Illinois

Chicago Post Office Sells for $130M, Buyers Plan $500M Redevelopment Project

by Christina Cannon May 19, 2016

CHICAGO — International Property Developers North America (IPDNA) has sold Chicago’s Old Post Office and adjacent sites to 601W Cos. for $130 million. The new owners have unveiled plans for a five-year, $500 million redevelopment of the sprawling building. The conversion will turn the 2.7 million-square-foot building into office space and will add a three-acre rooftop park, outdoor cafes, event space, a fitness center, basketball and paddle tennis courts and a quarter-mile running track. The redevelopment, to be conducted in three phases, is slated for completion in 2018. HFF represented 601W Cos. in the transaction, and Savills represented IPDNA.

May 19, 2016

Illinois Midwest Retail

Cushman & Wakefield Brokers $15M Sale of Fabyan Randall Plaza in Batavia, Illinois

by Christina Cannon May 19, 2016

BATAVIA, ILL. — Cushman & Wakefield has arranged the $15 million sale of Fabyan Randall Plaza, a 91,415-square-foot shopping center located in the Chicago suburb of Batavia. The center is anchored by Trader Joe’s and Walgreens, and is home to tenants including Smashburger, Sports Clips, Edward Jones and Papa John’s. Evan Halkias, Michael Marks and Nick Kanich of Cushman & Wakefield’s Retail Investment Advisory Group represented the seller, InvenTrust Properties. The buyer was Dallas-based Netco Investments Inc.

May 19, 2016

Illinois Midwest Retail

Quantum Brokers $4.1M Sale of 17,562 SF Retail Property in Metro Chicago

by Christina Cannon May 18, 2016

STREAMWOOD, ILL. — Quantum Real Estate Advisors Inc. has arranged the $4.1 million sale of a 17,562-square-foot, multi-tenant retail center in Streamwood, approximately 35 miles northwest of Chicago. Willow Pond Marketplace, located at 1040-1060 S. Sutton Road, features tenants such as GameStop, Jimmy John’s, Sport Clips and Kiddie Academy. A local private investor purchased the property from a California-based investor. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors were the sole brokers in the transaction.

May 18, 2016

Illinois Midwest Retail

Mid-America Arranges Sale of 18,700 SF Retail Property in Metro Chicago

by Christina Cannon May 18, 2016

SKOKIE, ILL. — Mid-America Real Estate Corp. has arranged the sale of the multi-tenant portion of Touhy Marketplace, an 18,700-square-foot retail property located in the Chicago suburb of Skokie. Ben Wineman of Mid-America arranged the sale on behalf of the seller, a private developer. An undisclosed private investment group acquired the property. Tenants at Touhy Marketplace, which is shadow-anchored by a Walmart Supercenter, include Sleepy’s, Supercuts, T-Mobile, Jimmy John’s, Moe’s Southwest Grill and M Burger. The PNC Bank, Just Tires and Jollibee locations at the center are separately owned and were not included in the sale.

May 18, 2016

Illinois Midwest Multifamily Seniors Housing

Brookdale Plans $4M Renovation for Two Seniors Housing Communities Near Chicago

by Christina Cannon May 18, 2016

PROSPECT HEIGHTS AND BURR RIDGE, ILL. — Brookdale Senior Living will undertake a $4 million memory care conversion at its communities in the Chicago suburbs of Prospect Heights and Burr Ridge. The projects are part of a capital investment and community management joint venture between Brookdale and HCP, a large healthcare REIT. At both Brookdale Prospect Heights and Brookdale Burr Ridge, 26 existing assisted living apartments will be converted to memory care. Both communities offer skilled nursing in addition to the assisted living and memory care options.

May 18, 2016

Illinois Industrial Midwest

Molto Properties Acquires Infill Site in Metro Chicago for Future Development of 136,650 SF Industrial Property

by Christina Cannon May 16, 2016

NILES, ILL. — Molto Properties has acquired an industrial property in Niles, approximately 15 miles northwest of Chicago, for an undisclosed price. The facility, located at 7720 Lehigh Ave., is situated on eight acres and was built in 1954. MFRI Inc. was the seller. Molto plans to redevelop the existing site into a 136,650-square-foot, Class A distribution center. The property will feature 32-foot clear heights, 150 car parking spaces and 20 dock doors. The redevelopment is slated for completion by the end of the year.

May 16, 2016

Illinois Industrial Midwest

Brown Commercial Negotiates Sale of Two Industrial Buildings Totaling 96,330 SF in Chicago

by Christina Cannon May 16, 2016

CHICAGO — Brown Commercial Group has brokered the sale of two industrial meat processing facilities totaling 96,330 square feet in Chicago. Bobak Sausage Co., a global manufacturer and distributer of old-world sausages and deli meat, sold the properties for an undisclosed price. The deal includes a 43,382-square-foot building at 5275 S. Archer Ave. and a 52,948-square-foot building at 4630 W. 53rd St. El Cubano Wholesale Meat Inc., a meat packer and distributor that provides meats to restaurants and grocery stores, is the buyer. Dan Brown, Brian Lindgren and Maria McNeil of Brown Commercial represented the seller in the transaction. Ed Wabick, Jimena Sayavedra and Terry Lynch of Paine/Wetzel TCN Worldwide represented the buyer.

May 16, 2016

Illinois Midwest Mixed-Use

Essex Realty Brokers $2.7M Sale of Mixed-Use Property in Chicago

by Christina Cannon May 16, 2016

CHICAGO — Essex Realty Group Inc. has brokered the $2.7 million sale of a mixed-use building in Chicago’s Sheridan Park neighborhood. The buyer and seller in the transaction were undisclosed. The building, located at 4401 N. Clark St., is comprised of 12 apartment units and two street-level retail spaces. The units are a mixture of two- and three-bedroom units. Jim Darrow, Jordan Gottlieb, Doug Imber and Kate Varde of Essex brokered the transaction.

May 16, 2016

Illinois Industrial Midwest

Batory Foods to Buy 678,000 SF Build-to-Suit Industrial Building in Illinois

by Christina Cannon May 13, 2016

WILMINGTON, ILL. — Batory Foods will purchase a 678,000-square-foot industrial property at RidgePort Logistics Center in Wilmington, approximately 60 miles southwest of Chicago, for an undisclosed price. The building is a build-to-suit for Batory Foods and will be situated on 36 acres with the ability to expand an additional 22 acres. Construction on the distribution facility will begin this month, and Batory Foods is expected to begin occupying the space this October. The facility will feature an automatic gate system, an employee walking track and other outdoor amenities. Harris Architects Inc. is providing the architectural services, and Alston Construction is the general contractor. Ridge Development is the project developer. Newmark Grubb Knight Frank (NGKF) represented Batory Foods in the transaction.

May 13, 2016

Illinois Midwest Office

U.S. Cellular Signs 119,369 SF Lease for Additional Space at Chicago Office Complex

by Christina Cannon May 13, 2016

CHICAGO — U.S. Cellular Corp. has extended and expanded its headquarters lease at the U.S. Cellular Plaza and now occupies 331,797 square feet of space. U.S. Cellular Corp. is the building’s largest tenant. FCA Partners LLC owns the building, which is located at 8410-8420 Bryn Mawr Ave. Constructed in 1981, U.S. Cellular Plaza is a three-building, 637,484-square-foot Class A office complex. U.S. Cellular signed its original lease in 1988 for just under 10,000 square feet. U.S. Cellular continues to occupy the entire 212,428-square-foot 8410 building and will now be expanding into an additional 119,369 square feet in the 8420 building on a long-term basis. Francis Prock and Jason Simon of Colliers International represented the landlord in the transaction.

May 13, 2016

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