Thursday, December 26, 2024
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DevelopmentIllinoisIndustrialMidwest

Meridian Completes 51,500 SF Manufacturing Facility for IPC in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Meridian Design Build has completed a 51,500-square-foot manufacturing facility for International Packing & Crating (IPC) at 1313 Jack Court in the Chicago suburb of Bartlett. The project included 3,700 square feet of office/employee space and 47,800 square feet of shop improvements, including compressed air piping, dust collection ductwork, power distribution and lighting to support a full-service crating and custom packaging operation. The project team included Heitman Architects Inc. and civil engineer V3 Cos. Ltd.

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AcquisitionsIllinoisMidwestMultifamily

Greenstone Partners, Marcus & Millichap Broker $25.7M Sale of Canterbury Court Apartments in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners and Marcus & Millichap have brokered the $25.7 million sale of Canterbury Court Apartments in Chicago’s Gold Coast neighborhood. The 176-unit, 16-story apartment building is located at 1220 N. State Parkway and features 1,268 square feet of ground-floor retail space with the famed Zebra Lounge piano bar, which has occupied the building since its completion in 1929. Jordan Multack and Danny Spitz of Greenstone represented the seller, a local family office, along with Nicholas Kanich of Marcus & Millichap. Becovic Holdings Corp. was the buyer. The asset features 142 studio units, 26 one-bedroom floor plans, two two-bedroom residences and six additional units that were previously used by the former owner. Becovic plans to invest in necessary upgrades and improvements.

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AcquisitionsIllinoisMidwestMultifamilyRetail

Interra Realty Negotiates $11.2M Sale of Apartment, Retail Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $11.2 million sale of a 35-unit apartment and retail building in Chicago’s Lincoln Park neighborhood. The property at 2200 N. Clark St. features 28 apartments and seven retail spaces that were all fully leased at the time of sale. The 10,000 square feet of ground-floor retail space is home to tenants such as an art gallery and Michelin-starred restaurant Esmé. Constructed in 1891, the building has been well maintained following capital improvements in 2008-2009. Joe Smazal, Brad Feldman and Craig Martin of Interra represented the seller, a local real estate investment firm that deploys institutional capital. Interra also procured the buyer, Beal Properties, a Chicago-based private office owned by Bill Silverstein.

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DevelopmentIllinoisMidwestMultifamily

Peak Properties Adds Stewart School Lofts in Chicago to Management Portfolio

by Kristin Harlow

CHICAGO — Peak Properties has added Stewart School Lofts in Chicago’s Uptown neighborhood to its management portfolio. The project was a residential conversion of a historic elementary school. The property now features 64 luxury apartment units ranging from studios to three-bedroom layouts. The units incorporate historic details such as wood trim, hardwood floors, exposed brick walls, chalkboards, original basketball court striping and original doors. Originally constructed in 1907, the Graeme Stewart Elementary School was home to students for more than 100 years before its closing in 2013. Peak Properties is the property manager, and Cross Street is handling leasing.

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IllinoisLeasing ActivityMidwestRetail

Monos to Open 2,800 SF Store in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Travel lifestyle brand Monos has signed a 10-year lease to open a retail location on the ground floor of The Dylan at 160 N. Morgan St. in Chicago. The Dylan is a 30-story multifamily and retail development in the city’s Fulton Market neighborhood. Monos is scheduled to open its 2,800-square-foot store in spring 2025. The Canadian-founded brand launched in 2018 as an online direct-to-consumer retailer and began venturing into physical retail with pop-ups in 2022, followed by its first permanent retail location and Canadian flagship store in Vancouver in 2023. Sterling Bay developed The Dylan in partnership with Ascentris and CIBC Bank. Completed in October 2023, the property is currently 97 percent leased. Phil Golding, Todd Siegel, Kim Wiskup and Gianna Bianconi of CBRE represented Monos.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Renovates Warehouse for SMW Autoblok in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Principle Construction has completed Phase I of a renovation project for SMW Autoblok in Wheeling. This initial phase prepares the facility for a future expansion encompassing office and warehouse space. Principle previously completed a significant expansion for the tenant at the same address in 2008. SMW Autoblok, a manufacturer of turning and grinding machine tools, is implementing an automated parts picking system with the Kardex system. Phase I of the project involved constructing a walled enclosure for the Kardex system, a new shipping office and a pump room. The next phase will add a new showroom, main conference room and general office upgrades. Partners in Design was the project architect.

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Flora-Fulton-Market
DevelopmentIllinoisMidwestMultifamilyTop Stories

High Street Residential Completes 34-Story Flora Multifamily Tower in Chicago’s Fulton Market 

by Katie Sloan

CHICAGO — High Street Residential, the residential subsidiary of Trammell Crow Co., has completed Flora, a multifamily tower rising 34 stories in Chicago’s Fulton Market neighborhood.  The community offers 368 luxury units in a mix of studio, one-, two- and three-bedroom configurations alongside penthouse units with condominium-like finishes. Interior amenities include a clubroom, golf and game simulator room, fitness center and yoga studio, private dining space with a chef’s kitchen, dedicated work-from-home areas and a sound recording booth.  Flora also features an outdoor amenity deck on the second floor with grilling stations, outdoor televisions and fire pits; a rooftop swimming pool with cabanas; and a dog run and pet washing station.  The ground floor is home to 5,118 square feet of retail space, which will be occupied by a restaurant concept by celebrity chef Joe Flamm via local restaurant group Day Off Group. Slated to open in 2025, the restaurant’s name and concept will be announced at a later date. Andrew Becker of Canvas represented High Street Residential in leasing negotiations.  The community is part of Trammell Crow’s larger Fulton Park Campus, which includes two existing research and development properties at 400 N. Aberdeen St. and 1375 W. Fulton Market.  …

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DevelopmentIllinoisIndustrialMidwest

DSI Breaks Ground on 200,000 SF Warehouse Expansion for Frain Industries in Carol Stream, Illinois

by Kristin Harlow

CAROL STREAM, ILL. — Development Solutions Inc. (DSI) has broken ground on a 200,000-square-foot warehouse expansion for Frain Industries at 245 E. North Ave. in the Chicago suburb of Carol Stream. The addition will connect to Frain’s existing 330,000-square-foot facility, resulting in a combined footprint of 530,000 square feet. Upon completion, Frain Industries will operate the largest privately owned facility in Carol Stream, second in size only to the local post office, according to DSI. Completion is slated for June 2025. Headquartered in Carol Stream, Frain works in the packaging and processing industries.

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AcquisitionsIllinoisIndustrialMidwestMixed-UseOffice

DarwinPW Realty/CORFAC International Brokers Sale of 9,600 SF Flex Building Slated for Mixed-Use Development in Chicago

by Kristin Harlow

CHICAGO — DarwinPW Realty/CORFAC International has brokered the sale of a 9,600-square-foot flex building located at 2224 W. Grand Ave. in Chicago for an undisclosed price. The property is home to Rainbow Art Inc. and is currently zoned C2-2, which allows for a mixed-use development. The building is situated in the West Town neighborhood and features clear heights ranging from 12 to 16 feet, one drive-in door and two-story office space. Marc Hale and Ali Nix of DarwinPW Realty/CORFAC International brokered the sale. A residential developer purchased the asset.

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IllinoisLoansMidwestMultifamily

Pearlmark Provides $7.4M Mezzanine Investment for Recapitalization of Suburban Chicago Apartment Complex

by Kristin Harlow

MORTON GROVE, ILL. — Pearlmark has provided a $7.4 million mezzanine debt investment for the recapitalization of The Residences at Sawmill Station, a 250-unit apartment complex in the Chicago suburb of Morton Grove. Pearlmark Mezzanine Realty Partners V LP originated and structured the investment. Wintrust Bank provided the senior loan, extending its existing loan on the property. UrbanStreet Group is the owner and developer. The Residences at Sawmill Station is part of a 26-acre mixed-use development that includes a 240,000-square-foot lifestyle center. Amenities include a pool, fitness center, coworking offices, a resident lounge, dog spa, pet park and covered garage. Mark Witt of Pearlmark arranged the transaction.

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