THE DEAL SHEET
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Work is complete on three seniors housing properties in metro Chicago, all with different developers: Oak Hill Supportive Living Community, a 72k SF independent living facility in Round Lake Beach by the Crown Group; the Residences of Lake in the Hills, a two-story, 90k SF seniors housing complex in Lake in the Hills by DKI Inc; and Lakefront Residences of Grayslake, a 75k SF affordable seniors housing development by Mercy Housing Lakefront in Grayslake. All of the properties were built by Skender Construction, and designed by Gleason Architects, NORR, and Harley Ellis Devereaux, respectively. *** The City of Chicago signed off on the building of 625 W Adams, a 490k SF office building in the West Loop. The property is being developed by the Alter Group and White Oak Realty Partners. The tower was designed by Solomon Cordwell Buenz and Associates’ Martin Wolf. |
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Principal Construction Corp is expanding 2400 Commerce Dr in Libertyville by 70k SF to accommodate the growth of Laser Precision, which currently occupies all of the 58k SF building, a steel processing facility that includes high-speed, high-powered lasers, and inspection equipment for Laser Precision, which specializes in metal forming, laser cutting, punching, welding and machining. Mike Long will manage the project and Mark Frane will be the superintendent for Principle. Partners In Design is providing architectural services. *** CohnReznick has picked Reed Construction to build out its new 15k SF office at 200 S Wacker, where the company is moving after the merger of J.H. Cohn and the Reznick Group. The project will include the construction of a reception area with a custom millwork desk, wood wall panels, and a floating wood ceiling. The new space will also sport marble flooring and a Skyline glass dividing wall. |
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| The Little Company of Mary Outpatient Care Center at 6700 W 95th St in Oak Lawn is complete. The four-story, 50k SF outpatient care facility includes immediate care, diagnostic imaging and lab, and physicians’ office space. Little Company of Mary Hospital retained Irgens to develop the facility. | ||
SALES |
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BVI Holdings bought 2230-2300 Ridge Dr in Glenview, an industrial building, for $7M from Millennium. Lee & Associates’ VP Michael Plumb repped the buyer, while Paine/Wetzel’s Sam Badger, Whit Heitman, and Brad Weiner repped the seller. Bestview International, an affiliate of the buyer, plans to relocate its North American HQ into the 78.8k SF facility. Built in 2000, tenants include Andersen Windows and Design Craft; it is 60% leased. *** An undisclosed investor bought 9945 and 9955 Nottingham Ave, two 12-unit apartment properties in Chicago Ridge, for $1.2M from a bank. Andrean Angelov and Ryan Engle in Marcus & Millichap’s Oak Brook office repped both the seller and the buyer. The assets sold in 41 days and at 96% of their original list prices. In a separate deal, Ryan and James Ziegler of Marcus & Millichap’s O’Hare office repped both the buyer and seller of a seven-unit apartment building, 2130 West Touhy Ave, which traded for $1.19M. |
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| LEASING | ||
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A Whole Foods Market opened at Ravinia Plaza in Orland Park recently, where the organic food retailer leased 27k SF earlier this year in space formerly occupied by Borders. The 101k SF Ravinia Plaza is at 15150-15260 La Grange Rd, and also leases space to Panera Bread, Chipotle Mexican Grill, and Pier 1 Imports. The property’s owner is Inland Real Estate Corp. *** Balton Corp. inked a lease for 120k SF at 4330-4330 S Racine Ave. in Chicago. Chody Real Estate’s Mitch Goltz repped the landlord, TLV Holdings, while Larry Goldwasser and Colin Green of Cushman & Wakefield repped the tenant, a wholesale distribution company. |
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FINANCE |
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NorthMarq arranged $6.5M in refinancing for 545 E Algonquin Rd, a 111k SF industrial property in Arlington Heights, through its relationship with a national bank. NorthMarq Minneapolis regional office VP Brian Hennen and Chicago regional office senior director Jeff Frankel cooperated on the deal, a first mortgage refi with a three-year term and a 25-year amortization schedule. |
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| EXECUTIVES IN MOTION | ||
| Chicago-based ROE + Evolution Interiors hired Kate Fus as VP of business development and marketing. Previously, Kate was director of business development and marketing at Washington Group Sales, a furniture consultation company HQ’d in Falls Church, Va. | ||
