BARRINGTON, ILL. — Avalon Equities has purchased Barrington Station, a 5,780-square-foot retail building in Barrington, a northwest suburb of Chicago. The purchase price was undisclosed. Tenants at the property include Starbucks, Verizon, Briddick Tile & Stone and Skinovatio Medical Spa. CBRE represented the seller, GK Development.
FORT WAYNE, IND. — Schindler Elevator Corp. has renewed its 2,150-square-foot industrial lease at 7616 DiSalle Blvd. in Fort Wayne. John Caffray of Sturges Property Group represented the tenant as well as the landlord, DiSalle Boulevard Partnership. Switzerland-based Schindler Group is one of the leading global manufacturers of elevators, escalators and moving walks. The U.S. headquarters for Schindler Elevator Corp. is based in Morristown, N.J.
CHICAGO — Sheba Medical Center will anchor a global health and wellness innovation hub in Phase I of a 100-acre mixed-use project to be developed on the former Michael Reese Hospital site in Chicago’s Bronzeville neighborhood. GRIT, a joint venture comprised of Farpoint Development, Bronzeville Community Development Partnership, Chicago Neighborhood Initiatives, Draper and Kramer, Loop Capital and McLaurin Development, is developing the project in partnership with Kaleidoscope Health Ventures. Known as the ARC Innovation Center, the building will include wet labs, incubators and other life sciences offices and commercial facilities. The entire project will include multifamily, affordable housing, retail, senior living, community space and a proposed new Metra station. Construction on Phase I is expected to begin in 2021.
FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 128,829-square-foot office building in Farmington Hills for an undisclosed price. Built in 2001, the Class A property is located at 37101 Corporate Drive. It is fully leased to Panasonic Automotive Systems. Mason L. Capitani represented the buyer, LREH Michigan LLC. The seller was undisclosed. Capitani’s affiliate company, Liberty Property & Asset Management, will manage the asset.
ELMHURST, ILL. — NAI Hiffman has brokered the $5.4 million sale of a 75,000-square-foot warehouse in Elmhurst, a western suburb of Chicago. The property is located at 776 N. Oaklawn Ave. and features a ceiling height of 18 feet along with 10,000 square feet of office space with conference rooms and a kitchenette area. Built in 1983, the building features two exterior docks, two drive-in doors and 100 car parking spaces. Joe Bronson, Josh Will and Aimee Goudas of NAI Hiffman represented the buyer, Elk Grove Village-based Haskris Co. Vickie Soupos of Colovos/Soupos Group at Re/Max Destiny represented the seller, Dorothy Stojka. Haskris is a manufacturer of refrigeration and heating equipment.
PEORIA, ILL. — PaPPo’s Pizzeria & Pub will open at Quincy Mall in Peoria this summer. The restaurant specializes in stone-hearth, oven-baked pizza and craft beer. Quincy Mall is the company’s first Illinois location, but it currently operates in Lake of the Ozarks, Columbia and Springfield, Missouri. PaPPo’s also serves calzones, sandwiches, salads, wings, breadsticks and its famous Pizookie, a brown butter chocolate chip cookie. PaPPo’s will occupy the current Que Town Bar-B-Que space. Que Town plans to relocate within the mall. Cullinan Properties Ltd. owns the property.
ANN ARBOR, MICH. — Beyond Juice Juicery + Eatery will open its 15th Southeast Michigan location at the new Uptown Ann Arbor project in Ann Arbor. Beztak Properties is the project developer. Beyond Juice will occupy 1,600 square feet. Billy Gershensen of the Gershenson Group represented Beyond Juice in the lease transaction. Michael Murphy, Vicki Gutowski and Larry Siedell of Gerdom Realty & Investment represented Beztak. Upon completion, Uptown will be home to 250 townhomes and luxury lofts as well as 17,220 square feet of ground-floor retail space.
CHICAGO — A partnership between funds managed by Oaktree Capital Management LP and GlenStar Properties has received a $256 million loan to refinance 141 W. Jackson, a historic, 1.3 million-square-foot office tower in Chicago’s central business district. Known as the Chicago Board of Trade Building, the 44-story skyscraper is the primary trading venue of the CME Group, a global markets company formed by a merger of the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange. JLL arranged the financing provided by a domestic financial institution. Ownership plans to allocate a portion of the loan proceeds toward future leasing. The Chicago Board of Trade Building was originally constructed in 1930 for CBOT and was designated a National Historic Landmark on June 2, 1978. The building is a popular sightseeing attraction and has appeared in several films, including as the headquarters of Wayne Enterprises in “Batman Begins” (2005). Ownership has maintained and updated the building with modern amenities and technology, including a 24/7 fitness center; video conference center; rooftop deck and game room; Ceres Café Bar and Patio; Cellars Market; and a tenant lobby with concierge services. The building is home to a roster of retail, banking, healthcare, legal and …
CHICAGO — The NHP Foundation has reopened The Mark Twain, a historic single-room occupancy (SRO) affordable housing development on Chicago’s Near North Side. The $54.3 million renovation project consisted of 148 apartments, each equipped with rehabilitated private bathrooms and new private kitchenettes. Other upgrades included new plumbing, mechanical and electrical systems; a rooftop deck; restoration of the vintage façade and lobby; and 9,600 square feet of upgraded retail space on the ground floor. Rental assistance in the form of project-based vouchers will be provided by the Chicago Housing Authority (CHA) for each of the units at Mark Twain, ensuring long-term affordability. Fifty residents who lived at the property before the project began have returned to the renovated building. The remaining apartments will be leased to persons on the CHA waitlist. The city’s contribution included issuance of $27.3 million in multifamily housing revenue bonds, a $5 million multifamily loan and $1.3 million in low-income housing tax credits that generated $12.7 million in equity. The NHP Foundation acquired the property in 2016 as part of the city’s SRO Preservation Initiative. Since its passage in 2014, the initiative has led to the preservation of 11 buildings, consisting of more than 1,400 units. Architect …
CHICAGO — Origin Investments has purchased Monroe Aberdeen Place, a 120-unit apartment building in Chicago’s West Loop. The transaction, made on behalf of Origin’s IncomePlus Fund, was valued at $65.8 million. Developed in 2018, the property features 25 three-bedroom units, 92 two-bedroom units and three one-bedroom units. Floor plans average 1,118 square feet. Kiser Group represented Origin Investments in the off-market transaction. Michigan Avenue Real Estate Group, the property’s original developer, sold the asset, which was 99 percent leased at the time of sale.
