Tuesday, June 17, 2025
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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates Sales of Two Chicago Multifamily Properties Totaling $2.7M

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sales of two multifamily properties in Chicago’s Montclare neighborhood for a total of $2.7 million. A nine-unit building at 3145 N. Nordica Ave., constructed in 1965, sold for $1.4 million. A nine-unit property at 3037-39 N. Harlem Ave., built in 1974, sold for $1.3 million. The Nordica asset closed at full price and marked the highest price per unit for vintage apartment buildings in the Montclare neighborhood in the last nine years, according to CoStar. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller, a local partnership that had owned the properties for decades. The trio procured the buyer of the Harlem property, a local investor. Beco Kalamperovic of Dream Town Real Estate represented the undisclosed buyer of 3145 N. Nordica. The new owners plan to renovate units as tenants move out.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 15,520 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Lee & Associates has negotiated a 15,520-square-foot industrial lease for Soosan USA, a wholly owned North American subsidiary of Soosan Heavy Industries. The property is located at 1390 Gateway Drive in Elgin. Soosan designs, manufactures and supplies hydraulic breakers, compactors and crawler drills to 70 different countries. John Sharpe and Rick Anesi of Lee & Associates represented the tenant. Matt Garland of Cawley Chicago represented the owner, Clear Height Properties.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 12,013 SF Industrial Facility in Hebron, Illinois

by Kristin Harlow

HEBRON, ILL. — Entre Commercial Realty has brokered the sale of a 12,013-square-foot industrial facility in Hebron, a city in northeast Illinois. The sales price was undisclosed. The property features additional land suitable for outdoor storage or future expansion. The facility once served as the headquarters of KBI Custom Case, a manufacturer specializing in casework for the commercial sector. Elisabeth Lazzara and Kevin Kaplan of Entre represented the seller, while Kevin Kaplan of Entre represented the buyer, CTS Group of Cos. The trucking and logistics company plans to utilize the space as its new headquarters.

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DevelopmentIllinoisIndustrialMidwest

Alberici to Build Two Solar Energy Projects in Central Illinois

by Kristin Harlow

ILLINOIS — Alberici will build two utility-scale solar energy projects for Adapture Renewable Inc. (ARI) in central Illinois. The developments will be comprised of more than 232,000 solar panels each. Alberici is scheduled to break ground later this year, with commercial operation expected in early 2026. ARI anticipates that the projects will create more than 300 jobs during construction and over $250 million in economic impact to the local communities. Although the developments would include enough capacity to power more than 34,250 homes, the electricity generated by the solar plants will be procured by a social technology company through an Environmental Attributes Purchase Agreement. Coordination of the projects will be managed and executed by Alberici in conjunction with resources from its enterprise affiliate Flintco Renewable Energy.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $4.2M Sale of Walgreens-Occupied Property in Machesney Park, Illinois

by Kristin Harlow

MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $4.2 million sale of a 14,490-square-foot retail property net leased to Walgreens in Machesney Park, just north of Rockford. Constructed in 2008, the building is located at 1680 W. Lane Road. Joe Sparano, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction. The asset sold to a local buyer completing a 1031 exchange.

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IllinoisLoansMidwestMixed-Use

BWE Arranges $17M Acquisition Loan for Mixed-Use Property in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — BWE has arranged a $17 million loan for the acquisition of 939 North Avenue, a Class A mixed-use property in Chicago’s Lincoln Park neighborhood. The asset features roughly 200,000 square feet of retail, fitness and medical office space as well as a 350-space parking garage. Daniel Rosenberg and Logan Petersmeyer of BWE arranged the loan on behalf of the borrowers, Farpoint Development and MCZ Development Group. A debt fund provided the loan, which features interest-only payments.

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IllinoisIndustrialMidwestSelf-Storage

Devon Self Storage to Manage Six Properties Totaling 361,000 SF in Five States

by Kristin Harlow

OAK BROOK, ILL. — Oak Brook, Ill.-based Devon Self Storage, a member of The Inland Real Estate Group of Cos. Inc., has been awarded the property management contract for six self-storage properties in Indiana, Colorado, Michigan, Nevada and Louisiana totaling roughly 361,000 square feet. The assets include a 603-unit property in Fort Wayne, Ind.; a 487-unit property in Northglenn, Colo.; a 459-unit facility in Waterford, Mich.; a 387-unit facility in Las Vegas; and a 595-unit property in Baton Rouge, La. To date, Devon manages 119 properties for 12 owners across the U.S. The firm expects to add approximately 100 additional self-storage facilities by year’s end.

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AcquisitionsIllinoisMidwestMultifamily

SVN Chicago Commercial Brokers $3.4M Sale of Apartment Building in Windy City’s Pilsen Neighborhood

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has brokered the $3.4 million sale of an 11-unit apartment building in Chicago’s Pilsen neighborhood. The property is located at 1800 S. Carpenter St. Paul Cawthon and Angelo Labriola of SVN represented the buyer and seller. The out-of-state buyer secured a Freddie Mac SBL loan.

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DevelopmentHealthcareIllinoisMidwest

42,000 SF Orland Park Medical Pavilion Opens in Suburban Chicago

by Kristin Harlow

ORLAND PARK, ILL. — Orland Park Medical Pavilion, a two-story medical office building totaling 42,000 square feet, has opened in the southwest Chicago suburb of Orland Park. Located at 17047 S. LaGrange Road, the facility is anchored by Silver Cross and Premier Suburban Medical Group (PSMG). The property houses primary care physicians, advanced practice providers and a wide range of specialists for cardiology, endocrinology, gastroenterology, general surgery, hematology/oncology, orthopedics and rheumatology. Perry Higa of NAI Hiffman represented Silver Cross and PSMG by negotiating the land purchase and bringing in Remedy Medical Properties as the developer, Leopardo Construction as the general contractor, Jensen and Halstead as the architect and Kimley-Horn as civil engineer. Higa also negotiated the ground lease and long-term lease for both providers. The new facility houses comprehensive lab, imaging and pharmacy services; a 20-bay cancer care and infusion center; an endoscopy suite with two procedure rooms; and 38 exam rooms.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $3.4M Sale of Apartment Portfolio in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $3.4 million sale of a four-property apartment portfolio totaling 14 units in Chicago’s Lincoln Park neighborhood. The portfolio consists of two apartment buildings, a single-family home with coach house and a vacant lot. Joe Smazal of Interra represented the buyer and seller, both local private investors. The properties were recently renovated with updated kitchen cabinets, appliances and bathroom vanities as well as refreshed common areas.

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