CHICAGO — CBRE has arranged the $41 million refinancing of The Buckingham in Chicago. The 129-unit, 456-bed student housing property is located in the South Loop University District. The 10-year loan was originated via CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program. Glenn Housman of CBRE secured the loan on behalf of the sponsor, The Buckingham LLC.
FAIRBURY, ILL. — The Boulder Group has brokered the $1.3 million sale of a single-tenant property net leased to Family Dollar in Fairbury, about 37 miles northeast of Bloomington. Approximately 14 years remain on the lease to Family Dollar. The triple net lease features a 10 percent rental escalation in each of the six five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based real estate investor in a 1031 exchange. The seller was a Midwest-based developer.
CHICAGO — The NHP Foundation (NHPF) has acquired the historic Hotel Covent in Chicago for $7 million. Originally built in the early 1900s, the mixed-use residential property targeting low- and moderate-income individuals in Lincoln Park is located at 2653 N. Clark St. The building features 64 single-resident occupancy (SRO) rooms, as well as seven retail storefronts on the ground level. The acquisition was made possible through financial partnerships with Community Investment Corporation (CIC) and the Chicago Community Loan Fund (CCLF), which lent NHPF $5 million and $2.2 million respectively. Chicago Title Land Trust Company was the seller. NHPF is a national not-for-profit organization dedicated to preserving and creating sustainable, service-enriched multifamily housing.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 30,500-square-foot industrial building in Elk Grove Village, about 25 miles northwest of Chicago. The sales price was not disclosed. The buyer, Gorilla Paper, purchased the property as part of an expansion of its distribution capability. The new space is four times the size of the former facility and will serve as the paper roll manufacturer’s new distribution headquarters. The building is located at 1125 Lunt Ave. Mike Antonelli of Brown Commercial completed the transaction.
CHICAGO — Spirit Bascom Ventures LLC, a partnership between The Bascom Group LLC and Spirit Investment Partners LLC, has acquired a mixed-use building in Chicago for $18.9 million. The building is located in the Rogers Park neighborhood at 6807 N. Sheridan Road. In addition to 160 apartment units, the property features 10,150 square feet of fully leased retail space. Todd Stofflet of KIG represented the undisclosed seller in the transaction. Andy Feinberg, Marc Schulder and David Harte of Ackman-Ziff arranged a first mortgage loan from local lender First Midwest Bank and a mezzanine loan from New York-based Hillcrest Real Estate.
CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building in Chicago for $2.8 million. The 10,000-square-foot building is located in the Andersonville neighborhood at 5531-39 N. Clark St. Chase Bank and Hair Cuttery occupy the first floor, while the second floor features an office tenant and loft apartment. Danny Spitz and Greg Dietz of Baum Realty Group represented the seller, a local investor. A Chicago-based investment group was the buyer.
CHICAGO — Lucky Strike Entertainment and Shake Shack Inc. have signed leases at Addison & Clark, the mixed-use development opening in Chicago’s Lakeview neighborhood in 2018. The center will be Lucky Strike Entertainment’s second Chicago location and Shake Shack’s fourth Chicago-area restaurant. Lucky Strike Entertainment will occupy 30,000 square feet and offer a premium bowling experience, with a chef-driven menu, private function spaces and live music. Shake Shack, which offers burgers, hot dogs and shakes, will occupy 3,500 square feet. CMX luxury dine-in movie theater has already signed a lease at the building, located directly across from Wrigley Field. Upon completion, the development will include 148 luxury apartments and 150,000 square feet of retail space. Project developers include a joint venture between M&R Development and Bucksbaum Retail Properties LLC.
LEMONT, ILL. — Transwestern has negotiated a 47-acre ground lease for Chicago Truck Parking in Lemont, a suburb of Chicago. The multi-million deal is one of the largest parking leases ever in metro Chicago. The operator of parking lots for tractor-trailers and other commercial vehicles will occupy the space at 12300 New Ave. Located in the I-55 industrial corridor, the new parking lot will allow Chicago Truck Parking to consolidate multiple yards into a single location. The company will continue to operate its truck parking at Veterans Parkway and I-55 in Bolingbrook, Ill., but will consolidate its Archer Avenue and Route 83 location in Lemont at the new location. Terri Alexander of Transwestern represented the tenant in the eight-year lease. Tim McCahill and Brian Vanosky of Lee & Associates represented the landlord, Realterm Logistics.
CHICAGO — Jameson Commercial and Jameson Sotheby’s International Realty have arranged the sale of a 5,800-square-foot, mixed-use building in Chicago for $1.4 million. The Lax Shop, a lacrosse specialty retailer, is relocating from the building at 1216 W. Belmont Ave. to outside Chicago. Katie Whelan and Karoline Whittaker of Jameson represented The Lax Shop. Tim Sheahan and Brendan O’Malley of Conlon Real Estate represented the buyer, Jenny Builders.
CHICAGO — Barings Real Estate Advisers has provided a $250 million loan to Waterton for the refinancing of Presidential Towers in Chicago’s West Loop. The four-tower apartment community totals 2,346 units and is located at 555 W. Madison Street. Solomon Cordwell Buenz designed the four identical, 50-story towers. In addition to the 1.6 million square feet of residential space, the property also includes 135,193 square feet of retail space. HFF arranged the 10-year, fixed-rate loan, with Stephen Skok representing the borrower. Barings Real Estate Advisers, a subsidiary of Barings, is a real estate-focused investment adviser with $50 billion in assets under management. Waterton is a real estate investor and operator focused on U.S. multifamily and hospitality properties with over $5.3 billion in assets.