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Illinois

DevelopmentIllinoisIndustrialMidwest

Contegra Construction to Build 100,000 SF Manufacturing Plant for Manner Polymers in Mount Vernon, Illinois

by Kristin Harlow

MOUNT VERNON, ILL. — Contegra Construction is building a 100,000-square-foot, solar-powered manufacturing plant for Manner Polymers in Mount Vernon, a city in southern Illinois. Contegra expects to complete the project in November, with the plant scheduled to be fully operational by fall 2025. Manner Polymers will use the facility to manufacture flexible PVC compounds. The property will be powered by both a roof-mounted solar array and a 15-acre solar field located on site immediately adjacent to the plant. According to Contegra, the project will expand Manner’s production capacity by 100 million pounds and is projected to create 60 new jobs. The rail-served facility offers convenient access to I-57 and I-64. Additional building features include 11 dock doors, three drive-through doors, a 55-foot tower with a three-level production platform and 5,000 square feet of office space. The project team includes Gray Design Group, Alper Audi, Jarrell Mechanical, Haier Plumbing, Bi-State Fire Protection and Clinton Electric.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $4M Sale of Multifamily Property in Chicago’s West Town

by Kristin Harlow

CHICAGO — Kiser Group has brokered the sale of a fully leased multifamily property in Chicago’s West Town neighborhood for nearly $4 million. The four-building asset was renovated in 2019. Noah Clark and Jack Petrando of Kiser Group brokered the sale. The locally based buyer is assuming the loan on the property.

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AcquisitionsHospitalityIllinoisMidwest

Marcus & Millichap Arranges Sale of 86-Room Holiday Inn Express Hotel in Lake Zurich, Illinois

by Kristin Harlow

LAKE ZURICH, ILL. — Marcus & Millichap has arranged the sale of the Holiday Inn Express & Suites Lake Zurich-Barrington, an 86-room hotel in the northwest Chicago suburb of Lake Zurich. The sales price was undisclosed. The three-story property is located at 197 S. Rand Road. Amenities include an indoor heated pool, breakfast area and fitness center. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. Chris Gomes and Allan Miller of Marcus & Millichap were also listed on the deal as supporting brokers.

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IllinoisIndustrialLoansMidwest

PGIM Real Estate Provides $74.5M Acquisition Loan for Industrial Portfolio in Elwood, Illinois

by Kristin Harlow

ELWOOD, ILL. — PGIM Real Estate has provided a $74.5 million loan for the acquisition of a three-property industrial portfolio in Elwood, about 40 miles southwest of Chicago. The fully leased buildings total 1.7 million square feet and are located within the CenterPoint Intermodal Center. The properties feature access to the BNSF intermodal terminal. PGIM provided the fixed-rate financing on behalf of Stonepeak.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $12.7M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of an apartment building located at 2827-2847 N. Clybourn Ave. in Chicago’s West Lakeview neighborhood for $12.7 million. The property features 30 apartment units and six commercial spaces. The residential portion was more than 95 percent occupied at the time of sale. The building features a heated indoor parking garage for 34 vehicles and an additional 12 exterior spaces for the commercial units. Brad Feldman of Interra represented the seller, a private local investor. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, also a local investor. The buyer assumed the asset’s existing mortgage, which carries a 3 percent interest rate.

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Affordable HousingIllinoisLoansMidwestMultifamily

BWE Provides $8.3M Acquisition Loan for Affordable Housing Property in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — BWE has provided an $8.3 million Fannie Mae loan for the acquisition of Brookstone Apartments in the Chicago suburb of Waukegan. Built in 1986, the garden-style affordable housing property features 168 units across four buildings. Of the total units, 50 are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are designated for residents earning up to 60 percent of AMI. Adam Gould of BWE originated the 10-year loan, which features 36 months of interest-only payments and a 30-year amortization secured by a first lien.

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AcquisitionsIllinoisIndustrialMidwest

Phoenix Closures Sells 113,124 SF Industrial Building in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Phoenix Closures Inc. has sold its former corporate headquarters and manufacturing facility located at 1899 Highgrove Lane in the Chicago suburb of Naperville. The buyer, Amerikoa Ingredients, is a natural and sustainable ingredients distributor that is relocating from Melrose Park. Built in the late 1970s, the 113,124-square-foot building features BNSF rail access. Jeff Blake of DarwinPW Realty/CORFAC International represented the seller, while Todd Heine of Colliers represented the buyer.

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DevelopmentIllinoisMidwestMultifamily

Summit Design + Build Completes 120-Unit Tapestry Station Luxury Apartment Complex in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Summit Design + Build has completed construction of Tapestry Station, a 120-unit luxury apartment complex located at 740 W. Main St. in Evanston. The five-story property features ground-floor commercial space. Amenities include a rooftop deck, fitness center, heated parking and coworking space. Located on the site of the former Vogue Fabrics, Tapestry Station is situated next to a Metra Line station. City Pads and Catapult Real Estate Group served as the project developers and Built From was the architect. According to the property website, a grand opening special puts monthly rents starting at $1,495.

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IllinoisLeasing ActivityMidwestRetail

Whole Foods Market to Expand Store at River Forest Town Center in Suburban Chicago

by Kristin Harlow

RIVER FOREST, ILL. — Whole Foods Market is expanding its existing 30,101-square-foot store at River Forest Town Center in the Chicago suburb of River Forest. The grocer will take over the adjacent 7,100-square-foot space formerly home to Rally House. The tenant also plans to complete a full remodel of its store and has signed a new 25-year lease. Dick Spinell of Mid-America Asset Management and Scott Stefanik of Midwest Commercial Realty negotiated the lease.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 106,120 SF Industrial Lease Expansion in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Lee & Associates has negotiated a 106,120-square-foot industrial lease renewal and expansion at 300 Airport Road in Elgin. The tenant is UVA Distributors, a wine and spirits distributor. The lease includes UVA’s current unit of 46,130 square feet plus a 59,990-square-foot expansion. Kenneth Franzese, John Cassidy and Jeff Janda of Lee & Associates represented the owner, LINK Logistics. Mike Berkowitz of Entre Commercial represented the tenant. Built in 2010 and known as Fox River Business Center, the property totals 176,799 square feet and features a clear height of 30 feet.

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