LISLE, ILL. — Baceline Investments LLC has acquired a 15,464-square-foot retail property in Lisle, approximately 20 miles west of Chicago, for an undisclosed price. Century Plaza was built in 2002 and is located at 2801 Ogden Ave. The shopping center consists of 10 stores including Dunkin’ Donuts, Jimmy John’s and Domino’s. The seller in the transaction was undisclosed. Denver-based Baceline Investments is a privately held boutique real estate investment and management company that specializes in the acquisition, management and sale of necessity-based shopping centers in the Midwest.
OAK BROOK, ILL. Mid-America Real Estate Corp. has brokered the sale of a 67,143-square-foot retail property in Oak Brook, approximately 20 miles west of Chicago. Newport Capital Partners acquired The Oaks of Oak Brook on behalf of Newport Fund II for $18.2 million. The retail property is located at the intersection of Kingery Highway and 16th Street and features tenants such as Panera Bread, Atheltico, Wells Fargo and Sleepy’s. Joe Girardi and Ben Wineman of Mid-America represented the seller in the transaction, a joint venture between DLC Management and Hutensky Capital Partners.
ROLLING MEADOWS, ILL. — RealtyMogul.com has arranged a $16.8 million bridge loan and $1.5 million preferred equity investment for the acquisition of an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. The facility is a non-recourse loan with proceeds being used to purchase the property and provide a facility for leasing costs. The combined terms of the debt and preferred equity offered the sponsor 81 percent of project costs. The sponsor is Schaumburg-based Helios Properties. 1600 Corporate Center is a 255,440-sqaure-foot, Class A facility that houses multiple tenants. The 12-story building is located close to Woodfield Mall. The sponsor plans to add a conference room and a gym. The building is currently 91 percent occupied with tenants suck as Bank of America, Alliant Credit Union, Fleetmatics and Regus.
CHICAGO — Baum Realty Group LLC has brokered the sale of The Armitage Collection in Chicago for $14.6 million. The Armitage Collection is a 32,604-square-foot retail portfolio that is located at 1123 – 1133 W. Armitage Ave. The portfolio is 100 percent leased to five tenants and consists of four, two-story buildings. Greg Dietz and Danny Spitz of Baum Realty represented the private seller in the transaction. The buyer was undisclosed.
LONG GROVE, ILL. — William A. Randolph Inc. has broken ground on Long Grove Senior Care, a project in Long Grove, approximately 35 miles northwest of Chicago. GART Partners selected William A. Randolph Inc. to serve as the general contractor for the two-story, 100-unit senior living community, which includes assisted living and memory care. The project will be situated on 10 acres and will feature a bistro, a pub and billiards room, outdoor patios, walking paths, gardens, a theater and a greenhouse.
ELGIN, Ill. – Ryan Cos. has completed the construction of a 246,457-square-foot industrial project in Elgin, approximately 40 miles northwest of Chicago. The development, located at 2770 Alft Court within the Randall Crossings Business Park, was constructed on behalf of Molto Properties. Ryan Cos. has owned the master-planned, 70-acre Randall Crossings Business Park since 2005. The facility for Molto Properties is situated on a 13.5-acre site and features 50-foot bays, a 60-foot speed bay, 32-foot clear heights, 40 truck docks, four drive-in doors, parking for 188 vehicles and office space to-suit. Construction on the building began in the spring of 2015. With completion of this building, Randall Crossings Business Park includes more than 1 million square feet of space. There is still a 5.7-acre land parcel remaining for development.
CHICAGO – South Street Capital has sold a 30,000-square-foot office loft building in Chicago’s West Loop neighborhood for $7.1 million. The three-story asset is located at 1130 W. Monroe St. and was originally acquired by South Street Capital in 2013. Following the original acquisition, South Street Capital made updates and improvements to the common areas and mechanical systems. The buyer in the transaction was undisclosed.
MUNDELEIN, ILL. – Lee & Associates has brokered the sale of a 16,803-square-foot neighborhood retail center for an undisclosed price. Inland Real Estate Corp. sold the property located at 1460-1492 Townline Road in Mundelein, approximately 40 miles northwest of Chicago to an undisclosed private investor. Mundelein Plaza, built in 1989, is a 100 percent occupied center, which includes tenants such as Stone Habitat, Mundelein Polish Deli and Posterworks Gallery & Frame. The plaza is an outparcel to The Great Escape, a retailer of home leisure products. Rick Scardino and Edward Winslow of Lee & Associates represented the seller in the transaction.
ORLAND PARK, ILL. — Mid-America Real Estate Corp. has brokered the $20 million sale of a Home Depot-anchored retail center in Orland Park, approximately 28 miles southwest of Chicago. Cole Real Estate Income Strategy Inc. purchased the 149,526-square-foot center, which is located at the intersection of Harlem Avenue and 159th Street. Other tenants in the center include Sleepy’s, Five Guys and Supercuts. VEREIT Inc. represented Cole Real Estate in the transaction. Ben Wineman and Joe Girardi of Mid-America represented the undisclosed seller, an Ohio-based publicly traded real estate investment trust.
CHICAGO— Gilbane Development Co. has begun construction on 30 East, a new apartment community in Chicago’s South Loop. The site is located one block west of Grant Park and is near seven colleges and universities comprising more than 26,000 students. The 16-story, 150,000-square-foot building, designed by Chicago-based architect Solomon Cordwell Buenz, will feature 255 beds within 134 apartment units. It will be completed for occupancy by August 2017. Residents will have access to building amenities including a club room, café, tech hub, fitness center, lounge areas, gaming areas, study rooms and indoor bicycle storage. Outdoor terraces will feature gas grills, a fire pit, large screen outdoor TV, indoor/outdoor fireplace and several seating areas for social interaction. High-speed Internet and Wi-Fi will be available throughout the building. Additionally, 8,000 square feet of retail space will be located on the ground floor. Apartments will be fully furnished with private bedrooms and bathrooms, floor-to-ceiling windows, in-unit washers and dryers, walk-in closets, fully equipped kitchen and a flat-screen TV. Floor plans include studio, convertible, two-, three-, and four-bedroom units. 30 East will be professionally managed and feature individual leases by the bed.