JOLIET, ILL. — Marcus & Millichap has arranged the $1.7 million sale of Glenwood Apartments & Townhomes, a 30-unit property in Joliet. The property consists of five six-unit buildings adjacent to Provena St. Joseph Medical Center. James Clough of Marcus & Millichap represented the seller, a local apartment owner, in the transaction.
WOODRIDGE, ILL. — Allstate Insurance Co. has renewed its lease for 94,233 square feet at 9022 Heritage Parkway, a Class A office building in Woodridge. Dan O'Neill and Jud Henry of NAI Hiffman represented the landlord, Oak Realty Group, in the transaction. Tom Hollinden and Mike Cummings of Colliers International represented AllState.
NEW YORK CITY — New York City-based Garrison Investment Group has purchased a 13-property portfolio of neighborhood and community shopping centers totaling 1.7 million square feet in Ohio and Indiana. The seller is Kimco Realty Corp. The properties feature prominent retailers such as T.J. Maxx, Giant Eagle, Kroger and Home Depot. Cincinnati-based Select Strategies will manage and lease the properties. The portfolio is 90 percent leased.
CHICAGO — Sovran Acquisition has acquired Safe & Secure Storage, a 63,910-square-foot self-storage facility in Chicago. The property is located at 20765 W. Grass Lake Road and will be rebranded as Uncle Bob's Self Storage. The property contains 433 units, 110 of which are climate controlled, and 27 parking spaces. Sean Delaney of Marcus & Millichap represented the seller, a private investor, in the transaction. Angelo Tomasello, Tony Rider, Peter Weimer and Jonathan Attea of The Locke Group represented the buyer.
OCONOMOWOC, WIS. — Wangard Partners has started construction on the second phase of The Preserve at Prairie Creek, an apartment community in Oconomowoc. The first phase, completed earlier this year, consists of 102 apartments. Phase II will add 126 apartments in seven new buildings. The buildings will feature luxury kitchens, walk-in closets and include access to the community clubhouse. The community borders a nature preserve, which is home to deer, cranes and other wildlife. The community also features a recreational trail.
CRYSTAL LAKE AND NORTHBROOK, ILL. — Title Boxing Club is expanding its presence in Chicagoland after signing a lease for 7,832 square feet of retail space in Randall Plaza, located at 435 Angela Lane in Crystal Lake. Ben Andrews and Andrew Gomez of Sperry Van Ness represented the tenant in the transaction. Additionally, the company inked a lease for 6,836 square feet at Brookside Plaza in Northbrook. Title Boxing Club has locations currently operating in Buffalo Grove, Schaumburg and Naperville, as well as multiple states nationwide.
CHICAGO — HFF has arranged $10 million in financing for the remaining 168 units of Woodland Park, a 240-unit fractured condominium complex in Chicago. Christopher Vittetoe and Matthew Schoenfeldt led the HFF team that secured the 10-year, fixed-rate loan through RBS Global Banking & Markets. The Luzzatto Co. is the borrower. Woodland Park is located at 606 Woodland in the Bronzeville neighborhood of Chicago. The property has three residential buildings that are 94 percent leased.
CHICAGO — HFF has arranged a $47 million loan for 77 West Huron, a 25-story apartment tower with ground-floor retail space in Chicago's River North neighborhood. Matthew Schonefeldt led the HFF team that negotiated the 10-year loan through New York Life Insurance Co. 77 West Huron features luxury units that range in size from 536 to 2,862 square feet. Amenities include doorman service, a laundry room, bicycle storage and 192 parking spaces. The borrower, L&B Realty Partners, is currently renovating and upgrading the property.
BOLINGBROOK, ILL. — Crews have broken ground on the Autumn Leaves of Bolingbrook, a $10.2 million memory care and assisted living community, which will serve 50 residents. The 26,000-square-foot facility will serve families living with Alzheimer's, dementia and memory impairment. The community will focus on life enrichment programs, nutrition and personalized programs. With its secure design, residents will have access to the entire building, including outdoor courtyards. The community owner, The LaSalle Group, has partnered with RT Partners and BMO Harris Bank on the project. Autumn Leaves is slated to open during the third quarter of 2013.
NEW LENOX, ILL. — A joint venture between Focus Healthcare Partners and Artemis Real Estate Partners has acquired an 80-unit assisted living and memory care campus in New Lenox for $9.8 million via a court-ordered receivership sale. The campus consists of five buildings that are substantially identical. The units contain modern amenities, including kitchenettes and private bathrooms. Two of the five buildings are designated for memory care services. The project was built in 2007 by a local developer, but struggled with occupancy. It was placed in receivership in 2010. The new owners plan to upgrade the property and convert an additional building to memory care. Encore Senior Living will manage the property.
