BENSENVILLE, ILL. — Entre Commercial Realty LLC has brokered the sale of a 34,810-square-foot industrial facility in Bensenville, approximately 20 miles northwest of Chicago, for $1.4 million. NPS Express Inc. purchased the building, located at 200 Wilson Court, from RNSKR LLC. The buyer plans to develop a vacant 1.1-acre lot included in the sale into trailer parking. Tom Boucher of Entre Commercial Realty represented both parties in the transaction.
SCHILLER PARK, ILL. — A joint venture between Bridge Development Partners LLC and Akard Street Partners has acquired a 10-acre parcel in Schiller Park, approximately 20 miles northwest of Chicago, for the future development of two industrial buildings. The site, located at the intersection of Rose Street and Soreng Avenue, currently features approximately 200,000 square feet of functionally obsolete manufacturing space. Bridge will demolish the buildings and develop the Bridge Point Schiller Park on the site, which will consist of an 84,700-square-foot building and a 72,825-square-foot building. The project is slated for completion by the third quarter of 2017. The buildings will feature 32-foot clear ceiling heights, ESFR sprinklers, 125-foot truck courts, one loading dock for every 3,000 square feet, above-standard car parking ratios and office space to suit. Geoff Dowling and Daniel Tobin of CTK Chicago Partners represented the seller, Hostess Brands, in the transaction. Tom Rodeno and Patrick Turner of Colliers International represented Bridge. Rodeno and Turner will market the property for lease. Hunt Realty Investments will manage the joint venture.
HOMEWOOD, ILL. — Krispy Kreme will open a new store in Homewood, approximately 25 miles south of Chicago. The donut franchise will build a ground-up facility on an outparcel to a Home Depot and Jewel-Osco. This store, to be located at 17815 S. Halsted St., will be the first of eight locations opened in the Cook county area. Currently the Chicago area has only one Krispy Kreme store, which is situated in Elk Grove Village. The new Homewood location will be the franchise’s first retail location opened in the Chicago area in seven years. Lynne Brackett and Adam Foret of CBRE represented the landlord in the transaction.
OAKBROOK, ILL. — Golub & Co. has leased 8,500 square feet to Cornerstone Restaurant Group, which plans to open Michael Jordan’s Restaurant by next summer. The restaurant will be located at Oakbrook 22, a 389,000-square-foot office complex located along West 22nd Street in Oakbrook, approximately 20 miles west of Chicago. Golub & Co., along with Alcion Ventures, acquired Oakbrook 22 in 2014 and redeveloped the property, which now boasts 35 companies. The complex was originally built in phases between 1968 and 1980 and is currently 95 percent occupied. Recent renovations include updated office interiors, common areas and the addition of tenant amenities.
CHICAGO — HFF has secured a $78 million construction loan for the development of a 290,699-square-foot creative office building in Chicago’s West Loop neighborhood. The nine-story Fulton West Phase II is slated for completion in 2017 and will feature a 24,000-square-foot courtyard, a 5,750-square-foot rooftop deck, a shuttle service, 18,429 square feet of ground-floor retail space and a 610-stall parking structure. Floor plates will average 34,000 to 40,000 square feet, and Glassdoor, Skender Construction and Sterling Bay will occupy nearly half the building. A joint venture between J.P. Morgan Asset Management and Sterling Bay will develop the project. Michael Kavanau, Tim Joyce and Christopher Knight of HFF worked to place the financing with Bank of America on behalf of the borrower.
NEW LENOX, ILL. — A Chicago-based private real estate investor in a 1031 exchange has purchased a 4,000-square-foot retail building in New Lenox, approximately 40 miles southwest of Chicago, for $1.5 million. A California-based development company sold the property, which is leased to American Mattress. The property is located at 751 E. Lincoln Highway and was built in 2015. The building is situated on an outparcel to the New Lenox Town Center, a development anchored by Walmart Supercenter and featuring other tenants such as Ross Dress for Less, T.J. Maxx, Goodwill, Aldi, AutoZone, Discount Tire, PepBoys, Chase Bank and Physicians Immediate Care. The New Lenox Town Center was built in 2010. The 10-year lease for American Mattress expires in 2025. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer in the transaction. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.
CHICAGO — Amazon is set to open a staffed pickup location on the University of Illinois at Chicago’s campus. The 2,300-square-foot Amazon@UIC will be located in the Student Center East and will provide a place for the campus community to pick up and return Amazon orders. The store is scheduled to open before the end of the year. Amazon Prime members will receive free same-day pickup for orders placed by noon and free one-day pickup for orders placed by 10 p.m. Amazon also plans to open a staffed pickup location at the University of Illinois at Urbana-Champaign by the end of the year.
ITASCA, ILL. — A buyer in a 1031 exchange has acquired a 40,150-square-foot industrial facility in Itasca, approximately 25 miles northwest of Chicago, for $6.2 million. The building, sold by an undisclosed development firm, is situated within the Spring Lake Business Park. LabCorp of America occupies the facility, which is located on 3.3 acres at 150 Spring Lake Drive. The building underwent a $7.2 million renovation that included a new roof, HVAC units and a parking lot. The facility was also built out to meet the needs of LabCorp, which still has eight years remaining on its lease. Jason Caplan of SVN | Chicago Commercial represented the buyer in the transaction, and Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.
WAUKEGAN, ILL. — Transwestern has arranged a 48,370-square-foot industrial lease for Design Phase Inc. in Waukegan, approximately 40 miles north of Chicago. Design Phase will occupy space at Amhurst II, a 167,916-square-foot building within the Amhurst Lake Business Park. The company’s headquarters is also located in a separate building within the business park. The building features 24-foot ceilings, four exterior docks, one drive-in door and 1,300 square feet of office space. Located at 3540–3630 Amhurst Parkway, Amhurst Lake Business Park consists of six industrial buildings situated on 452 acres owned by Prudential Real Estate Investors. Tom Boyle and Jared Paff of Transwestern represented the tenant in the transaction.
CHICAGO — Laurus Corp. has completed a $7.6 million renovation of the 362-room Chicago Renaissance O’Hare Suites Hotel. The 15-story building features a restaurant and bar, Starbucks coffee shop, business center, fitness center, indoor heated pool, whirlpool spa, 13 conference suites, a 5,000-square-foot ballroom and approximately 21,500 square feet of meeting and event space. The hotel is located at 8500 W. Bryn Mawr Ave.
