, constructed in 2012, is leased to a global supplier for the food service industry. Gramercy also acquired a 238,423-square-foot distribution center in Hanover Park, approximately 35 miles west of Chicago. An international provider of information technology hardware, software and service solutions occupies the building, and the two tenants have a weighted average remaining lease term of 17.2 years. The sellers in the transactions were undisclosed.
NAPERVILLE, ILL. — Prime Property Investors Ltd. has sold a 281-unit apartment complex in Naperville, approximately 30 miles southwest of Chicago, for $60 million, or $214,000 per unit. The Arbors of Brookdale is a Class A community and was fully occupied at the time of sale. The complex, situated on 26 acres, consists of 35 buildings, a clubhouse and 138 private garages. Amenities at the property include an indoor and outdoor pool, hot tub, sauna, fitness center, business center, tennis courts and a playground. Dan Cohen, John Jaeger and MJ Zaring of CBRE represented Prime Property Investors in the transaction. The buyer was undisclosed.
VERNON HILLS, ILL. — Inland Private Capital Corp. has sold a Mariano’s Fresh Market in Vernon Hills, approximately 35 miles northwest of Chicago, for $36.4 million. The 71,248-square-foot grocery store, which is located on seven acres at 1820 N. Milwaukee Ave., was built in 2011. Inland completed the sale on behalf of one of its 1031 exchange investment programs. The buyer in the deal was undisclosed.
RICHMOND, ILL. — Novak Construction has broken ground on a 22,000-square foot affordable senior living apartment complex in Richmond, approximately 70 miles northwest of Chicago. Creekview Apartments, to be located at 5615 Liberty St., will offer four two-bedroom units and 21 one-bedroom units. Amenities at the property will include a walking trail, health and wellness programing, a computer lab, a library, community room, concierge and transportation services and on-site property management. The project is slated for completion by the end of the year.
WHEELING, ILL. — Meridian Design Build has completed the renovation of an 115,000-square-foot food manufacturing facility in Wheeling, approximately 30 miles northwest of Chicago. Richelieu Foods occupies the building, which features nine refrigerated loading docks, a 20,500-square-foot refrigerated warehouse, 33,500 square feet of production space and a 3,250-square-foot freezer. The building, located at 120 W. Palatine Road, is Richelieu’s fifth operating plant.
CHICAGO — Tribune Media Co. (NYSE: TRCO) has agreed to sell the iconic Tribune Tower in downtown Chicago to Los Angeles-based CIM group for $205 million in cash at closing. The buyer could pay up to an additional $35 million based on contingencies and conditions, which could bring the total up to $240 million. The sale is expected to close by the end of September. Built in 1925, the building features 35 stories and nearly 740,000 square feet. The sale also includes a 36,000-square-foot development site located directly to the east of Tribune Tower, fronting Cityfront Plaza. “Tribune Tower has been a unique part of Chicago’s skyline since the 1920s,” says Peter Liguori, Tribune Media’s president and CEO. “It is a gem of architectural and structural accomplishment and a constant reminder of the important role that Tribune has played in the development of the city itself.” Since the beginning of the year, Tribune Media has sold several smaller properties in markets ranging from South Florida to Seattle for gross proceeds of approximately $89 million. Earlier this year, the company agreed to sell the north block of the Los Angeles Times Square property and the nearby Olympic printing plant, both in Los …
DEERFIELD, ILL. — CIT Real Estate Finance has arranged $61.8 million in acquisition financing for three office properties totaling 480,000 square feet in Deerfield, approximately 30 miles northwest of Chicago. A joint venture between True North Management Group and Fulcrum Asset Advisors, TNREF III Parkway JV LLC, acquired the Class A buildings. The properties are 3 Parkway North, 6 Parkway North and 9 Parkway North, which are all located within the Parkway North Center Office Park, an 85.5-acre office complex consisting of six office buildings totaling approximately 1 million square feet, a daycare center, a 250-room hotel and a recently built luxury apartment complex. The buyer plans to make upgrades to the café and winter garden, as well as develop additional parking. The seller in the transactions was not disclosed.
LOCKPORT, ILL. — Illinois Industrial Tool has inked a deal to occupy 166,092 square feet of industrial space at 355 Corporate Center in Lockport, approximately 35 miles southwest of Chicago. Illinois Industrial Tool will lease space in Building No. 2 of Panattoni Development Co.’s 50-acre park. There is 62,598 square feet of space still available in the building. Panattoni has announced plans for Building No. 3, a 300,158-square-foot speculative facility slated for completion by second quarter 2017. Building No. 1 is fully leased by UPS. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni in the transaction. Walter Murphy of Lee & Associates represented Illinois Industrial Tool.
BENSENVILLE, ILL. — Entre Commercial Realty LLC has brokered the sale of a 34,810-square-foot industrial facility in Bensenville, approximately 20 miles northwest of Chicago, for $1.4 million. NPS Express Inc. purchased the building, located at 200 Wilson Court, from RNSKR LLC. The buyer plans to develop a vacant 1.1-acre lot included in the sale into trailer parking. Tom Boucher of Entre Commercial Realty represented both parties in the transaction.
