Illinois

Meridian Capital Group Arranges $43.8M Acquisition Loan for Apartment Community in Lakemoor, Ill.

by Danielle Everson April 9, 2015

LAKEMOOR, ILL. — Meridian Capital Group has arranged a $43.8 million agency loan on behalf of Strategic Properties of North America for the purchase of The Meadows Apartment Homes in Lakemoor. The 12-year Fannie Mae loan features a competitive fixed-rate below 4 percent and four years of interest-only payments. Shaya Ackerman in Meridian Capital Group’s New York office arranged the loan for the borrower. The Meadows Apartment Homes includes 496 units plus additional acreage with entitlements to construct up to 224 more units. The borrower, Strategic Properties of North America, purchased the asset from GE Capital.

April 9, 2015

Illinois Industrial Midwest

Darwin Realty & Development Arranges 44,288 SF Industrial Lease in Skokie, Ill.

by Danielle Everson April 9, 2015

SKOKIE, ILL. — Darwin Realty & Development Corp. has arranged a 44,288-square-foot industrial lease at 3712 Jarvis Ave. in Skokie. CenterPoint Properties leased the space, which is within an 89,441-square-foot building, to Eco-Brite Linens, a company that specializes in laundering linens for assisted living facilities. David Conroy and Tim Gallagher of Cawley Chicago represented the tenant in its 10-year lease. Dan Prendergast of Darwin Realty represented the landlord.

April 9, 2015

Illinois Midwest Restaurant Retail

Mid-America Represents Heavy Metal-Themed Restaurant in Expansion to Schaumburg, Ill.

by Danielle Everson April 9, 2015

SCHAUMBURG, ILL. — Mid-America Real Estate Corp. has arranged a retail lease on behalf of Kuma’s Corner in Schaumburg. Kuma’s Corner will occupy 3,747 square feet at Woodfield Village Green, which is located at the intersection of Golf and Meacham roads. Kuma’s is a casual dining restaurant and bar with a heavy metal theme. The new location is expected to open summer 2015. Steve Frishman and Andrew Becker of Mid-America represented the tenant in the transaction. In addition to the Schaumburg lease, Kuma’s operates two existing locations in Chicago, which are located at 2900 W. Belmont Ave. and 666 W. Diversey Parkway.

April 9, 2015

Illinois Midwest Multifamily Seniors Housing

American House Senior Living Communities Acquires Cedarlake Village in Plainfield, Ill.

by Danielle Everson April 8, 2015

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.

April 8, 2015

Illinois Midwest Retail

Quantum Real Estate Advisors Brokers Sale of Shepard Square in Libertyville, Ill.

by Danielle Everson April 8, 2015

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.

April 8, 2015

Illinois Indiana Midwest Multifamily

Steadfast Apartment REIT Acquires Three Apartment Properties for $80.8M

by Danielle Everson April 7, 2015

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.

April 7, 2015

Illinois Midwest Retail

The Boulder Group Arranges $9.7M Sale of Walmart Ground Lease in Niles, Ill.

by Danielle Everson April 7, 2015

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.

April 7, 2015

Illinois Midwest Office

Reed Construction Completes 35,500 SF Office Build-Out in Arlington Heights, Ill.

by Danielle Everson April 7, 2015

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.

April 7, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Seven-Unit Apartment Building in Chicago

by Danielle Everson April 7, 2015

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.

April 7, 2015

Illinois Midwest Office

Summit Design + Build LLC to Complete 20,588 SF Office Build-Out in Schaumburg, Ill.

by Danielle Everson April 3, 2015

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.

April 3, 2015

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