LOVES PARK, ILL. — American Street Capital (ASC) has arranged a $4.2 million CMBS loan for the refinancing of an apartment complex in Loves Park, about five miles north of Rockford. Built in 1969, the complex consists of 60 units across eight buildings. Units come in one-, two- and three-bedroom layouts. Igor Zhizhin of ASC arranged the 10-year loan, which features a fixed interest rate and two years of interest-only payments. The borrower was a seasoned owner-operator in the market.
OAK BROOK, ILL. — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired the RUSH Oak Brook Medical Center in the Chicago suburb of Oak Brook. RUSH University System for Health sold the property for nearly $71 million, according to Crain’s Chicago Business. The three-story, 93,386-square-foot medical office building and ambulatory surgery center is 99 percent leased by RUSH University System for Health and Midwest Orthopaedics at RUSH, a division of OrthoMidwest. Located at 2011 York Road, the property was completed in 2018. Services offered at the facility include physical therapy and rehabilitation; neurosurgery; ear, nose and throat; OB/GYN; dermatology, pain management; gastroenterology; and primary care.
NORTH AURORA, ILL. — Nova Medical Products has signed a 91,956-square-foot industrial lease at 410 Smoke Tree Plaza in North Aurora, about 40 miles west of Chicago. The facility is located within the Park 88 Logistics Center and is slated for completion in the second quarter of 2024. Relocating from McCook, Nova will occupy 55 percent of the 165,928-square-foot building. Kenneth Franzese and John Cassidy of Lee & Associates represented the tenant, which is a manufacturer and distributor of medical equipment products such as cranes, crutches, transport chairs and knee scooters. John Whitehead and Jack Brennan of NAI Hiffman represented the landlord, TradeLane Properties.
MOUNT PROSPECT, ILL. — Principle Construction has completed an 80,053-square-foot speculative warehouse on behalf of developer Seefried Industrial Properties in Mount Prospect, a northwest suburb of Chicago. Located at 2240 S. Busse Road, the property features a clear height of 32 feet, 16 exterior docks, two drive-in doors, 17 trailer stalls and parking for 89 cars. Harris Architects provided architectural services and Kimley-Horn served as civil engineer. Principle also completed a 34,011-square-foot build-out for an undisclosed tenant.
CHICAGO — A joint venture between Fulton Street Cos. and SNK Capital has broken ground on 919 W Fulton Street, a high-rise office development in Chicago’s Fulton Market neighborhood. The development, which will span 409,000 square feet at 919 W. Fulton St., is Chicago’s first major new office development to commence construction in over a year, according to the joint venture. The 11-story building will feature floor-to-ceiling windows; outdoor terraces on all sides; a rooftop lounge and bar; several co-working and conference spaces; and a fitness center. Chicago-based real estate investor Harrison Street Real Estate Capital has signed on to occupy 170,000 square feet at the property, which will also feature a ground-floor restaurant by the locally based Gibsons Restaurant Group. The development will also include a 65-stall parking deck on the building’s lower level, which will be connected to an existing lower-level parking structure at 210 N. Peoria St. The project is scheduled for completion in 2025 and will pursue WELL and LEED Silver certifications. Bank of the Ozarks and Manulife provided financial backing for the property. The development team includes JDL Development, Skender, FitzGerald Associates Architects, Morris Adjimi Architects, Thornton Tomasetti, Eriksson, Syska Hennessy Group and site design group …
CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Crystal Point, a 317,006-square-foot shopping center in the Chicago suburb of Crystal Lake. The sales price was undisclosed. The grocery-anchored property is 87 percent leased and features a vacant Bed Bath & Beyond space. Tenants include TJ Maxx, Best Buy, Ross Dress for Less, The Fresh Market, Ulta, Steinhafels Furniture and Cost Plus World Market. Ben Wineman, Rick Drogosz and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. PMAT Real Estate Investments was the buyer. The sale marks the 100th transaction for PMAT since its inception in 2003. The property was managed by Pine Tree.
DES PLAINES, ILL. — JVM Realty Corp. has purchased Ellison Apartments in the Chicago suburb of Des Plaines for an undisclosed price. The 113-unit luxury apartment complex, built in 2019, features a variety of floor plans averaging 894 square feet. Amenities include a spa pool, sundeck, clubroom, business center, fitness center, pet spa, bike room and indoor garage parking. John Jaeger of CBRE brokered the deal, which marks the ninth Illinois property in JVM’s portfolio. The seller was undisclosed.
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.
