Illinois

Cushman & Wakefield Negotiates $27.8M Sale of Industrial Property in Joliet, Illinois

by Christina Cannon February 10, 2016

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.

February 10, 2016

Illinois Midwest Retail

The Boulder Group Completes $9.5M Sale of Property Leased to LA Fitness in Chicago

by Christina Cannon February 10, 2016

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.

February 10, 2016

Illinois Industrial Midwest

Krusinski Construction Completes 250,000 SF Industrial Expansion for Ferrara Candy Co. in Bolingbrook

by Christina Cannon February 9, 2016

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.

February 9, 2016

Illinois Midwest Mixed-Use

Tucker Development, Acadia Realty Trust Plan 90,000 SF Mixed-Use Development in Downtown Chicago

by Christina Cannon February 9, 2016

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.

February 9, 2016

Illinois Midwest Multifamily

Marcus & Millichap Brokers $1.9M Sale of 32-Unit Apartment Property in Chicago Suburb

by Christina Cannon February 9, 2016

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.

February 9, 2016

Illinois Industrial Midwest

American Realty Advisors Acquires 604,565 SF Industrial Property in North Aurora, Illinois

by Christina Cannon February 8, 2016

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.

February 8, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $8.5M Sale of Two Multifamily Properties in Chicago

by Christina Cannon February 8, 2016

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.

February 8, 2016

Illinois Industrial Midwest

Transwestern Brokers Sale of 160,961 SF Industrial Property in Schiller Park, Illinois

by Christina Cannon February 8, 2016

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.

February 8, 2016

Illinois Industrial Loans Midwest

Associated Bank Closes $10.6M Acquisition Loan for Industrial Property in Elgin, Illinois

by Christina Cannon February 5, 2016

ELGIN, ILL. — Associated Bank has closed a $10.6 million acquisition and bridge loan for a 246,446-square-foot industrial property in Elgin, approximately 40 miles northwest of Chicago. Molto Properties was the borrower and acquired the newly-constructed building from Ryan Cos. The cross-dock industrial building is located at 2770 Alft Court within the Randall Crossings Business Park. Molto Properties, founded in 2008, focuses on the acquisition, development and operation of real estate. Craig Przygoda of Associated Bank managed the loan.

February 5, 2016

Healthcare Illinois Midwest

Avison Young Brokers Sale of 35,364 SF Medical Office Building in Crystal Lake, Illinois

by Christina Cannon February 5, 2016

CRYSTAL LAKE, ILL. — Avison Young has brokered the sale of a 35,364-square-foot medical office building in Crystal Lake, approximately 50 miles northwest of Chicago. MB Real Estate Healthcare purchased the building occupied by Centegra Health for an undisclosed price. Located at 420 N. Route 31, the Class A building was originally completed as a build-to-suit for McHenry County Orthopedics, which was recently acquired by Centegra Health. Erik Foster and Mike Wilson of Avison Young represented the seller, a large physician group, in the transaction.

February 5, 2016

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