ELK GROVE VILLAGE, ILL. — Lee & Associates has negotiated a lease for a 35,791-square-foot industrial space located at 1601 Lunt Ave. in Elk Grove Village, approximately 25 miles northwest of Chicago. Chris Nelson, principal at Lee & Associates of Illinois, represented the landlord, Colony Capital. Phil Reif of Paine Wetzel represented the tenant, Oakley Industrial Machinery Inc., a manufacturer of heating element production machinery and terminal pins.
JOLIET, ILL. — Amazon.com Inc. has unveiled plans to open a nearly 500,000-square-foot fulfillment center in Joliet, Ill., located about 45 miles southwest of Chicago. Baltimore, Md.-based GLP Development Co. is the project developer. The fulfillment center, which is expected to create 1,000 full-time jobs when it opens, will be the company’s first in the state. Amazon employees at the fulfillment center will process smaller items such as books, electronics and consumer goods. “We are thrilled that Amazon has chosen Joliet as the location for its new Illinois fulfillment center,” says Joliet Mayor Bob O’Dekirk. “The company is not only the leader in the e-commerce sector, but it also will create quality jobs for a diverse community throughout Joliet and Will County.” According to the Chicago Tribune, Amazon is already advertising for $13-an-hour and $14.95-an-hour jobs at the facility. The newspaper adds that Amazon has invested heavily in warehouses nationwide during the last three years as it faces increasing competition on speed from Walmart.com, eBay, Google and other online retailers.
GLENVIEW, ILL. — Marcus & Millichap has brokered the sale of 1941-2019 Johns Drive, a 68,075-square-foot industrial building located in Glenview, a northern Chicago suburb. The purchase price was $3.87 million. Built in 1980, 1941-2019 Johns Drive is a combined two-building portfolio. The one-story multi-tenant asset includes 68,075 square feet of rentable space and is currently operating at 81 percent occupancy. Stephen Lieberman and Paul Tesdal, investment specialists in Marcus & Millichap’s downtown Chicago office, marketed the property on behalf of the seller, a local private investor. Lieberman and Tesdal also secured and represented the buyer, a local investor, in the transaction.
CHICAGO — NorthMarq Capital has secured a $13.3 million refinancing loan for the Kingsbury Center, a mixed-used property in Chicago’s River North neighborhood. The 10-year loan includes a 25-year amortization schedule. Sue Blumberg and Eric Kanz of NorthMarq Capital’s Chicago office arranged the financing for the borrower, which includes the Hochberg family, through its correspondent relationship with a life insurance company. The 135,256-square-foot property, located at 344 W. Hubbard St., was 100 percent occupied at the time of sale. Tenants in the Kingsbury Center include Petco, Ace Hardware and CVS as retailers. Related Companies and The Habitat Company hold office space.
CHICAGO — Essex Realty Group has brokered the $1.2 million sale of an eight-unit multifamily property located at 7410 N. Winchester Ave. in Chicago’s Rogers Park neighborhood. The property is situated one-half mile west of the Chicago Transit Authority’s Howard station and roughly three-quarters of a mile west of the Jarvis station. The multifamily building is less than one mile west of Jarvis Beach and Lake Michigan. Doug Imber & Kate Varde represented the seller and Jim Darrow & Jordan Gottlieb represented the buyer in the transaction.
NORTH AURORA, ILL. — Quantum Real Estate Advisors has brokered the $1.08 million sale of a 10,650-square-foot retail building located at 451-459 Randall Crossings Lane in North Aurora, about 40 miles west of Chicago. The multi-tenant building is 74 percent occupied by regional tenants Bulldog Ale House and Lover’s Lane. Chad Firsel of Quantum Real Estate Advisors brokered the transaction on behalf of the seller, a pension fund from Dallas, and the buyer, a private real estate investor based in Chicago.
CHICAGO — Marcus & Millichap has brokered the sale of a 20,000-square-foot mixed-use building for $1.9 million at 3801 N. Bernard St. in Chicago. The property is located in Chicago’s Irving Park neighborhood. The area offers convenient access to the Chicago Transit Authority’s Blue Line train. The Abbey Pub & Grill is the major tenant of the building. Jacob Korman and Kyle Stengle of Marcus & Millichap’s Chicago office represented the seller, a private investor. Stengle and Korman also secured the buyer, a limited liability company.
CHICAGO — Reed Construction has completed the renovation of both towers that comprise The Franklin, an office complex in the West Loop neighborhood of downtown Chicago. The 60-story skyscraper is owned and managed by Tishman Speyer and consists of two separate towers: one at 222 W. Adams St. and the other at 227 W. Monroe St. The renovation work occurred on the fourth, 21st and 24th floors at 222 W. Adams, as well as the fifth floor at 227 W. Madison. A total of nine speculative suites, 10 breakrooms and four public corridors with men’s and women’s restrooms were renovated. A complete washroom was also relocated to the 21st floor of 222 W. Adams. Construction on each floor was completed simultaneously with staggered phasing to minimize disruptions for existing tenants. Jon Zawiski led the team for Reed Construction as the project manager, Jason Gunderson was the project executive, and Jay Crane was the superintendent. Harley Ellis Devereaux provided architectural services.
CHICAGO — Prudential Real Estate Investors has acquired the Roosevelt Collection, a Class A mixed-use property in the South Loop of Chicago. Terms of the transaction were not disclosed. Located at 150 Roosevelt Road, the LEED-certified, mixed-use property includes two eight-story buildings with 326,098 square feet of retail space, 342 loft-style apartment units, and a three-level parking garage. (LEED stands for Leadership in Energy and Environmental Design, a standard developed by the U.S. Green Building Council.) The acquisition also includes an adjacent land lot that is part of a planned 400-unit, 43-story high-rise multifamily project. Retail components of the Roosevelt Collection feature a 16-screen Kerasotes ShowPlace ICON Movie Theatre, Container Store, lululemon and Banana Republic.
GRANITE CITY, ILL. — IMPACT Strategies has completed construction of the second phase of the federally funded Granite City Green Communities in Granite City, about 10 miles northeast of St. Louis. IMPACT Strategies constructed 20 new units within six buildings for a total of 63 units at the development. Granite City Green’s design and construction are focused on sustainable and energy-efficient criteria. The project incorporates the use of solar panel and bioretention rain gardens in an effort to maximize the development’s environmental impact and performance. The Granite City Housing Authority hired Impact Strategies to lead construction of the project, which began last August and wrapped up at the end of July The first phase of Granite City Green was developed in 2012. Farr Associates, a sustainable architecture and urban planning firm in Chicago, designed the project.
