Illinois

JLL Negotiates $95M Sale of Woodlands of Crest Hill Apartment Community in Suburban Chicago

by Kristin Harlow November 2, 2023

CREST HILL, ILL. — JLL Capital Markets has negotiated the sale of Woodlands of Crest Hill for $95 million. The 730-unit apartment community is located in Crest Hill, a southwest suburb of Chicago. Built in 1972, the property has undergone various renovations since 2018. Woodlands of Crest Hill offers studio, one- and two-bedroom units with an average size of 649 square feet. Amenities include a pool, sundeck, clubroom and fitness center. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the sellers, a fund managed by DRA Advisors and Marquette Cos. Buyer information was not provided.

November 2, 2023

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 226,029 SF Randall Square Shopping Center in Geneva, Illinois

by Kristin Harlow November 2, 2023

GENEVA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Randall Square in Geneva, a western suburb of Chicago. The sales price was undisclosed. The 226,029-square-foot shopping center is home to Marshalls, Michaels, Ulta, Old Navy, PetSmart, Men’s Wearhouse and more. Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. Viking Partners was the buyer. Pine Tree served as property manager.

November 2, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Heisler Hospitality Signs 10,000 SF Lease in Chicago’s Fulton Market for New Restaurant

by Kristin Harlow November 2, 2023

CHICAGO — Heisler Hospitality has signed a 10,000-square-foot lease to occupy the entire building at 165 N. Morgan St. in Chicago’s Fulton Market. Heisler, led by entrepreneur Matt Eisler and designer Kevin Heisner, plans to open Pizza Lobo in the space in summer 2024. The lease marks Heisler’s fourth establishment in Chicago. The restaurateurs also operate Nights & Weekends and Lone Wolf in the West Loop and Estereo FM in Fulton Market. Fulton Street Cos. (FSC) owns the building at 165 N. Morgan St. along with partner Fred Latsko of Latsko Interests, which brought Guinness Open Gate Brewery to Chicago. FSC purchased the single-tenant property in December 2021 from a private investor. Previously housing the corporate offices of Tenzing Wine & Spirits, the building features a private, 2,500-square-foot outdoor courtyard.

November 2, 2023

Development Illinois Midwest Office

Onni Group Nears Completion of 643,323 SF Office Building Renovation in Chicago

by Kristin Harlow November 1, 2023

CHICAGO — Onni Group is nearing completion of the renovation of 200 N LaSalle Street in Chicago. The owner expects to finish the project by the end of the year. Onni purchased the 643,323-square-foot office building in 2012. The third floor of the property is being transformed with a new tenant lounge and bar, refreshed conference center with seating for up to 150 people, private lounge for hosting events, café and bar seating, wine and whiskey lockers, an upgraded fitness center, massage and treatment room, and multiple wellness rooms. Additional features include a lobby-level lounge and game room, golf simulator, arcade games, seating areas, a catering kitchen, secure indoor bike parking and changing rooms. Mark Gunderson and Ben Cleveland of Stream Realty Partners handle leasing for the property. Since earlier this year, the duo has leased more than 60,000 square feet of office space at the property to companies such as Wasserman, CoxReps, The Planet Group and Everest Transportation Systems.

November 1, 2023

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of Two Industrial Facilities Totaling 897,840 SF in Romeoville, Illinois

by Kristin Harlow November 1, 2023

ROMEOVILLE, ILL. — Colliers has brokered the sale of two recently constructed industrial facilities totaling 897,840 square feet in the Chicago suburb of Romeoville. The sales price was undisclosed. The buildings are located in the Weber 55 Logistics Park at the corner of Weber and Taylor roads. One of the buildings totals 627,840 square feet and is leased to RJW Logistics, while the other property spans 270,000 square feet and was vacant at the time of sale. Jeff Devine and Steve Disse of Colliers represented the seller, Molto Properties. The buyer was an institutional investor advised by Principal Asset Management.

November 1, 2023

Acquisitions Illinois Industrial Midwest

Brit Properties Buys Three-Building Industrial Asset in Chicago for $13M

by Kristin Harlow October 31, 2023

CHICAGO — Brit Properties, a Chicago-based industrial real estate firm, has acquired Belmont Properties, a three-building industrial asset totaling 82,000 square feet on Chicago’s North Side. The purchase price was $13 million. The five-acre development is situated along the east bank of the Chicago River at Belmont Avenue. The Class B, single-tenant buildings were constructed between 1968 and 1991 and are fully leased to Tampico Beverages and Beverage Flavors International. Union National Bank of Elgin provided debt amounting to a 30 percent loan-to-value ratio. Nick Stellas of Hansen Realty represented Brit Properties, while Michael Milstead of Hansen Realty represented the seller, a family that had owned the property for 30 years.

October 31, 2023

Acquisitions Illinois Midwest Retail

NewMark Merrill Acquires Two Retail Centers in Chicago

by Kristin Harlow October 31, 2023

CHICAGO — NewMark Merrill Cos. Inc. has acquired Pulaski Promenade and Midway Square in Chicago for undisclosed prices. Pulaski Promenade totals 122,710 square feet and is situated on 10.5 acres along Pulaski Road. The center is fully leased to tenants such as Marshalls, Shoe Carnival, Ross Dress for Less, PetSmart, Ulta and Carter’s. DRA/Pine Tree was the seller. Midway Square totals 55,332 square feet and is located at the corner of Pulaski Road and South Archer Avenue. The center is 92 percent leased to tenants such as Dollar Tree, Chase Bank, T-Mobile and Sally’s Beauty. TRC Retail was the seller. With these two acquisitions, NewMark Merrill now owns and operates six properties in metro Chicago representing more than 1.5 million square feet and over $220 million in value. The company plans to make various upgrades to both Pulaski Promenade and Midway Square. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. Rick Drogosz of Mid-America and Danny Spitz and Jason St. John of Greenstone Partners represented the sellers.

October 31, 2023

Illinois Industrial Loans Midwest Self-Storage

Gantry Arranges $8M Loan for Refinancing of Self-Storage Facility in Chicago

by Kristin Harlow October 31, 2023

CHICAGO — Gantry has arranged an $8 million permanent loan to refinance existing debt on a self-storage facility in Chicago’s South Loop. The property at 605 S. Wabash Ave. was formerly a parking structure, but now encompasses 1,184 self-storage units across five stories and 95,000 square feet. The property is under new management, operating as Extra Space Storage. Andy Bratt and Sean Kuang of Gantry arranged the loan on behalf of the borrower, a private real estate investor. An insurance company provided the five-year, fixed-rate loan.

October 31, 2023

Acquisitions Illinois Lee & Associates Midwest Office

Lee & Associates Brokers $3.5M Sale of 106,380 SF Office Building in Schaumburg, Illinois

by Kristin Harlow October 30, 2023

SCHAUMBURG, ILL. — Lee & Associates has brokered the sale of a 106,380-square-foot office building in the Chicago suburb of Schaumburg for $3.5 million. The five-story property is located at 930 National Parkway adjacent to Woodfield Mall. The building was originally constructed in 1989 for Cellular One and later occupied by Cingular and AT&T. Tony Russo and Ryan Freed of Lee & Associates represented the seller, Somoha LLC. The buyer, National India Hub Foundation, is a national Indian-American organization focused on local community outreach and volunteering. The buyer plans to convert the property into a multipurpose community center. Plans call for a charity clinic, conference rooms, indoor sports center, auditorium, donation center and event space.

October 30, 2023

Development Illinois Industrial Midwest

Principle Construction Underway on 100,000 SF Spec Warehouse in Mount Prospect, Illinois

by Kristin Harlow October 30, 2023

MOUNT PROSPECT, ILL. — Principle Construction is underway on a 100,000-square-foot speculative warehouse in the Chicago suburb of Mount Prospect. Stotan Industrial is the developer. The project at 350 N. Wolf Road will feature a clear height of 32 feet, two drive-in doors, 96 parking spaces, 28 trailer spaces and 12 docks. Principle demolished a former Comcast office building on the site that had sat vacant for some time. Completion of the new warehouse is slated for the end of November. Harris Architects is the project architect.

October 30, 2023

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