Illinois

University of Chicago to Sell Portfolio of 11 Properties and Six Land Sites

by Christina Cannon June 3, 2016

CHICAGO — The University of Chicago has tapped HFF to market for sale a portfolio consisting of 11 properties and six land sites in Chicago. The portfolio consists of six graduate student housing properties, four faculty and staff buildings, one retail property and six land sites. The residential properties are 95.9 percent occupied overall, and comprise a total of 520 beds and approximately 272,593 square feet. The portfolio is located in Hyde Park within walking distance to campus, six miles south of Chicago’s central business district. The university will only accept offers for the portfolio in its entirety. Brian Kelly and Michael Higgins will lead the HFF investment sales team representing the University of Chicago.

June 3, 2016

Illinois Midwest Office

Marcus & Millichap Brokers $5M Sale of Office Property in Suburban Chicago

by Christina Cannon June 3, 2016

OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 91,844-square-foot office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for over $5 million. Summit Oaks Office is located at 1S450 Summit Ave. John Abuja of Marcus & Millichap listed the property on behalf of the seller, a partnership. Abuja also secured and represented the buyer, a limited liability company.

June 3, 2016

Illinois Midwest Multifamily

CIM Group Finishes 690-Unit Apartment Tower in Chicago

by Christina Cannon June 2, 2016

CHICAGO — CIM Group has completed the construction of Marquee at Block 37, a 690-unit apartment tower in Chicago. The 34-story apartment building sits on top of the four-story Block Thirty Seven retail center. Marquee at Block 37, which is located at 25 W. Randolph St., offers studio, one-, two- and three-bedroom units. Amenities include an outdoor pool and sundeck, fire pits, rooftop hot tub, dog run and wash, fitness center, event room, business center and outdoor terraces. Block Thirty Seven is 275,000 square feet and includes an 11-screen AMC Dine-In Theatre. Construction began on Marquee at Block 37 in October 2014.

June 2, 2016

Illinois Midwest Retail

Inland Private Capital Corp. Arranges $25M Sale of Mariano’s Fresh Market Near Chicago

by Christina Cannon June 2, 2016

ELMHURST, ILL. — Inland Private Capital Corp. has arranged the $25 million sale of a Mariano’s Fresh Market on behalf of one of its 1031 exchange investment programs. The 75,922-square-foot store is located at 678 N. York Road in Elmhurst, approximately 16 miles west of Chicago. The single-story building was constructed in 2013 and is situated on 5.7 acres. The buyer in the transaction was undisclosed.

June 2, 2016

Illinois Midwest Office

Marcus & Millichap Brokers $5M Sale of 55,829 SF Office Property in Metro Chicago

by Christina Cannon June 2, 2016

OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 55,829-square-foot office property in Oakbrook Terrace, approximately 20 miles west of Chicago. A limited liability company sold Terrace Oaks to a developer for over $5 million. Located at 17W645 Butterfield Road, the building features a marble lobby, three-story glass atrium, ample parking and conference room. John Abuja of Marcus & Millichap listed the property on behalf of the seller and represented the buyer in the transaction.

June 2, 2016

Illinois Industrial Midwest Office

Ryan Cos. Breaks Ground on 146,560 SF Office/Warehouse Facility in Suburban Chicago

by Christina Cannon June 2, 2016

JOLIET, ILL. — Ryan Companies US Inc. has broken ground on a 143,560-square-foot corporate headquarters and warehouse facility for Cadence Premier Logistics. The building will be located at 2250 Chicago St. within the Laraway Crossings Business Park in Joliet, approximately 45 miles southwest of Chicago. The facility will be situated on 44.5 acres and is slated for completion by the end of the year. The facility will feature 22,050 square feet of office space, an additional 22,050 square feet of mezzanine office space for future growth and expansion, 74,620 square feet of warehouse space and 24,840 square feet of breakout area. The building, which is expandable by approximately 94,500 square feet, will be a steel structure with precast concrete wall panels. The facility will also include 184 car stalls, 442 tractor-trailer spaces and an indoor soccer field. Harris Architects Inc. will serve as the architect of record, and Hefner Associates is the civil engineer.

June 2, 2016

Illinois Midwest Office

Opus Starts Construction on 175,000 SF Headquarters for MC Machinery Systems in Suburban Chicago

by Christina Cannon June 1, 2016

ELK GROVE VILLAGE, ILL. — The Opus Group has broken ground on a 175,000-square-foot corporate headquarters for MC Machinery Systems Inc. in Elk Grove, approximately 25 miles northwest of Chicago. MC Machinery Systems, a subsidiary of Mitsubishi Corp., sells high-tech manufacturing equipment used for metalworking and fabrication. The building will feature 50,000 square feet of office space, 75,000 square feet of ancillary office and storage areas and a 50,000-square-foot showroom. The facility will also include spaces for customer product demonstrations, research and development, machine refurbishment and a customer support call center. Construction is slated for completion by this December.

June 1, 2016

Illinois Midwest Multifamily

Marcus & Millichap Negotiates $1.2M Sale of Apartment Property in Waukegan, Illinois

by Christina Cannon June 1, 2016

WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.2 million sale of a 38-unit apartment property in Waukegan, approximately 40 miles north of Chicago. A fund manager sold Waukegan Apartments and Townhomes, located at 766 Linden Ave., to an undisclosed buyer. The property consists of 20 three-bedroom/one-bathroom townhomes, 16 one-bedroom/one-bathroom apartments and four two-bedroom/one-bathroom apartments. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller.

June 1, 2016

Healthcare Illinois Midwest Office

Ryan Cos. Acquires Land for Future $15M Medical Office Complex in Metro Chicago

by Christina Cannon May 31, 2016

WARRENVILLE, ILL. — Ryan Companies US Inc. has acquired a 9.5-acre site within the Cantera Business Park for the future development of a $15 million medical office complex. Located in Warrenville, approximately 35 miles west of Chicago, the 80,000-square-foot complex envisioned by Ryan Cos. will include two two-story office buildings with shared amenities and common space. David Justh of CBRE represented the seller, a private investor, and is working with Ryan Cos. to market the development to healthcare systems and related users.

May 31, 2016

Illinois Midwest Multifamily

Steadfast Apartment REIT Acquires 136-Unit Apartment Complex for $7.6M

by Christina Cannon May 31, 2016

GURNEE, ILL. — Steadfast Apartment REIT III Inc. has acquired a 136-unit apartment community in Gurnee, approximately 43 miles northwest of Chicago, for $7.6 million. Carriage House Apartments was built in 1970 and is 98 percent occupied. Situated on 8.4 acres, the apartment complex is comprised of 17 two-story buildings featuring one and two-bedroom units with an average size of 653 square feet. Community amenities include a swimming pool with sundeck, pool house, locker room, picnic area, laundry facilities and addition storage areas. Steadfast plans to upgrade the bathrooms, flooring and kitchen counters. Other improvements will include fresh paint and new appliances. The seller in the transaction was undisclosed.

May 31, 2016

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