This Week's Chicago Deal Sheet
Stonepeak acquired a three-asset, rail-served industrial portfolio totaling 1.7M SF in Elwood.
PGIM Real Estate provided $74.5M in fixed-rate financing for the acquisition. The three industrial properties are 100% leased.
"The industrial sector remains a priority asset class for PGIM Real Estate’s lending strategy, as it has maintained stable and promising fundamentals," PGIM Managing Director Tom Goodsite said in a statement. "We look forward to growing our relationship with Stonepeak and other leading investors in logistics assets."
The buildings are in the master-planned CenterPoint Intermodal Center.
SALES
Ogden OB bought a 19K SF office and warehouse building at 620 Enterprise Drive in Oak Brook for $2.8M. Chicagoland Commercial Real Estate's Randy Olczyk and Ray Okigawa brokered the sale-leaseback deal for the building, which is occupied by an events business.
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Property Werks acquired a 13K SF office warehouse at 156 Williams St. in Carpentersville for an undisclosed sum from Paar Properties. CCRE's Olczyk represented the buyer, and Colliers' John D’Orazio represented the seller.
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A private local investor purchased a mixed-use property at 2827-2847 N. Clybourn Ave. in West Lakeview for $12.7M. The building is made up of 30 apartment units and six commercial spaces. Interra Realty's Patrick Kennelly and Paul Waterloo represented the buyer, while the company's Brad Feldman represented the seller, also a private local investor.
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KBI Custom Case purchased a 43K SF industrial building at 2503 Spring Ridge Road in Spring Grove for an undisclosed price. Entre Commercial Realty's Elisabeth Lazzara, Mike DeSerto and Cory Kay represented KBI. Berkshire Hathaway's Dawn Koenigseder represented the seller.
LEASES
UVA Distributors renewed a 46K SF lease and signed a 60K SF expansion at 300 Airport Road in Elgin. Lee & Associates' Kenneth Franzese, John Cassidy and Jeff Janda represented the owner, Link Logistics. Entre Commercial's Mike Berkowitz represented UVA.
CONSTRUCTION AND DEVELOPMENT
Skender broke ground on a 75K SF outpatient center for Ann & Robert H. Lurie Children’s Hospital of Chicago at 1895 Arbor Glen Blvd. in Schaumburg. The center will have primary care and ancillary and diagnostic services. It will also offer orthotics and prosthetics and feature a laboratory, a pharmancy and an ambulatory infusion center. The expected completion date for the project is summer 2025.
