LAKE ZURICH, ILL. —CNL Health Care Properties has acquired a community developed by Spectrum Retirement Communities, which will continue to operate the facilities. The purchase price was not disclosed. The community is an 86-unit assisted living and memory care community located in Lake Zurich, a northern suburb of Chicago. The community opened in 2014 and is 96 percent occupied. Orlando-based CNL is the 21st largest owner of seniors housing properties in the U.S. and Denver-based Spectrum is the 38th largest operator, according to the American Seniors Housing Association.
CHICAGO — Associated Bank has closed a $7.7 million loan for the adaptive reuse of an office building located two blocks east of the intersection of Milwaukee and Ogden avenues in Chicago. Rockwell Partners/Chicago 925 Investment Partners LLC was the borrower. Rockwell is converting the office space into a 38-unit apartment building. Plans include expanding the building by two floors and renovating the street-level commercial space. Michael McGovern of Associated Bank managed the loan closing.
LOMBARD, ILL. — Lee & Associates has brokered the sale of two industrial warehouse and distribution properties in Lombard, approximately 20 miles west of Chicago. Capital Threshold LLC bought a 19,050-square-foot property from R & R Realty LLC. The property is located at 255 Cortland Ave. Jay Farnam of Lee & Associates represented the seller, and U.S. Asia Group represented the buyer. R & R Realty LLC bought a 40,896-square-foot property from Native Wholesale Inc. The property is located at 1101 N. Lombard Road. Jay Farnam of Lee & Associates represented R & R Realty. Transwestern represented the seller.
SOUTH ELGIN, ILL. — CBRE and Greywolf Partners Inc. have brokered the sale of a tenant-in-common owned 78,213-square-foot retail center. The Shops at Randall Road is located at 352 – 346 Randall Road in South Elgin, approximately 40 miles northwest of Chicago. Richard Frolik and Derrick Almassy of CBRE represented the ownership group in the transaction. Tenants of the Shops at Randall Road include T.J. Maxx, Petco, Pier 1 Imports and Lumber Liquidators. The development is shadow-anchored by Kohl’s and is 100 percent occupied.
GLENVIEW AND NAPERVILLE, Ill. — Lee & Associates has arranged 24,253 square feet of leases in Illinois. Andersen Corp. renewed their lease for 21,847 square feet of industrial space at 2300 Ridge Drive in Glenview, approximately 20 miles northwest of Chicago. Michael Plumb of Lee & Associates represented the landlord who is a private investor. Cushman & Wakefield represented Anderson Corp. Naperville Family Chiropractic has leased 2,406 square feet of retail space in a strip mall that is located at 3027 English Rows Ave. in Naperville, about 20 miles outside of Chicago. Joe Herron of Lee & Associates represented the tenant. Caton Commercial Real Estate represented the landlord.
LAKEVIEW, ILL. — Centrum Partners LLC has broken ground on a five-story, 36-unit apartment building, Centrum Lakeview, located at 3400 N. Lincoln Ave. in Lakeview, a Chicago suburb. The project is slated for completion in 2016, and the 40,000-square-foot building will offer one- and two-bedroom apartments ranging from 535 to 1,036 square feet. Unit amenities include floor-to-ceiling windows, modern kitchens and upgraded bathrooms. Community amenities include a fitness room, billiard room, secure bike storage, same-day dry cleaning and package storage. The complex will have 6,000 square feet of retail space on the first floor. The property is located adjacent to the ‘L’ Brown Line stop at Paulina. All building materials have been sourced locally, and Centrum has plans to add a green roof, electric car charging station and a recycling program. Centrum acquired the property from KF Lakeview LLC in 2014. The building was vacant at the time of sale. Centrum Lakeview is one of the first developments approved under the city’s 2013-revised TOD (Transit Oriented Development) ordinance.
SCHAUMBURG, ILL. — Ryan Cos. has broken ground on a 67,000-square-foot, $13 million Toyota showroom and service center for Resnick Automotive Group. The new facility, which is located at 875 W. Golf Road in Schaumburg approximately 30 miles outside of Chicago, will replace the original showroom, which was built on the same site in 1978. Demolition of the existing structure started in August. The project is slated for completion by mid-year 2016. During construction of the new facility, Schaumburg Toyota is operating out of a temporary facility located at 125 W. Higgins Road. Space in the 67,000-square-foot building will include a 14,000-square-foot showroom, a 24,000-square-foot service center area, 3,500 square feet of office space and a 2,000-square-foot staff break room and lounge. Additionally there will be 5,000 square feet of storage, including 3,500 square feet of mezzanine storage area. The property, situated on 5.6 acres, will feature 15-foot, floor-to-ceiling glass in the showroom and a covered outdoor showroom that will allow 10 or more cars to be displayed.
ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 9,000-square-foot retail building located at 7310 Walton St. in Rockford, approximately 90 miles west of Chicago. The property was sold for $2.7 million and was 78 percent leased at the time of sale. The tenants at the time of sale were Aspen Dental and Sleep Number. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction. The seller was an undisclosed real estate investor based in Illinois, and the buyer was an undisclosed Texas-based fund. Quantum Real Estate Advisors Inc. specializes in investment sales brokerage and assisting clients in the acquisition and disposition of commercial real estate.
CHICAGO — Transwestern has arranged a 26,208-square-foot lease for Noil Petroleum Corp. The office/warehouse building located at 611 – 613 N. Union St. is 58,400 square feet. John Joyce of Transwestern represented the building owner, Gross Props. Noil Petroleum plans to build 15,000 square feet of offices and use the remaining 11,200 square feet for additional vehicle storage. AAA, a client of Noil Petroleum, occupies the building’s remaining 32,000 square feet. The lease brings the building to 100 percent occupancy. Noil Petroleum plans to relocate to the facility on Nov. 1.
FREEPORT, ILL. — Colliers International has brokered the $1.2 million sale of a 9,100-square-foot retail building leased to Dollar General in Freeport, approximately 30 miles west of Rockford. The property is located at 1645 S. Galena Ave. The store was built in 2013 and sits on 1.3 acres. Dollar General is leasing the property on a long-term basis. Jason Yale of Colliers International represented the developer in the transaction. A 1031 exchange buyer from California acquired the property at a capitalization rate of 6.67 percent.