PALATINE, ILL. — Marcus & Millichap has arranged the $5 million sale of Palatine Center, a 46,095-square-foot office property in the Chicago suburb of Palatine. Located at 865-909 E. Wilmette Road, the three-building property was fully leased at the time of sale to five tenants. Roughly 85 percent of the tenants have occupied the building for 17 to 27 years. A specialized school occupies 69.6 percent of the space. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a private investor. The duo also secured the buyer, a Texas-based limited liability company.
CHICAGO — Logistics company Spot has opened a 31,000-square-foot office at 24 E. Washington St., also known as the Marshall Field & Co. Building, in Chicago. The landmark property is home to Macy’s and the Tiffany Dome Ceiling. Spot, which previously occupied a temporary space within the building, now occupies the 11th floor of the building. Allen Rogoway, Michael Marrion and Tim O’Brien of Cresa represented Spot in the lease, while Jack O’Brien and Caroline Colnon of Telos represented ownership, Brookfield Properties. The project team for the office build-out included architect Lamar Johnson Collaborative, general contractor Bear Construction, furniture vendor Office Revolution and property manager JLL. Spot has more than 600 employees across its locations in Indianapolis, Charlotte, N.C., Tempe, Ariz., Tampa, Fla. and Chicago.
NORMAL, ILL. — JLL Capital Markets has brokered the sale of The Edge on Hovey, a 481-bed student housing community located adjacent to Illinois State University in Normal. The sales price was undisclosed. Built in 2004, the property features two-, three- and four-bedroom units averaging 1,470 square feet. The fully furnished units feature private walk-in closets, bed-bath parity and nine-foot ceilings. Amenities include a lobby, cyber lounge, fitness center, private study rooms, high-speed internet and controlled building access. Recently renovated, the community still presents the opportunity for value-add interior upgrades, according to JLL. The Edge also features a parking garage with 549 spaces and a 5,586-square-foot retail space. Scott Clifton, Teddy Leatherman, Kevin Kazlow, Jack Goldberger and Grace Picchiotti of JLL represented the seller, an entity of Blue Vista Capital Management. FPA Multifamily was the buyer.
STREAMWOOD, ILL. — Marcus & Millichap has arranged the $10.2 million sale of Westview Center in Streamwood, a northwest suburb of Chicago. The 114,735-square-foot shopping center is fully occupied. Tenants include AutoZone, Dollar Tree, Oak Street Health, Chuck E. Cheese, American Freight and H&R Block. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. Mark Ruble, Chris Lind and Brennan Clegg of Marcus & Millichap represented the buyer, a Midwest-based private investment group. The asset sold for 96 percent of the list price.
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of The Chicago High-Street Retail Portfolio, a collection of 16 street retail buildings totaling over 75,000 square feet in Chicago’s Lincoln Park and Bucktown neighborhoods. Tenants within the portfolio include Lululemon, Warby Parker, Blue Mercury, Summer House Santa Monica, Ramen-San, Barry’s Bootcamp, One Medical, Little Green Tree House, OVME, Lush Cosmetics and Bond Vet. Joe Girardi and Rick Drogosz of Mid-America represented the institutional seller. The sales price and buyer were undisclosed.
CHICAGO — The Apartment Source (TAS) has begun pre-leasing efforts for The Ivy, a newly rehabbed apartment building in Uptown Chicago. TMG Management owns the 63-unit property, which features seven studios, 54 one-bedroom units and two two-bedroom units. The renovated apartments feature high-efficiency stainless steel appliances, in-unit laundry and Italian cabinetry. Amenities include a fitness center, bike room and laundry room. TMG acquired the asset in May 2022. The building is set to reopen in early 2024.
CHICAGO — Red Oak Capital Holdings LLC has provided a $4.2 million bridge loan for a multi-tenant industrial property in Chicago. The funds will be used to refinance and upgrade the Class B facility, which is located at 3850 W. Cortland St. The loan was underwritten under Red Oak’s Opportunistic Bridge Program, one of four commercial real estate loan programs the company introduced earlier this year. The program is a higher-leverage, fixed-rate option for assets with a substantial value-add component. The debt for 3850 W. Cortland St. features a note rate of 10.5 percent and a 12-month term with two six-month renewal options. The financing represents 66.41 percent of the asset’s “as-stabilized” value of $6.4 million. The 92,511-square-foot building was constructed in 1960 and last renovated in 2019. Building features include 37,249 square feet of office space, clear heights ranging from 12 to 22 feet, four dock-high doors and six drive-in doors. Having acquired the asset in late 2019 for nearly $3.7 million, the borrower plans to use part of the debt proceeds to pay off a matured loan. The balance will go toward capital expenditure improvements as well as leasing commissions and tenant improvements to stabilize the property prior …
NILES, ILL. AND GARFIELD HEIGHTS, OHIO — Nassimi Realty has acquired two shopping centers in Illinois and Ohio for approximately $30 million. The two properties total about 500,000 square feet. Four Flaggs, a 326,084-square-foot center, is situated at the southeast corner of Golf Road and Milwaukee Avenue in Niles, a northern suburb of Chicago. The property is 75 percent leased to tenants such as Fresh Farms, Marshalls, PetSmart, Old Navy, JoAnn, Five Below and Ashley Furniture. Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree. Turney Town Plaza is located on Turney Road in Garfield Heights, a southern suburb of Cleveland. Tenants include Dave’s Market, Advance Auto Parts and Sherwin-Williams. Seller information was not provided.
CHICAGO — Illinois Institute of Technology (Illinois Tech) has leased 34,295 square feet at Fulton Labs in Chicago. Trammell Crow Co. (TCC) is the owner and developer of the property. Illinois Tech will occupy the entire seventh floor of the wet lab facility at 400 N. Aberdeen St. The facility will serve as the university’s first off-campus move to a commercial research hub. Illinois Tech expects to take occupancy by late summer 2024. Illinois Tech researchers will focus on biomedical and biological engineering, including sensors, separation science and electrochemical energy materials along with more biology-focused research such as therapeutics development. Dan Lyne of CBRE represented TCC, while Max Zwolan and Scott Brandwein of JLL represented Illinois Tech. Perkins & Will designed the new space for Illinois Tech. Power Construction will serve as general contractor for the build-out. Fulton Labs totals 725,000 square feet across two buildings.
WILMETTE, ILL. — Optima Inc. has completed Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The property is 72 percent leased. The property features one-, two- and three-bedroom layouts and penthouse configurations ranging from 660 to 2,790 square feet. Monthly rents range from approximately $3,000 to nearly $12,000. Designed by David Hovey Sr. and David Hovey Jr., the community features a seventh-floor sky deck. The rooftop common area features a sun deck, barbecues, herb gardens, a bocce court, fire pits, party room, game room, sauna and heated lap pool with retractable glass walls designed for year-round use. Indoor amenities can be found on the building’s first floor and include a pickleball/basketball court, fitness center, yoga studio, massage rooms, sports lounge, golf simulator, kids’ playroom, dog run, library lounge and work-from-home spaces. The community is slated to achieve Two Green Globes certification via the use of bird-friendly glass, eco-friendly induction cooktops and outdoor electric grills. Optima Verdana features the Chicago-area debut of Optima’s propriety exterior vertical landscaping system, which includes plants staying green year-round and promoting evaporative cooling, air purification, noise reduction and stormwater detention.