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.
CHICAGO — Sedgwick Properties has broken ground on a 30-unit luxury apartment building in Chicago’s Wicker Park neighborhood. The five-story building, located at 1545 W. North Ave., is slated for completion in spring 2016. The apartment building will offer one-, two- and three-bedroom units that will range from $1,900 to $4,000. Unit amenities include custom cabinetry, quartz countertops, tile backsplashes, washers and dryers and private balconies. Community amenities include valet dry cleaning service, bicycle storage and gated parking. The development will also include 2,600 square feet of retail space. The building will be located two blocks from the Kennedy Expressway and will be a short walk to the Chicago Transit Authority’s Blue Line. Sedgwick Properties will serve as the architect, designer, developer and general contractor for the project.
GLENVIEW, ILL. — Midtown Square, a mixed-use development in the northern Chicago suburb of Glenview, is 90 percent leased, according to High Street Residential, a subsidiary of Trammell Crow Co. Situated on 2.7 acres, Midtown Square opened in November 2014. The four-story building is comprised of 138 Class A luxury apartment units and approximately 9,000 square feet of retail space. CorePower Yoga opened for business in early 2015 and occupies 5,000 square feet of the ground-floor retail. The apartments are one- and two-bedroom units that feature balconies or patios, quartz countertops, 9-foot ceilings, gas ranges, washers and dryers, a breakfast bar and walk-in closets. Community amenities include a clubroom, wine room, dog wash station, business center, bicycle storage, heated garage parking, storage lockers and a 24-hour fitness center.
LINCOLNWOOD, ILL. — Jameson Commercial Real Estate has brokered the sale of a former Mobil gas station in Lincolnwood, a northern suburb of Chicago. The property, located at 7169 N. Crawford Ave., currently has eight pumps and two service bays. The facility, which is situated on 15,198 square feet of land, sold for $1.1 million. Mark Kishtow and Mark Jones of Jameson Commercial represented the seller in the transaction, a long-time operator and owner of the former Mobil gas station who is retiring. The buyer is a local multi-unit gas station operator who plans to remodel and reopen the station. Mark Ahmad of Century 21 represented the buyer.
CHICAGO — Transwestern has arranged the sale of a six-building industrial portfolio in metro Chicago. Chicago Properties LLC sold the portfolio to Clear Height Properties for an undisclosed amount. Transwestern represented Chicago Properties in the transaction. The portfolio includes 21 tenants across the six properties. Tenants include Pace Suburban Bus Service, Stanley Black & Decker, Veltri Inc., Claridge Products, Red Barcode Planet Inc. and ECL Products LLC. Properties in the portfolio include: A 31,726-square-foot, multi-tenant property at 600 Northgate Parkway in Wheeling, Ill. A 30,000-square-foot, single-tenant property at 3847 Exchange Ave. in Aurora, Ill. A 27,600-square-foot, multi-tenant property at 921-927 State St. in Elgin, Ill. A 22,644-square-foot, single-tenant property at 3121 Tollview Drive in Rolling Meadows, Ill. A 20,000-square-foot, multi-tenant property at 72-92 N. Lively Blvd. in Elk Grove Village, Ill. A 14,372-square-foot, multi-tenant property at 2130 Oxford Road in Des Plaines, Ill.
CHICAGO — Novak Construction Co. has broken ground on a new Whole Foods Market in Chicago. The grocery store will be located at the intersection of Ashland, Belmont and Lincoln avenues. The store under construction at 3201 N. Ashland Ave. is replacing the existing Whole Foods Market, which is located at 3300 N. Ashland Ave. The new 70,000-square-foot store will feature a second-story balcony for outdoor dining and additional indoor dining space. Completion of the new Whole Foods Market is slated for spring 2017.
BOLINGBROOK, ILL. — Steadfast Apartment REIT has acquired a 374-unit apartment community located in Bolingbrook, approximately 25 miles southwest of Chicago, for $58.5 million. A public, non-traded REIT, Steadfast purchased the property from Friedkin Real Estate and Jackson Square Properties. Meadows at River Run offers one-, two- and three-bedroom apartments ranging from 670 square feet to 1,262 square feet. The community was built in 2001, and unit amenities include washers and dryers, walk-in closets and fireplaces. Community amenities feature a swimming pool, fitness center, business center and pet park. The complex was 93 percent occupied at the time of sale. Steadfast plans to complete improvements including new lighting, plumbing, stainless steel appliances, faux wood blinds and upgraded countertops. Marty O’Connell of HFF represented the sellers in the transaction. Steadfast Apartment REIT was self-represented.
ROCKFORD, ILL. — KeyBank Real Estate Capital has secured a $9 million CMBS loan for a retail property in Rockford in northern Illinois. Rockford Crossing is 118,650 square feet and is shadow anchored by Target and ULTA Beauty. The center is currently 97 percent leased. Randy Martin of KeyBank secured the loan from a CMBS lender. The borrower in the transaction was undisclosed.