CHICAGO AND NILES, ILL. — Wool Finance Partners has arranged $4.2 million in financing for two industrial properties in Illinois. In the first transaction, Wool Finance Partners arranged a $2 million refinancing loan for a 50,000-square-foot, net-leased property in the Fulton Market district of Chicago. The borrower was undisclosed, and a regional bank provided the capital for the non-recourse loan, which has a three-year term. Matt Lebenson of Wool Finance Partners brokered the transaction. In the second deal, Martin Siegel of Wool Finance Partners arranged a $2.2 million loan for the acquisition and redevelopment of a 78,000-square-foot property in Niles. The financing for the single-tenant, net-leased building was placed on behalf of an undisclosed local borrower. The non-recourse loan features a 10-year term.
ELK GROVE VILLAGE, ILL. — MB Real Estate has brokered the sale of a 24,910-square-foot retail property in Elk Grove Village, approximately 25 miles northwest of Chicago. A private family purchased Strawberry Hill Plaza for $6.8 million as part of a 1031 exchange. Located at 601-633 Meacham Road, the shopping center was built in 1986 and is situated on 3.1 acres. The building is a single-story, multi-tenant center that has parking for 172 vehicles. Tenants at Strawberry Hill Plaza include Subway, The Great American Bagel and Merlin Muffler. McDonald’s and Taco Bell are both situated on outparcels to the shopping center. David Kimball and Jay Beadle of MB Real Estate represented the buyer in the transaction. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller, which had owned the property since its construction in 1986.
JOLIET, ILL. — Cushman & Wakefield has negotiated the sale of a 575,000-square-foot industrial property in Joliet for $27.8 million. Molto Properties sold the asset to Midwest Warehouse, which plans on occupying 366,000 square feet of the facility. Located at 3451 S. Chicago St., the building was vacant at the time of sale. The property, which is situated on 30 acres, features 32-foot clear heights, ESFR sprinklers, T-5 lighting, ample parking and a fully fenced and secured yard. Jason West and Sean Henrick of Cushman & Wakefield represented Molto Properties in the transaction. Tim Thompson of HSA Commercial Real Estate represented Midwest Warehouse.
CHICAGO — The Boulder Group has completed the sale of a single-tenant, net-leased retail property in Chicago for $9.5 million. The property, leased to LA Fitness, is located at 6107 N. Broadway St. The seller, Crossroads Development, renovated the two-story, 22,000-square-foot building in 2014. The 1031 exchange buyer in the transaction is a high-net-worth individual based on the West Coast. The property will retain its current management group and includes on-site parking. According to CoStar Group, the 5.6 percent cap rate represents the lowest cap rate ever recorded for the sale of a single-tenant LA Fitness property. The lease for LA Fitness expires in June 2029 and features 10 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
BOLINGBROOK, ILL. — Krusinski Construction Co. has completed a 250,000-square-foot expansion for Ferrara Candy Co. in Bolingbrook, approximately 30 miles southwest of Chicago. The facility was built adjacent to Ferrara’s existing 750,000-square-foot distribution facility. Harris Architects was the designer for the project, and Pearson Brown & Associates was the civil engineer of record. The facility features 62 dock positions and two drive-in doors. Cushman & Wakefield represented the landlord, Heitman, and CBRE represented the tenant.
CHICAGO — Tucker Development and Acadia Realty Trust have acquired a portfolio of 10 buildings located on the 900 block of West Randolph Street in the Fulton Market District of Chicago. The duo plans to redevelop the space as a mixed-use area that will consist of 90,000 square feet of office and retail space. The site is located a block from the Morgan Station CTA stop, providing access to the Pink and Green lines. The project is slated for completion in the spring of 2017.
ELGIN, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a 32-unit multifamily property in Elgin, approximately 40 miles northwest of Chicago. Unit sizes at the property, known as 230 South State Street, range from 490 to 990 square feet. Features include ample parking, on-site laundry and storage lockers. An undisclosed limited liability company sold the building located at 230 S. State St. to a private investor. Ryan Engle and Andrean Angelov of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.
NORTH AURORA, ILL. — American Realty Advisors has acquired a 604,565-square-foot industrial property in North Aurora, approximately 40 miles west of Chicago, for an undisclosed price. The I-88 Gateway Logistics Center is fully leased to a single tenant through 2022. Built in 2014, I-88 Gateway Logistics Center is situated on 33 acres and features 32-foot clear heights, 60 cross-dock truck doors, four drive-in doors, ESFR fire protection, a fully air-conditioned food grade warehousing facility, 63 trailer stalls, 46 trailer staging bays and 300 parking spaces. A joint venture between Opus and USAA Real Estate Co. sold the asset to American Realty Advisors. Jeffery Devine and Steven Disse of Colliers represented the joint venture in the transaction.
CHICAGO — Interra Realty has brokered the sale of two multifamily properties in Chicago for a total of $8.5 million. In the first deal, 606 Capital LLC acquired a 26-unit building from Fullerton Condominiums LLC for $5.9 million. The asset is located at 3045 W. Fullerton Ave. in the Logan Square neighborhood. The building has recently been fully rehabbed and consists of two-bedroom units and has 13 parking spaces. In the second deal, an eight-unit apartment building at 2053 N. Sheffield Ave. in the Lincoln Park neighborhood sold for $2.6 million. Dowdell Sheffield LLC sold the property to Lakeview Associates Inc. The building was renovated in 2007 and 2008. Brad Feldman of Interra Realty represented both parties in the two transactions.
SCHILLER PARK, ILL. — Transwestern has brokered the sale of a four-building industrial property in Schiller Park, approximately 16 miles northwest of Chicago, for an undisclosed price. A trust in the name of Howard Bernstein, the late founder of Atlas Cos., sold the 7.3-acre site to Skyline Properties LLC. The four buildings total 160,961 square feet. The property currently serves as the Atlas corporate headquarters. The distributer and servicer of material handling, construction and floor cleaning equipment will relocate to Elk Grove Village in March as part of an expansion. Phillip Rosenberg and Ryan Phillips of Transwestern represented the seller in the transaction. Nick Saraceno of CTK Chicago Partners represented Skyline Properties.