Illinois

Interra Brokers $3.5M Sale of Three Chicago Properties

by Christina Cannon July 1, 2016

CHICAGO — Interra Realty has brokered the sale of a three-property portfolio located in Chicago’s Jefferson Park neighborhood for a total of $3.5 million. The properties include a mixed-use asset at 5802 W. Catalpa Ave. that sold for $2.1 million, and two multifamily properties located at 5402 W. Windsor Ave. and 4518 N. Long Ave. The multifamily properties sold for $657,500 and $702,500, respectively. The portfolio included a total of 32 apartment units and eight commercial spaces. Joe Smazal of Interra Realty represented both undisclosed parties in the transaction.

July 1, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges $25M Loan for 304-Unit Apartment Property in Chicago Suburb

by Christina Cannon June 29, 2016

WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.

June 29, 2016

Illinois Industrial Midwest

Summit Design + Build Completes Renovation of 120,000 SF Industrial Facility in Chicago

by Christina Cannon June 28, 2016

CHICAGO — Summit Design + Build LLC has completed a 120,000-square-foot renovation for Economy Packing, Chicago’s largest direct receiver of meat and seafood that was founded in 1932. The facility, located at 4501 W. Ann Lurie Place within the Crawford Industrial Park in Chicago, is Economy Packing’s new warehouse and distribution facility after the company sold four buildings in the Fulton Market meatpacking district last year. The building includes roughly 10,000 square feet of office space, 95,000 square feet of warehouse space and 15,000 square feet of completely upgraded freezer space. The renovation also included the addition of 20 refrigerated loading docks. Alan R. Schneider Architects provided architectural services for the project.

June 28, 2016

Illinois Midwest Mixed-Use Retail

Novak Construction Completes 30,000 SF Whole Foods in City Hyde Park in Chicago

by Christina Cannon June 27, 2016

CHICAGO — Novak Construction has finished work on a 30,000-square-foot Whole Foods Market at the City Hyde Park development. The store, located at 5118 S. Lake Park Ave., features a secret society theme and pays homage to the University of Chicago. The store features a dark blue and brass color scheme and other décor related to the university. The project also included installing a mechanical system and an underground parking garage. Jeanne Gang designed the City Hyde Park project.

June 27, 2016

Illinois Midwest Office

Fulcrum Assets Advisors Acquires 484,328 SF of Office Space in Metro Chicago

by Christina Cannon June 27, 2016

DEERFIELD, ILL. — Fulcrum Assets Advisors has acquired three office buildings in Deerfield, approximately 27 miles northwest of Chicago, for an undisclosed price. The facilities are located within the Parkway North complex, a six-building complex that was constructed between 1988 and 2000. The Class A, 1 million-square-foot property is located between the Lake Cook Road and Deerfield Road interchanges at I-94. The John Buck Company sold the three buildings, which total 484,328 square feet. Tenants at Parkway North include Mondelez International, CF Industries, GCG Financial, Walgreens, Lundbeck and Essendent. Fulcrum plans to upgrade the buildings. Colliers International is overseeing leasing for the property.

June 27, 2016

Illinois Midwest Multifamily Seniors Housing

IPA Brokers Sale of 188-Unit Seniors Housing Community in Metro Chicago

by Christina Cannon June 24, 2016

CREST HILL, ILL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Falls Senior Living, a seniors housing community in Crest Hill, approximately 40 miles southwest of Chicago. Dial Retirement Communities bought the property for an undisclosed price in a joint venture with a private equity fund. The seller is a pair of entities controlled by Greg and Renee Wolf, owners of the property since 1994. Dial will operate the community, which consists of 112 assisted living and memory care units and 76 independent living units.

June 24, 2016

Illinois Midwest Multifamily

Sinatra & Co., Stadt Group Purchase Metro Chicago Apartment Property for $25M

by Christina Cannon June 24, 2016

WOODRIDGE, ILL. — Sinatra & Company Real Estate and Stadt Group have acquired a 304-unit apartment complex in Woodridge, approximately 30 miles southwest of Chicago, for $25 million. Timber Creek Apartments was built in 1974 and is located on 32.5 acres at 3421 Foxboro Drive. The buyers plan to replace the management and leasing platform and upgrade the amenities and units. The complex is comprised of six two-story buildings. Amenities at Timber Creek Apartments include a fitness center, swimming pool, sundeck, volleyball court, laundry rooms, tennis court and 3,000-square-foot clubhouse. The buyers plan to add a car care station and dog park. The seller in the transaction was undisclosed. The Pritzker/Vlock Family Office is financially backing the transaction.

June 24, 2016

Illinois Midwest Office

CIM Group Purchases Chicago’s Four40 Office Tower

by Christina Cannon June 23, 2016

CHICAGO — CIM Group has closed on the purchase of a 1 million-square-foot office building at LaSalle Street and Congress Parkway in Chicago’s business and financial district for $191 million. The seller of the 40-story tower known as Four40 was TIER REIT Inc. The tower was built in 1984. The property consists of a 954,000-square-foot office tower with an 83,000-square-foot annex overlooking Congress Parkway, a 45,000-square-foot outdoor plaza with seating, a 5,000-square-foot retail outparcel, and a 325-car underground parking garage. Renovations to the property were completed in 2015 and included the addition of a 25,000-square-foot tenant amenity space on the building’s third floor. Amenities include lounges, conference centers, a cafeteria, restaurants and the Buckingham Club, a fitness center that includes a lap pool, driving range, basketball courts, saunas and racquetball courts. The building also includes the Buckingham Hotel, which is located on the 40th floor and offers 21 hotel rooms.

June 23, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $2.8M Sale of 59-Unit Chicago Apartment Property

by Christina Cannon June 23, 2016

CHICAGO — Interra Realty has brokered the $2.8 million sale of a 59-unit multifamily property in Chicago’s Bronzeville neighborhood. The sale price equates to $47,830 per unit. Bil-Mar Management sold the building to Mark DeAngelis. The property, which is a former retirement home, is located at 4724 S. Vincennes Ave. Over 70 percent of the units are two-bedroom/one-bathroom units. The building includes 70 parking spaces, a social room, recreation room and a gym. Craig Martin of Interra Realty represented both parties in the transaction.

June 23, 2016

Illinois Industrial Midwest

Molto Properties Sells Three-Building Industrial Portfolio in Metro Chicago

by Christina Cannon June 23, 2016

ROMEOVILLE AND BOLINGBROOK, ILL. — Molto Properties has sold a three-building industrial portfolio in metro Chicago for an undisclosed price. Lincoln Property Co. is the buyer. The properties consist of a 189,662-square-foot building at 1485 Normantown Road in Romeoville; a 116,000-square-foot building at 1055 Remington Veterans Blvd. in Bolingbrook; and a 45,000-square-foot building at 49 N. Paragon Road in Romeoville. Both 1485 Normantown and 1055 Remington were developed by Molto Properties in 2014 and 2015, respectively, and are operating at 100 percent occupancy. Jeff Devine and Steve Disse of Colliers International represented Molto in the transaction.

June 23, 2016

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