ITASCA, ILL. — CBRE has arranged the sale of a 94,986-square-foot office property in Itasca, approximately 30 miles northwest of Chicago, for an undisclosed price. The undisclosed seller sold the four-story building to Hamilton Partners. Located at 1200 Arlington Heights Road, the property recently underwent upgrades including a newly renovated lobby and corridors. The facility, built in 1989, is 25 percent leased to six tenants. The building sits inside Hamilton Lakes, a 350-acre master-planned business community that includes an athletic club, Westin hotel and numerous restaurants. Bill Novelli, Derek Fohl and Robert Graham of CBRE represented the seller in the transaction. The buyer was self-represented.
GRAYSLAKE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.3 million sale of a mixed-use building in Grayslake, approximately 48 miles northwest of Chicago. The 33,544-square-foot building consists of 24,239 square feet of retail space on the first floor and 9,305 square feet of office space on the second floor. Tenants of the building, which is 70 percent occupied, include Kawa Japanese Restaurant, Tropical Tan and State Farm Insurance. A Canada-based money center bank sold the asset, located at 100 S. Atkinson Road, to a private investor based in the northern suburbs of Chicago. Chad Firsel of Quantum Real Estate Advisors represented the seller in the transaction.
NORTHBROOK, ILL. — Foresite Realty Partners LLC has brokered the sale of a six-building office complex in Northbrook, approximately 25 miles northwest of Chicago, for an undisclosed price. Northbrook Court Professional Plaza, located at 1535 Lake Cook Road, totals 74,040 square feet and was constructed between 1979 and 1981. A mix of medical and professional office tenants occupy the buildings. The buyer was a Midwest value-add office investment company, and the seller was undisclosed. Ryan Nelson and Greg Nieder of Forsite Realty represented the seller in the transaction.
MUNDELEIN, ILL. — Associated Bank has provided a $6.7 million construction loan to Metro Storage Mundelein LLC for a self-storage facility in Mundelein, approximately 40 miles northwest of Chicago. Metro Self Storage, located at 1340 Butterfield Road, will be a 78,662-square-foot facility that features 828 climate-controlled units. Metro Self Storage, established in 1973, operates storage facilities in 12 states. Edward Notz of Associated Bank managed the loan.
URBANA, ILL. — The Wernke Team has arranged the sale of Lincoln Place Apartments, a 60-unit, 155-bed student housing community located in Urbana, for an undisclosed price. Lincoln Place Apartments purchased the property from Busboom Investments. Built in 1984, Lincoln Place Apartments encompasses approximately two acres and contains three three-story buildings. The community includes a mixture of one-, two- and three-bedroom apartments. Michael Wernke and Chris Hentschel of RESOURCE Commercial Real Estate, in conjunction with Colliers International, arranged the sale of the property.
CHICAGO — Mesa West Capital has provided a $210 million short-term first mortgage for the refinancing of the office and parking components of the John Hancock Center in Chicago. A partnership led by Chicago-based real estate investment firm Hearn Company received the financing that included $35 million of mezzanine debt placed with an institutional investor at closing. Hearn acquired the 894,000-square-foot office building and 710-car parking garage, located at 875 N. Michigan Ave., in 2013. Since acquiring the building, Hearn has invested in improvements such as a complete replacement of the mechanical systems, a full renovation of the entries and lobbies on Chestnut and Delaware streets, a new 13th floor lounge, fitness center and conference facility. The common areas and bathrooms on each floor were also upgraded. Mesa West’s five-year, non-recourse loan will be used to refinance the existing debt and for ongoing leasing and capital costs to stabilize the asset. The office component is currently 85 percent leased and anchored by Interpublic Group, a leading global marketing firm. John Parrett and Bill Howe of CBRE arranged the financing.
ELGIN, ILL. — An entity affiliated with the Midwest Industrial Funds has acquired a vacant 246,000-square-foot facility in Elgin, approximately 40 miles west of Chicago, for an undisclosed price. The building, located at 1600 Fleetwood Drive, is situated on 22 acres and features 26-foot clear heights, 10 docks and 22,000 square feet of office space. Stamar Packaging recently agreed to lease 187,000 square feet of the facility and is relocating its headquarters and warehouse from Addison. Frank Griffin and Dominick Carbonari of JLL represented the seller, a division of Philips Lighting, in the transaction. Michael Androwich Jr. of Lee & Associates represented Stamar Packaging.
WEST CHICAGO, IIL. — CenterPoint Properties has sold a 174,400-square-foot industrial property in West Chicago to Simpson Manufacturing Co. for an undisclosed price. The facility, located at 2505 Enterprise Circle, features 48,776 square feet of office space, 28 exterior docks, two drive-in doors and 401 car parking spots. Simpson Manufacturing plans to renovate and expand the building. Britt Casey of Cushman & Wakefield represented CenterPoint in the transaction. David Prell, Cal Payne and Tyson Vallenari of CBRE represented Simpson Manufacturing.
CHICAGO — Marcus & Millichap has brokered the sale of a mixed-use loft building in the River North neighborhood of Chicago for $9.5 million. The four-story building is anchored by Kinzie Chophouse Restaurant on the ground level, and the three top levels are utilized as offices. Baum Revision and Kaufman Jacobs purchased the building, satisfying a 1031 exchange trade requirement, from an undisclosed private investor. The 26,000-square-foot property, which is located at the northwest corner of Kinzie and Wells streets, is currently 95 percent occupied. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.
BOLINGBROOK, ILL. — Cushman & Wakefield has arranged an industrial lease in Bolingbrook, approximately 33 miles southwest of Chicago. Menasha Packaging Co. LLC will occupy 164,355 square feet of warehouse space at 800 S. Weber Road. Menasha’s lease brings the 328,709-square-foot building to 100 percent occupancy. The building features 30-foot clear heights, 20 exterior truck docks, two drive-in doors, 1,200 amps of power, 90 car parking spaces and 30 trailer parking spaces. Jason West and Sean Henrick of Cushman & Wakefield represented the landlord in the transaction, ML Realty Partners LLC. Patrick McCaffrey of Avison Young represented Menasha Packaging.