Tuesday, May 13, 2025
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DevelopmentIllinoisMidwestRetail

Shorewood Development Group to Build 50,720 SF Tesla Sales, Service Center in Suburban Chicago

by Kristin Harlow

BUFFALO GROVE, ILL. — Shorewood Development Group will build a 50,720-square-foot automotive sales and service center for Tesla in the Chicago suburb of Buffalo Grove. The project site at the southeast corner of Dundee and Old Arlington Heights roads is the former location of a Rohrman auto dealership that has been vacant for more than 14 years. Daniel Barrins of Associated Bank originated a financing package on behalf of Shorewood. In addition to the financing for the service center, the loan package includes financing for the acquisition and site work of a 10-acre adjacent land parcel that consists of retail and residential zone uses. The retail property can accommodate two buildings with a combined 30,000 to 40,000 square feet of space. The residential parcel is under contract to be sold to a local apartment developer to build four buildings with a total of 197 units.

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AcquisitionsHospitalityIllinoisMidwest

Marriott to Purchase Sheraton Grand Chicago Hotel in $500M Deal

by Kristin Harlow

CHICAGO — Marriott International will purchase the Sheraton Grand Chicago in the city’s Streeterville neighborhood in a $500 million transaction, according to Marriott’s fourth-quarter 2023 results. Marriott will purchase the hotel for $300 million and spend an additional $200 million for the land. According to Crain’s Chicago Business, Tishman Realty has exercised its option to require Marriott to purchase the hotel, which was granted to Tishman as part of a 2017 settlement. The 1,218-room property is located at 301 E. North Water St.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers Sale of 168-Unit Multifamily Property in Oswego, Illinois

by Kristin Harlow

OSWEGO, ILL. — Marcus & Millichap has brokered the sale of Light Road Apartments in Oswego for an undisclosed price. Built in 1972, the 168-unit multifamily property is situated on 10 acres. One-bedroom units average 561 square feet, and two-bedroom floor plans average 750 square feet. Amenities include a clubhouse, pool and laundry facility. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor. The duo procured the buyer, a private investor, in conjunction with colleague Zack Mahoney.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Tru Vue Signs 299,200 SF Industrial Lease Renewal in McCook, Illinois

by Kristin Harlow

MCCOOK, ILL. — Tru Vue, a manufacturer of glazing products for the custom picture framing, museum, photography, technical glass and acrylic markets, has renewed its 299,200-square-foot industrial lease at 9400 W. 55th St. in McCook, an industrial suburb of Chicago. Fischer and Co. and Tom Condon of Lee & Associates represented the tenant. Terry Grapenthin and Ryan Earley of Lee & Associates represented the owner, High Street Logistics Properties.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Negotiates Sale of 23,790 SF Industrial Building in Suburban Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 23,790-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. The property at 160 Scott St. was originally marketed for lease but received multiple offers from potential buyers. Candace Scurto of Brown represented the seller, a private investor. Mason Hezner of Brown represented the buyer, GP Glass Co., which has two other locations in Elk Grove Village. The company is a custom shower glass and door installation business.

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IllinoisIndustrialLeasing ActivityMidwest

Illinois Masonry Group Signs 22,000 SF Industrial Lease in Buffalo Grove, Illinois

by Kristin Harlow

BUFFALO GROVE, ILL. — Illinois Masonry Group has signed a 22,000-square-foot industrial lease at 1025 Busch Parkway in the Chicago suburb of Buffalo Grove. The company will relocate from a nearby location. The building features a clear height of 19 feet, one dock, one drive-in doors and 4,000 square feet of office space. Brian Bocci of Entre Commercial Realty represented the tenant, while Michael Whetstone and Brian Silverman of JBS represented the undisclosed landlord.

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DevelopmentIllinoisMidwestMultifamily

McShane to Build 124 Single-Story Apartments in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — McShane Construction Co. will build Redwood Crystal Lake, an apartment community with 124 single-story units in the Chicago suburb of Crystal Lake. The developer, Redwood Living Inc., builds and manages single-story apartment homes. Redwood Crystal Lake will feature 25 townhome buildings with four to six units each. Designed by Mann Parsons Gray Architects, each apartment will offer a two-bedroom, two-bathroom floor plan along with an attached two-car garage and private patio. Completion is slated for December.

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IllinoisLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $29.5M Refinancing for Marine Terrace Apartments in Chicago

by Kristin Harlow

CHICAGO — Walker & Dunlop has arranged $29.5 million in refinancing for Marine Terrace Apartments in Chicago’s Buena Park neighborhood. The 190-unit apartment community at 4180 N. Marine Drive was formerly a condominium building. Dean Huber and Brien Martin of Walker & Dunlop arranged the loan through Prime Finance on behalf of the borrower, Rany Management. Rany plans to use around $2 million of the financing to add amenities such as a rooftop deck and a fitness room.

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AcquisitionsIllinoisIndustrialMidwest

Seefried Properties Sells 144,414 SF Industrial Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Seefried Properties has sold a 144,414-square-foot industrial building in Elgin for an undisclosed price. Jason West and Doug Pilcher of Cushman & Wakefield represented Seefried in the sale. Noel Liston of Core Industrial Realty represented the buyer, a custom plastic molded parts manufacturer. Located at 1705 Madeline Lane, the property features a clear height of 32 feet, 19 dock doors, two drive-in doors and 205 car parking stalls. The facility is part of a two-building campus totaling 465,360 square feet. The second building is under construction, and Seefried is actively seeking users to lease or purchase the property.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $3.2M Sale of Apartment Building in Chicago’s Buena Park

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $3.2 million sale of a 12-unit apartment building in Chicago’s Buena Park neighborhood. Located on North Kenmore Avenue, the property was originally built in 1896 and last renovated in 2014. Situated three blocks from Wrigley Field, the asset was fully occupied at the time of sale. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the buyer, Drexel Properties, and the seller, a private investor.

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