Illinois

JLL Brokers $30M Sale of 146,000 SF Shopping Destination in Chicago

by Kristin Harlow January 8, 2024

CHICAGO — JLL Capital Markets has brokered the $30 million sale of The Retail and Parking at Marina City, a 146,000-square-foot retail, dining and entertainment complex with structured parking along the Chicago Riverwalk. The property, situated at the base of two condominium buildings, is located at 333 N. Dearborn St. in the heart of the city’s River North neighborhood. Designed in 1958 by architect Bertrand Goldberg, the property was designed as a “city within a city” and has been a popular destination for locals and tourists. Prominent retail tenants include Smith & Wollensky, Legal Sea Foods, Yolk, Spin, 10Pin, Tortoise Supper Club and Jefferson Beach Yacht Sales. Michael Nieder, Keely Polczynski and John Dettlaff of JLL represented the seller, Pebblebrook Hotel Trust. Sperry Equities was the buyer.

January 8, 2024

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $7.2M Sale of Hanover Square Shopping Center in Suburban Chicago

by Kristin Harlow January 8, 2024

HANOVER PARK, ILL. — Marcus & Millichap has negotiated the $7.2 million sale of Hanover Square, a 111,828-square-foot shopping center in the Chicago suburb of Hanover Park. Located at 6606 Barrington Road, the property is home to a mix of national, regional and local tenants with two outlots anchored by a full-service grocer and a gymnastics training center. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a government agency. Buyer information was not provided.

January 8, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $4.6M Sale of Apartment Building in Chicago’s Wicker Park

by Kristin Harlow January 8, 2024

CHICAGO — Interra Realty has arranged the sale of a 10-unit apartment building in Chicago’s Wicker Park neighborhood for $4.6 million. According to CoStar data, the sales price marks one of the highest ever in the submarket. Located at 1220 N. Bosworth Ave., the property consists of four one-bedroom units, four two-bedroom units and two four-bedroom residences. Amenities include bike storage, a fitness center and rooftop deck. Constructed in 2020, the building was fully occupied at the time of sale. Brad Feldman of Interra represented the seller, a real estate operator for whom he brokered the original acquisition in 2021. Feldman also sourced and represented the buyer, a Chicago-based investment group that assumed the existing loan as part of the deal.

January 8, 2024

Acquisitions Illinois Midwest Retail

Mid-America Real Estate Brokers Sale of 41,455 SF Spoerlein Commons Retail Center in Suburban Chicago

by Kristin Harlow January 5, 2024

BUFFALO GROVE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Spoerlein Commons, a 41,455-square-foot retail center in the Chicago suburb of Buffalo Grove. The sales price was undisclosed. The property features a variety of medical, wellness, restaurant, retail and service tenants along with second-floor offices. Rick Drogosz, Emily Gadomski and George Ghattas of Mid-America represented the institutional seller. CRE Pro was the buyer.

January 5, 2024

Acquisitions Illinois Midwest Multifamily Seniors Housing

Dandelion Development Acquires Senior Living Property in Cary, Illinois, for $4.5M

by Kristin Harlow January 5, 2024

CARY, ILL. — Dandelion Development LLC has acquired the newly constructed Haber Pointe Senior Luxury Apartments in Cary, about 44 miles northwest of Chicago. The purchase price was $4.5 million. The 24-unit property totals 24,177 square feet. Paul Proana of Coldwell Banker Commercial and Heather Schweitzer of Premier Commercial Realty brokered the transaction. Foxboro Group LLC was the seller.

January 5, 2024

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Arranges $9.1M Sale of Fogo de Chao-Occupied Property in Suburban Chicago

by Kristin Harlow January 4, 2024

OAK BROOK, ILL. — Marcus & Millichap has arranged the $9.1 million sale of an 11,857-square-foot restaurant property occupied by Fogo de Chao in the Chicago suburb of Oak Brook. Constructed in 2021 and located at 1204 W. 22nd St., the Brazilian steakhouse anchors the new Oak Brook Commons mixed-use development that is located on the former McDonald’s headquarters site. Oak Brook Commons currently features a 17-story apartment building, a medical office building and three freestanding restaurants. Future construction plans call for creative office space, condos and a hotel. Nicholas Kanich of Marcus & Millichap marketed the property on behalf of the seller, a Houston-based developer and property manager. Kanich also secured and represented the buyer, a Chicago-based developer and investor.

January 4, 2024

Acquisitions Illinois Midwest Multifamily

Breneman Capital Acquires 52-Unit Apartment Building in Chicago’s West Loop

by Kristin Harlow January 4, 2024

CHICAGO — Breneman Capital has acquired Adams Laflin Place, a 52-unit apartment building in Chicago’s West Loop neighborhood. The purchase price was undisclosed. Built in 2020, the property is located at 128 S. Laflin St. There are seven one-bedroom units and 45 two-bedroom units. Dwelle Properties, a full-service property management firm founded in 2019 by Drew Breneman and Sam Meyer, will manage the property. Steve Horvath and Marc Bombicinio of CREW Advising brokered the sale. Brett Hill of Greystone originated acquisition financing. Breneman Capital now owns 171 units in the West Loop neighborhood.

January 4, 2024

Development Illinois Industrial Midwest

Missner Group, CBRE IM Complete 169,838 SF Spec Industrial Building in Chicago

by Kristin Harlow January 4, 2024

CHICAGO — Joint development partners The Missner Group and CBRE Investment Management have completed a 169,838-square-foot speculative industrial building in Chicago. The Missner Group also served as general contractor for the property, which is located at 3900 S. Normal Ave. in the city’s Bridgeport neighborhood. The building features a 3,700-square-foot model office, 16 loading docks, two drive-in doors, 26 tractor-trailer positions and parking for 168 cars. The property also features an abstract mural designed by AMUSE 126, a local artist known for his graffiti-inspired illustrative and typographic art. Cornerstone Architects and engineer Spaceco Inc. made up the project team. Mitch Adams, Steven Livaditis and Nicole Mentone of CBRE are the leasing brokers. CBRE will also serve as property manager.

January 4, 2024

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 47,873 SF Glenbrook Marketplace Shopping Center in Suburban Chicago

by Kristin Harlow January 3, 2024

GLENVIEW, ILL. — Mid-America Real Estate Corp. has arranged the sale of Glenbrook Marketplace, a shopping center totaling 47,873 square feet in the Chicago suburb of Glenview. The sales price was undisclosed. Tenants include Starbucks, Fifth Third Bank, Athletico, Club Pilates, X Golf, Studio Spin and Jimmy John’s. Walgreens shadow anchors the property. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Northpond Partners. Phillips Edison & Co. Inc. was the buyer.

January 3, 2024

Acquisitions Illinois Midwest Multifamily

Tishman Speyer Acquires Union West Luxury Apartment Tower in Chicago for $128M

by Kristin Harlow January 2, 2024

CHICAGO — Tishman Speyer has acquired Union West, a 15-story luxury apartment tower in Chicago’s West Loop neighborhood. The purchase price was roughly $128 million, according to Crain’s Chicago Business. Completed in 2019, Union West features 357 units ranging in size from studios to three bedrooms. A joint venture led by ZOM Living sold the property, which is located at 939 W. Washington Blvd. The building, which is currently 94 percent leased, features amenities such as a fitness center, lounge, entertainment space, an outdoor pool, private work and meeting rooms, a yoga and spin room, pet spa, dog run and onsite boutique grocer West Loop Market. John Jaeger of CBRE represented the seller.

January 2, 2024

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