Illinois

Origin Capital Partners, Randolph Street Realty Acquire 238 Apartment Units in Naperville for $38M

by Christina Cannon October 6, 2015

NAPERVILLE, ILL. — Origin Capital Partners and Randolph Street Realty Capital have acquired The Iroquois Club, an apartment complex located in Naperville, about 30 miles west of Chicago. The sales price was $38 million, and MB Financial provided the acquisition financing. As part of the investment strategy, the partnership acquired 238 existing apartment units. The entire complex consists of two phases and 264 total units. One phase, featuring 136 units, includes apartments. The second phase of 128 units started to undergo a condo conversion in 2006, but the conversion project ultimately stalled out in the late 2000s with 26 condo units sold. The balance of the units in the second phase remained apartments. The property was originally developed in 1989, and the Class B asset was 81 percent leased at the time of acquisition. The joint venture duo has plans to renovate, reposition and rebrand the complex. Renovations will include new stainless steel appliances, new kitchen and bathroom countertops, updated flooring and carpet and washers and dryers. The property amenities currently include 425 parking spaces, a club room, an indoor pool with retractable roof and a fitness center. Sean Connelly of 33 Realty represented the buyers in the transaction.

October 6, 2015

Healthcare Illinois Midwest

Leopardo Breaks Ground on $61M Medical Facility in Orland Park

by Christina Cannon October 5, 2015

ORLAND PARK, ILL. — Leopardo has broken ground on the new $61 million University of Chicago Medicine Center for Advanced Care at Orland Park, approximately 25 miles southwest of downtown Chicago. The 108,000-square-foot, four-story facility is located at the intersection of 143rd Street and LaGrange Road. The facility is slated to open in late 2016 and will be the University of Chicago Medicine’s largest off-campus location. The building will consist of a pharmacy and 80 exam rooms and will provide services in radiation oncology, orthopedics, gastroenterology, cardiology, pediatrics, women’s health and surgical consulting. The project is a joint venture between Leopardo and The Bowa Group, in collaboration with architect Tsoi/Kobus & Associates.

October 5, 2015

Illinois Loans Midwest Office Wisconsin

Bloomfield Capital, Alpha Alternative Close $8.5M Office Bridge Loan

by Christina Cannon October 5, 2015

SCHAUMBURG, ILL. AND MILWAUKEE, WIS. — Bloomfield Capital and Alpha Alternative have closed an $8.5 million senior bridge loan. The loan was used to purchase a discounted note from the existing lender on a 102,000-square-foot Class B office building in Schaumburg and a 34,000-square-foot Class B office building in Milwaukee. Bloomfield Capital was approached by Alpha Alternatives to create a bridge loan structure for the existing sponsor. That structure included funding a $6.6 million discounted note purchase plus additional funds for interest and renovation reserves, totaling $8.5 million. The sponsor required additional capital for tenant improvements and leasing commissions. The buildings averaged below 70 percent occupancy at closing.

October 5, 2015

Illinois Midwest Multifamily Seniors Housing

CNL Health Care Properties Acquires Two Spectrum Retirement Communities

by Christina Cannon October 5, 2015

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.

October 5, 2015

Illinois Loans Midwest

Associated Bank Closes $7.7M Loan for Office Building Conversion in Chicago

by Christina Cannon October 2, 2015

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.

October 2, 2015

Illinois Industrial Midwest

Lee & Associates Arranges Sale of Two Warehouse Properties in Lombard, Ill.

by Christina Cannon October 2, 2015

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.

October 2, 2015

Illinois Midwest Retail

CBRE, Greywolf Partners Brokers Sale of 78,213 SF Retail Center in South Elgin, Ill.

by Christina Cannon October 2, 2015

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.

October 2, 2015

Illinois Industrial Midwest Retail

Lee & Associates Arranges 24,253 SF of Leases in Illinois

by Christina Cannon October 1, 2015

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.

October 1, 2015

Illinois Midwest Mixed-Use

Centrum Partners Begins Development on 36-Unit Mixed-Use Apartment Building near Chicago

by Christina Cannon October 1, 2015

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.

October 1, 2015

Illinois Midwest

Ryan Cos. Breaks Ground on 67,000 SF, $13M Toyota Showroom in Schaumburg, Ill.

by Christina Cannon September 30, 2015

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.

September 30, 2015

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