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IllinoisLoansMidwestMultifamilyStudent Housing

KeyBank Secures $25.9M Loan for Illinois Student Housing Apartment Complex

by Danielle Everson

EDWARDSVILLE, ILL. — KeyBank Real Estate Capital has secured $25.9 million in CMBS financing for Enclave West, a 552-bed student housing apartment complex in Edwardsville. Randy Martin of KeyBank Real Estate Capital Markets arranged a $22.7 million non-recourse, fixed-rate CMBS first mortgage and a $3.24 million full-recourse, fixed-rate life company mezzanine loan for the undisclosed borrower. Located 20 miles northeast of downtown St. Louis, the 98.4 percent occupied property was built in phases in 2013 and 2014. The property is the closest off-campus student housing property to the University of Southern Illinois Edwardsville.

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IllinoisIndustrialMidwest

M&M Brokers $2M Sale 45,883 SF Industrial Property in Alsip, Ill.

by Danielle Everson

ALSIP, ILL. — Marcus & Millichap has brokered the $2 million sale of Fasco Inc., a 45,883-square-foot, net-leased property located in Alsip. Fasco Inc. is located at 11610 S. Austin Ave. The property is a tilt-up concrete building and has a rentable area of 50,483 square feet. Approximately 20 percent of the building is office space. Sean O’Brien of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a private investor, and represented the buyer, another private investor.

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IllinoisIndustrialMidwest

Darwin Arranges Sale of 1,500 SF Industrial Condo in Roselle

by Danielle Everson

ROSELLE, ILL. — Darwin Realty & Development Corp. has brokered the sale of a 1,500-square-foot industrial condo unit in Roselle. The #208 condo unit is located at 820 W. Lake St. Mas Plumbing leased the space, which will be used as the base of operations for the firm’s plumbing business. Dan Fanelli of Darwin represented the undisclosed buyer. Russ Nelms of Coldwell Banker represented undisclosed the seller.

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IllinoisIndustrialMidwest

Sitex Group Acquires 128,000 SF Warehouse in Chicago

by Danielle Everson

CHICAGO — Sitex Group has acquired a 128,000-square-foot vacant warehouse located at 5000 S. Homan in Chicago for an undisclosed sales price. Situated on nearly 16 acres, the property is located in the city’s 14th ward near the I-55/Pulaski Avenue interchange. The former CN Railroad distribution facility features 30-foot clear heights, 30 exterior loading docks, grade level access and office space. Sitex Group will soon begin renovations, which will include façade enhancements, parking lot improvements, upgrades to the office space and the addition of modern lighting.

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IllinoisMidwestMultifamilyRetail

Akara Partners to Develop Retail/Apartment Building in Chicago

by Danielle Everson

CHICAGO — Akara Partners plans to develop a two-building, 270,202-square-foot apartment complex at 500 N. Milwaukee in Chicago’s River West Neighborhood Fulton River District near the West Loop. Following demolition of an existing vacant building on the site, Akara will proceed with construction of 227 apartment units, 14,000 square feet of street-level retail space and 102 parking spaces at the northwest corner of Milwaukee and Grand avenues. The design by Pappageorge Haymes Ltd. includes a four-story building on the corner totaling 55,074 square feet and a 14-story building on the other side of Green Street totaling 215,128 square feet. BMO Harris Bank is providing construction financing for the development and Goldman Sachs serves as the equity partner. CA Residential is Akara’s development partner and Tishman Construction is the general contractor. The development is scheduled for completion in 2016.

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IllinoisIndustrialMidwest

Paine/Wetzel TCN Worldwide Arranges Lease of 30,117 SF Industrial Space in Broadview, Ill.

by Danielle Everson

BROADVIEW, ILL. — Paine/Wetzel TCN Worldwide has arranged the lease of a new 30,117-square-foot industrial space in Broadview. Golden Eagle Distributors will occupy space located at 2121 21st St. The general merchandise distribution company is relocating from 4139 W. Ogden Ave. in Chicago. The new property includes high ceilings, wide bays, 3,000 square feet of office space and two interior truck docks with elevators. The building also includes an overhead drive-in door and available parking. Albert Schulman of Paine/Wetzel TCN Worldwide represented Golden Eagle Distributors. Darwin Realty’s Dan Fanelli represented the building’s owner, GIS Rolling LLC.

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IllinoisMidwestRetail

Peet’s Coffee & Tea Opens in The Wrigley Building; Ghirardelli to Open Memorial Day

by Danielle Everson

CHICAGO — Peet’s Coffee & Tea Inc. has opened a new store and Ghirardelli Chocolate Co. has signed a new lease in Chicago’s Wrigley Building. Peet’s will occupy 1,140 square feet on the ground floor of the south tower of the building at 400-410 N. Michigan Ave. The Peet’s store has been built with the company’s new store design that showcases the art of its coffee making and also features historic photos of The Wrigley Building from the early 20th century. Ghirardelli Chocolate Co. has signed a new lease for 7,000 square feet of retail space in the south tower for an ice cream and chocolate shop. The new store is set to open on Memorial Day. The Wrigley Building is owned by a group of investors led by BDT Capital Partners and includes Zeller Realty Group, and Eric Lefkofsky and Brad Keywell personally, as minority investors.

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IllinoisIndustrialMidwest

Darwin Arranges Sale of 36,371 SF Industrial Facility in St. Charles, Ill.

by Danielle Everson

ST. CHARLES, ILL. — Darwin Realty & Development Corp. has arranged the sale of a 36,371-square-foot industrial facility in St. Charles. A Midwest-based food manufacturing and distribution company purchased the property, which is located on more than two acres at 2531 Dukane Drive. The property, which was built in 1980 and expanded in 2001, features an 18-foot, 6-inch clear ceiling height and three interior docks with one grade-level door. Geoff Kasselman of Newmark Grubb Knight Frank represented the seller, an East Coast-based printing services company.

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CivicIllinoisMidwest

Holland Completes Construction on O’Fallon Fire House in Illinois

by Danielle Everson

O’FALLON, ILL. – Holland Construction Services Inc. has completed construction on the new O’Fallon Fire/EMS headquarters, and parks and recreation maintenance facility. Holland served as construction manager on the $5.8 million project. The 16,400-square-foot, five-bay firehouse features workstations, sleeping quarters, a weight room and a training/conference center. The 7,500-square-foot parks and recreation maintenance building includes four apparatus bays and multi-purpose administration space.

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ScenicTree
IllinoisMidwestMultifamily

Essex Brokers $17M Sale of 254-Unit Apartment Property in Palos Hills, Ill.

by Danielle Everson

PALOS HILLS, ILL. — Essex Realty Group Inc. has brokered the $17.1 million sale of 254 units within Scenic Tree Condominiums in Palos Hills. The property is located at 10205 S. 86th Terrace. Scenic Tree Condominiums is a multifamily garden unit community consisting of a total of 448 units. The property is within walking distance of the Green Hills Public Library, Oak Ridge Elementary School and Osborne Park. Doug Fisher of Essex Realty Group represented the undisclosed buyer. Matt Welke and Jason Fishleder of Essex represented the undisclosed seller.

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