Illinois

Associated Bank Provides $14.4M in Loans for Self Storage Facility, Parking Project

by Christina Cannon October 9, 2015

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.

October 9, 2015

Illinois Midwest Office

Bradford Allen, Essex Broker $4.2M Sale of 27,000 SF Office Building in Chicago

by Christina Cannon October 9, 2015

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.

October 9, 2015

Illinois Midwest

Brown Commercial Brokers One Property Sale, Three Leases Totaling 26,000 SF in Illinois

by Christina Cannon October 9, 2015

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.

October 9, 2015

Illinois Midwest

Leopardo Completes Construction of 134,000 SF High School in Spring Valley, Ill.

by Christina Cannon October 8, 2015

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.

October 8, 2015

Illinois Midwest Retail

Mid-America Brokers $19.6M Sale of 40,306 SF Retail Property in Chicago

by Christina Cannon October 8, 2015

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.

October 8, 2015

Illinois Midwest Multifamily

Interra Realty Arranges Sales of Two Multifamily Properties in Chicago for $3.9M

by Christina Cannon October 8, 2015

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.

October 8, 2015

Illinois Midwest Multifamily Seniors Housing

Koelsch Begins Construction on $13.3M Memory Care Community in Illinois

by Christina Cannon October 7, 2015

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.

October 7, 2015

Illinois Midwest Multifamily

Origin Capital Partners, Randolph Street Realty Acquire 238 Apartment Units in Naperville for $38M

by Christina Cannon October 6, 2015

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.

October 6, 2015

Healthcare Illinois Midwest

Leopardo Breaks Ground on $61M Medical Facility in Orland Park

by Christina Cannon October 5, 2015

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.

October 5, 2015

Illinois Loans Midwest Office Wisconsin

Bloomfield Capital, Alpha Alternative Close $8.5M Office Bridge Loan

by Christina Cannon October 5, 2015

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.

October 5, 2015

Newer Posts

Older Posts