CHICAGO — MB Real Estate Services Inc. has arranged a 9,306-square-foot lease renewal on behalf of A+E Networks, a joint venture of Disney-ABC Television Group and Hearst Corp. The property is located at 111 East Wacker Drive in the East Loop of Chicago. Nikki Kern of JLL represented building ownership, and Boris Yelyashov and Christine Torres of MB represented A+E Networks in the transaction.
ROMEOVILLE, ILL. — Morgan/Harbour has completed the renovation of a 65,000-square-foot warehouse for Inmar in Romeoville. Inmar is a technology company that operates intelligent commerce networks in real-time for retailers, manufacturers and trading partners. The construction was completed during a four-week period and included the build-out of new offices within the existing office footprint, dock renovations and new lighting throughout the warehouse. Morgan/Harbour also constructed a conveyor connection and coordinated the installation of new racking, security and low-voltage electrical systems. Joe Zoksy and Erick Hodorowicz, both of Morgan/Harbour, led the renovation efforts. Ware Malcomb provided architectural services.
CHICAGO — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a triple-net, ground-leased property located at 137 S. State Street in Chicago for $7.1 million. NGKF’s Geoffrey Kasselman, Andy Gallas, Gino Tabbi and Boris Shraybman led the brokerage team on behalf of the seller, a local family trust. The property was sold to a California-based private investor at a capitalization rate of 3.1 percent. A 50,530-square-foot cooling plant operated by Enwave Energy Corp., a division of Brookfield Infrastructure Partners LP, occupies the property. The ground floor of the property is leased to CVS/pharmacy; with floors two through four reserved for the plant’s chillers, pumps and ice machines. The plant provides chilled-water cooling services to more than 100 commercial buildings throughout the Loop via an underground network of pipes. The ground lease extends through December 2043 and Enwave has a one-time, 49-year lease option.
CHICAGO — ASB Real Estate Investments has sold its nine-building, 174-unit Elaine Place apartment portfolio in the Lakeview neighborhood of Chicago, located blocks from Wrigley Field, for $50.5 million. The sale was made on behalf of ASB’s Allegiance Fund, a $5 billion core investment vehicle, which owned the property in a joint venture with Marc Realty/Chicago Apartment Finders. The portfolio was purchased by New York-based CLK Properties.
SCHAUMBURG, ILL. — Paramount Lodging Advisors has arranged $8 million in refinancing for the 134-room, six-story Hyatt House hotel in Schaumburg. An undisclosed large regional bank was the lender in the transaction. Atira Hospitality, which operates the hotel, is currently implementing a substantial capital improvement plan that will include upgrading all rooms, corridors and first-floor public space.
ST. CHARLES, ILL. — CBRE has brokered the sales of two multifamily properties in St. Charles totaling $38.2 million. In the first transaction, Shodeen Group sold Wessel Court to Axiom Properties Inc. for $20.8 million. Located at 1820 Wessel Court, the property includes 228 apartment units. In the second transaction, Kinzie Realty Corp. sold Fox Run to Windy City RE LLC for $17.4 million. Located at 145 Walnut Drive, the property features 220 apartment units. John Jaeger, Dan Cohen and MJ Zaring represented the sellers in both transactions.
PLAINFIELD, ILL. — Quantum Real Estate Advisors has arranged the sale of Plainfield Marketplace, a retail building located at 11850 S Route 59 in Plainfield. An Illinois-based private investor acquired the 8,010-square-foot retail center for $1.8 million from a Minnesota-based developer. At the time of sale, the property was 100 percent occupied by Sherwin Williams, Edward Jones, Kumon and EDO Cleaners. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction.
LISLE, ILL. — Providence Life Services and Ryan Companies US Inc. are developing Arbor Place of Lisle, an 80-unit, age-restricted affordable senior living community in Lisle, located about 25 miles west of Chicago. The $20.6 million project features 60 one-bedroom/one-bath and 20 two-bedroom/two-bath units, ranging from 756 square feet to 1,008 square feet. On-site amenities include a living room and common kitchen, a multi-purpose room, a TV/library room, on-site laundry facilities, a private courtyard with gazebo and fitness center. Additionally, the facility features 94 exterior parking spaces. Pioneer Property Management will provide on-site property management services for the property, which is slated to open in July. Residents at Arbor Place of Lisle must be 55 or older.
CHICAGO — NorthMarq Capital has secured $19.4 million in refinancing for Twin Towers Apartments in Chicago. The two 22-story multifamily buildings total 253 units. Sue Blumberg of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through NorthMarq’s Fannie Mae DUS platform.
EVERGREEN PARK, ILL. — Detroit-based Lormax Stern Development, in partnership with Tampa, Fla.-based DeBartolo Development, has acquired Evergreen Plaza Mall (The Plaza) in Evergreen Park for an undisclosed price. Built in 1952, the mall has been largely vacant since 2013, with only four stores open at the time of sale. The buyers plan to demolish the majority of the existing 800,000-square-foot mall and replace it with a 425,000-square-foot open-air retail center on the 32-acre parcel. Construction is slated for completion in 2017.
