CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit multifamily building in the Uptown neighborhood of Chicago for $5.1 million. Kam Ying Lee sold the asset, located at 5022-30 N. Winthrop Ave., to a private partnership. The 32,000-square-foot building, constructed in 1913, features all two-bedroom units. Units include stainless steel appliances and washers and dryers. Dawn Overstreet of SVN | Chicago Commercial was the sole broker in the transaction.
CHICAGO — PREMIER Design + Build LLC has completed Phase II of the Chicago Innovation Exchange. The project consisted of renovating the core and shell of the Doerr Building, which houses high-tech facilities for the Chicago Innovation Exchange, an innovation hub for the University of Chicago and other startup companies. The new space features a digital fabrication lab, co-working spaces, new offices and conference rooms. Built Form LLC and Beyer Blinder Belle provided architectural services for the project. TGRWA LLC and Advance Consulting Group International Inc. provided engineering services.
CHICAGO — Chicago-based BlueRoad Ventures has acquired a national retail portfolio for $139 million. Brauvin Net Lease, a Chicago-based private REIT, sold the portfolio, which consists of 48 assets across 18 states. Retail brands such as CVS, Fresenius, Tractor Supply Co. and Advance Auto Parts occupy the properties. Much Shelist, a law firm, represented BlueRoad in the transaction.
GRAYSLAKE, ILL. — Avison Young has arranged a $34 million loan for Strategic Properties of North America to acquire a multifamily property in Grayslake, approximately 45 miles northwest of Chicago. Grays Pointe Apartment Complex is a 396-unit property that is comprised of 301 rental units and 95 condominiums. Pine River Capital Management advised the undisclosed lender. Amenities at Grays Pointe Apartment Complex include basketball courts, a business center, clubhouse, playground, swimming pool and tennis courts. Justin Piasecki and Ethan Blum of Avison Young arranged the financing.
ZION, ILL. — Avison Young has arranged a 150,192-square-foot industrial lease expansion and renewal in Zion, approximately 50 miles north of Chicago. Focus Foodservice now occupies the entire building, which is located at 451 Trumpet Drive. The distribution facility features 30-foot clear heights, 150 parking spaces and two grade-level dock doors. The building is situated within the Trumpet Corporate Park, an 8.1-acre complex developed by Panattoni Development Co. in 2008. Keith Puritz, Eric Fischer and Brett Kroner of Avison Young represented the tenant in the transaction. Chris Volkert and Matthew Stauber of Colliers International represented the landlords, Prudential Insurance Co. and Panattoni Development Co.
HUNTLEY AND HAZEL CREST, ILL. — CBRE has brokered the $14.8 million sale of two retail properties located in the suburbs of Chicago. In the first deal, Interstate Partners sold a 43,361-square-foot shopping center known as Regency Square to Hamilton Partners for $10.8 million. The center was 97 percent leased at the time of sale and is located at 12200-12300 Princeton Drive in Huntley. Aldi anchors the shopping center, and other tenants include Athletico, Jimmy John’s, Little Caesar’s and SportClips. In the second transaction, Baceline Investments acquired The Commons of Hazel Crest for $4 million from an undisclosed seller. The 51,222-square-foot strip center is located at 18220-18244 Kedzie Ave. in Hazel Crest. Dollar Tree anchors the retail property, which was 76 percent occupied at the time of sale. Other tenants at The Commons of Hazel Crest include CSL Plasma, Allstate Insurance and H&R Block. Derrick Almassy and Rich Frolik of CBRE represented the seller in both transactions.
LAKEMOOR, ILL. — Woodman’s Food Market Inc. has agreed to acquire a 74-acre parcel of land from Inland for an undisclosed price. Woodman’s Food Market, an employee-owned and-operated grocery company, plans to develop a 240,000-square-foot grocery store on the site located in Lakemoor, approximately 50 miles northwest of Chicago. Woodman’s Food Market also has plans to build a fuel center and automotive station. The deal is expected to close this summer and is slated for completion in late 2017.
WASHINGTON, ILL. — The Boulder Group has arranged the $1.3 million sale of a building net leased to PNC Bank. The facility, located at 1996 Freedom Parkway in Washington just east of Peoria, is an outparcel to a Walmart Supercenter. The seller was a West Coast-based private investor, and the buyer was a Midwest-based 1031 exchange investor. PNC Bank’s lease expires in December 2028 and features 14 percent rental escalations every five years.
CHICAGO — Hilco Real Estate LLC, in a joint venture with Peter Westmeyer and Kevin Purcell, both of whom are senior executives with MB Real Estate Services Inc. (MBRE), has acquired One North LaSalle, a historic office building located in Chicago’s Central Loop. No terms of the transaction were disclosed. Built in 1929, the 500,000-square-foot office building is situated on the northeast corner of LaSalle and Madison streets, and offers easy access to public transportation and highways, as well as a variety of hotels, restaurants and retail. The most recent building renovation included restoration of the Art Deco detailing and installing new elevators, HVAC, electrical and plumbing systems. The 47-story property is set to undergo an extensive redevelopment under its new ownership, which will include high-end tenant amenities, the addition of spec suites and remodeling the building’s interior. Once complete, the property will feature a renovated lobby, tenant corridors and restrooms, and first-class tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center and bike room. A multi-million dollar capital budget is being put forth by the new ownership group, and MBRE has been contracted to provide ongoing management, leasing and construction oversight for the property. MBRE’s Mark …
MOUNT PROSPECT, ILL. — NorthMarq Capital has arranged a $42.2 million refinancing loan for a multifamily property in Mount Prospect, approximately 24 miles northwest of Chicago. The Residences at 1550 is a 509-unit apartment complex that includes amenities such as a fitness center, laundry facility, swimming pools, pet waste stations, copy and fax service and access to public transportation. Unit amenities include kitchen appliances, walk-in closets, faux granite countertops and private balconies or patios. NorthMarq arranged the adjustable rate loan through Freddie Mac. The financing features a seven-year term with two years of interest-only payments and a 30-year amortization schedule.
