Illinois

Mid-America Arranges Two Retail Leases Totaling 8,775 SF in Illinois

by Christina Cannon October 29, 2015

CHICAGO AND DEKALB, ILL. — Mid-America Asset Management Inc. has arranged two retail leases in separate transactions in Illinois. Jimmy Jazz has signed a 4,811-square-foot lease at Ford City Mall in Chicago. The 661,644-square-foot shopping mall is anchored by AMC Theatres, JCPenney, Carson’s, Marshalls, Ross Dress for Less and hhgregg. Marget Graham, Maria Rossobillo and Sarah Drumgould of Mid-America represented the landlord. The tenant was self-represented. In the second transaction, Athletico inked a deal for 3,964 square feet at Oakland Place in DeKalb. Other tenants in the 155,730-square-foot facility include Michaels, T.J. Maxx, Super Target, DSW Shoe Warehouse and Pier 1 Imports. Katie Hennegan and Paige Schisser of Mid-America represented the landlord. Hyatt Thompson of Swearingen Realty Group LLC represented the tenant.

October 29, 2015

Illinois Midwest

Colliers Arranges Three Office Leases Totaling 290,925 SF in Roselle, Illinois

by Christina Cannon October 28, 2015

ROSELLE, ILL. — Colliers International has arranged three leases totaling 290,925 square feet in Roselle, a northwest Chicago suburb, on behalf of a joint venture between Panattoni Development Co. and LaSalle Investment Management. Aquion Inc. signed a 91,049-square-foot, long-term lease for a property located at 101 Gary Ave. in Turnberry Lakes Business Park. Aquion will be relocating its world headquarters from 2080 Lunt in Elk Grove Village to the new facility. Todd Heine and Tom Curtis of Avison Young represented Aquion, a manufacturer and marketer of water treatment equipment and water quality solutions. RBI Bearing Inc. signed a 45,750-square-foot, long-term lease in the same building. Jonathan Kohn and John D’Orazio of Colliers International represented the tenant, a manufacturer of ball bearings, castings, mounted units and custom machine parts. Affordable Office Interiors leased a 154,126-square-foot building located at 501 Gary Ave. Mike Sedjo and Dan Bessey of CBRE represented the tenants. All three tenants are expected to move into their spaces during the first quarter of 2016. These completed deals will bring the five-building Turnberry Lakes Business Park to full occupancy.

October 28, 2015

Illinois Midwest Retail

Mid-America Arranges Two Retail Leases Totaling 55,883 SF in Illinois

by Christina Cannon October 28, 2015

BLOOMINGTON AND LOMBARD, ILL. — Mid-America Asset Management Inc. has arranged two retail leases in separate transactions in Illinois. Dick’s Sporting Goods has signed a 49,957-square-foot lease at Colonial Plaza in Bloomington. The 241,340-square-foot shopping center also includes Ashley Furniture and Cato Fashions. Katie Hennegan and Samantha Spinell Schnell of Mid-America represented the landlord. Tim Miller and Jon Reese of Great Street Realty represented Dick’s. In the second transaction, Anytime Fitness has inked a deal for 5,926 square feet at Highlands of Lombard in Lombard. Other tenants in the 21,071-square-foot facility include Potbelly Sandwich Shop and Performance Bike. The shopping center is shadow anchored by The Dump. Paige Schiesser, Samantha Spinell Schnell and Angela Gasbarro of Mid-America represented the landlord. Jim Runyon of Franchise Real Estate represented the tenant.

October 28, 2015

Illinois Midwest Mixed-Use

Fifield Cos. Breaks Ground on 35-Story Luxury Apartment Tower in Chicago

by Christina Cannon October 27, 2015

CHICAGO — Fifield Cos. has broken ground on The Sinclair in Chicago’s Gold Coast neighborhood. The 390-unit, transit-oriented luxury apartment tower — which will also include a grocery store — is slated for completion in the summer of 2017. The 35-story building will offer studio, one-, two-, three- and four-bedroom residences, with individual units ranging from 550 to 2,500 square feet. Unit amenities include plank flooring, quartz countertops, glass tile backsplashes, Grohe faucets, GE stainless steel appliances, Nest programmable thermostats and in-unit washers and dryers. Community amenities include a pool and spa, cabanas and grilling areas, a fitness club with yoga studio, a screening room, a demonstration kitchen and party room, a Starbucks coffee bar, business center, conference room and children’s playroom stocked with toys and games. The building will also include a 55,000-square-foot retail space leased by Jewel-Osco. The Sinclair will be located adjacent to the Chicago Transit Authority’s Red Line station at Clark and Division streets and serviced by several CTA buses. Solomon Cordwell Buenz is the building’s principal architect and interior designer. McHugh Construction will serve as the general contractor for the project.

October 27, 2015

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $18.3M Loan for Construction of Community Near Chicago

by Christina Cannon October 27, 2015

LAKE ZURICH, ILL. — CBRE National Senior Housing has arranged an $18.3 million construction loan for a joint venture between Pathway Senior Living and Virtus Real Estate Capital. The joint venture will build Azpira Place of Lake Zurich, a 120-unit assisted living community in the Chicago suburb of Lake Zurich. The Class A, 105,000-square-foot, three-story community will be situated on a 5.8-acre parcel. Aron Will, executive vice president of CBRE National Senior Housing, arranged the four-year, floating-rate loan through a regional bank. The loan includes 36 months of interest-only payments. Pathway Senior Living is a Chicago-based firm founded in 1997. The company operates 20 seniors housing communities, primarily in the Chicago area. Virtus is a private equity sponsor based in Austin, Texas.

October 27, 2015

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $24M Construction Loan for Assisted Living Community in Westmont, Illinois

by Christina Cannon October 26, 2015

WESTMONT, ILL. — CBRE’s debt and structured finance team has secured $24 million in construction financing for Pathway Senior Living and Virtus Real Estate Capital. The joint venture partnership will use the financing to construct Aspired Living of Westmont, a Class A assisted living and memory care facility in Westmont, a western Chicago suburb. The property will consist of 75 assisted living units and 34 memory care units. The 123,000-square-foot, three-story building will be situated on 3.5 acres. The loan was originated at 70 percent loan-to-cost and includes a four-year floating rate and 36 months of interest-only payments. Aron Will of CBRE arranged the financing provided by a regional bank. Chicago-based Pathway Senior Living is a privately held company. Austin, Texas-based Virtus Real Estate Capital is a real estate private equity sponsor.

October 26, 2015

Illinois Midwest Multifamily

Vail Davis Building in Chicago Undergoes $1.4M Renovation

by Christina Cannon October 26, 2015

ARLINGTON HEIGHTS, ILL. — The historic Vail Davis Building, located at 15 N. Vail Ave. in Arlington Heights, a northwest Chicago suburb, has undergone a complete makeover to create 16 luxury residences for upscale renters. CF Real Estate and 33, a real estate firm, acquired the historic mixed-use building in June 2014 for $2.5 million in an off-market transaction. Renovations at the Vail Davis Building included a total rehabbing of all rental units, new HVAC systems, electrical systems upgrades, new windows and a restored underground sewer system. The $1.4 million project was completed in early November and the 16 units are 100 percent leased. Restaurants La Tasca and Bangkok Café currently lease the ground-level retail space and have continued to operate during the renovations. Completed in 1929, the building originally included 16 apartments on the second and third floors and eight retail establishments on the first floor: Redker Real Estate, a druggist, barber, fish market, tailor, restaurant, Western Union and the Hoggay pool hall. In later years, one of the more well-known tenants in the building was the Hertzog cigar factory, makers of the hand-rolled Gander Cigar. The Vail Davis Building, which features an English-style architecture, includes a distinctive castle …

October 26, 2015

Illinois Industrial Midwest

Essex Realty Brokers $1.5M Sale of Vacant Industrial Property on Chicago’s South Side

by Christina Cannon October 26, 2015

CHICAGO — Essex Realty Group Inc. has brokered the $1.5 million sale of a vacant warehouse property on the south side of Chicago. The building, Kissel Kar Lofts, is three stories and 54,000 square feet. Located at 2550 S. Wabash Ave., the property is in need of a full rehabilitation. Doug Fisher and Jason Fishleder of Essex brokered the transaction. The buyer and seller were undisclosed.

October 26, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Four Multifamily Properties in Separate Transactions for $1.9M

by Christina Cannon October 23, 2015

CHICAGO — Interra Realty has arranged the sale of four multifamily properties in Chicago for $1.9 million. Brad Feldman of Interra Realty represented both parties in each of the four separate transactions. Logan Square, a four-unit apartment building, sold for $775,000 and is located at 2613 W. Armitage Ave. All units were two-bedroom/one-bath. A 12-unit property located at 4950-4956 S. Michigan Ave. sold for $837,500. The building, which had all Section-8 renters, is located in the Bronzeville neighborhood. The property features six three-bedroom units and six two-bedroom units. An eight-unit property in the greater Grand Crossing neighborhood located at 7556 S. Eberhart Ave. sold for $247,500. It is made up of five two-bedroom and three one-bedroom units. In the South Shore neighborhood, a bank-owned 12-unit mixed-use property at 1735 E. 71st St. sold for $105,000. It consists of four retail spaces, one two-bedroom unit and seven studio apartments. The buyer and seller in the transaction were not disclosed.

October 23, 2015

Illinois Industrial Midwest Office

Darwin Realty Brokers Sale of Three Flex Buildings Totaling 101,903 SF in Chicago Suburb

by Christina Cannon October 22, 2015

BROADVIEW, ILL. — Darwin Realty has brokered the sale of three flex buildings in Broadview, a western Chicago suburb. Real Trucking, a subsidiary of Real Group LLC acquired the assets from an undisclosed seller. The facilities total 101,903 square feet. The first building is a 59,343-square-foot facility located at 2001 W. Cermak Road. This asset sold for $1.9 million. The second property is located at 2900 S. 21st Ave. and is 25,600 square feet. The building sold for $995,000 and features three drive-in doors and 18-foot clear heights. The third facility at 2100 W. 21st Street is 16,950 square feet. This asset also has three drive-in doors and 18-foot clear heights. Real Trucking paid $595,000 for the building. Dan Fanelli of Darwin represented both parties in the transaction.

October 22, 2015

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