CHICAGO — Kiser Group has arranged the sale of a multifamily property located at 7042 S. Michigan Ave. in Chicago’s Grand Crossing neighborhood for $1.8 million. All of the units have been renovated in the last 10 years, and the property was nearly fully occupied at the time of sale. Aaron Sklar and Noah Birk of Kiser represented the buyer and seller, both of which were long-term owners in the area. The sales price represented a cap rate of nearly 9 percent.
BARTLETT, ILL. — Brown Commercial Group has negotiated a land sale that will bring a new 166,573-square-foot industrial building to Bartlett in suburban Chicago. The project on the southeast corner of Kenyon Road and Illinois Route 25 will support warehousing, distribution or e-commerce tenants. Dan Brown of Brown Commercial Group represented Cratos Industrial in the acquisition. The project team includes Cornerstone Architects and DSI Group. The project will be divisible by three units of 45,000 to 65,000 square feet. Plans call for a clear height of 32 feet, 36 exterior truck docks, three-drive in doors and 202 parking spaces. Occupancy is slated for 2025.
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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M
CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …
BELVIDERE, ILL. — MAG Capital Partners has purchased a 336,204-square-foot manufacturing facility in Belvidere near Rockford for an undisclosed price. Located at 775 Logistics Drive and built in 2017, the property was designed for heavy manufacturing needs and features clear heights ranging from 27 to 35 feet, 24 fully equipped raised docks and three grade-level doors. Upon closing, Piranha, a manufacturer and assembler of metal cutting, fabrication and bending equipment, signed a long-term lease for the space. MAG Capital Partners, led by principals Dax Mitchell and Andrew Gi, invests in industrial real estate and operating companies throughout the continental U.S. JC Asensio, Andrew Sandquist and Briggs Goldberg of Newmark represented the seller, STAG Industrial Holdings LLC.
HODGKINS, ILL. — LaGrange Crane Inc., a crane rental services company, has signed a 138,994-square-foot industrial lease renewal and expansion at 6800 Santa Fe Drive in Hodgkins, an industrial suburb of Chicago. The tenant currently occupies 74,766 square feet. Ryan Mullins and Nick Krejci of Core Industrial Realty represented the tenant. The landlord was undisclosed.
TINLEY PARK, ILL. — Urban Innovations has completed the renovation and expansion of the historic Karl Vogt Building at 6811 Hickory St. in downtown Tinley Park. The four-story, 7,835-square-foot former apartment building, constructed in 1872, is now home to The Vogt House by Banging Gavel Brews. The building was added to the National Register of Historic Places in 1988 and is the only designated landmark in Tinley Park. The project entailed an interior and exterior renovation, including a complete gut and structural re-enforcement throughout each floor and lowering the basement slab to make room for the brewery. The Vogt Building was constructed by merchant and German immigrant Karl Vogt and is the oldest building in Tinley Park. Urban Innovations worked to comply with the National Park Service’s landmark criteria. The completed project features the production brewery, taproom and restaurant. Altus Works was the project architect.
AURORA, ILL. — Green Bay Packaging Inc. has signed a 74,000-square-foot industrial lease at 2200 Sullivan Road in Aurora. Noel Liston and Nick Krejci of Core Industrial Realty represented the landlord, Panattoni Development, which developed the 356,000-square-foot building. Now occupied by two tenants, the facility has one remaining available space of 96,150 square feet. The property features a clear height of 36 feet, six exterior docks, one grade-level door and office spaces. Mike Plumb of Lee & Associates represented Green Bay Packaging.
NAPERVILLE, ILL. — Colliers has arranged the sale of a 6,968-square-foot restaurant property formerly occupied by Texas Roadhouse in the Chicago suburb of Naperville for an undisclosed price. Brad Belden of Colliers represented the seller, 2866 Patriot’s Lane LLC. The buyer, Shinto Japanese Steakhouse LLC, plans to open a Shinto Japanese Steakhouse or similar concept on the site. Texas Roadhouse closed in July.
LISLE, ILL. — CBRE has negotiated five office leases totaling 41,802 square feet at The Westwood in Lisle. The leases include: Westpoint Financial (11,179 square feet); Mission Wealth Management (3,263 square feet); Ottosen, DiNolfo, Hasenbalg and Castalado (14,630 square feet); Paycom (6,830 square feet); and Vantage Point Financial (5,900 square feet). Pete Adamo and Adam Lawler of CBRE represented ownership, Briar Meads Capital. Located along I-88, The Westwood is a Class A property totaling 300,000 square feet across two buildings. There are multiple tenant lounges and a fitness center as well as newly renovated lobbies and a new deli.
ILLINOIS, IOWA, MISSOURI AND ARKANSAS — St. Charles, Mo.-based Arrow Senior Living has acquired eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Acquired in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 units, including 88 assisted living apartments and 32 memory care residences. PrairieStone consists of 111 units, including 79 assisted living apartments and 32 memory care residences. Arrow also acquired six independent living communities in partnership with Welltower in early July, adding 654 units to its portfolio. The Cambridge Senior Living in Springfield, Mo., features 115 units. The Gardens at Arkanshire in Springdale, Ark., consists of 80 units. The Montvale Senior Living in Springfield, Ill., features 121 apartments. Curtis Creek Senior Living in Quincy, Ill., totals 120 units. Lastly, Mallard Point Senior Living in Cedar Falls, Iowa, features 114 units, while Walden Place Senior Living in Iowa City totals 104 units.