MCHENRY, ILL. — Entre Commercial Realty has brokered the sale of a 56,254-square-foot industrial building located at 4610 Prime Parkway in McHenry, about 50 miles northwest of Chicago. The property had been on the market for more than two years before the owner engaged Entre to evaluate and handle the sale. The building was extremely specialized as a prior owner had outfitted a significant portion of the interior with a two-story production mezzanine. According to Entre, it became evident that the layout was too specialized for most of today’s users in search of higher cube warehouse space, lower office ratios and extra land. Entre engaged with an architectural firm, structural engineer and construction company to evaluate the feasibility and cost to remove the partially structural mezzanine and restore the building to a more generic warehouse-type building that would meet today’s user demand. Entre identified that the property could be transformed back into a smaller 42,000-square-fot building with a two-acre land parcel for parking or outdoor storage. After the property was relaunched to the market, it sold to Viper Holdings, which provides scissors and boom lifts to the construction industry. Entre’s Dan Jones, Dan Benassi and Sam Deihs represented the undisclosed …
NORTH CHICAGO, ILL. — Baker Barrios Architects has released renderings of its design for the country’s deepest warm water therapy pool. Located in North Chicago, the project is part of an educational and research facility being developed by international nonprofit Diveheart. Founded in 2001 by Jim Elliott, a scuba instructor and former guide for visually impaired downhill skiers, Diveheart’s mission is to provide educational scuba diving programs that are open to any child, adult or veteran with a disability. The programs provide therapeutic benefits for physical, emotional and behavioral challenges. The patented design of the deep therapy pool, planned for a minimum depth of 130 feet, features a unique telescoping configuration with a portion of the structure above grade, allowing for general observation of the divers. The facility will also feature a training pool, exhibition pool, underwater observation passage, locker rooms, conference/meeting space, and medical and operational office space.
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.
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.
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.
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.
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.
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.
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.
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.