Illinois

Venture One Buys 32,230 SF Industrial Building in Naperville, Illinois

by Kristin Harlow June 11, 2024

NAPERVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,230-square-foot industrial building in the Chicago suburb of Naperville for an undisclosed price. Constructed in 1989, the property was 50 percent leased to one tenant at the time of sale. The building features a clear height of 18 feet, two docks, two drive-in doors and parking for 42 cars. Venture One plans to make improvements such as new spec office space, energy-efficient warehouse lights and a new parking lots. Ted Gates and Dylan Demaio of CBRE will market the property for lease. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.

June 11, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $3.1M Sale of Three-Property Multifamily Portfolio in Chicago

by Kristin Harlow June 10, 2024

CHICAGO — Interra Realty has brokered the sale of a three-property, 18-unit multifamily portfolio on Chicago’s Northwest Side for $3.1 million. The six-flat buildings, located at 8622 W. Berwyn Ave., 8657 W. Berwyn Ave. and 5240 N. Oakview Ave., were all built in 1969. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller, a local partnership. Jay Chandran of Jay C. Realty represented the buyer, a local partnership.

June 10, 2024

Development Illinois Industrial Midwest Top Stories

Wieland Begins $500M Renovation, Expansion of Manufacturing Facility in East Alton, Illinois

by Taylor Williams June 10, 2024

EAST ALTON, ILL. — Wieland, a supplier of copper and copper alloy solutions, has begun renovating and expanding its manufacturing facility in East Alton, located outside of St. Louis near the Illinois-Missouri border. The project is valued at $500 million. The initial phase of the modernization will increase the capacity and quality of copper production at the facility, which was originally constructed in 1916. The development team will revamp building foundations to support new equipment, and the site will be modified to support the use of an overhead crane for equipment setting. Wieland will also undertake upgrades to other facilities, including the furnace, re-cooling system, distribution switchgear, superstructure and controls/commissioning. Following completion of the project, the building structure will feature metal siding and roofing over heavy structural steel. “With copper having an integral role in the energy transition, this endeavor better positions Wieland as a provider of sustainable solutions for our customers’ ever-changing needs,” says Greg Keown, president of Wieland’s rolled products North America division. The project team includes general contractors Graycor Construction Co. and Helmkamp Construction Co., as well as design firms Vestal Corp. and Salas O’Brien. Completion is slated for mid-2028. — Taylor Williams

June 10, 2024

Affordable Housing Illinois Loans Midwest Multifamily Seniors Housing

Berkadia Arranges $17.6M in LIHTC Financing for Affordable Seniors Housing Property in Harvey, Illinois

by Kristin Harlow June 7, 2024

HARVEY, ILL. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the preservation of Jesse Jackson Jr. Senior Housing in Harvey, a southern suburb of Chicago. The 120-unit affordable seniors housing property consists of two three-story buildings that were originally constructed in 2007 and 2011. The one-bedroom units are designated for seniors age 62 and above, with 114 of them set aside for those whose income is at or below 50 percent of the area median income. The remaining six units are for persons with disabilities whose income is at or below 30 percent AMI as part of the Illinois Housing Development Authority’s Statewide Referral Network program. The renovation project will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint. The renovation will also include the installation of solar panels and will receive Renewable Energy Investment Tax Credits under Section 48 of the U.S. Internal Revenue Code. Brian Blanchard and James Grande of Berkadia arranged the financing on behalf of the sponsor, Preservation of Affordable Housing.

June 7, 2024

Illinois Leasing Activity Midwest Retail

SweatHouz Signs Leases to Open Three Locations in Chicago

by Kristin Harlow June 7, 2024

CHICAGO — SweatHouz, an infrared-sauna and cold-plunge wellness and recovery concept, has signed leases to open three locations in Chicago’s Old Town, West Loop and Lakeview East neighborhoods. The new locations range from 2,000 to 2,700 square feet and mark the company’s entrance into the state. SweatHouz plans to open 30 locations in metro Chicago. Anthony Ciaravino of Cushman & Wakefield represented the tenant in the leases at 1435 N. Wells St., 917 W. Madison St. and 3101 N. Clark St. Landlords were not provided.

June 7, 2024

Acquisitions Illinois Midwest Office Top Stories

Joint Venture Acquires 40-Story Historic Jewelers Building in Chicago

by Jeff Shaw June 7, 2024

CHICAGO — A joint venture between The Prime Group Inc. and CRG, the development and investment management arm of Clayco, has acquired the 40-story historic Jewelers Building in Chicago. Located at 35 E. Wacker Drive, the Jewelers Building comprises 556,200 square feet of rentable office space. The building is currently 70 percent occupied. Designed by Giaver & Dinkelber, the Jewelers Building was originally built in 1926. At the time of its completion, it was the tallest building west of New York City. The building is recognized by the National Register of Historic Places. Chicago-based architecture firm Goettsch Partners recently renovated the lobby, main entry and storefronts at the property. The price was not disclosed. According to CoStar, the price was expected to be more than $70 per square foot, which would equate to approximately $39 million. However, those numbers were based on Prime’s original offer in November before CRG was brought in as a partner. The previous owner had defaulted on over $50 million in debt on the building, according to multiple sources, leading to the sale. Although Prime Group’s initial plans for the property in November called for a potential hotel conversion, that concept has apparently been sidelined. As an existing tenant …

June 7, 2024

Acquisitions Illinois Midwest Wisconsin

TopSide Marinas Acquires Two Marina Properties Along Lake Michigan

by Kristin Harlow June 5, 2024

WAUKEGAN, ILL. AND STURGEON BAY, WIS. — TopSide Marinas has acquired two marinas on the shores of Lake Michigan — Bay Marine of Sturgeon Bay and Bay Marine of Chicago. Previous owners, Matt and Mark Felhofer, will continue to own and operate Bay Marine Yacht Sales, which will lease back showroom and office space at both locations. With this acquisition, TopSide Marinas now owns and operates 10 marinas across six states. Purchase prices were not disclosed. Bay Marine of Sturgeon Bay, located in eastern Wisconsin, was built in 1965. The property totals 16 acres with 100 wet slips, 115,000 square feet of inside storage, a service shop and captain’s lounge. Bay Marine of Chicago was built in 2016 and is located in Waukegan. The property features 40,000 square feet of inside storage, 7,000 square feet of office space and a comprehensive service operation.

June 5, 2024

Acquisitions Illinois Midwest Multifamily

MLG Capital Acquires 272-Unit Orchard Village Multifamily Property in Aurora, Illinois

by Kristin Harlow June 4, 2024

AURORA, ILL. — MLG Capital has acquired Orchard Village, a 272-unit multifamily property in the western Chicago suburb of Aurora. The purchase price was undisclosed. Built in 2000, the community is located at 1240 W. Indian Trail. Amenities include a heated pool, clubhouse, fitness center and dog park. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Orchard Village marks MLG’s ninth acquisition in metro Chicago. The firm owns more than 1,700 units in Illinois.

June 4, 2024

Development Illinois Leasing Activity Midwest Multifamily

The Apartment Source Begins Leasing Efforts for 30-Unit Lodge Evanston Project in Illinois

by Kristin Harlow June 4, 2024

EVANSTON, ILL. — The Apartment Source (TAS) has begun leasing efforts for Lodge Evanston, a 30-unit apartment project located at 1700 Oak Ave. in downtown Evanston. The 30-unit development is the adaptive reuse of a century-old sanctuary. The community offers one-, two- and three-bedroom layouts with several luxury penthouses. Development partners included Campbell Coyle, Ranquist Development and Jodi Development. ISA was the project architect. Monthly rents start at $2,400, according to the property’s website.

June 4, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.3M Sale of Multifamily Portfolio on Chicago’s South Side

by Kristin Harlow June 3, 2024

CHICAGO — Interra Realty has brokered the sale of a three-building, 114-unit multifamily portfolio on Chicago’s South Side for $9.3 million. Two buildings, 7131 S. Bennett Ave. and 1949 E. 73rd Ave., are located in the South Shore neighborhood, while the third property, 6600 S. Ingleside Ave., is in the Woodlawn neighborhood. Lucas Fryman of Interra represented the buyer and seller, both based in Brooklyn, N.Y. The purchaser assumed the asset’s existing mortgage, which carries a 3.29 percent interest rate that matures at the end of 2032. Built in the early 1920s, the properties were 95 percent occupied at the time of sale. All three buildings have undergone capital improvements in recent years to include upgraded exteriors, building systems and unit interiors. The new ownership plans to continue the modernization with new appliances, fixtures and paint.

June 3, 2024

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