BENSENVILLE, ILL. — American Bear Logistics Corp. has signed a 56,264-square-foot industrial lease at 1065 Thorndale Ave. in the Chicago suburb of Bensenville. Chris Nelson and Calvin Gunn of Lee & Associates represented the landlord, Prologis. Nick Krejci of CORE Industrial Realty represented the tenant, which is a logistics company that focuses on integrating international freight forwarding, warehouse management, U.S. inland road transportation and import/export customs declaration services.
FRANKLIN PARK, ILL. — Entre Commercial Realty has arranged the sale of a 35,000-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property at 10100 Pacific Ave. is situated near I-294 and O’Hare International Airport. Chris Wilbur and Jeffrey Locascio of Entre represented the seller, Climate Solutions Window & Doors, which expanded and relocated to a larger facility within Franklin Park. Edward Pohn of Coldwell Banker Commercial represented the undisclosed buyer.
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a trophy retail property along Chicago’s Michigan Avenue for an undisclosed price. Located at 8 N. Michigan Ave., the property features a long-term lease with Starbucks and is located directly across the street from Millennium Park. Joe Girardi and Emily Gadomski of Mid-America represented the undisclosed seller. The buyer was a foreign high-net-worth family office.
VERNON HILLS, ILL. — Bender Cos. and Eastham Capital have acquired Arrive Town Center in the Chicago suburb of Vernon Hills. Built in 2010, the property features 85 luxury apartment units, amenities and 10,000 square feet of ground-floor retail space. Floor plans average 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and heated indoor parking garage. The property will undergo improvements and a rebranding, taking on the new name The Landing at Town Center. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer. The seller and sales price were undisclosed.
CHICAGO — Skender has completed a gut renovation on Chicago Public Media’s studio space located at 848 E. Grand Ave. on Chicago’s Navy Pier. The 7,600-square-foot studio space serves both WBEZ and the Chicago Sun-Times. The original broadcast studios dated back to 1995. The project involved the addition of custom soundproof windows between studios, soundproof editing booths, acoustic wall panels, mobile sound diffusers, millwork and graphics. Skender built out four two-person edit booths, two anchor studios, a talk studio, back-up on-air and production studio, dedicated production studio, audio/visual studio and an on-air music studio. The project team included architect V Three Studios and engineer Syska Hennessy Group.
CHICAGO — Kiser Group has arranged the sale of a multifamily property located at 7042 S. Michigan Ave. in Chicago’s Grand Crossing neighborhood for $1.8 million. All of the units have been renovated in the last 10 years, and the property was nearly fully occupied at the time of sale. Aaron Sklar and Noah Birk of Kiser represented the buyer and seller, both of which were long-term owners in the area. The sales price represented a cap rate of nearly 9 percent.
BARTLETT, ILL. — Brown Commercial Group has negotiated a land sale that will bring a new 166,573-square-foot industrial building to Bartlett in suburban Chicago. The project on the southeast corner of Kenyon Road and Illinois Route 25 will support warehousing, distribution or e-commerce tenants. Dan Brown of Brown Commercial Group represented Cratos Industrial in the acquisition. The project team includes Cornerstone Architects and DSI Group. The project will be divisible by three units of 45,000 to 65,000 square feet. Plans call for a clear height of 32 feet, 36 exterior truck docks, three-drive in doors and 202 parking spaces. Occupancy is slated for 2025.
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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M
CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …
BELVIDERE, ILL. — MAG Capital Partners has purchased a 336,204-square-foot manufacturing facility in Belvidere near Rockford for an undisclosed price. Located at 775 Logistics Drive and built in 2017, the property was designed for heavy manufacturing needs and features clear heights ranging from 27 to 35 feet, 24 fully equipped raised docks and three grade-level doors. Upon closing, Piranha, a manufacturer and assembler of metal cutting, fabrication and bending equipment, signed a long-term lease for the space. MAG Capital Partners, led by principals Dax Mitchell and Andrew Gi, invests in industrial real estate and operating companies throughout the continental U.S. JC Asensio, Andrew Sandquist and Briggs Goldberg of Newmark represented the seller, STAG Industrial Holdings LLC.
HODGKINS, ILL. — LaGrange Crane Inc., a crane rental services company, has signed a 138,994-square-foot industrial lease renewal and expansion at 6800 Santa Fe Drive in Hodgkins, an industrial suburb of Chicago. The tenant currently occupies 74,766 square feet. Ryan Mullins and Nick Krejci of Core Industrial Realty represented the tenant. The landlord was undisclosed.