CHICAGO — American Street Capital (ASC) has arranged $15.4 million in permanent loans for the refinancing of a seven-building multifamily portfolio located in Chicago’s Bronzeville and Kenwood neighborhoods. The recent acquisitions required significant amenity upgrades. The portfolio was approximately 90 percent occupied at closing. Igor Zhizhin and Alexander Rek of ASC arranged seven non-recourse loans on behalf of the Chicago-based borrower.
BARRINGTON, ILL. — The Boulder Group has brokered the sale of a 59,885-square-foot single-tenant property net leased to Jewel-Osco in Barrington for $12.8 million. The building sits on a 3.8-acre parcel at 150 W. Main St. Randy Blankstein and Jimmy Goodman of Boulder represented both the buyer and the seller. A Southwest-based private real estate investment company sold the asset to a Midwest-based family completing a 1031 tax-deferred exchange.
EAST CLEVELAND, OHIO — Gorjian Acquisitions has purchased a 25,250-square-foot retail building in East Cleveland for an undisclosed price. Discount retailer Roses Express occupies the single-tenant property, which is located on a 2.3-acre lot at 1450 Hayden Ave. Roses Express is owned by Variety Wholsalers Inc., which operates nearly 400 stores across the Midwest and Southeast. The seller was not disclosed.
COLUMBUS, OHIO — Marcus & Millichap has negotiated the sale of the Extend-A-Suites Columbus for $1.8 million. The 133-room hotel is located at 887 Morse Road. Andrew Bankhurst, Alexandre Duong, Allan Miller and Mark Diebold of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Bankhurst and Duong represented the buyer, a limited liability company.
NEWTON, MASS. AND WESTLAKE, OHIO — TravelCenters of America LLC (NASDAQ: TA) has agreed to purchase 20 truck stop locations from its primary landlord, Hospitality Properties Trust (NASDAQ: HPT), for $308.2 million. The 20 properties span 15 states. HPT will continue to own 179 properties that TA leases. The leases have been amended by both companies, which puts the 179 properties under five leases. The leases have all been extended by three years. Westlake-based TA expects to purchase nine of the travel centers for $140.5 million Jan. 17 and expects to complete the remaining purchases in two closings by the end of January. HPT expects to gain $160 million from the sale, which it plans to use to repay borrowings under its revolving credit facility and for general business purposes. When the sales are finalized, TA’s rent will fall by $243.9 million per year. Under the amended leases, TA’s rent will be reduced by $43.1 million per year. HPT will receive $70.5 million for backlogged payments in 16 quarterly payments from TA beginning April 1. The backlogged rent has been reduced from $150 million due to moving the payments up from June 2024. “As we move into the tenth year …
CHICAGO — Conor Commercial Real Estate has completed development of Last Mile Logistics Center I-55, a speculative industrial facility in Chicago. The 316,550-square-foot property is situated on an infill site at the intersection of 51st Street and St. Louis Avenue. The facility features 55 truck docks, 71 trailer stalls, 50-foot bays and a clear height of 36 feet. McShane Construction Co. and Ware Malcomb provided the design-build services. Walter Murphy and Sean Austin of Lee & Associates will market the property for lease.
CHICAGO — Marcus & Millichap has arranged the sale of a four-story apartment building in Chicago’s Rogers Park neighborhood for $12.2 million. Located at 1345 W. Estes Ave., the property includes 81 units with a mix of floor plans. The building was originally constructed in 1930. James Ziegler of Marcus & Millichap marketed the property on behalf of the private seller. Ziegler, along with Keith Zelenika, secured and represented the buyer, an out-of-state investor.
ST. PAUL, MINN. — The Opus Group has completed an 86,632-square-foot industrial building located within the St. Paul Port Authority’s Beacon Bluff Business Center. Terracon Consultants Inc., a multi-disciplinary engineering consulting firm, will occupy 15,300 square feet of the building. The facility features a clear height of 24 feet and both warehouse and office space. Todd Hanson and Jason Sell of Cushman & Wakefield are marketing the property for lease. The Beacon Bluff Business Center is an office and industrial development situated on nearly 40 acres.
BURR RIDGE, ILL. — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a multi-tenant industrial building in Burr Ridge near Chicago for $5 million. Known as 44 Tower Road, the facility spans 73,785 square feet. World PAC, a distributor of automotive parts, and Hydra Stop, a water control solutions provider. The seller was not disclosed.
LAKE IN THE HILLS, ILL. — Brookline Real Estate & Investments has brokered the $2.6 million sale of a 6,584-square-foot retail building in Lake in the Hills, about 45 miles northwest of Chicago. The property, located at 280 N. Randall Road, is fully leased by Dunkin’ Donuts and Athletico. Brookline represented the buyer, while RN Realty represented the seller.
