AURORA, ILL. — The Connor Group has acquired a 368-unit apartment community in Aurora, approximately 40 miles west of Chicago, from American Realty Advisors. The sales price was undisclosed. The Class A asset, located at 1840 Clubhouse Drive, was 96 percent occupied at the time of sale. Susan Lawson and Debbie Corson represented American Realty Advisors in the transaction.
WINNETKA, ILL. — SVN | Chicago Commercial has brokered the $1.5 million sale of a 7,800-square-foot retail building in downtown Winnetka, a northern Chicago suburb. Bertha Turner TN4 LLC sold the property, located at 563-571 Lincoln Ave., to Edgewood Real Estate Investment II LLC. Wayne Caplan of SVN | Chicago Commercial represented the seller and was the sole broker in the transaction. The building features six storefronts and includes tenants such as apparel retailers J. McLaughlin and Sara Campbell, a local real estate office and two local antique dealers. One storefront is currently vacant. This transaction is the first time the property has traded hands since its construction nearly 90 years ago.
NORTHBROOK, ILL. — Prime Finance has provided the owners of a 195,000-square-foot office building, located at 400 Skokie Blvd. in Northbrook, with a $19.5 million refinance loan arranged by Draper and Kramer. The ownership group, a partnership between Romanek Properties, Bachmann Associates and Syndicated Equities, will use $2.5 million of the loan proceeds to make building improvements. Upgrades will include a conference center, expanded fitness center and improvements to all common areas. The Class A office building is leased and managed by CBRE. Dan Graham and Peter Clifton of CBRE lead leasing efforts at the building. Bill Barry and Bill Stewart of Draper and Kramer arranged the financing for the owners.
ROSEMONT, ILL. — CBRE has brokered the sale of the 380,360-square-foot One O’Hare Center in Rosemont, a northwest Chicago suburb. A partnership between MDC Realty Advisors and Nicola Crosby acquired the property for $83 million. Paul Lundstedt and Dan Deuter of CBRE represented the ownership group in the transaction. The 12-story office building was built in 1986 and is currently 95 percent leased. The building houses 24 tenants including Reyes Holdings and Colliers International. Amenities of the office building include a fitness center, covered parking, on-site cafe and a shuttle service.
CHICAGO — American Street Capital has arranged a $2.3 million acquisition loan for a multifamily property in Chicago. The property consists of 85 units and 64,390 square feet of rentable space. The borrower was undisclosed. The non-recourse CMBS loan features a 10-year term and 30-year amortization. Igor Zhizhin of America Street Capital arranged the loan.
NAPERVILLE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired an office building located at 55 Shuman Blvd. in Naperville, a western suburb of Chicago, for an undisclosed price. The 205,282-square-foot MetroWest building was 92 percent occupied at the time of sale. Tenants include Wells Fargo, Dun & Bradstreet, Stanley Convergent Security Solutions and UPM Kymmene Inc. Paul Lundstedt, Dan Deuter, Tom Sitz and Cody Huntermark of CBRE represented the seller, a joint venture between Franklin Partners LLC and Bixby Bridge Capital LLC. The property was built in 1986 and is situated on 11.3 acres. The 10-story office building includes a front patio, outdoor putting green, fitness center, deli, conference room and 598 surface parking spaces. The acquisition was made on behalf of Equus Investment Partnership X LP.
ITASCA, ILL. — PREMIER Design + Build Group LLC has broken ground on a children’s pediatric medical office building in Lake in the Hills, a village in Itasca about 30 miles northwest of Chicago. The 5,118-square-foot building was commissioned by Children’s Medical Group S.C. and is slated to open in early 2016. The medical office will feature 12 patient exam rooms, two treatment rooms, a dedicated breastfeeding room and separate waiting and exam rooms for sick and well children.
CHICAGO — FitzGerald Associates Architects has completed the renovation of the Stony Island Arts Bank in Chicago. The former 26,000-square-foot bank, located in the Grand Crossing neighborhood, has been converted into an arts and cultural center. FitzGerald served as the primary architect for the restoration and oversaw the $4.5 million project. The bank was originally built in 1923 and was designed by Williams Gibbons Uffendell. The bank stood vacant for more than 20 years before community artist Theaster Gates acquired it in 2012. Gates purchased the three-story building from the City of Chicago for $1. The renovated facility will serve as an exhibition venue and platform for art installations. FitzGerald directed the full interior and exterior repair and restoration of the bank building. Exterior repairs included limited replacement of the building’s terra cotta façade, replacement of the windows in compliance with historic guidelines and restoration of the original cast iron entrance. Interior restoration included retention of the coffered plaster ceiling in the original banking hall, ornamental plaster detailing throughout the first floor and terrazzo flooring. The bank vault in the basement will be left in the condition it was found in order to demonstrate the scope of restoration. Efforts are underway …
CHICAGO — Sterling Bay has unveiled plans to develop a 207,000-square-foot office building in Chicago. The build-to-suit property is located at 1511 W. Webster in the Lincoln Park neighborhood. Sterling Bay acquired the 4.1-acre site earlier this year and will be the developer and manager of the property. The three-story building will become the new headquarters for C.H. Robinson, which has signed a 15-year lease for the entire property. The relocation will provide C.H. Robinson, the largest logistics company in Chicago, with 47,000 more square feet than it occupies in its current lease at 1840 N. Marcey St. Occupancy is slated for late 2018.
MIDLOTHIAN, ILL. — Cooper Commercial Investment Group has brokered the sale of a 60,392-square-foot retail center located in Midlothian, a suburb 20 miles southwest of downtown Chicago. The multi-tenant Mid Oak Shopping Center sold for $5.1 million. The facility is anchored by Charter Fitness and shadow anchored by Walgreens. Dan Cooper of Cooper Commercial Investment represented the undisclosed seller. The buyer was also undisclosed. Mid Oak Shopping Center was 74 percent occupied at the time of sale.
