Monday, August 4, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Illinois

AcquisitionsIllinoisMidwestRetail

Mid-America Negotiates Sale of 124,005 SF Downers Park Plaza Shopping Center in Suburban Chicago

by Kristin Harlow

DOWNERS GROVE, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Downers Park Plaza, a 124,005-square-foot shopping center in the western Chicago suburb of Downers Grove. Anchored by Shop & Save Market, the property is 94 percent leased. Additional tenants include Dollar Tree, Phenix Salon Suites, Super CDA, Quilters Quest, CosmoProf, AAA and Hallmark. The center, situated at the northeast corner of 75th Street and Lemont Road, is shadow anchored by TJ Maxx, Best Buy and Old Navy. Ben Wineman and Emily Gadomski of Mid-America represented the seller, PMAT Real Estate Investments. Detroit-based Broder & Sachse Real Estate was the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
Build-to-RentDevelopmentIllinoisMidwestSingle-Family Rental

Lynd Nears Completion of 178-Unit Build-to-Rent Community in Oswego, Illinois

by Kristin Harlow

OSWEGO, ILL. — Lynd, a real estate development and property management firm, is nearing completion of Home at Ashcroft, a 178-unit build-to-rent community in the Chicago suburb of Oswego. The developer has opened decorated models at the property, which is located at 137 Dorset Ave. Home at Ashcroft offers three-bedroom, attached single-family homes starting at $2,591 per month. Originally designed as for-sale single-family homes, the property features wider layouts than most townhomes and offers features typically found in detached single-family homes such as open layouts, two-car garages with extended driveways, basements, fenced-in yards and back porches. Ranch and two-story floor plans range from 1,559 to 1,747 square feet. Groups of six homes share a cul-de-sac. An onsite management team provides services such as plant watering, yard care, snow removal, package receiving and dog walking. Work is underway on a $2 million community clubhouse with a fitness and wellness center, outdoor pool, covered pavilion, fountain, firepit and grills. Slated to open later this year, the 5,500-square-foot space includes a lounge that opens to a warming kitchen and coffee bar, private library, events room, coworking stations, conference rooms, game area and package delivery room.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRetail

Interra Realty Brokers $10.5M Sale of Redevelopment Site in Chicago’s Logan Square

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $10.5 million sale of a 2.3-acre retail redevelopment site in Chicago’s Logan Square neighborhood. The property is located at 2053 N. Milwaukee Ave. near the intersection of Milwaukee, Western and Armitage avenues. The site currently houses a vacant 25,473-square-foot retail building, formerly a CVS store, and approximately 125 parking spaces. Colin O’Malley of Interra represented the seller, a local real estate owner and investor. The undisclosed buyer is hoping to redevelop the site under the existing zoning, according to Interra.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLoansMidwestMultifamily

CEDARst Receives $44M Loan for Refinancing of Chicago Apartment Complex

by Kristin Harlow

CHICAGO — CEDARst Cos. has received a $44 million loan for the refinancing of Duncan Apartments in Chicago. Citigroup provided the CMBS loan, which was arranged by Berkadia. The first mortgage loan features a fixed interest rate of 6.67 percent over a five-year term. CEDARst, a Chicago-based real estate development firm, redeveloped the 260-unit apartment complex in 2020. A $51.5 million existing first mortgage from New York-based ACRE was fully repaid. Additional equity was secured via a large, Midwest-based family office.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Negotiates Sale of 42,000 SF Industrial Building in Solon Mills, Illinois

by Kristin Harlow

SOLON MILLS, ILL. — Entre Commercial Realty has negotiated the sale of a 42,000-square-foot industrial building in Solon Mills, a city in northern Illinois. Dan Benassi and Sam Deihs of Entre represented the buyer, JHB Group Inc., which designs and manufactures custom mobile response platforms primarily for public service agencies. The company’s products include mobile trailers and equipment used by municipal fire departments, police departments, military and other agencies for use in public safety operations, education, training and community outreach. JHB will be relocating from a 15,000-square-foot building in Lake in the Hills. Ralph Huszagh of JC Forney represented the undisclosed seller. The sales price was also not provided.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

Clear Height, ICP Funds Acquire Two Industrial Buildings in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — A joint venture partnership between Clear Height Properties and ICP Funds has acquired two light industrial buildings in Sky Harbor Industrial Park in Northbrook, a northern suburb of Chicago. The purchase price was undisclosed. The multi-tenant buildings total 93,059 square feet and are fully leased. The properties are located on Landwehr Road and Era Drive. Sean Devaney, Kurt Sarbaugh and John Huguenard of JLL brokered the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Berkadia Brokers $38M Sale of 662-Unit Multifamily Property in Urbana, Illinois

by Kristin Harlow

URBANA, ILL. — Berkadia has brokered the $38 million sale of Town & Country, a 662-unit multifamily property in Urbana. Located at 1032 E. Kerr Ave., the garden-style community offers convenient access to the University of Illinois. Town & Country was built in phases between 1970 and 2007, and was 98 percent occupied at the time of sale. Ralph DePasquale of Berkadia represented the seller, Colorado-based Monarch Investment and Management Group. The buyer was Michigan-based MF Capital. The transaction also included an adjacent 52-unit self-storage facility.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisIndustrialMidwest

CRG to Develop 66,552 SF Spec Industrial Facility Adjacent to O’Hare International Airport

by Kristin Harlow

FRANKLIN PARK, ILL. — CRG has unveiled plans to develop The Cubes at ORD, a 66,552-square-foot speculative industrial facility in the Chicago suburb of Franklin Park. The project will be situated on 4.3 acres at 3901 Fleetwood Drive immediately southeast of O’Hare International Airport. The multimodal facility, which will feature direct access to I-294 and the airport, will accommodate small and mid-size users looking for Class A space in the submarket. Completion is slated for the fourth quarter. The Cubes at ORD will offer the same modern features as CRG’s other Cubes-branded facilities, including ESFR sprinkler systems, high-efficiency LED lighting, 20 exterior docks, two drive-in doors, 11 trailer storage spaces and parking for 70 vehicles. CRG’s parent company, Clayco, will serve as the builder. CRG affiliate Lamar Johnson Collaborative is the architect. Brian Colson and Brian Pomorski of Avison Young will market the project for lease. Avison Young also represented CRG in the purchase of the land, while Michael Caprile of CBRE represented the sellers.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsData CentersIllinoisIndustrialMidwest

Cawley Brokers Sale of 14-Acre Land Assemblage in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Cawley Commercial Real Estate has brokered the sale of 12 parcels of land totaling 14.2 acres in Itasca for an undisclosed price. Located on Marino Court, the site had long been a coveted location for developers over the past decade, with multiple unsuccessful attempts to secure the parcels. Andrew Maletich of Cawley worked on the deal for 27 months to secure contracts for all the parcels, overseeing the annexation and rezoning of the site into the Village of Itasca. He ultimately brokered the sale of the property, which sold to a large data center company.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingIllinoisLoansMidwestMultifamily

Merchants Capital Provides $103M in Financing for Rehabilitation of Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Merchants Capital has provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable housing property in Chicago. The building is situated across from the Obama Presidential Center in the city’s Woodlawn neighborhood. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Merchants Capital maximized equity via a structure called “twinning,” which leveraged both 4 percent and 9 percent tax credits issued by the Illinois Housing Development Authority (IHDA) and the City of Chicago. The 4 percent and 9 percent equity syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million. Merchants Bank provided $26.5 million for the property acquisition in 2021. Planned renovations for Island Terrace include replacement of the roof, windows, plumbing and electrical systems; a redesigned first floor with a community room and laundry facilities; and updated kitchens and bathrooms throughout the 240 units. Prior to the recapitalization, only 88 of the community’s units carried affordable restrictions. The new financing structure enabled POAH to expand …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts