WOODRIDGE, ILL. — HSA Commercial Real Estate has arranged a lease for Wimmer Transportation Services. The Chicago-based trucking and freight delivery company has signed a long-term lease to occupy 17,280 square feet at the newly-completed second phase of Park 355 in Woodridge. The lease is the first at the 180,480-square-foot warehouse facility located along I-355 at 2143 Internationale Pkwy. HSA Commercial, in partnership with Denver-based Industrial Income Trust Park, developed the second phase at Park 355. The property features 30-foot clear ceiling heights, frontage on I-355, an ESFR sprinkler system, 49 exterior truck docks and four drive-in doors. The new 180,480-square-foot distribution center is divisible to 17,280-square-foot suites to accommodate smaller industrial tenants. Timothy Thompson of HSA Commercial Real Estate represented ownership in the lease transaction. Josh Hearne of Cawley Chicago represented Wimmer Transportation Services.
NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.3 million sale of a single-tenant retail building in Naperville. The property is located at 1823 Freedom Drive. Fidelity Investments occupies the property. The site is part of the Freedom Commons mixed-use development. Tenants include Morton’s The Steakhouse, Subway, Athletico Physical Therapy, Jason’s Deli and Maggiano’s Little Italy. A real estate investor based in Scottsdale, Ariz., sold the property. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum was the sole broker in the transaction.
GURNEE, ILL. — Millennium Properties R/E has brokered the $775,000 sale of a 61,700-square-foot industrial facility in Gurnee. The property is located at 3850 Clearview Court within the Hawthorne Industrial Center and is in close proximity to Skokie Highway and I-94. The research and development facility was a former generic drug manufacturing facility. The building includes labs and six loading docks. The bank-owned property was sold to an undisclosed investor that plans to use the facility to expand its presence in the Chicagoland area.
CENTREVILLE, ILL. — Construction-management firm IMPACT Strategies has begun construction on a $2.4 million expansion and renovation project at the Southern Illinois Healthcare Foundation (SIHF) Mother and Child Center in Centreville. The multi-phased project is set for completion in October. IMPACT Strategies will renovate approximately 24,000 square feet of SIHF’s current facility at 6000 Bond Ave. The renovation will include five departments. Those include pediatrics, pediatric behavioral health, adult medicine, obstetrics and dental, and the addition of an outpatient pharmacy. The project will involve five to six phases of construction to accommodate the facility’s plans to remain operational while the project is ongoing. The design-build team includes project manager Will Stadjuhar, project assistant Kari Stevens and project superintendent Larry Howard. IMPACT Strategies is collaborating with architectural design firm Bates & Associates of Clayton, Mo.
NEW LENOX, ILL. — Walker & Dunlop has provided a $20 million loan for the refinancing of Cottages of New Lenox, an 80-unit, 100-bed assisted living and memory care facility in New Lenox. The loan was structured with three years of interest-only payments using Walker & Dunlop¹s interim loan program. The borrower is an affiliate of a joint venture between Chicago-based Focus Healthcare Partners LLC and Artemis Real Estate Partners LLC. John Pantone led the Walker & Dunlop team that structured the loan. Located 42 miles southwest of Chicago, Illinois, Cottages of New Lenox features five stand-alone, 20-resident cottages, including one building that provides assisted living. Additional amenities include personalized care, health care coordination, chef prepared meals, housekeeping, and secure courtyards.
CHICAGO — Foresite Realty Partners LLC has arranged the lease of a 7,196-square-foot office space in Chicago. Alliance of Chicago Community Health Service, L3C has signed a 10-year, seven-month lease renewal at the space located at 215 West Ohio. The Alliance provides health information technology to support more than 40 non-profit health centers nationally. Foresite Reality Partners represented the landlord. Trevor Marticke of Cushman & Wakefield represented the tenant.
WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a dual-tenant retail building and a freestanding building in Warrenville, 12 miles northeast of Aurora. The property is located at 28231-28251 Diehl Road. Chipotle and Specialty’s Café have long-term leases at the dual-tenant retail building and a McDonald’s occupies the freestanding building. The seller was a local real estate investor based in Lake Bluff, Ill. An Eau Claire, Wis.-based private real estate investor purchased the property. Chad Firsel and Conor Bossy of Quantum were the sole brokers in the transaction.
CHICAGO — Mid-America Real Estate Corp. has arranged a retail lease on behalf of Millennium Dance Complex in the West Loop neighborhood of Chicago. Millennium Dance Complex signed a lease for 7,790 square feet at 1000 W. Washington Blvd. The Millennium Dance Complex is known worldwide as a studio of the commercial dance world. This is Millennium’s first location in Chicago.The dance studio is expected to open this spring. Andrew Becker and Michael Wexler of Mid-America represented the tenant in the transaction. Doug Renner and Trevor Jack of Chicago-based Baum Realty Group represented the landlord.
Here’s the Chicago commercial real estate market’s big secret: the suburbs never went away. While it’s true that office vacancy rates hit the high 20s in 2008, the truth is that suburban absorption never faltered. In early 2014, Savills Studley reviewed all office leasing transactions from 2010 to 2013, a recessionary period for the sector. The analysis revealed that of the nearly 7.4 million square feet of deals tracked, nearly three-quarters of the moves (5 million square feet) involved tenants moving from one suburb to another. Compare that trend to the relocations from the suburbs to the city, which totaled approximately 1.8 million square feet during the same period. The exodus of companies like Hillshire Brands and Motorola Mobility from the suburbs made it seem like the city was the only place to be for high-growth firms. The analysis also showed that firms moving from out of town to the area went to the suburbs rather than the city by a factor of more than 2 to 1: 385,000 square feet versus 160,000 square feet. So, it’s no surprise that the suburban Chicago office market ended 2014 with the lowest vacancy rate since 2008. The 22.6 percent vacancy rate in …
OAK PARK, ILL. — Interra Realty has arranged the sale of two multifamily properties in Oak Park for a total of $2.1 million. An 11-unit apartment building at 426 S. Wesley Ave. sold for $1.2 million. Patrick Kennelly, James Clough and Joe Smazal of Interra Realty represented both the undisclosed seller and buyer in the transaction. The property features an elevator and a 12-car parking lot in the rear of the property. The unit mix includes one and two bedroom apartments with most featuring granite countertops, stainless steel appliances and cherry cabinets. The other mixed-use property at 113 N. Oak Park Ave. sold for $865,000. Smazal, Clough and Kennelly also represented the undisclosed seller and buyer in this transaction. The property features four apartments above a first floor retail space occupied by a restaurant tenant.