CHICAGO — American Street Capital has arranged a $2.3 million acquisition loan for a multifamily property in Chicago. The property consists of 85 units and 64,390 square feet of rentable space. The borrower was undisclosed. The non-recourse CMBS loan features a 10-year term and 30-year amortization. Igor Zhizhin of America Street Capital arranged the loan.
NAPERVILLE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired an office building located at 55 Shuman Blvd. in Naperville, a western suburb of Chicago, for an undisclosed price. The 205,282-square-foot MetroWest building was 92 percent occupied at the time of sale. Tenants include Wells Fargo, Dun & Bradstreet, Stanley Convergent Security Solutions and UPM Kymmene Inc. Paul Lundstedt, Dan Deuter, Tom Sitz and Cody Huntermark of CBRE represented the seller, a joint venture between Franklin Partners LLC and Bixby Bridge Capital LLC. The property was built in 1986 and is situated on 11.3 acres. The 10-story office building includes a front patio, outdoor putting green, fitness center, deli, conference room and 598 surface parking spaces. The acquisition was made on behalf of Equus Investment Partnership X LP.
ITASCA, ILL. — PREMIER Design + Build Group LLC has broken ground on a children’s pediatric medical office building in Lake in the Hills, a village in Itasca about 30 miles northwest of Chicago. The 5,118-square-foot building was commissioned by Children’s Medical Group S.C. and is slated to open in early 2016. The medical office will feature 12 patient exam rooms, two treatment rooms, a dedicated breastfeeding room and separate waiting and exam rooms for sick and well children.
CHICAGO — FitzGerald Associates Architects has completed the renovation of the Stony Island Arts Bank in Chicago. The former 26,000-square-foot bank, located in the Grand Crossing neighborhood, has been converted into an arts and cultural center. FitzGerald served as the primary architect for the restoration and oversaw the $4.5 million project. The bank was originally built in 1923 and was designed by Williams Gibbons Uffendell. The bank stood vacant for more than 20 years before community artist Theaster Gates acquired it in 2012. Gates purchased the three-story building from the City of Chicago for $1. The renovated facility will serve as an exhibition venue and platform for art installations. FitzGerald directed the full interior and exterior repair and restoration of the bank building. Exterior repairs included limited replacement of the building’s terra cotta façade, replacement of the windows in compliance with historic guidelines and restoration of the original cast iron entrance. Interior restoration included retention of the coffered plaster ceiling in the original banking hall, ornamental plaster detailing throughout the first floor and terrazzo flooring. The bank vault in the basement will be left in the condition it was found in order to demonstrate the scope of restoration. Efforts are underway …
CHICAGO — Sterling Bay has unveiled plans to develop a 207,000-square-foot office building in Chicago. The build-to-suit property is located at 1511 W. Webster in the Lincoln Park neighborhood. Sterling Bay acquired the 4.1-acre site earlier this year and will be the developer and manager of the property. The three-story building will become the new headquarters for C.H. Robinson, which has signed a 15-year lease for the entire property. The relocation will provide C.H. Robinson, the largest logistics company in Chicago, with 47,000 more square feet than it occupies in its current lease at 1840 N. Marcey St. Occupancy is slated for late 2018.
MIDLOTHIAN, ILL. — Cooper Commercial Investment Group has brokered the sale of a 60,392-square-foot retail center located in Midlothian, a suburb 20 miles southwest of downtown Chicago. The multi-tenant Mid Oak Shopping Center sold for $5.1 million. The facility is anchored by Charter Fitness and shadow anchored by Walgreens. Dan Cooper of Cooper Commercial Investment represented the undisclosed seller. The buyer was also undisclosed. Mid Oak Shopping Center was 74 percent occupied at the time of sale.
SKOKIE, ILL. AND ST. LOUIS, MO. — Associated Bank has financed the development of a new storage facility and parking garage for $14.4 million. Metro Storage received $8.1 million to acquire and reposition a vacant retail center at 3240 W. Touhy Ave. in Skokie, Ill., a Chicago suburb. The facility will be converted into 83,000 square feet of self-storage units that are climate-controlled. Metro Storage currently operates in 12 states. Green Courte Partners and The Parking Spot received $6.3 million for the acquisition and repositioning of a 1,758-space parking garage at Lambert-St. Louis International Airport in St. Louis. Edward Notz of Associated Bank arranged both loans.
CHICAGO — Bradford Allen Realty Services and Essex Realty Group have brokered the sale of a 27,000-square-foot office building located at 925 W. Chicago Ave. for $4.2 million. Laurence Elbaum of Bradford Allen and Jason Fishleder of Essex represented the seller, Gamla Cedron Group. The buyer was undisclosed. The three-story building was 66 percent occupied at the time of sale. Tenants include The Lab Dance Studio and Proline Golf. The loft building was originally built in 1905 and was renovated in 2013.
CHICAGO — Brown Commercial Group has brokered one sale and three leases totaling 26,000 square feet in Chicago’s northwestern suburbs. Knight Tool Works Inc. inked a deal to lease 11,000 square feet of industrial space at 1200 Abbott Drive in Elgin from Brite Properties LLC. Brian Lindgren and Dan Brown of Brown Commercial represented the landlord. John D’Orazio of Colliers International represented the tenant. Andrew Minehart and Edward Jones have acquired a 2,370-square-foot retail/office suite located at 2445 Westfield in Elgin from Union Nation Bank. Brian Lindgren represented the buyers and Les Liakatas of Landmark Partners represented the seller. Mac-Ster is the new tenant of a 9,120-square-foot industrial property located at 1450 Bernard Drive in Addison. Mike Antonelli represented the landlord, an undisclosed private investor. Mack Stone of SC Group Real Estate represented the tenant. Antonelli also represented the tenant and the landlord in a 3,600-square foot lease transaction. DG Vault LLC is the new tenant of an office property located at 396 E. St. Charles Road in Carol Stream.
SPRING VALLEY, ILL. — Leopardo Cos. Inc. has completed the construction of Hall High School in Spring Valley at a cost of $32 million. Located approximately 57 miles north of Peoria, the 134,000-square-foot school replaces a 100-year-old facility. Hall High School includes a main academic building, athletic complex and performing arts center. The athletic complex is made up of two gymnasiums, a weight training and fitness room, locker rooms and a concession area. The performing arts center includes a stage with sound and recording systems, art and food labs, a kiln room and a set design area with a cafeteria and kitchen. The high school opened in September.
