Illinois

Paine Wetzel Brokers Sale of 106,892 SF Industrial Property in Glen Ellyn, Illinois

by Christina Cannon February 18, 2016

GLEN ELLYN, ILL. — Paine Wetzel TCN Worldwide has brokered the sale of a 106,892-square-foot industrial property in Glen Ellyn, approximately 28 miles west of Chicago. M&R Printing Equipment sold the asset, located at 1N372 Main St., to LifeStorage. The asking price for the property was $3.7 million, but the final purchase price was undisclosed. LifeStorage plans to convert the manufacturing building into self-storage units. Jeff Blake of Paine Wetzel TCN Worldwide represented the seller in the transaction. Sean Henrick of Cushman & Wakefield represented the buyer.

February 18, 2016

Healthcare Illinois Midwest Office

Ryan Cos. Acquires 11 Acres of Land in Chicago Suburb for Future Office Development

by Christina Cannon February 17, 2016

OAK BROOK, ILL. — Ryan Cos. has acquired 11 acres of land in Oak Brook, approximately 20 miles west of Chicago, for a future office and medical campus development. Ryan Cos. acquired the land from Convergent Capital Partners for an undisclosed price. The cost of the development — including the medical and office buildings, various amenities and structured parking — is estimated at $70 million. Ryan Cos. will build and own the project and will also provide real estate management services. Wright Heerema Architects will provide the architectural services. The site currently contains an industrial building with surrounding parking lots that will be razed this summer when construction is set to begin.

February 17, 2016

Illinois Loans Midwest Multifamily

Associated Bank Provides $45.8M Construction Loan for Apartment Property in Chicago

by Christina Cannon February 17, 2016

CHICAGO — Associated Bank, serving as lead arranger, has provided a $45.8 million construction loan for the development of a multifamily property in the Logan Square neighborhood of Chicago. Henry Street Partners and 2293 NMA LLC were the borrowers. The transit-oriented development, to be located at 2293 N. Milwaukee Ave., will consist of two buildings that will be 11 and 12 stories. The 217-unit project will also include 8,373 square feet of ground floor retail. Krista Casper of Associated Bank arranged the loan.

February 17, 2016

Illinois Midwest Retail

The Missner Group to Build 14,000 SF of Retail Space in Suburban Chicago

by Christina Cannon February 17, 2016

ORLAND PARK AND NAPERVILLE, ILL. — The Missner Group will construct two retail spaces totaling 14,000 square feet in suburban Chicago. In the first project, The Missner Group will build a 10,000-square-foot facility in Orland Park, about 26 miles southwest of Chicago. Two existing buildings will be demolished to make room for the new building, which will house a Mattress Firm store and restaurant State & Main. The center, which will be located at 29 E. Orland Square Drive, will be an outlot of Orland Square Mall. Ireland Architects is serving as the architect for the project. In the second project, The Missner Group will demolish an existing building in Naperville, about 35 miles southwest of Chicago, to construct a 4,000-square-foot, freestanding building for a Mattress Firm. Oliveri Architects is providing the architectural services for this project. The Missner Group will also construct a parking lot and complete landscaping and utilities for both projects. United Growth is the developer for the retail properties, which will be completed this spring.

February 17, 2016

Illinois Midwest Retail

SVN | Chicago Commercial Brokers $1.6M Sale of Retail Property in Chicago Suburb

by Christina Cannon February 17, 2016

DOWNERS GROVE, ILL. — SVN | Chicago Commercial has brokered the $1.6 million sale of an 11,919-square-foot retail property in Downers Grove, approximately 23 miles west of Chicago. Drendel Commons, built in 2008, is located at 2561-2593 Ogden Ave. and features tenants such as Hertz, National Guard, Downers Grove Chiropractic & Acupuncture and NY Pizza Pie. Tim Franz of SVN | Chicago Commercial was the sole broker in the transaction. Both the buyer and seller in the deal were undisclosed.

February 17, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Love Funding Arranges $12.3M HUD Loan for Construction of Community in Chicago

by Christina Cannon February 16, 2016

CHICAGO — Love Funding has arranged a $12.3 million HUD loan for the construction of Montclare Senior Residences of Lawndale, a 120-unit supportive living community in Chicago. The two-story community will be built on a 2.5-acre lot in an urban neighborhood less than six miles from downtown Chicago. Supportive living is a subset of assisted living that is an alternative to skilled nursing for low-income seniors. It combines apartment-style housing with care services. Bruce Gerhart of Love Funding secured the financing. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Funding was also provided by low-income housing tax credits through the Illinois Housing Development Authority (IHDA), a Chicago Department of Housing loan, a TIF grant and an Illinois Department of Commerce & Economic Opportunity grant. Philip Mappa, the managing member and founder of MR Properties LLC, is leading the community’s development. Cinnaire, a nonprofit real estate investment firm formerly known as Great Lakes Capital Fund, is purchasing the tax credits.

February 16, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $1.8M Sale of Two Multifamily Properties in Chicago Suburbs

by Christina Cannon February 16, 2016

OAK PARK AND CICERO, ILL. — Interra Realty has brokered the $1.8 million sale of two multifamily properties in the suburbs of Chicago. A property at 428 S. Scoville Ave. in Oak Park sold for $1 million at a capitalization rate of 5.8 percent. The 10-unit property consists of eight one-bedroom units and two two-bedroom units. The property also includes 15 parking spaces. Patrick Kennelly of Interra Realty represented both parties in the transaction. In the second deal, a property at 1900 S. 51st Ave. in Cicero sold for approximately $800,000 at a capitalization rate of 10.7 percent. The building included six two-bedroom units, four one-bedroom units and nine studio apartments for a total of 19 units. Kennelly, along with James Clough and Joe Smazal of Interra Realty, brokered the transaction. All parties in both transactions are undisclosed locals.

February 16, 2016

Illinois Midwest Office

CBRE Arranges $5M Purchase of 15,000 SF Office Property in Chicago

by Christina Cannon February 15, 2016

CHICAGO — CBRE has arranged the purchase of a 15,000-square-foot office building for $5 million in Chicago. Strategic Assets Associates LLC has acquired the property, located at 1132-1140 W. Fulton Market, with intentions of repurposing the building for retail use. The asset is located several blocks from the Chicago Transit Authority’s Morgan stop. The seller in transaction was undisclosed. Keely Polczynski of CBRE represented the buyer.

February 15, 2016

Hospitality Illinois Midwest

Marcus & Millichap Brokers $2.4M Sale of Country Inn & Suites in Illinois

by Christina Cannon February 15, 2016

GALESBURG, ILL. — Marcus & Millichap has brokered the sale of a 61-room Country Inn & Suites in Galesburg, 45 miles northwest of Peoria, for $2.4 million. Both the buyer and seller in the transaction were undisclosed limited liability companies. The Country Inn & Suites is located at 2284 Promenade Court and within proximity to Sandburg Mall, Carl Sandburg College and the Galesburg historic district. Lili Gewargis and Scott Brash of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.

February 15, 2016

Illinois Midwest Multifamily

Interra Realty Negotiates $1.8M Sale of 20-Unit Apartment Building in Chicago

by Christina Cannon February 15, 2016

CHICAGO — Interra Realty has negotiated the sale of a multifamily property in Chicago for $1.8 million. Kinsch Family Trust sold the asset, located at 7427-39 N. Winchester Ave., to an undisclosed buyer. Located in the Rogers Park neighborhood, the 20-unit building sold at a capitalization rate of 6 percent. The asset is comprised of 14 two-bedroom units and six one-bedroom units and includes 17 parking spaces. The buyer plans to make unit and operational improvements. Craig Martin of Interra represented both parties in the transaction.

February 15, 2016

Newer Posts

Older Posts