SHOREWOOD, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.8 million sale of a 15,507-square-foot retail center in Shorewood, about 45 miles southwest of Chicago. Built in the mid-2000s and located on Brook Forest Avenue, the property was 85 percent leased at the time of sale and is shadow anchored by Jewel-Osco. Chad Firsel and Dan Waszak of Quantum represented the seller, an investor based in California. An Indiana-based private investor was the buyer.
ST. LOUIS — Passco Cos. has acquired Cortona at Forest Park, a 278-unit apartment complex in St. Louis. The purchase price was undisclosed. Built in 2014, the Class A community is situated near Forest Park and the Central West End neighborhood. The five-story property is 93 percent leased. Amenities include a pool, fitness center, dog park and pet spa. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, Invesco Real Estate. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. With this transaction, Passco has surpassed $4 billion in assets under management, with $250 million designated in the Midwest region.
LOMBARD AND LISLE, ILL., AND PEWAUKEE, WIS. — Newmark has brokered four sales across three office assets in Illinois and Wisconsin. Newmark represented Brennan Investment Group in the $25.9 million sale of Woodlake Corporate Park in Lombard, Ill., in two transactions. Five buildings sold to Avalair Group, while two buildings sold to Woodside Capital Partners. Newmark also represented the sellers in the $19.2 million sale of 2300 Cabot Drive in Lisle, Ill., and One & Two Riverwood Place in Pewaukee, Wis. Bridge Investment Group sold 2300 Cabot Drive to Urban Commercial Property Group. The Broe Group sold One & Two Riverwood Place to Woodside Capital Partners. Jim Postweiler, Peter Harwood, Derek Fohl and Jack Trager of Newmark were the brokers involved in the transactions.
KENOSHA, WIS. — Brinkmann Constructors has completed two speculative industrial buildings totaling 1.2 million square feet at Flint 94 Commerce Center, a 128-acre industrial park in Kenosha. Flint Development is the developer. One of the buildings totals 735,000 square feet, while the other spans 510,000 square feet. Both facilities feature a shipping office build-out and amenities such as ample heavy trailer parking, ESFR sprinklers and LED lighting.
ROSELLE, ILL. — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group (DMG), has acquired Roselle Luxury Apartments in the Chicago suburb of Roselle for an undisclosed price. DMG Capital partnered with JDI Realty and The Wolcott Group, two Chicago-based real estate investment firms, to acquire the 72-unit apartment community. DMG has managed Roselle Luxury Apartments since September 2022. All of the property’s units are two-bedroom layouts. The seller was undisclosed.
HIGHLAND, IND. — Drip Auto Spa has opened a new car wash at 8955 Indianapolis Blvd. in Highland, a city in northwest Indiana. The 45,000-square-foot redevelopment project took nearly three years of planning, zoning approvals, design and construction. F & E Ventures LLC acquired the one-acre site that included a long-defunct night club in a state of near collapse. The new auto spa on the site features the latest technology for washing cars and light-duty trucks. Multi-lane automated vehicle entry and payment systems enhance the flow and eliminate long lines. Bill Loy and Jeff Bennett of McColly Bennett Commercial Advantage brokered the transaction. Loy represented F & E Ventures in the acquisition of the land. Bennett represented the seller, Goulas Inc. Design Alliance was the project architect, and Torrenga Engineering provided engineering services. Drip Auto Spa owners plan to add new locations in Cape Coral, Fla., and Lakemoor, Ill., in 2024.
MOUNT PROSPECT, ILL. — Standard Communities has led a public-private partnership that acquired Huntington Towers in Mount Prospect for an undisclosed price. The transaction preserves affordability for the 214-unit senior living community for the next 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. Located at 551-571 W. Huntington Commons Road, Huntington Towers was built in 1978. Planned renovations include new flooring, kitchen cabinet hardware, countertops, ranges, refrigerators, microwaves and toilets. Light fixtures will be replaced, hallways will be painted and new carpet will be installed. New amenities will include a fitness center and business center. A new rooftop solar system will reduce the property’s carbon footprint by more than 215 tons of carbon dioxide per year. A resident services coordinator will be added to the staff.
AURORA, ILL. — JLL Capital Markets has brokered the sale of Aurora Commons, a 125,826-square-foot, open-air shopping center in Aurora. The sales price was undisclosed. Built in 1988, the property is 75 percent leased to tenants such as Ross Dress for Less, DD’s Discounts, Five Below, Dollar Tree, T-Mobile and H&R Block. Cermak Fresh Market shadow anchors the center, which is located at 1272 N. Lake St. Michael Nieder, Keely Polczynski and Caity Tirakian of JLL represented the seller, IRC Retail Centers. Sperry Equities was the buyer.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of a 136-room hospitality portfolio in Burlington, a city in southeast Iowa. The sales price was undisclosed. The portfolio includes the 60-room Fairfield Inn & Suites and the 76-room Holiday Inn Express & Suites. Jared Plamann, Jon Ruzicka, Jake Erickson and Joseph Ferguson of Marcus & Millichap represented the seller and procured the buyer, which completed a 1031 exchange.
PAPILLION, NEB. — Aldi is opening a new 20,000-square-foot grocery store at Settlers Creek in Papillion. Completion is slated for spring 2024. The store, which will be situated between Sam’s Club and Hobby Lobby, marks Aldi’s 12th location in Nebraska and first in Papillion. Settlers Creek is a 250,000-square-foot shopping center owned and developed by The Lerner Co. and RED Development.
