DES PLAINES, ILL. — Quantum Real Estate Advisors has brokered the $710,000 sale of retail building located at 804 S. Elmhurst Road in Des Plaines. Jewel-Osco and Fifth Third Bank shadow anchor the shopping center. A Bartlett, Ill.-based real estate investor sold the property. The buyer was a private real estate investor based in Northbrook, Ill. Chad Firsel of Quantum was the sole broker in the transaction.
CHICAGO — Reed Construction has completed a 20,000-square-foot renovation and expansion for Rise Interactive at 1 S. Wacker in Chicago. The build-out included the addition of an internal steel staircase with glass handrails, connecting the third and fourth floors, as well as the installation of a reclaimed wood barn door at the suite’s entry. In addition, two large meeting rooms were built-out and now feature a bar for internal company meetings and client entertainment. Reed Construction also built 10 additional private offices, eight conference rooms and two on-site cafés. Steve Sandquist was the project manager for Reed Construction. Hydzik Schade Associates provided architectural services. Rise Interactive is a digital marketing agency that specializes in traffic generation and web analytics.
DES PLAINES, ILL. — Bradford Allen Realty Services has arranged a lease renewal and restructure of 18,222 square feet for Ex Libris Group in Des Plaines. The library automation solutions company will occupy space in a 244,049-square-foot office space located at 1350 E. Touhy Ave., just north of the Allstate Arena, between I-90 and Mannheim Road. The property recently underwent renovations. Ben Azulay and Joel Berger represented the tenant. Fred Ishler of Transwestern represented ownership, Steinco Inc.
CHICAGO — 33 Realty has arranged the $10.5 million sale of a five-building multifamily portfolio in Chicago. The portfolio includes a total of 35 units. The five properties include 1653 N. Halsted (seven units) for $2.5 million; 5731-33 N. Winthrop (eight units) for $2.15 million; 1657 N. Halsted (six units) for $2.2 million; 2246 W. Belden (five units) for $1.5 million; and 4653-57 N. Beacon (nine units) for $2.15 million. Eric Weber of 33 Realty represented the seller. A group of Japanese investors purchased the properties.
CHICAGO — Oak Grove Capital has arranged $27.9 million in construction financing for a 120-unit, mid-rise luxury apartment building in Chicago. The site for the market-rate apartments is located at 2211 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. Principal Real Estate Investors provided the financing for the borrower, New York City-based Property Markets Group (PMG). Ryan Cahalan of Oak Grove Capital arranged the loan for the borrower.
GURNEE, ILL. — Marcus & Millichap has brokered the $8.6 million sale of Crown Corporate Center, a four-building, single-story office portfolio in Gurnee. The property is located at 1275-1425 Tri State Parkway. The properties were built between 1989-1998 and total 156,765 rentable square feet. The asset is 51 percent leased to six tenants. The portfolio is located immediately off of I-94 across from Gurnee Mills Shopping Outlet Mall. Stephen Lieberman of Marcus & Millichap represented the seller, New York-based Crown Properties. Bridgeview, IIl.-based Costa Construction purchased the property in a 1031 exchange.
FRANKFORT, ILL. — Reed Construction has broken ground on the Riverside Medical Center, a 20,755-square-foot medical office building for Riverside Healthcare in Frankfort. The project site is located on a 25-acre plot at the corner of U.S. Highway 45 and Steger Road. Reed will build a single-story, masonry medical office facility that will include exam rooms, CT imaging, EKG facilities and infusion bays for Riverside Healthcare. In addition, Reed will complete over 20 acres of site improvements and infrastructure for future development on the property. Project leaders participated in a groundbreaking ceremony at the site on April 15. Proteus Group will provide architectural services for the project, which is set for completion this fall.
OAK BROOK, ILL. — Podolsky|Circle CORFAC International has arranged the lease of a 3,191-square-foot office within The Drake Oak Brook Office Plaza in Oak Brook. The law offices of Engler, Baasten & Sraga will occupy the space located at 2215 York Road. The office space will serve as the firm’s corporate headquarters. Built in 1981, The Drake Oak Brook Office Plaza is a 252,000-square-foot building situated on more than nine acres. The property includes a 388-space parking garage. Corey Chase and Kyle McKechnie of Podolsky|Circle CORFAC International represented the tenant. Steve Flashbart of Jones Lang LaSalle represented building ownership, OB I LLC, in the transaction.
CHICAGO RIDGE, ILL. — Marcus & Millichap has brokered the $4.5 million sale of Ridge Terrace Apartments, a 72-unit apartment property in Chicago Ridge. Ridge Terrace Apartments is located at 7030-40 West 100th and 9940 Nottingham. The three buildings include one-bedroom and two-bedroom units ranging in sze from 715 to 860 square feet. Each building features storage spaces, off-street parking and on-site laundry facilities. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company and the buyer, a private investor.
GALESBURG, ILL. — Peak Construction Corp. has begun construction on a new Holiday Inn Express & Suites in Galesburg for Janko Group. IHG is rolling out a new prototype design for the Holiday Inn Express & Suites brand and the three-story, 81-room hotel will be one of the first new prototype hotels. Design builder Peak Construction broke ground on the project in January. The new hotel is being built to replace an existing Holiday Inn Express & Suites in Galesburg. The wood-frame structure will feature a variety of room types, a fitness facility, an indoor pool, multiple meeting rooms and a lifestyle lounge and business center. Completion of the project is schedule for October. Ligthtowler Johnson Associates provided architectural services for the project. Janko Hospitality will provide hotel management services.