CHICAGO — Monroe Capital LLC has arranged the financing of a $57.5 million senior credit facility to support Battery Ventures’ acquisition of Physical Security Business Unit (PSBU). Battery Ventures is a global technology investment firm. PSBU was previously part of the security division of NICE Systems and is now being renamed Qognify. Qognify helps organizations capture, analyze, and leverage big data to anticipate, manage, and mitigate security and safety risks, maintain business continuity, and streamline operations. Monroe Capital LLC is a provider of senior and junior debt and equity co-investments to middle-market companies.
CHICAGO — Essex Realty Group Inc. has brokered the sale of Argyle Street Properties located at 1261-1301 and 1338-1354 W. Argyle St. The properties are located in Chicago’s Uptown neighborhood and sold for $17.1 million. The properties consist of 60 studio, 96 one-bedroom, one two-bedroom/two-bath, and one three-bedroom/one-and-a-half bath units. The buildings have operated at or above 95 percent occupancy for the past five months, according to Essex. Doug Imber and Kate Varde of Essex Realty brokered the transaction. Essex Realty Group Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
NORTHBROOK, ILL. — I.M. Construction Group (IMCG) has completed two of four office buildings within the new MeadowPark development located at Techny Road and Founders Drive in Northbrook, a northern Chicago suburb. MeadowPark is a 52,000-square-foot, 5.5-acre development. IMCG completed the 12,600-square-foot, single-story office property leased to Bright Horizons Daycare as well as an 18,000-square-foot facility leased to Lurie Children’s Hospital. The Lurie Children’s facility will serve as the hospital’s second largest outpatient center in the Chicago area. IMCG will construct the two remaining speculative buildings this fall. The projects will feature masonry construction as well as eco-friendly options, including bioswales, which collect and filter stormwater through vegetation. Tenants of MeadowPark also have the option to incorporate solar panels and geothermal heating. IMCG is a joint venture of Insite Construction and The Missner Group, a full-service construction firm. Leading the construction team for IMCG are Bob Nomellini, the firm’s president, and Bill Uchyn, the Missner Group’s project superintendent. Center Line Architects is providing architectural services, and Manhard Consulting is the civil engineer. Cushman & Wakefield is the project developer.
CARPENTERSVILLE, ILL. — SVN | Chicago Commercial has brokered the $1.2 million sale of Harley’s Self Storage, a 23,064-square-foot facility located at 250 Williams St. in Carpentersville northwest of Chicago. Harley’s Self Storage LLC was the seller of the climate-controlled facility, and the buyer was Prairie Enterprises LLC. SVN | Chicago Commercial was the sole broker in the transaction.
HOFFMAN ESTATES, ILL. — Caruso Development Corp. has signed Northwest Health Care Associates to a 27,000-square-foot medical office lease at 2359 Hassell Road in Hoffman Estates as part of a build-to-suit project. Albert Lindeman of SVN | Chicago Commercial represented the building’s owner, Caruso Development, in lease negotiations. Northwest Health Care Associates will occupy a one-story medical office building, which is under construction on the Blackberry Falls Office Campus, a new campus adjacent to Barrington Town Center. The Blackberry Falls Office Campus is situated on 4.6 acres, complete with a gazebo, waterfall and pond. The 27,000-square-foot building to be constructed for Northwest Health Care Associates is the last building to be constructed within the office campus. Caruso Development is partnering with Interworks Architects and EJ Loberg Construction on this project. Located at the intersection of I-90 and Barrington Road, approximately 30 miles from downtown Chicago, the new office campus is accessible from major area thoroughfares and offers patients convenient access to the site. The campus is situated across from AMITA Health St. Alexius Medical Center, which includes the new 270-room Alexian Brothers Women’s and Children’s Hospital. Caruso Development is partnering with Interworks Architects and EJ Loberg Construction on this project.
CHICAGO — Interra Realty has brokered the $1.56 million sale of three multifamily properties located in the Woodland and Washington Park neighborhoods of Chicago. Ted Stratman and Dan Byrne of Interra represented both the seller and buyer for all transactions. A six-unit property at 5910 S. Martin Luther King Drive sold for $440,000. The building, which had previously been converted to individual condos, features large three-bedroom, one-and-a-half bath units and has rear parking for all six units. Another six-unit property, located at 6427 S. Drexel Ave., sold for $510,000. The property was completely rehabbed within the last few months and was 100 percent occupied at the time of sale. Lastly, an eight-unit building located at 5156 S. Indiana Ave. sold for $490,000. Six of the units have been rehabbed. Stratman and Byrne negotiated a post-closing construction contract on behalf of the buyer to rehab the other two garden-style units and capitalize on the building’s upside potential.
BUFFALO GROVE, ILL. — Avison Young has negotiated a long-term, 315,000-square-foot lease renewal for Nemera at 600 Deerfield Parkway in Buffalo Grove, a suburb of Chicago. Nemera, which specializes in the design, development and manufacturing of drug delivery solutions, occupies the entire building. The facility includes 30,000 square feet of office space, 28-foot clear ceiling heights and is served by rail. Keith Purtiz and Brett Kroner with Avison Young’s Chicago office were the sole brokers in the transaction. The property owner is a private investor. No further details of the lease agreement were disclosed.
CHICAGO — In a joint venture with Golub & Co., CIM Group has acquired a condominium ownership interest in 625 North Michigan, a high-rise building located at 625 N. Michigan Ave. in downtown Chicago. Although the purchase price was not disclosed, Crain’s Chicago Business reported in August that a venture of CIM Group paid approximately $48 million for 290,000 square feet of office space on floors five through 27 of the building. The seller was Goldman Sachs Group. The sale doesn’t include the lower four floors, which are separately owned retail space. The individual floors span 13,000 square feet and no tenant takes up more than one full floor, according to Crain’s Chicago Business. The property, which is currently 29 percent vacant, was built in 1970 and underwent a $6 million renovation in 2000. Caption (625 North Michigan Avenue): CIM Group has acquired a condominium ownership interest consisting of 290,000 square feet of office space located at 625 N Michigan Avenue.
MOUNT PROSPECT, ILL. — CBRE has arranged the sale of 3.26 acres of industrial-zoned land in Mount Prospect, a northwest Chicago suburb, for an undisclosed price. The buyer was Whimsy Intermodal, a drayage company, and the seller was Park Place Partners LLC. The property, located at 2210 South Busse Road, will provide Whimsy Intermodal with 100 additional trailer parking spaces and is near the Elmhurst Road and I-90 interchange. Jack Brenan, Mike Sedjo and John Hamilton of CBRE represented both the buyer and seller in the transaction.
OAK LAWN, ILL. — Transwestern has brokered the sale of Stony Creek Promenade, which is located at 4800 W 111th St. in Oak Lawn. MEPT purchased the 105,000-square-foot retail center from the developer, Hamilton Partners, for an undisclosed amount. Janice Sellis and Paul Barile of Transwestern represented the developer in the transaction.