WARRENVILLE, ILL. — Adelphia Properties has arranged the $4.5 million sale of a net-leased retail property in Warrenville, a western suburb of Chicago. The Gardner School is occupying the 16,069-square-foot building located at 28W611 Ferry Road. The facility was built in 2013, and The Gardner School has a long-term lease in place. George Spirrison and Simeon Spirrison of Adelphia Properties represented both parties in the transaction. The buyer was a 1031 exchange investor.
LAKE ZURICH, ILL. — Transwestern has negotiated a 55,488-square-foot lease for a manufacturing facility in Lake Zurich, approximately 40 miles northwest of Chicago. Alpha Tekniko, a developer and manufacturer of specialized healthcare patient support surfaces, will occupy the building located at 1290 Ensell Road. Alpha Tekniko has already moved a portion of the staff from its current headquarters located at 1000 Commerce Drive to the new location and expects to fully occupy the facility by the end of March. The property features 8,000 square feet of office space, 24-foot clear heights, four interior docks, three drive-in doors and parking for 64 vehicles. Thomas Boyle and Jared Paff of Transwestern represented the tenant in the transaction.
NAPERVILLE, ILL. — Avison Young has negotiated the sale of a two-building medical office portfolio in Naperville, a western suburb of Chicago, for an undisclosed price. Quadrangle Development Co. sold the two assets that total 70,000 square feet to a California-based healthcare REIT, American Healthcare Investors. The Class A buildings are 90 percent occupied. A three-story, 50,000-square-foot building, located at 1020 E. Ogden Ave., is anchored by DuPage Medical Group. The second building, which is located at 1012 W. 95th St., is 20,000 square feet and is anchored by Adventist Health System.
CHICAGO — Associated Bank and Inland Bank have provided a $36 million loan for the construction of a new 195-room Marriott Autograph Collection Hotel in the Streeterville neighborhood of Chicago. Associated Bank acted as the lead arranger in the deal, providing two-thirds of the capital. SMASHotels Chicago LLC, an ECD Co. affiliate, will develop the 21-story hotel, which will be located at 228 E. Ontario St. The hotel will include a first floor restaurant and lounge, meeting and event space, a fitness room and a business center. Associated Bank previously provided the loan for the land acquisition. Krista Casper of Assocaited Bank managed the construction loan.
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.
