ROCKFORD, ILL. — Sunil Puri and business partner Dan Arnold have donated a 15,500-square-foot building to the YMCA. The building will be the site of the new YMCA Rockford branch, approximately 88 miles west of Chicago. The existing building is being renovated to incorporate cardio and weight training rooms, fitness classes, personal trainers, wellness coaches, senior social clubs, childcare and youth and sports programs and is slated to open in early 2016. The facility has an estimated value of $2.2 million and will be renamed the Puri Family YMCA. Sunil Puri is an international real estate entrepreneur and the founder of First Midwest Group, a full-service real estate development company based in Rockford.
BANNOCKBURN, ILL. — GlenStar Properties has acquired a 420,613-square-foot office complex in Bannockburn, approximately 30 miles northwest of Chicago, for an undisclosed amount. Bannockburn Lakes is a Class A complex that is comprised of four buildings that are located at 2333, 2345, 2355 and 2201 Waukegan Road. The complex was previously owned by two different entities. Wells Fargo Bank sold buildings I, II and IV. Lonestar sold building III. GlenStar has plans for a $10 million capital improvement plan that includes renovating restrooms and common areas, repaving the parking lots, adding new signage and enhancing landscaping. GlenStar will also build a new amenity center that will feature food service, a tenant lounge, fitness center and conference center.
ROUND LAKE BEACH, ILL. — The Boulder Group has completed the sale of a retail building in Round Lake Beach, about 50 miles northwest of Chicago, for $2.1 million. The two-tenant, net leased building is located at 418-20 E. Rollins Road. Tenants at the retail property include Heartland Dental and AT&T, each of which has a 10-year lease. The buyer was a private partnership in a 1031 exchange, and the seller was a Midwest-based real estate development company. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both undisclosed parties.
DES PLAINES, ILL. — Tremont Realty Capital has arranged $4.8 million in equity financing for a Mariano’s grocery store that will be built in Des Plaines, a northwest suburb of Chicago. The 73,317-square-foot building will be constructed at the corner of Golf Road and Mt. Prospect Road. Abbott Land & Investment Corp. is the developer. Tom Lorenzini of Tremont arranged the equity investment. The equity investment and construction loan make up roughly 97 percent of the project cost.
CHICAGO — NelsonHill has brokered the sale of a 40,000-square-foot industrial building in Chicago for $2.6 million. Jeron Electronic Systems Inc. sold the property located at 1743 W. Rosehill Drive. Alan and Armand Candea of Candea Development purchased the building and entered into a sale-leaseback agreement with Jeron Electronics. Frank Melchert of NelsonHill represented the seller.
CHICAGO — The Telos Group has arranged two new leases for 111 South Wacker, a Class A office building in Chicago’s West Loop. Union Investment Real Estate GmbH owns the 51-story office tower, which spans 1.1 million square feet. The Telos Group is the exclusive leasing agent for 111 South Wacker. AXIS Reinsurance, a global insurer, signed an 11-year lease for the entire 35th floor, which is 28,609 rentable square feet. Tom Volini of Colliers International represented AXIS Reinsurance in the transaction. Houlihan Lokey, a global investment banking firm, signed a 15-year lease for floors 37 and 38, which totals 57,298 square feet. Chris Wood, Steve Schneider and Andy Heymann of Cushman & Wakefield represented Houlihan Lokey, and Bill Truszkowski, Jamey Dix and Brian Whiting of Telos Group represented the building’s ownership. The office tower opened in 2005 and was designed by Lohan Caprile Goettsch Architects. Union Investment Real Estate GmbH is investing in building improvements that include an auditorium expansion accommodating 400 people, a fitness center expansion and upgraded elevators.
ROMEOVILLE, Ill. — Lee & Associates has brokered the sale of a 45,000-square-foot industrial building in Romeoville, a southwestern suburb of Chicago. Molto Properties acquired the asset from First American Properties for an undisclosed price. The property, located at 49 N. Paragon Drive, is part of the Paragon Business Park. The building was recently constructed and features 28-foot clear heights, four exterior docks with levelers and two drive-in doors. Terry Grapenthin and Jeff Galante of Lee & Associates represented Molto in the transaction.
CHICAGO — Millennium Properties R/E has arranged the sale of a 69,000-square-foot infill industrial site in the Old Irving Park neighborhood of Chicago. The parcel of land is in the Knox Industrial Corridor. Dayton Street Partners purchased the site for an undisclosed amount from North Shore Investment Group and plans to redevelop it as a 40,000-square-foot distribution center. Dayton Street Partners’ development plan calls for 30-foot clear heights, four dock doors, two drive-in docks and T8 lighting. Millennium Properties R/E, which represented the undisclosed seller in the transaction, is a boutique brokerage and property management company.
BERWYN, ILL. — Reed Construction has completed an 11,250-square-foot remodeling project for MacNeal Hospital in Berwyn, a western Chicago suburb. The remodeling was for the Acute Care Rehabilitation Center within the hospital. The renovation of the 427-bed facility involved interior demolitions, a complete rebuild and upgrades to the mechanical, electrical and plumbing systems. The new suite offers 13 patient rooms, two nurse’s stations, an employee breakroom and a room for the secure storage of medications. The suite also features a rehabilitation gym and an activities-of-daily-living (ADL) apartment, where patients can practice living independently under the supervision of their respective healthcare professionals. The entire project was completed in seven weeks. Joe Kozlowski was the project manager and Mac Flasch was the project engineer. MRF Ltd. and in.design inc. provided the design and architectural services.
EAST PEORIA, ILL. — Marcus & Millichap has brokered the sale of a 5,829-square-foot property net leased to Applebee’s for $2.5 million in East Peoria. The building is located at 900 Riverside Drive and was renovated in 2015. The property sits on an outparcel to a Walmart and Lowes. Matthew Wenger and Dominic Sulo of Marcus & Millichap represented both undisclosed parties in the transaction.