Illinois

Opus Starts Construction on 175,000 SF Headquarters for MC Machinery Systems in Suburban Chicago

by Christina Cannon June 1, 2016

ELK GROVE VILLAGE, ILL. — The Opus Group has broken ground on a 175,000-square-foot corporate headquarters for MC Machinery Systems Inc. in Elk Grove, approximately 25 miles northwest of Chicago. MC Machinery Systems, a subsidiary of Mitsubishi Corp., sells high-tech manufacturing equipment used for metalworking and fabrication. The building will feature 50,000 square feet of office space, 75,000 square feet of ancillary office and storage areas and a 50,000-square-foot showroom. The facility will also include spaces for customer product demonstrations, research and development, machine refurbishment and a customer support call center. Construction is slated for completion by this December.

June 1, 2016

Illinois Midwest Multifamily

Marcus & Millichap Negotiates $1.2M Sale of Apartment Property in Waukegan, Illinois

by Christina Cannon June 1, 2016

WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.2 million sale of a 38-unit apartment property in Waukegan, approximately 40 miles north of Chicago. A fund manager sold Waukegan Apartments and Townhomes, located at 766 Linden Ave., to an undisclosed buyer. The property consists of 20 three-bedroom/one-bathroom townhomes, 16 one-bedroom/one-bathroom apartments and four two-bedroom/one-bathroom apartments. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller.

June 1, 2016

Healthcare Illinois Midwest Office

Ryan Cos. Acquires Land for Future $15M Medical Office Complex in Metro Chicago

by Christina Cannon May 31, 2016

WARRENVILLE, ILL. — Ryan Companies US Inc. has acquired a 9.5-acre site within the Cantera Business Park for the future development of a $15 million medical office complex. Located in Warrenville, approximately 35 miles west of Chicago, the 80,000-square-foot complex envisioned by Ryan Cos. will include two two-story office buildings with shared amenities and common space. David Justh of CBRE represented the seller, a private investor, and is working with Ryan Cos. to market the development to healthcare systems and related users.

May 31, 2016

Illinois Midwest Multifamily

Steadfast Apartment REIT Acquires 136-Unit Apartment Complex for $7.6M

by Christina Cannon May 31, 2016

GURNEE, ILL. — Steadfast Apartment REIT III Inc. has acquired a 136-unit apartment community in Gurnee, approximately 43 miles northwest of Chicago, for $7.6 million. Carriage House Apartments was built in 1970 and is 98 percent occupied. Situated on 8.4 acres, the apartment complex is comprised of 17 two-story buildings featuring one and two-bedroom units with an average size of 653 square feet. Community amenities include a swimming pool with sundeck, pool house, locker room, picnic area, laundry facilities and addition storage areas. Steadfast plans to upgrade the bathrooms, flooring and kitchen counters. Other improvements will include fresh paint and new appliances. The seller in the transaction was undisclosed.

May 31, 2016

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Group Completes $3.3M Renovation of 72-Unit Affordable Housing Property

by Christina Cannon May 31, 2016

DIXON, ILL. — Evergreen Real Estate Group has completed a $3.3 million renovation of Dixon Square Apartments, a 72-unit affordable housing community in Dixon, approximately 90 miles north of Peoria. Evergreen teamed up with HUD, the Illinois Housing Development Authority (IHDA) and City Real Estate Advisors to complete the project. The three-building property had not been significantly upgraded since it was completed in 1980. Evergreen made improvements to the laundry facilities, on-site playground, community garden and replaced the roof on each building. Renovations were also made to the units and included new flooring, appliances, cabinetry, countertops, plumbing fixtures, air conditioners and television hookups. The rehabilitation project, which started last spring, also included a 20-year extension of the community’s Section 8 Housing Assistance Payment contract, preserving the affordability of the residences through 2036. Dixon Square Apartments is located at 540 Freedom Walk.

May 31, 2016

Illinois Industrial Midwest Missouri Office

Ten-X Brokers Sale of Two Midwest Properties for a Total of $17.3M

by Christina Cannon May 27, 2016

ST. LOUIS AND HARVARD, ILL. — Ten-X has brokered the sale of two office/industrial properties for a total of $17.3 million. In the first deal, an undisclosed seller disposed of a Class A, 347,399-square-foot office tower in St. Louis for $8 million. AKNO 1010 Market Street St Louis Missouri LLC was the buyer. The 20-story property, built in 1981, is located at 1010 Market St. Amenities include ground-floor retail, a gym, conference room, lounge, covered parking, courtyard, 24-hour security, concierge services and on-site management. In the second deal, Optima Ventures LLC sold a 1.5 million-square-foot office and industrial property in Harvard, Ill. for $9.3 million. The 325-acre Midwest Corporate Campus is located at 2001 North Division St. The property is comprised of five manufacturing, distribution and office buildings and was formerly the regional headquarters for Motorola. The building, constructed in 1997, has been vacant since 2003. Amenities at Midwest Corporate Campus include two on-site daycare facilities, a cafeteria, rooftop and ground-level heliports, fitness center, auditorium, ponds and running and biking trails. Both properties were sold on the Ten-X Commercial online platform.

May 27, 2016

Illinois Industrial Midwest

Transwestern Arranges Two Industrial Leases Totaling 248,545 SF in Illinois

by Christina Cannon May 27, 2016

WAUKEGAN, ILL. — Transwestern has arranged two industrial leases totaling 248,545 square feet in Waukegan, approximately 40 miles northwest of Chicago. Horizons Window Fashions, a manufacturer of specialty and customized window fashions, signed a long-term lease for 128,296 square feet at two adjacent properties in the Amhurst Lakes Business Center. Constructed in 1999, the 240,500-square-foot center is less than a mile from the I-94/State Route 137 interchange. In a separate transaction, Trifinity Partners Inc., a third-party logistics firm, leased 120,249 square feet of space at the Delany Commerce Center, a 218,500-square-foot facility at 2431 Delany Road. Tom Boyle and Jared Paff of Transwestern represented the tenants in both transactions.

May 27, 2016

Illinois Midwest Retail

The Boulder Group Brokers $11.2M Sale of Chicago Building Net Leased to Walgreens

by Christina Cannon May 26, 2016

CHICAGO — The Boulder Group has brokered the $11.2 million sale of a retail building net leased to Walgreens. A private investor in a 1031 exchange purchased the asset, located at 2001 Milwaukee Ave. in Chicago, from a Midwest-based private investor. Walgreens’ absolute triple net lease expires Dec. 31, 2031. The Western Chicago Transit Authority Blue Line “L” Station is located one block south of the Walgreens. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

May 26, 2016

Hospitality Illinois Midwest

Janko Group Opens 114-Room Hotel in Chicago Suburb

by Christina Cannon May 25, 2016

EVANSTON, ILL. — Developer and investment firm Janko Group LLC has opened the Hyatt House Chicago/Evanston, a 114-room, extended-stay hotel in downtown Evanston, approximately 20 miles north of Chicago. Janko Hospitality LLC will manage the eight-story hotel located at 1515 Chicago Ave. Amenities at the property include an indoor and outdoor lounge, a restaurant and bar, 1,300 square feet of meeting space, a fitness center, business center, laundry facility, free Wi-Fi and complimentary breakfast. Des Plaines, Ill.-based Peak Construction Corp. was the design/build firm for the project, and Chicago-based SCB Architecture served as the architect of record.

May 25, 2016

Illinois Midwest Multifamily

Summit Design + Build Breaks Ground on 36-Unit Boutique Apartment Building in Chicago

by Christina Cannon May 25, 2016

CHICAGO — Summit Design + Build has broken ground on a 36-unit boutique apartment building in Chicago’s River West neighborhood. The six-story building, located at 851 W. Grand Ave., will offer a mix of studio, one- and two-bedroom units. The property will also feature 18 parking spaces and is slated for completion by mid-2017. FitzGerald Associates Architects is the design firm of record, and Chicago-based Monroe Residential Partners is the developer.

May 25, 2016

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