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AcquisitionsIllinoisMidwestMultifamily

Rany Management Acquires Remaining Condo Units at Multifamily Building in Chicago

by Kristin Harlow

CHICAGO — An affiliate of Chicago-based Rany Management has acquired the remaining owned condominium units of the building at 4180 N. Marine Drive in Chicago’s Buena Park neighborhood. The purchase price for the approximately 8.9 percent of remaining units not previously owned by Rany affiliate, 4180 Holdings, was not disclosed. Formerly known as Polo Towers Condominium Association, the property will be renamed Marine Terrace Apartments. The 16-story building features 190 units and was built in 1957. The fully occupied property is located at the intersection of Marine Drive and Gordon Terrace. Amalgamated Bank of Chicago has been a lending partner on the project since 2013.  

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IllinoisLeasing ActivityMidwestOffice

Advocate Commercial Real Estate Advisors Relocates Chicago Headquarters to West Loop

by Kristin Harlow

CHICAGO — Advocate Commercial Real Estate Advisors has relocated its Chicago headquarters to 145 S. Wells in the West Loop. The commercial real estate firm will occupy 5,980 square feet on the 14th floor. Moceri + Roszak designed, developed and owns the 20-story building, which totals 210,318 square feet of rentable office space. Amenities include a penthouse amenity lounge with pool, ping-pong and foosball tables, a café and cocktail bar, golf simulator, outdoor deck, conference center and fitness center. Mark Bâby and Matt Lerner of Stream Realty Partners represented the landlord.

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AcquisitionsIllinoisMidwestRestaurantRetail

SVN Chicago Commercial Brokers $1M Sale of Commercial Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has brokered the $1 million sale of a 5,000-square-foot commercial building along with the business sale of the ground-floor restaurant space at 5352 N. Broadway in Chicago’s Edgewater neighborhood. A local restaurant buyer purchased the building, which sits directly across the street from the CTA’s $2 billion Red/Purple Line modernization, which is set for completion in late 2024. Marcus Sullivan and Tim Rasmussen of SVN represented the undisclosed seller. The restaurant space was formerly home to Pearl’s.

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DevelopmentIllinoisMidwestMultifamily

Tandem Partners Opens 196-Unit Sage West Loop Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Tandem Partners has opened Sage West Loop, a 196-unit luxury apartment tower rising 18 stories in Chicago’s West Loop. KTGY served as the architect for the project, which features amenities such as coworking spaces, a fitness center, game room and outdoor terrace. Units come in studios, one- and two-bedroom layouts and range from 439 to 1,073 square feet. There is also 1,806 square feet of retail space and 70 parking spaces. Residents can now earn up to two months of free rent on select units, according to the property’s website. Monthly rents start at $1,595.

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AcquisitionsIllinoisIndustrialMidwest

Kingsbarn Realty Capital Acquires 61,888 SF Industrial Facility in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Kingsbarn Realty Capital has acquired a 61,888-square-foot industrial facility in Elgin that serves as the headquarters of GoldCoast Logistics. Located at 1425 Madeline Lane, the build-to-suit property was completed in 2022. GoldCoast Logistics has now entered into a 20-year triple net lease with Kingsbarn with rental increases of 2.5 percent per year. The building features a clear height of 30 feet, 12 dock-high overhead doors and four drive-in doors. GoldCoast has a fleet of more than 1,500 trucks and trailers, has more than 1,200 employees and handles over 70,000 shipments each year.

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DevelopmentIllinoisLoansMidwestOfficeTop Stories

Fulton Street Cos. Receives $233M Financing for 919 West Fulton Office Project in Chicago

by Jeff Shaw

CHICAGO — Development firm Fulton Street Cos. (FSC) has received $233 million for the financing of its 919 West Fulton office project in the Fulton Market neighborhood of downtown Chicago. Led by Shanna Khan, SNK Capital has signed on to serve as the lead equity investment partner on the project. Bank OZK and Manulife Investment Management are also providing capital.  A groundbreaking ceremony is scheduled for today. Upon completion in 2025, the 11-story building will total 360,000 square feet. FSC and JDL Development will develop the property, which will feature factory-style facades, architectural masonry and large outdoor terraces on each floor. Amenities at the building will include a conference center, 24-hour health club and a tenant lounge. The ground floor will offer 40,000 square feet of retail space. Khan, who has a background in mixed-use real estate development, interior design, manufacturing, leisure and hospitality, will act as lead designer on the project.  “Her creativity and vision embody the essence and unique qualities of the very unique neighborhood,” says Alex Najem, founder and chief executive officer of FSC. He adds that the “goal is to retain the character of the neighborhood while introducing a property that attracts those tenants who want …

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HospitalityIllinoisLoansMidwest

PACE Loan Group Provides $6.2M C-PACE Loan for 391-Room Hotel in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — PACE Loan Group has provided a $6.2 million C-PACE loan that was part of a $32.8 million refinancing package for the former Northbrook Marriott hotel in suburban Chicago. The loan was a retroactive payback for property improvements that were completed from 2019 to 2022. The enhancements included roofing and insulation, weatherization, HVAC, plumbing, LED lighting, elevator improvements, common area and public space renovations and elevator upgrades. Now flagged as a Renaissance brand, the hotel includes 391 rooms across two towers, which were built in 1973 and 1986. Matthew McCormack of PACE Loan Group originated the loan. The PACE funding entity is managed by the City of Northbrook under the provisions of the Illinois Finance Authority PACE Program.

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AcquisitionsDevelopmentHealthcareIllinoisLee & AssociatesMidwest

Lee & Associates Negotiates $4.1M Sale of Development Site in Suburban Chicago for Future Advocate Health Outpatient Center

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Lee & Associates has negotiated the $4.1 million sale of a 6.5-acre development site located at the southwest corner of Route 59 and Hoffman Boulevard in the Chicago suburb of Hoffman Estates. Rick Scardino of Lee & Associates represented the seller, Prairie Pointe Commercial (c/o Conor Commercial). Jacob Dell and Gary Fazio of CBRE represented the buyer, Advocate Health and Hospitals Corp. According to Scardino, Advocate Health plans to build a 36,000-square-foot outpatient center at an estimated cost of $34 million, inclusive of land costs.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $1.9M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow

CHICAGO — Kiser Group has brokered the sale of a historic multifamily property located at 2324 W. 111th St. in Chicago’s Morgan Park neighborhood for $1.9 million. Known as “The Castle” for its architecture, the property’s 16 apartment units were vacant at the time of sale. Originally constructed in the late 1800s as a funeral home, the building was later converted into a mixed-use asset in the 1920s. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

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IllinoisIndustrialLoansMidwest

PGIM Provides $66M Loan for Refinancing of Two Industrial Properties in Suburban Chicago

by Kristin Harlow

AURORA AND PALATINE, ILL. — PGIM Real Estate has provided a $66 million loan for the refinancing of two newly built industrial properties in suburban Chicago. The assets, which include 90 Logistics Center in Palatine and 2800 W. Diehl Road in Aurora, total 760,669 square feet. The borrower, Logistics Property Co., will use proceeds of the loan to pay off construction debt, cover closing costs and return equity to the company. Craig Foreman of PGIM originated the fixed-rate loan.

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