CHICAGO — Morgan/Harbour has completed the first phase of renovations planned for Kehoe Designs in Chicago. The full-service event décor and design company will occupy space at 2555 S. Leavitt St. The firm is consolidating four locations, including its headquarters at 2108 W. Walnut St. in Chicago, and relocating to the Pilsen neighborhood warehouse. The first phase of the construction totaled 20,000 square feet and included the addition of four showrooms along with new production areas for floral, fabrics, lighting, graphics, welding, carpentry and CNC production departments. The second phase of construction, which is currently underway, will include converting 25,000 square feet of industrial space into an event space that can accommodate up to 1,000 attendees. Morgan/Harbour’s construction team includes Graeme Foster and Jerry Hawkinson. FitzGerald Associates Architects is providing the architectural services for the renovation project.
SAUGET, ILL. — Monmouth Real Estate Investment Corp. has acquired a 198,773-square-foot industrial building in Sauget for $15.2 million. The property is located at 1602 Vincent Drive and is situated on approximately 33 acres, four miles east of downtown St. Louis. The new Class A, built-to-suit distribution center is net leased for 15 years to FedEx Ground Package System Inc., a Delaware corporation. This transaction marks the second acquisition for Monmouth for fiscal year 2015, which began Oct. 1, 2014. During fiscal 2014, the company acquired $97.4 million in new Class A industrial properties totaling 1.5 million square feet.
ARLINGTON HEIGHTS, ILL. — NXT Capital has provided a $12.3 million first mortgage to finance the acquisition of a mid-rise office building located in Arlington Heights. The 136,500-square-foot property includes a five-story parking garage. The property is seven miles from O’Hare International Airport and near the interchange of several major freeways. The transaction was brought to NXT Capital by John Parrett and Molly Green of CBRE Capital Markets’ Debt & Structured Finance office in Chicago.
FRANKFORT, ILL. — Inland Real Estate Corp. has acquired Prairie Crossings in Frankfort, an affluent southwest suburb of Chicago, for $24.7 million. Inland purchased the property in cash, excluding closing costs and adjustments from the seller, Beachwood, Ohio-based Chase Properties. The Prairie Crossings acquisition consists of approximately 109,000 square feet of gross leasable area, including more than 83,000 square feet of inline retail space, plus two multi-tenant outlot buildings. The power center is currently 99 percent leased. Bed Bath & Beyond, Sports Authority and Office Depot anchor the shopping center, which is shadow-anchored by Kohl’s. Other tenants include Famous Footwear, Panera Bread, Chipotle, Red Mango, Game Stop, Sleepy’s, Massage Envy and Spa and Hair Cuttery, among others.
GLEN ELLYN, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Fresh Market Center in Glen Ellyn, a suburb in metro Chicago. New York-based American Realty Capital Properties Inc. purchased the 30,877-square-foot center for an undisclosed sales price. The Fresh Market Center is located at the southwest quadrant of Roosevelt and Lambert roads. The Fresh Market anchors the shopping center. Tenants include Firehouse Subs, Great Clips, Tide Dry Cleaners and European Wax Center. Joe Girardi and Rick Drogosz of Mid-America represented the seller, Minnetonka, Minn.-based Opus Development Company LLC.
LISLE, ILL. — Ryan Cos. and Providence Life Services will develop an 80-unit, senior apartment community in Lisle, a western suburb of Chicago. Arbor Place of Lisle, an affordable, age-restricted community will be situated on an approximately 3.3-acre site at the northeast corner of Karns Road and Ogden Avenue. The development will comprise 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The $20.6 million development was designed and is being constructed according to Enterprise Green Communities specifications. Construction is set for completion in summer 2015. Arbor Place of Lisle is the second project for the Ryan-Providence partnership. Arbor Place of Lisle is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority.
WHEELING, ILL. — Chicago-based REVA Development Partners has broken ground on a 288-unit luxury rental community in Wheeling, a northern suburban of Chicago. Northgate Crossing is located at 250 Northgate Parkway. The 20-acre Northgate Crossing development will feature nine three-story apartment buildings. The apartments will include one- and two-bedroom plans ranging from approximately 700 to 1,200 square feet. The development is part of the village’s Town Center district, which is anchored by the municipal campus, fitness and aquatic centers, large-scale Heritage Park redevelopment and an existing Metra Station. The village also recently signed an agreement for the additional development of future residential and retail on an existing 17-acre parcel owned by the village. REVA is partnering with Chicago-based Blue Vista Capital Management on the development. Kinzie Builders, a division of Kinzie Real Estate Group, is serving as the general contractor and construction project manager. Kinzie Real Estate Group will also oversee the leasing and management of the property. Fifth Third Bank provided financing for the development.
CHICAGO — The Telos Group LLC has arranged a 49,464-square-foot lease for Cision at One Prudential Plaza in Chicago. Cision, a provider of public relations software and services, will occupy the entire seventh floor of One Prudential Plaza. The building’s ownership, Berkley Properties and 601W Cos., have committed nearly $85 million of improvements, which include the lobby and plaza areas as well as new and upgraded amenities. Jesse Van Dyke of JLL represented Cision in the transaction. Matt Pistorio and Bill Truszkowski of Telos represented building ownership.
ROMEOVILLE, ILL. — Meridian Design Build has begun construction on a new 188,166-square-foot cold storage facility in Romeoville. The build-to-suit facility is situated on a 35-acre site located at Airport Road just west of Southcreek Parkway. The property will include office space, dry storage, a refrigerated palletizing area and a -10°F freezer sized to accommodate 21,000 pallet positions. The new building will also include 36 loading docks, 75 exterior trailer stalls and 177 auto parking positions. A refrigerated elevated building link will be constructed to accommodate conveyance of product from an adjacent production facility. WBS Equities LLC and Abbott Land & Investment are providing development services for the project. Meridian has retained Ware Malcomb to provide architectural and structural design services for the project. Jacob & Hefner Associates will provide civil engineering services.
SAINT CHARLES, ILL. — NAI Hiffman has arranged the sale of two office condominiums totaling 8,238 square feet in St. Charles. The properties are located at 3310 W. Main St. The buyer, Trustee for Landrus Realty 401K Plan & Pension Fund, purchased the suites as an investment. The property features a brick and stone veneer exterior, an atrium, signage along Route 64 and Peck Road and is less than three miles from Delnor Community Hospital. Adam Johnson of NAI Hiffman’s office services group represented PB II OREO LLC in the transaction. Jake Finley of Conlon Commercial represented the buyer.