CHICAGO — Interra Realty has brokered the $3.5 million sale of a 52-unit multifamily property in Chicago’s South Shore neighborhood. The apartment building, located at 7255-71 South Shore Drive, sold for more than 94 percent of list price with a per-unit cost of $68,269. A local investor purchased the asset from an undisclosed buyer. Dan Byrne of Interra Realty represented both parties in the transaction.
ELGIN, ILL. — Darwin Realty has arranged two leases totaling 291,520 square feet within the DCT Business Center in Elgin, approximately 40 miles northwest of Chicago. An international manufacturing company leased 150,550 square feet at 305-325 Corporate Drive and 140,970 square feet at 350-370 River Ridge Road. Noel Liston and Brendan Sheahan of Darwin Realty represented the landlord, DCT, in the long-term lease transactions. Mike Fonda of Avison Young and Jimmy Cohoat of Summit Realty Group represented the tenant.
ST. CHARLES, ILL. — A partnership between Banyan Investment Group and Compass Real Estate has acquired the Hilton Garden Inn in St. Charles, approximately 45 miles west of Chicago, for an undisclosed price. Oakwood Properties Inc. was the seller. The hotel opened in 2000 and includes 120 rooms and 4,400 square feet of meeting space. The facility also includes an indoor pool, fitness center and bistro-style restaurant. Attached to the hotel is an independently owned 18,000-square-foot conference and training center. The property will undergo a $2 million renovation of the guestrooms and public areas that is expected to be complete by March 2017.
BURR RIDGE, Ill. — Anthem Memory Care has opened Harvester Place, a 66-unit memory care community in the Chicago suburb of Burr Ridge. Development costs were $13 million. Harvester Place is Oregon-based operator Anthem’s sixth memory care community, with three more under development in Colorado, California and Illinois. Harvester Place is designed in a figure-eight pattern to create a natural flow that lessens confusion among memory-impaired residents.
AURORA, ILL. — Principle Construction Corp. will construct a new 375,000-square-foot speculative industrial building in Aurora, approximately 40 miles west of Chicago. Seefried Industrial Properties is the project developer. The building, which will be located at 1600 Sequoia Drive, will be situated within the Prime Aurora Industrial Park. The new facility is being built on 19 acres and can cater to a single user or multiple tenants. Features will include 32-foot clear heights, 2400 amps and 480 volts of power, ESFR sprinklers, two drive-in doors, 36 dock positions and parking for 312 cars. Harris Architects will design the building, and Colliers International will market the property for sale or lease.
CHICAGO — Aries Capital has arranged a $9.3 million permanent loan for a 23-unit apartment building in Chicago. Douglas Crocker II and partners was the borrower The newly constructed six-story building is located at 858 N. Franklin St. The apartment building consists of one-, two- and three-bedroom units and features a fitness center. The 10-year, fixed-rate, non-recourse loan with 30-year amortization was secured at 100 percent of the total cost basis. Eric Jones of Aries Capital arranged the financing. PNC provided the Fannie Mae loan.
CHICAGO —Transwestern has arranged eight leases totaling 88,900 square feet at a 45-story office tower in Chicago’s West Loop. The new deals bring the 928,040-square-foot building, located at 200 W. Madison St., to 92 percent occupancy. The transactions include: Greensfelder, Hemker & Gale P.C., renewed and expanded its lease to 22,897 square feet Premier Business Centers leased 15,204 square feet Philadelphia Insurance Cos. leased 11,446 square feet VacayStay Connect LLC leased 6,500 square feet Beacon Hill Financial Corp. leased 5,262 square feet Transwerstern has managed the property since 2011 and is spearheading a $5 million renovation, which will include an updated lobby, 30-foot green wall, new lounge areas, a clubroom, updated elevators and an expanded fitness center with yoga room. Michael Lirtzman, Courtney Baratz, Jeff Dowdell and Katie Steele of Transwestern brokered the leases on behalf of the building owner, MEPT.
ELK GROVE VILLAGE, ILL. — Elk Grove Village-based Brown Commercial Group has arranged three industrial leases in metro Chicago totaling 20,139 square feet. In the first transaction, Jim Wagner Plumbing leased 9,000 square feet at 51 Eisenhower Lane South in Lombard. Mike Antonelli of Brown Commercial Group represented the tenant in its relocation. Joseph Gatto of Cushman & Wakefield represented the landlord, TA Realty Associates. In the second deal, Trinity Scurto of Brown Commercial Group represented Breda Moving Co., which leased 7,639 square feet to Almtan Midwest. Chuck Hauger of @properties Commercial represented the company in its expansion to 801 Dave Pate Drive in Roselle. Scurto also represented Kane Brandein in its lease of the last 3,500-square-foot space in a 21,000 square-foot building to VIP Limousine, which will occupy Unit F at 101 Kelly Road in Elk Grove Village. John Carbone represented the tenant.
BURR RIDGE, ILL. — Waramaug Hospitality III LLC and Sidra Real Estate Inc. have acquired the Chicago Marriott Southwest at Burr Ridge for an undisclosed price. The 184-room, full-service hotel, located in Burr Ridge, approximately 20 miles southwest of Chicago, features over 10,000 square feet of meeting and event space that can accommodate up to 900 guests. Amenities include an indoor swimming pool, fitness center and business center. The hotel also includes Ciazza Restaurant & Bar. Waramaug is planning to renovate all public areas, guestrooms, meeting spaces and the restaurant. Interstate Hotels & Resorts will manage the property. The seller in the transaction was undisclosed.
LIBERTYVILLE, ILL. — PREMIER Design + Build LLC has completed the construction of two speculative warehouses in Libertyville, approximately 40 miles northwest of Chicago. The facilities are situated on 21 acres at 804 E. Park Ave. Bridge Development Partners is the project developer. Building 1 at Bridge Point 94 is 185,670 square feet, and Building 2 is 220,542 square feet. Both Class A facilities feature 32-foot clear heights, 56 truck dock positions and ESFR sprinklers. The buildings share a parking lot with 536 spaces. Cornerstone Architects Ltd. provided architectural services, and Pearson, Brown & Associates Inc. was the civil engineering firm. John Hauser and Michael Fonda of Avison Young are overseeing the lease-up of the building.
