DES PLAINES, ILL. — Reed Construction has started a renovation project at the former Maryville Behavioral Health Hospital, located at 555 Wilson Lane in Des Plaines. US HealthVest acquired the facility in the fourth quarter of 2014 and renamed the property to Chicago Behavioral Hospital. The improvement program includes 22,000 square feet of internal renovations to the facility’s architectural components on the third and fourth floors, including new patient rooms and large group therapy rooms. Additional renovation includes upgrades to various mechanical, electrical and plumping components, as well as the nurse calling and fire alarm systems. Originally founded in 1883, the faith-based, 125-bed facility provides a range of inpatient and day hospital care for adolescents, including a general psychiatric unit and an intensive care unit. Following the renovations, the facility will expand to include services for adults. Miro Petrovic of US HealthVest is providing architectural services for the project. Construction of the renovated space is slated for completion this November.
LISLE, ILL. — Adelphia Properties has brokered the sale of a single-story office building located at 4933 Lincoln Ave. in Lisle, a southwest suburb of Chicago. A private investor acquired the 8,163-square-foot property for $1 million. George Spirrison of Adelphia Properties represented the seller, Conner & Gallagher Insurance Services Inc.
JOLIET, ILL. — Newmark Grubb Knight Frank (NGKF) represented Saddle Creek Logistics in its relocation to a 1.1 million-square-foot build-to-suit distribution facility in Joliet. Located within CenterPoint Intermodal Center, the state-of-the-art facility will be situated on 60 acres. The $43 million facility will feature 32-foot clear ceiling heights, 132 dock doors, four drive-in doors, ample parking, 328 trailer stalls and 15,000 square feet of office space. Saddle Creek is relocating to the new facility from its current 590,000-square-foot facility at 21051 W. Walter Strawn Drive in Elwood, Ill. The company plans to occupy the new space by February 2016. Jack Cozzie of NGKF and Ladson Montgomery of Newmark Grubb Phoenix Realty Group represented Saddle Creek, while Dan Leahy and Adam Roth of NAI Hiffman represented CenterPoint in the transaction.
CHICAGO — NorthPoint Capital Funding Inc. has hired Charles Krawitz as chief operating officer. Based in the firm’s downtown Chicago office, Krawitz will oversee the expansion and training of the firm’s loan origination staff and play a central role in meeting the financing needs of clients either through correspondent life insurance relationships or as a direct lender. “Charles has been at the forefront of the commercial real estate finance industry for over 25 years and is both well-known and highly regarded,” notes Keith Volgman, president of NorthPoint Capital Funding. “He will be an invaluable asset to NorthPoint Capital Funding as we look to grow our loan originations business throughout the Midwest.” Previously, Krawitz served with LaSalle Select, and he currently serves as a board member for SomerCor 504, a non-profit certified development company, and is active with the City of Hope as a member of its REACH board.
CARY, ILL. — Marcus & Millichap brokers sale of an industrial building located at 675 Industrial Drive in Cary, a city northwest of Chicago. A private investor acquired the property for $1 million from an individual/private trust. Built in 1989, the 53,944-square-foot property features 18-foot clear ceiling heights, a finished 1,800-square-foot mezzanine level and a full sprinkler system. At the time of sale, the property was vacant. Tammy Saia of Marcus & Millichap represented both parties in the transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a nine-building medical office portfolio in Chicago. A joint venture fund managed by Chicago-based MBRE Healthcare acquired the 401,428-square-foot portfolio for $131 million. The portfolio includes an 86,503-square-foot medical facility in Morton Grove, Ill.; a 60,500-square-foot property in Des Plaines, Ill.; and a 40,011-square-foot building in Chicago. Tenants of the portfolio include the Illinois Bone and Joint Institute (IBJI), Advocate Health Care, NorthShore University HealthSystem, Resurrection Health Care (Presence Health), Metro Infectious Disease Consultants and Pain Specialists of Greater Chicago. John Smelter, Scott Niedergang Gino Lollio of Marcus & Millichap represented the seller, a partnership consisting of a local developer and a number of physicians affiliated with IBJI, and procured the buyer in the transaction.
CARPENTERSVILLE, ILL. — Leopardo Cos. has completed the construction of the 230-student Jerri Hoffmann Child + Family Center in Carpentersville for Illinois-based Children’s Home + Aid, a nonprofit agency. Situated on seven acres at 229 Lake Marian Road, the 27,000-square-foot facility features 15 classrooms, a gross motor room, associated administrative and support spaces, a full-service kitchen and laundry room, as well as an outdoor play area for the students. The new facility replaces the Tom Thumb Community Childcare Center, but continues to serve at-risk children and families. Additionally, the facility is seeking LEED Gold certification from the U.S. Green Building Council. Leopardo served as general contractor and Designhaus Inc. provided architectural services for the project.
LOCKPORT, ILL. — PCCP LLC has partnered with Panattoni Development Co. to acquire a fully entitled 51-acre land parcel in Lockport, a southwest suburb of Chicago, for an undisclosed sum. The joint venture plans to develop Lockport 355, a four-building industrial park totaling 846,510 square feet, on the site. Construction of the first phase of the park is slated to begin in June, with completion scheduled for the first quarter of 2016. The first phase will include the two largest buildings at 274,040 square feet and 228,690 square feet. Upon completion, the park will offer four Class-A warehouse and distribution buildings that can accommodate single-user or multi-tenant occupancy.
CHICAGO — The Boulder Group has completed the sale of a single-tenant Starbucks Coffee property, located at 7101 South Stony Island Ave. in Chicago. A Chicago-based private investor acquired the net-leased property for $1.4 million from a Midwest-based real estate development and investment firm. There are approximately 10 years remaining on the Starbucks lease, which expires in July 2024. The lease features an 8.3 percent rental escalation in the primary term and 7.5 percent in each renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
OAK BROOK AND OAKBROOK TERRACE, ILL. — Chicago-based Bradford Allen Realty Services has been hired as the exclusive leasing agent for two additional office properties in suburban Chicago. The firm was selected by the ownership to lease the 55,729-square-foot office building at 800 Enterprise Drive in Oak Brook and the 56,414-square-foot Oakbrook Terrace Atrium located at 17W220 22nd St. in Oakbrook Terrace. The Oak Brook property features suites ranging from 1,494 square feet to 5,753 square feet and Oakbrook Terrace Atrium offers suites ranging from 1,398 square feet to 10,829 square feet. Ryan Moen of Bradford Allen will handle leasing efforts for both properties.