CHICAGO — Concord Summit Capital LLC has arranged $10 million in mezzanine financing for the construction of a luxury apartment complex in Chicago. Daniel Eidson, David Larson and Keegan Burger of Concord Summit arranged the financing, which included a senior loan with a C-PACE component. The project will feature amenities such as a fitness center, lounge, game room, private event space, outdoor pool and ground-floor coworking spaces. The lender and borrower were not disclosed.
OAK LAWN, ILL. — Interra Realty has arranged the $3.1 million sale of a multifamily portfolio in Oak Lawn, a southwest suburb of Chicago. Each of the three buildings on Mansfield Avenue houses eight units. At the time of sale, the buildings were 96 percent occupied. Michael Duckler of Interra represented the seller, a private investor. The seller replaced water tanks, added new windows, repaired roofs and completed painting and carpeting.
WHEATON, ILL. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. The value-add center was 76.2 percent leased at the time of sale. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Old National Bank provided acquisition financing. Core Acquisitions will provide property management services, and Mid-America Asset Management, which has handled leasing at the property for 20 years, will continue to serve as the leasing agent.
By Dougal Jeppe, Colliers Over the past few years, we have been inundated with less than positive industry news. While it’s true we are at a historic moment in commercial real estate, and users are facing complex, never-before-seen questions about how to use their space, there remain many positives as we head toward the second half of 2024. So, let’s take a look at the good news from the Chicago office market. For now, downtown Chicago remains a tenant’s market, a trend expected to persist throughout 2024. With over 47.2 million square feet of office space available, tenants have a plethora of high-quality options to choose from, making it an opportune time for businesses seeking favorable lease terms to secure space. And companies are doing just that. There has been a recent uptick in large space renewals by long-term office tenants including some consolidations reflecting the commitments many Fortune 500 companies, such as Mesirow and PNC Bank, have made to the City of Chicago. Notably, JPMorgan Chase announced plans to reinvest in Chicago by renovating its namesake tower and keeping its 7,200 employees in the city. Similarly, Google has committed to the Central Loop, and plans to move about 1,000 …
BEACH PARK, ILL. — Marcus & Millichap has brokered the sale of Self Storage of Beach Park, a 57,050-square-foot self-storage property in Beach Park, a city in northeast Illinois. The sales price was undisclosed. Completed in 2021, the asset features 197 non-climate-controlled units and 250 climate-controlled units within three single-story buildings. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Extra Space Storage. The property will be rebranded as Storage Express.
CHICAGO — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group, has acquired Linkt Apartments in Chicago’s River West neighborhood for $14.2 million. The luxury apartment property includes 47 units and two street-level retail spaces. The asset is 95 percent occupied. DMG will manage the building and oversee a common area refresh and light unit rehabs. The fitness center, outdoor green space and lobby will all be part of upgrades that will occur in the second half of this year. The acquisition marks DMG Capital’s third in six months, totaling $40 million in new assets. Philip Galligan and Danny Kaufman of JLL Capital Markets arranged debt financing through Freddie Mac. Meredith Katz and Ariel Murray of Greenberg Traurig LLP represented DMG in the purchase. Craig Martin and Joe Smazal of Interra Realty brokered the transaction on behalf of the buyer and undisclosed seller.
ELGIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,496-square-foot industrial building in Elgin for an undisclosed price. Located on Church Road and built in 1979, the property is fully leased to three tenants. The facility features three docks, four drive-in doors and parking for 30 cars. Nick Kyriazes of 360 Real Estate Services represented the undisclosed seller, while Matthew Lee and Parker Ray of Core Industrial Realty represented Venture One. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.
CHICAGO — Interra Realty has brokered the sale of a 48-unit apartment building in Chicago’s Lakeview East neighborhood for $11.2 million. Located at 452 W. Oakdale Ave. and constructed in 1971, the property includes 16 studios and 32 one-bedroom units. All apartments were occupied at the time of sale. Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, a local investment group led by Cagan Management.
NAPERVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,230-square-foot industrial building in the Chicago suburb of Naperville for an undisclosed price. Constructed in 1989, the property was 50 percent leased to one tenant at the time of sale. The building features a clear height of 18 feet, two docks, two drive-in doors and parking for 42 cars. Venture One plans to make improvements such as new spec office space, energy-efficient warehouse lights and a new parking lots. Ted Gates and Dylan Demaio of CBRE will market the property for lease. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.
CHICAGO — Interra Realty has brokered the sale of a three-property, 18-unit multifamily portfolio on Chicago’s Northwest Side for $3.1 million. The six-flat buildings, located at 8622 W. Berwyn Ave., 8657 W. Berwyn Ave. and 5240 N. Oakview Ave., were all built in 1969. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller, a local partnership. Jay Chandran of Jay C. Realty represented the buyer, a local partnership.