JOLIET, ILL. — Marcus & Millichap has arranged the sale of 421 and 521 Kungs Way and 2414 Douglas, a 16-unit apartment property located in Joliet. The property includes one-, two- and three-bedroom units. The property features ample off-street parking. Andrean Angelov, Ryan Engle and Adam Fortino of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, a limited liability company.
LOMBARD, ILL. — Bradford Allen has arranged the sale of a 52,564-square-foot office building in Lombard. The three-story property is located at 1910 S. Highland Ave. and is 37 percent leased. Ryan Moen of Bradford Allen represented the undisclosed buyer in the transaction. Bill Novelli and Derek Fohl of CBRE represented the seller, RBS Citizens Bank. Bradford Allen will serve as the leasing agent and property manager for the property.
PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $17.3 million Fannie Mae loan for the refinance of Green Oaks Apartments, a 384-unit affordable housing property located in Palos Hills. Community amenities include laundry facilities, community room, playground and heated outdoor pool. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin, Texas office arranged the loan for the borrower Green Oaks at Palos Hills LP.
DEERFIELD AND WESTCHESTER, ILL. — Reed Construction has completed two build-outs for Arden Realty in the metro Chicago area. In the first project, Reed Construction completed a 2,500-square-foot renovation to the Star Lite Café within the Deerfield office property located at 520 Lake Cook Road. Construction featured the installation of a new ceiling and lighting as well as millwork cabinetry, point-of-sale stations and walk-in coolers. In the second project, Reed completed an interior build-out at Lifestart Fitness Center located at 2 Westbrook Corporate Center in Westchester. The project included a 1,100 square foot build-out of the existing space, which included the addition of a new locker room area with tile showers, solider surface vanities as well as new lockers. Reed’s Jason Gunderson was the principal and Jon Zawiski was the project manager for both Arden projects. Legat Architects provided architectural services for the projects.
DEERFIELD, ILL. — Newmark Grubb Knight Frank (NGKF) has arranged the lease of 14,500 square feet at 500 Lake Cook Road in Deerfield. Market6, a provider of web-based retail collaboration applications, will occupy space within Corporate 500, a four-building office complex that includes more than 700,000 square feet of Class A office space. Market6 relocated to this space from a property at 9 Parkway North Blvd. in Deerfield. The firm also maintains an office in Cincinnati, Ohio. NGKF’s Brian Reaney and Paul Buckingham represented Market6 in the lease.
LAKE FOREST, ILL. — Marcus & Millichap has arranged the $4.3 million sale of The Fresh Market, a 16,491-square foot net-leased property located in Lake Forest. The Fresh Market is located at 850 N. Western Ave. The property underwent renovations in 2008 and 2009. Dominic Sulo, Sean Sharko and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Sharko, Weisenbeck and Adrian Mendoza, also of the firm’s Chicago Oak Brook office, represented the buyer, a limited liability company.
FAIRVIEW HEIGHTS, ILL. — L3 Corp. has arranged the lease of a 28,000-square-foot retail space in Fairview Heights. Fresh Thyme Markets will occupy space within the Fairview Heights City Centre located at 6569 N. Illinois St. Fresh Thyme Markets leased the space from Fairview Heights 881 Fee LLC. L3 Corp. represented the tenant in the transaction.
CHICAGO — @properties Commercial has arranged two retail leases at Westport Commons Shopping Center in Chicago’s Ashburn neighborhood. Westport Commons Shopping Center is located at 3302 W. 87th St. Greg Stein of Bialow Real Estate represented fashion retailer VILLA in a 10-year lease for 5,000 square feet of space. Todd Cabanban of Cabanban Rubin and Mayberry Commercial Realty represented Simply Fashions in a five-year lease for 3,500 square feet. The 180,000-square-foot shopping center is 96 percent leased. Mike Rourke of @properties Commercial represented Westport Associates LP in the two retail leases.
ROUND LAKE BEACH, ILL. — Lee & Associates has arranged the $12.7 million sale and purchase of an 87,000-square-foot Kohl’s store located at 230 E. Rollins in Round Lake Beach. Al Apuzzo of Lee & Associates – North San Diego County represented the buyer, Nipoti LLC, which purchased the property as part of a 1031 exchange. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County, and founders of Barr & Bennett Net Leased Investment Group, represented the seller, Cadillac-Sand Realty LLC. The buyer plans to hold the property indefinitely. Kohl’s has more than 10 years left on its lease.
EVANSTON, ILL. — The Dow Hotel Co. (DHC) has completed the $8.6 million renovation of the 269-room, Hilton Orrington/Evanston. The hotel is located at 1710 Orrington Ave., just north of Chicago in the North Shore district. All guest rooms and baths were completely renovated to include new carpeting, televisions, furniture, lighting, beds, bedding, showers and tiling. The hotel’s 12,000-square-foot conference center, as well as its additional 20,000 square feet of meeting space, which includes the famous Grand Orrington Ballroom, were also upgraded with new furniture, art and carpeting. The hotel public space also was reconfigured to create new private dining areas as well as new carpeting and lighting. DHC and The Carlyle Group’s Carlyle Realty Partners VI own the hotel. DHC will also operate the property. DHC is a hotel owner/investor and operator.