Illinois

Baum Realty Brokers $7.2M Sale of 24,000 SF Retail Space in Chicago’s West Loop

by Christina Cannon August 16, 2016

CHICAGO — Baum Realty Group LLC has brokered the sale of 24,000 square feet of ground-floor retail space at 1000 W. Washington Blvd. in Chicago’s West Loop neighborhood for $7.2 million. A partnership between R2 and Marc Realty Capital acquired the property from a local developer. Existing tenants include French restaurant La Sardine and Subway. The property, which includes 10 parking spaces, has 18,000 square feet available for lease. Danny Spitz and Greg Dietz of Baum Realty represented the seller in the transaction, and Doug Renner and Trevor Jack of Baum Realty have been retained to market the property.

August 16, 2016

Illinois Midwest

McShane Completes 32,000 SF Arts and Recreation Center in Chicago’s Bronzeville Neighborhood

by Christina Cannon August 16, 2016

CHICAGO — McShane Construction Co. has completed the 32,000-square-foot Arts and Recreation Center at Ellis Park. The two-story facility is located in Chicago’s Bronzeville neighborhood and features a gymnasium, indoor swimming pool, fitness center, music and theater performance spaces, and additional spaces for art, education and community use. The building, located at 3520 S. Cottage Grove Ave., also includes a rooftop terrace. The Community Builders Inc. and Quad Communities Development Corp. were the project developers. Booth Hansen and NIA Architects Inc. provided design services.

August 16, 2016

Illinois Midwest Multifamily

JDL Development Opens 469-Unit Luxury Apartment Tower in Chicago’s South Loop

by Christina Cannon August 15, 2016

CHICAGO — JDL Development has opened 1000 South Clark, a 469-unit luxury apartment tower in Chicago’s South Loop neighborhood. The 29-story building boasts 43,000 square feet of amenity space that includes a 20,000-square-foot outdoor terrace with grilling stations; an indoor/outdoor pool and rooftop running track; a 10,000-square-foot fitness center; basketball and racquetball courts; a virtual golf simulator and putting area; a library lounge and wine bar; chef’s demonstration kitchen; a game room and billiards lounge; neighborhood bar room with customizable beer taps; news room and media lounge; and a board room with business center. The property also includes a four-story parking garage with space for 327 vehicles and a landscaped outdoor dog park and Bark on Clark, a full-service, privately run pet care and boarding facility. Currently 60 percent leased, 1000 South Clark offers studio, one-, two- and three-bedroom units that range from 512 to 2,730 square feet. Rents start at $1,895 and reach $7,000 per month. Additionally, the community features six three-bedroom rental townhomes, each with 3.5 baths and attached two-car garages.

August 15, 2016

Illinois Midwest Multifamily Seniors Housing

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

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