CHICAGO — Mid-America Real Estate Corp. has brokered the sale of the Roosevelt Galleria in Chicago. Acadia Realty Trust purchased the 40,306-square-foot retail property for $19.6 million. Tenants include Golfsmith, Petco, Sleepy’s, United Healthcare and The Vitamin Shoppe. Joe Girardi and Stan Nitzberg of Mid-America were the sole brokers in the transaction and represented the seller, Ravine Park Partners and Development Resources.
CHICAGO — In separate transactions, Interra Realty has arranged the sale of two apartment properties on the north side of Chicago for a total of $3.9 million. A 12-unit property located at 3748 W. School St. in Avondale sold for $2 million, or $170,000 per unit. The 13,300-square-foot building was constructed in 1918 and renovated in 2007. The property was originally slated to be condos. The building has been operating as a rental property for the last eight years. A 19-unit property located at 6971 N. Greenview Ave. in Rogers Park sold to an undisclosed cash buyer for $1.9 million, or $100,000 per unit. The 15,200-square-foot property traded at a cap rate of 5.1 percent and was built in 1930. James Clough and Joe Smazal of Interra represented both undisclosed parties in the transactions.
BLOOMINGDALE, Ill. — Seniors housing developer Koelsch Senior Communities has started construction on Lakeview Memory Care Community in Bloomingdale, about 25 miles west of Chicago. The 46-unit, 65-bed memory care community totals 33,958 square feet and will cost $13.3 million to complete. Koelsch expects to open the community’s doors in October 2016. RJ Development Services is the developer of the community. Olympia, Wash.-based Koelsch will be general contractor, interior designer and, when complete, operator of the community. Wedgwood Architects of Vancouver, Wash., provided architectural services. Koelsch owns and operates 17 seniors housing communities in Arizona, Montana, Idaho, Washington, Texas, Illinois and California.
NAPERVILLE, ILL. — Origin Capital Partners and Randolph Street Realty Capital have acquired The Iroquois Club, an apartment complex located in Naperville, about 30 miles west of Chicago. The sales price was $38 million, and MB Financial provided the acquisition financing. As part of the investment strategy, the partnership acquired 238 existing apartment units. The entire complex consists of two phases and 264 total units. One phase, featuring 136 units, includes apartments. The second phase of 128 units started to undergo a condo conversion in 2006, but the conversion project ultimately stalled out in the late 2000s with 26 condo units sold. The balance of the units in the second phase remained apartments. The property was originally developed in 1989, and the Class B asset was 81 percent leased at the time of acquisition. The joint venture duo has plans to renovate, reposition and rebrand the complex. Renovations will include new stainless steel appliances, new kitchen and bathroom countertops, updated flooring and carpet and washers and dryers. The property amenities currently include 425 parking spaces, a club room, an indoor pool with retractable roof and a fitness center. Sean Connelly of 33 Realty represented the buyers in the transaction.
ORLAND PARK, ILL. — Leopardo has broken ground on the new $61 million University of Chicago Medicine Center for Advanced Care at Orland Park, approximately 25 miles southwest of downtown Chicago. The 108,000-square-foot, four-story facility is located at the intersection of 143rd Street and LaGrange Road. The facility is slated to open in late 2016 and will be the University of Chicago Medicine’s largest off-campus location. The building will consist of a pharmacy and 80 exam rooms and will provide services in radiation oncology, orthopedics, gastroenterology, cardiology, pediatrics, women’s health and surgical consulting. The project is a joint venture between Leopardo and The Bowa Group, in collaboration with architect Tsoi/Kobus & Associates.
SCHAUMBURG, ILL. AND MILWAUKEE, WIS. — Bloomfield Capital and Alpha Alternative have closed an $8.5 million senior bridge loan. The loan was used to purchase a discounted note from the existing lender on a 102,000-square-foot Class B office building in Schaumburg and a 34,000-square-foot Class B office building in Milwaukee. Bloomfield Capital was approached by Alpha Alternatives to create a bridge loan structure for the existing sponsor. That structure included funding a $6.6 million discounted note purchase plus additional funds for interest and renovation reserves, totaling $8.5 million. The sponsor required additional capital for tenant improvements and leasing commissions. The buildings averaged below 70 percent occupancy at closing.
LAKE ZURICH, ILL. —CNL Health Care Properties has acquired a community developed by Spectrum Retirement Communities, which will continue to operate the facilities. The purchase price was not disclosed. The community is an 86-unit assisted living and memory care community located in Lake Zurich, a northern suburb of Chicago. The community opened in 2014 and is 96 percent occupied. Orlando-based CNL is the 21st largest owner of seniors housing properties in the U.S. and Denver-based Spectrum is the 38th largest operator, according to the American Seniors Housing Association.
CHICAGO — Associated Bank has closed a $7.7 million loan for the adaptive reuse of an office building located two blocks east of the intersection of Milwaukee and Ogden avenues in Chicago. Rockwell Partners/Chicago 925 Investment Partners LLC was the borrower. Rockwell is converting the office space into a 38-unit apartment building. Plans include expanding the building by two floors and renovating the street-level commercial space. Michael McGovern of Associated Bank managed the loan closing.
LOMBARD, ILL. — Lee & Associates has brokered the sale of two industrial warehouse and distribution properties in Lombard, approximately 20 miles west of Chicago. Capital Threshold LLC bought a 19,050-square-foot property from R & R Realty LLC. The property is located at 255 Cortland Ave. Jay Farnam of Lee & Associates represented the seller, and U.S. Asia Group represented the buyer. R & R Realty LLC bought a 40,896-square-foot property from Native Wholesale Inc. The property is located at 1101 N. Lombard Road. Jay Farnam of Lee & Associates represented R & R Realty. Transwestern represented the seller.
SOUTH ELGIN, ILL. — CBRE and Greywolf Partners Inc. have brokered the sale of a tenant-in-common owned 78,213-square-foot retail center. The Shops at Randall Road is located at 352 – 346 Randall Road in South Elgin, approximately 40 miles northwest of Chicago. Richard Frolik and Derrick Almassy of CBRE represented the ownership group in the transaction. Tenants of the Shops at Randall Road include T.J. Maxx, Petco, Pier 1 Imports and Lumber Liquidators. The development is shadow-anchored by Kohl’s and is 100 percent occupied.
