PLAINFIELD, ILL. — A joint venture of American House Senior Living Communities and AEW has acquired Cedarlake Village in Plainfield. The seniors housing property is located at 14800 S. Van Dyke Road. Cedarlake Village includes 178 one-bedroom apartments in two buildings, Wheatland and Renwick. Currently, both buildings are independent living facilities. However, Renwick will be licensed and converted into assisted living. Beginning in late spring, the community will undergo renovations, including the addition of an Anytime Café, dining room, fitness center and game room. American House began managing the community on March 31. AEW acquired the property on behalf of AEW Senior Housing Investors II LP.
LIBERTYVILLE, ILL. — Quantum Real Estate Advisors has brokered the $2.2 million sale of a multitenant retail building located at 200-218 S. Milwaukee Ave. in Libertyville. Shepard Square is fully leased to tenants Randstad, @Properties, Pizza Italia, Bite 9, Village Cleaners and Lovely Nails. A Lake Bluff, Ill.-based real estate investor purchased the property. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum Real Estate Advisors was the sole broker in the transaction.
FISHERS AND SPEEDWAY, IND., AND AURORA, ILL. — Steadfast Apartment REIT has acquired three apartment communities totaling 643 units for $80.8 million. Two of the acquired properties are located in greater Indianapolis. The REIT purchased Reveal on Cumberland for $29.5 million, a 220-unit apartment community in Fishers, 16 miles northeast of downtown Indianapolis. Steadfast Apartment REIT also acquired the 277-unit Eagle Lake Landing Apartments in Speedway, less than six miles outside of the Indianapolis central business district, for $19.2 million. In the third transaction, the REIT purchased Randall Highlands Apartments in North Aurora, Ill., for $32.1 million. The property is located 30 miles west of Chicago and includes 146 units.
NILES, ILL. — The Boulder Group has arranged the $9.7 million sale of a single-tenant, trophy Walmart ground lease in Niles, a suburb north of Chicago. The property is located at 5630 W. Touhy Ave. The property was sold at the lowest cap rate ever recorded for a single-tenant Walmart property transaction above $5 million, according to Real Capital Analytics. The Walmart anchors Pointe Plaza, a 330,000-square-foot development that features Ross Dress For Less, Walgreens, Fresh Farms International Market, Dress Barn and Babies R’ Us. Walmart has approximately nine years remaining on its ground lease, which expires Feb. 29, 2024. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based high-net-worth investor who purchased the property in a 1031 exchange. Blankstein and Goodman also represented the seller, a Midwest-based investment company.
ARLINGTON HEIGHTS, ILL. — Reed Construction has completed a 35,500-square-foot renovation for SVM at 3727 Ventura Drive in Arlington Heights. Founded in 1997, SVM handles the sales, marketing and distribution of gift cards for most major gasoline companies. The firm relocated its headquarters to Arlington Heights from 200 E. Howard Avenue in Des Plaines, Ill. The project included an interior demolition, the addition of office space and a new secure vault. The finished office features high bay ceilings in the common areas, new interior glazing and updated locker rooms. A steel mezzanine conference room suspends from existing crane rails, which overlooks the open floor plan. Bryan Krueger was the principal and Dan Cohen was the project manager for Reed Construction. Wefing Deegan Studios provided the architectural services.
CHICAGO — Interra Realty has brokered the $893,000 million sale of a seven-unit, vintage apartment building at 1509 W. Bryn Mawr in Chicago’s Andersonville neighborhood. The three-story walk up is made up of two-bedroom, one-bathroom units. Craig Martin of Interra Realty represented both the seller and buyer in the transaction. The buyers plan to make renovations to the property.
SCHAUMBURG, ILL. — Summit Design + Build LLC will complete a 20,588-square-foot office build-out for Sparton Corp. at Woodfield Corporate Center in Schaumburg. The property is located at 425 N. Martingale Road. The firm, which is currently located in the same building, will be expanding to the entire 10th floor. Construction plans include the demolition of the existing space and build-out of a new reception area, multiple conference rooms, private offices, executive suite, boardroom and a new large training area with state-of-the-art technology. Lincoln Property Co. is the property manager of Woodfield Corporate Center. EWP Architects will provide architectural services. Completion is scheduled for this spring. Sparton Corp. is a provider of electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service and refurbishment. The primary markets served are medical and biotechnology, military and aerospace, and industrial and commercial.
CHICAGO — Scannell Properties has selected Meridian Design Build to design and construct a 219,858-square-foot automated package sorting and distribution center in Chicago. The property is for a provider of global shipping and information services. The development will feature more than 3,000 square feet of expressway frontage along the north side of I-55 at South Damen Avenue. The project will include dynamic compaction and other engineered ground improvements to support the construction of three new buildings on the site. Site work will be completed to accommodate 452 auto parking stalls and 301 trailer storage positions. The main building design will include 61 loading docks, 156 interior van loading positions, and 8,153 square feet of office space. Freestanding security and vehicle maintenance buildings will also be constructed to support the daily operation of the facility. Cornerstone Architects is providing architectural services. Spaceco Inc. will provide civil engineering work.
CHICAGO — Thorofare has funded a $5.3 million bridge loan for 1144 W. Fulton Market in Chicago. The Class A office property is 78.5 percent occupied. Thorofare will advance a capital expenditure and leasing cost earn-out facility in order to capitalize the sponsor’s business plan of converting the ground floor from office to retail to improve the profitability of the property and fill the retail void in the neighborhood. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of institutional investors.
TINLEY PARK, ILL. — Paine/Wetzel TCN Worldwide has arranged a 25,488-square-foot industrial lease within a 100,000-square-foot building at 7650 W. 185th St. in Tinley Park, a suburb south of Chicago. Emerson Process Management assists companies in controlling and managing their water and energy processes to cut costs and create efficiency. The company, already located in Tinley Park, is expanding its operations into this new location. Emerson selected the building due to its close proximity to expressways, a train station, hotels and restaurants. The building includes a 30-foot ceiling height, five docks, one drive-in door and parking for up to 60 cars. Ed Wabick, Curt Stanton and Patrick Fitzgerald of Paine/Wetzel represented the tenant, Emerson Process Management. NAI Hiffman’s Mike Robbins and Ben Cremer represented the building’s landlord, SAVI Properties LLC.