Illinois

Lifespace Communities Completes $19M Expansion of Seniors Housing Community Near Chicago

by Christina Cannon August 12, 2016

LOMBARD, ILL. — Lifespace Communities Inc. has completed the $19 million expansion and renovation of Beacon Hill, a continuing care retirement community in Lombard, approximately 20 miles west of Chicago. The expansion added a 28,000-square-foot building to the community featuring a new theater and lounge, multiple dining venues, a kitchen and culinary preparation space, and various activity areas for entertainment and wellness functions. Beacon Hill is 32 years old and hosts more than 500 residents in its 360 apartments homes and undisclosed number of memory care and skilled nursing suites. Construction on the new building and renovations began in 2014. Chicago-based Walsh Construction was the contractor for the project, which Minneapolis-based Tremain Architects & Planners designed.

August 12, 2016

Illinois Midwest Multifamily

Essex Realty Group Brokers $4.1M Sale of 39-Unit Apartment Property in Chicago

by Christina Cannon August 12, 2016

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 39-unit apartment property in Chicago’s Rogers Park neighborhood for $4.1 million. The property, located at 1914-24 W. Morse Ave., was built in 1929. The building is near the Chicago Transit Authority Red Line and is less than a mile from Loyola University and Lake Michigan. Matt Welke of Essex Realty represented the seller in the transaction, and Dough Fisher represented the buyer. Both parties were undisclosed.

August 12, 2016

Illinois Loans Midwest Multifamily

KeyBank Provides $21.9M Loan for 228-Unit Apartment Property in Chicago Suburb

by Christina Cannon August 11, 2016

ST. CHARLES, ILL. — KeyBank Real Estate Capital has provided a $21.9 million Fannie Mae loan to refinance a 228-unit apartment property in St. Charles, approximately 40 miles west of Chicago. Prairie Point was built in two phases in 1972 and 1976. Prairie Point features amenities such as a clubhouse, fitness center, pool with sundeck and playground. Located at 1820 Wessel Court, the property offers one- and two-bedroom units. Todd Linehan of KeyBank arranged the loan for the undisclosed borrower.

August 11, 2016

Illinois Midwest Multifamily

Essex Realty Group Arranges $3.2M Sale of Apartment Property in Chicago

by Christina Cannon August 11, 2016

CHICAGO — Essex Realty Group Inc. has arranged the sale of a 12-unit apartment property for $3.2 million. Located at 3507-11 N. Elston Ave., the property consists of three contiguous buildings, which contain a mix of two-bedroom and three-bedroom units. The buildings were completed in 2015 and include 12 parking spaces. Matt Welke of Essex Realty Group brokered the transaction. Neither the buyer nor the seller was disclosed.

August 11, 2016

Illinois Midwest Mixed-Use

M&R Development, Bucksbaum Retail Properties Break Ground on Mixed-Use Development Near Wrigley Field

by Christina Cannon August 10, 2016

CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has broken ground on Addison & Clark, a mixed-use development situated on 2.3 acres across the street from Chicago’s Wrigley Field. The transit-oriented development will include 148 luxury apartments and 150,000 square feet of retail space. A 10-screen, 30,959-square-foot CMX movie theater will anchor the property, and the remaining space will also contain a health club and dining options. The project will offer studio, one- and two-bedroom units that will feature hardwood floors, quartz countertops, stainless steel appliances, walk-in closets and in-unit washers and dryers. Amenities will include a 5,715-square-foot clubhouse; 8,746 square feet of outdoor space; a pool and spa; cyber café; business and conference center; community kitchen and event room; fitness center with sauna and steam room; and a dry cleaning service. The development will also include a 341-space parking garage for public use with an additional 64 spots reserved for residents. Chicago-based Solomon Cordwell Buenz is the project architect, and Chicago-based Power Construction will serve as the general contractor.

August 10, 2016

Illinois Midwest Retail

Besyata Investment Group, ALTO Real Estate Funds Acquire Shopping Center in Metro Chicago for $32M

by Christina Cannon August 10, 2016

HOMEWOOD, ILL. — A joint venture between Besyata Investment Group and ALTO Real Estate Funds has acquired a 235,000-square-foot retail center in Homewood, approximately 30 miles south of Chicago, for $32 million. Washington Park Plaza is 95 percent leased to tenants such as Ross Dress for Less, T.J. Maxx, Best Buy, Jo-Ann Fabric, Petco, Famous Footwear, Dressbarn, Lane Bryant, AT&T, Great Clips, Chili’s and Starbucks. The center is comprised of seven buildings. The seller in the transaction was undisclosed, and Mid-America Asset Management will market the property for lease and oversee the management of the center.

August 10, 2016

Illinois Midwest Office

MB Real Estate Arranges Lease Expansion, Renewal in Chicago for Alzheimer’s Association

by Christina Cannon August 9, 2016

CHICAGO — MB Real Estate Services Inc. has arranged a lease expansion and renewal for the Alzheimer’s Association in Chicago. The Alzheimer’s Association has occupied 62,043 square feet at Michigan Plaza since 2003 and has inked a deal to occupy 78,517 square feet of space until 2030 — a 16,474-square-foot expansion. Michigan Plaza is a two-building, Class A office complex that totals 2 million square feet. The property consists of 205 N. Michigan Avenue, a 44-story tower, and 225 N. Michigan Avenue, a 25-story tower. Fujikawa Johnson & Associates designed the complex, which features amenities such as a 10,000-square-foot fitness center, a 4,000-square-foot conference center, an emergency child care facility, access to the East Loop ped-way and indoor access to over 25 restaurants. Kathleen Bertrand and Mark Buth of MB Real Estate represented the undisclosed landlord in the transaction, and John Goodman and Richard Schuham of Savills Studley represented the Alzheimer’s Association.

August 9, 2016

Illinois Industrial Loans Midwest

Mission Capital Advisors Arranges $19.3M in Financing for Eight Industrial Properties in Chicago

by Christina Cannon August 8, 2016

CHICAGO — Mission Capital Advisors has arranged $19.3 million in non-recource financing for eight industrial properties in Chicago. The financing consists of a $14.4 million bridge loan for six industrial properties and a $4.9 million acquisition loan for two additional properties. Hackman Capital Partners is the borrower. The portfolio of six properties totals 906,984 square feet and is 89 percent leased. The two additional properties, which total 195,436 square feet, were acquired in a sale-leaseback deal with Cenveo Corp. Gregg Applefield, Alex Draganiuk and Lexington Henn of Mission Capital Advisors arranged the loans.

August 8, 2016

Illinois Industrial Midwest

HSA Commercial to Develop 152,122 SF Industrial Building in Metro Chicago

by Christina Cannon August 8, 2016

WOODRIDGE, ILL. — HSA Commercial Real Estate will develop a 152,122-square-foot speculative distribution center in Woodridge, approximately 30 miles southwest of Chicago. The Class A facility will serve as the final phase in HSA Commercial’s Park 355 development, a 500,00-square-foot project that is situated on 37 acres. The building, to be located at 2141 Internationale Parkway, is expected to come on line next March. Construction starts later this month. The building will include 30-foot clear heights, three drive-in doors and 15 truck docks.

August 8, 2016

Illinois Midwest Retail

Klaff Realty Acquires 26,380 SF Retail Property in Chicago for $6.1M

by Christina Cannon August 8, 2016

CHICAGO — Klaff Realty LP, a privately owned real estate investment company, has acquired a 26,380-square-foot shopping center in Chicago’s South Loop neighborhood for $6.1 million. The fully leased property is located at 542-566 W. Roosevelt Road. Nicholas Kanich, Evan Halkias and Michael Marks of Cushman & Wakefield represented the buyer. The seller in the transaction was undisclosed.

August 8, 2016

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