CHICAGO — Brennan Investment Group LLC has acquired the Cumberland Metro Office Park, a portfolio of 12 multi-tenant, single-story office/flex buildings totaling approximately 164,448 square feet in Chicago’s O’Hare submarket. The purchase price and seller were undisclosed. The office park is located on nearly 15 acres, less than two miles from O’Hare International Airport. The O’Hare submarket has demonstrated strong real estate fundamentals, evidenced by 12 consecutive quarters of positive net absorption, according to Kevin Brennan, vice president of acquisitions at Rosemont, Ill.-based Brennan Investment Group. The private real estate firm, which acquires, develops and operates industrial properties nationally, currently owns and manages nearly 20 million square feet of industrial properties in 22 states.
ELGIN, ILL. — Lee & Associates of Illinois has arranged the lease of a 69,175-square-foot warehouse/distribution space for Communication Test Design Inc. in Elgin. The property is located at 2380 Galvin Drive. John Sharpe and Steve Bass of Lee & Associates of Illinois represented the landlord, Stockbridge. David Mackey of Jackson Cross Partners represented the tenant in the transaction.
BELLEVILLE, ILL. —IMPACT Strategies has begun construction on a senior living community in Belleville. The $6 million Cottages at Cathedral Square will include 32 units across five buildings totaling more than 31,000 square feet. EWR Associates of Fairview Heights designed the community and Cottages Limited Partnership of Chicago is the developer. Construction on the Cottages at Cathedral Square is expected to be complete by September 2015. The project is one of several multi-housing and senior living projects built by IMPACT Strategies throughout the St. Louis Metropolitan area.
ALTON, ILL. — Cassidy Turley has arranged a retail lease in Alton, 15 miles north of St. Louis. Ross Dress for Less has leased 28,000 square feet at Alton Square Mall. The store will open in the first half of 2015 and will serve as one of the anchors for the 639,172-square-foot regional mall, which currently includes JC Penney, Macy’s and Illinois Wholesale Furniture. More than 85,000 square feet has been leased within the mall in the last year. Chase Young and Nick Cascella of Cassidy Turley represented the mall owner, Bloomington, Minn.-based NorthMarq Capital, in the transaction.
CHICAGO — Millennium Properties R/E has brokered the $3.4 million sale of five former Dominick’s Finer Foods outlots throughout the suburbs of Chicago. The five outlots were sold as a portfolio to GMX Real Estate Group, a regional retail developer and real estate service company. Three of the properties – located in Fox Lake, Oswego and Shorewood – were developed as gas stations with small convenience stores. The stations have been decommissioned and are ready for redevelopment. Two outlots, in Aurora and Frankfort, are both zoned for retail or future gas station development. Chicago-based Millennium Properties is working with Safeway on the sale and lease assignment of several former Dominick’s properties throughout Chicagoland.
CHICAGO — Mid-America Real Estate Corp. has arranged a new retail lease on behalf of Yoga Six in the River North neighborhood of Chicago. Yoga Six signed a lease for 5,600 square feet at 9 W. Erie St. The studio is a new construction project expected to open in early 2016. Paul Bryant and Michael Wexler of Mid-America represented the tenant in the transaction. New York-based Jenel Management Corp. is the landlord.
CHICAGO — Reed Construction has completed a 22,000-square-foot renovation for Garrett Brands LLC (Garrett Popcorn) at 401 N. Michigan Avenue in Chicago. Reed Construction completed a build-out of Garrett Popcorn’s headquarters, currently located on the 17th floor of the Mag Mile building. The company will relocate to the 24th floor. Construction included the installation of stone tile and wood slat ceilings throughout the elevator lobby, reception and café areas. Other features include custom, reclaimed wood reception seating and striped carpet that mimics the famous Garrett Popcorn tin. Bryan Krueger was the principal involved and Steve Sandquist was the project manager for Reed Construction. Harley Ellis Devereaux provided the architectural services. JLL is serving as owner’s representative.
CHICAGO — Marcus & Millichap has brokered the $2.8 million sale of 1455 W. Hubbard St., a loft office property in Chicago. The two-story, 24,000-square-foot office building is located in the West Town neighborhood of Chicago. The property includes 16 parking spaces on the west side of the building. Stephen Lieberman of Marcus & Millichap’s Chicago downtown office represented the undisclosed seller. A private investment group purchased the building.
CHICAGO — Baum Realty Group LLC has arranged a 3,000-square-foot lease for DryHop Brewers in Chicago. The property is located at 3446 N. Southport Ave., between Newport Ave. and Cornelia Ave. The new brewery will be called Corridor Brewery & Provisions and is scheduled to open summer 2015. Will Crowden and Allen Joffe of Baum Realty Group arranged the lease on behalf of DryHop.
NAPERVILLE, ILL. — The Boulder Group has brokered the $2.8 million sale of a single-tenant, Dunkin’ Donuts property in Naperville, a suburb of Chicago. The 3,816-square-foot property is located at 1991 Brookdale Road along Illinois Route 59. There are nine years remaining on Dunkin’ Donuts original 20-year lease, which expires Sept. 30, 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership. An East Coast-based private investor purchased the property in a 1031 tax-deferred exchange.