BEDFORD PARK, ILL. — Paine/Wetzel TNC Worldwide has arranged the 30,000-sqaure-foot industrial lease of a property located in Bedford Park, a southwestern suburb of Chicago. Midway Windows and Doors Inc. will lease the space at 5321 W. 65th St. Bill Kerrins of Paine/Wetzel TNC Worldwide represented the tenant in the transaction. Phil Mumford represented 5321 W. 65th LLC.
CHICAGO — S Loop Chicago Development LLC has received approval from the Chicago Plan Commission to develop the first phase of a residential development located at the southwest corner of Grant Park in the city’s South Loop neighborhood. Phase I will feature a 76-story apartment tower to be designed by Rafael Viñoly Architects. The tower, 1200 S. Indiana, is slated to become one of the tallest residential buildings in Chicago. Phase I of the apartment building will feature 792 units, multiple amenity floors and a total of 622 parking spaces. The tower will provide options ranging from studios to three-bedroom units. The building will also include an indoor and outdoor pool, a fitness center and gathering spaces. The proposal for Phase II includes a 648-unit residential tower on the west end of the Phase I parcel and will be connected by ground-floor retail and parking at the base. The Phase III proposal calls for a 100-unit development. Once completed, the development will represent one of the final pieces within the Central Station master plan, a development that was previously stalled by the recession. S Loop Chicago Development purchased the three-acre site in 2012. Construction on the first phase of 1200 …
CHICAGO — Spirit Bascom Ventures LLC, a partnership between The Bascom Group LLC and Spirit Investment Partners LLC, has acquired a mixed-use property in Chicago for $21.6 million. The eight-story building, located at 5200 N. Sheridan Road, contains 223 apartment units. The property also includes 9,000 square feet of retail space on the ground floor. The venture plans on turning the property into a Class A luxury rental building. The major repositioning will include the repair or replacement of major mechanical systems, windows and elevators. The renovated apartments will feature open floor plans with all new kitchens, bathrooms and kitchens with stone countertops, stainless steel appliances, refinished hardwood floors and contemporary urban fixtures and finishes. Plans also call for a new tenant lounge, fitness center and rooftop deck. The property is located two blocks from the Berwyn Street stop on the Chicago Transit Authority’s Red Line. Todd Stofflet of KIG CRE LLC represented the undisclosed seller in the transaction. Andy Feinberg, Marc Schulder and David Harte of Ackman-Ziff arranged the debt financing provided by MidCap Financial LLC.
CHICAGO —Presence Saint Joseph Hospital, part of Presence Health, has opened a new outpatient facility in Chicago’s Lincoln Park neighborhood. The Presence Center for Advanced Care is a 10-story lakefront medical facility developed by Hammes Co., a healthcare consulting firm. The building is located at the intersection of Surf Street and Sheridan Road. Services at the new facility include advanced diagnostics capabilities, ambulatory surgery, a full endoscopy center, laboratory services, physical therapy and rehabilitation, and specialty services such as bariatrics, orthopedics and comprehensive oncology. The facility features three floors of physician office suites, three levels of indoor parking, and the building connects directly to the hospital via a glass sky bridge. Hammes Partners provided development capital for the project and retains ownership of the facility. RTKL Associates Inc. completed the architecture for the project and Power Construction served as the construction manager. Hammes Co. will also be in charge of leasing up the facility.
CHICAGO — SVN | Chicago Commercial has brokered the $2.5 million sale of a 6,000-square-foot, mixed-use building in Chicago. The building is located at 615 W. Randolph St. Donnie Madia of One Off Hospitality Group purchased the building and operates the Avec Restaurant on the ground floor. The second floor is used for office space, and the third and fourth floors are residential. Scott Maesel, Chad Schroedl and Drew Dillon of SVN | Chicago Commercial represented the seller, Dorothy Jankowski, in the transaction.
AURORA, ILL. — Adelphia Properties has arranged the $2.7 million sale of a single-tenant, net-leased retail property in Aurora, approximately 40 miles west of Chicago. CVS/pharmacy occupies the 13,013-square-foot property located at 2360 W. Indian Trail. The freestanding building was developed in 2005. CVS/pharmacy has 16 years remaining on its lease term. Simeon Spirrison of Adelphia Properties represented the private investor in the all-cash transaction. The buyer is not a 1031 exchange buyer. Stan Johnson Co. represented the seller, also a private real estate investor.
BURR RIDGE, ILL. — Lagestee-Mulder has purchased a 54,000-square-foot office property in Burr Ridge, a southwest suburb of Chicago, for an undisclosed amount. Burr Ridge Office Center includes 14 office suites and was 94 percent leased at the time of sale. The property is located at 361 S. Frontage Road. Lagestee-Mulder has acquired, leased constructed and developed commercial real estate in metro Chicago for more than 25 years. Alissa Adler and John Homsher of Podolsky | Circle CORFAC International represented the seller in the transaction, a private investment group. Don Price of Lagestee-Mulder represented the buyer.
CHICAGO — Meridian Capital Group has arranged $70.5 million in financing for the acquisition and renovation of 19 off-campus housing properties and two land parcels near the University of Chicago in the city’s Hyde Park neighborhood. Meridian arranged the financing for the buyer, Pioneer Acquisitions. The seller, the University of Chicago, acquired the properties over many decades and has operated this portfolio solely as student and faculty housing. The rental units are located in 19 non-contiguous multifamily properties on Hyde Park Boulevard, Dorchester Avenue, Kenwood Avenue, Blackstone Avenue and Woodlawn Avenue. While the recent revitalization and heavy new commercial development within Hyde Park have created strong demand for market rate housing in this submarket, the intent of Pioneer Acquisitions is to continue catering to students and faculty. A national debt fund provided the three-year, interest-only loans that include future funding for improvements, floating rates with weighted average spreads in the high 300s in basis points over the 30-day LIBOR rate, and two one-year extension options. The renovations, which are expected to begin immediately, will include upgrades to kitchens, bathrooms and common areas at all properties. Seth Grossman and Andy Strauss of the Carlsbad, Calif., office of Meridian Capital negotiated the …
FRANKLIN PARK, ILL. — Colliers International has arranged a 55,251-square-foot, long-term flex lease for Tax Air Freight. The 142,447-square-foot building is located at 10700 Waveland Ave. in Franklin Park, a northwest suburb of Chicago. Tax Air Freight will join two other tenants and will bring the facility to 100 percent occupancy. The building is situated on 8.2 acres and offers immediate access to I-294. Tax Air Freight’s facility includes 3,500 square feet of office space, 23 dock positions, 27 trailer stalls and room for 14 truck-parking stalls. Tax Air Freight will occupy the space starting March 2016. Tom Rodeno of Colliers International represented Tax Air Freight in the transaction. Jim Estus of Colliers International represented the landlord, CenterPoint Properties.
CAHOKIA, ILL. — The Kase Group has arranged the $5.25 million sale of Camp Jackson, a 108,979-square-foot shopping center located in Cahokia, five miles south of St. Louis. Jeff Gates of The Kase Group’s San Francisco office worked on behalf of the seller and procured the buyer, both undisclosed private investors, in the transaction. The 76 percent occupied center is home to tenants including Schnucks, Dollar General, Rent A Center, AutoZone, H&R Block, Cricket Wireless, Little Caesars and Mission Thrift.