The Deal Sheet
North Central Lake County will soon host its first dedicated memory care facility. The LaSalle Group plans to break ground mid-June and deliver a 46-bed, 42-unit Autumn Leaves location in Q1 '15, regional director of development Matt Krummick tells us.
The LaSalle Group, repped by Entre Commercial Realty’s Mike Gazzola, purchased the 12.5-acre land site on Hunt Club Road in Gurnee, just north of Washington, from a venture of Steve Thelen. The firm worked with the mayor to identify the right location, and this corridor is home to a host of complementary uses (independent living, assisted living, medical office), Matt (above with the family), who spends his down time coaching his 5-year-old twins’ basketball and soccer teams, tells us. And the demand is huge. LaSalle identified around 1,400 potential people dealing with Alzheimer’s and dementia-related illness in the area. The site is larger than a usual Autumn Leaves land site, Mike adds, making for a nice natural environment (including wetlands for the healing power of the majestic egret) around the facility. Mike and Entre have been engaged to assist in LaSalle's continued expansion across the Chicago area and into Wisconsin.
SALES
The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller, a Midwest-based developer, in the $10.8M sale of a 15k SF, single-tenant, NNN leased Walgreens (above) at the SE corner of West 95th Street and South Pulaski Road in Evergreen Park (opening in July). The buyer was a Massachusetts-based LP in a 1031 exchange. The property sale ranks in the top five of lowest cap rates ever recorded for a Walgreens priced over $5M.
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Kiser Group managing director John Meyer repped both sides in the $4.7M sale of 70-unit Embassy Apartments, 40-42 S Shaddle Ave in Mundelein.
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Essex Realty Group’s Jim Darrow and Jordan Gottlieb completed the $4.1M sale of 2420 N Kedzie, a 52-unit corridor building in Logan Square, just north of the intersection of Fullerton and Kedzie.
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Terra Firma Retail Real Estate managing partner Scott Janos completed a land deal for Culvers at Rivercrest Shopping Center (tenants include Target, Ultra Foods, and Portillo’s) in Crestwood. The conversion of a former 4,000 SF Popeyes will open this month.
CONSTRUCTION & DEVELOPMENT
MACK Construction broke ground (above) on Windsor Estates, a 200-bed skilled-nursing facility at 18300 S Lavergne Ave in Country Club Hills. Delivery is expected in summer of 2015. The facility will be occupied by McAllister Nursing & Rehab, which provides a complete range of rehab treatment including physical, occupational, and speech therapy.
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Children’s Hospital of Wisconsin is working with Ryan Cos US to develop a new 30k SF clinic in Delafield, Wis. Construction on the two-story building, 3195 Hillside Dr, will occur over the summer with a projected opening in late 2014. Ryan Cos is providing development, design-build construction, and real estate management services for the project.
EXECUTIVE MOVES
Todd Piccolo joined MB Real Estate as VP in the firm’s healthcare division, responsible for business development with health systems and physician groups. Todd was previously with Merge Healthcare, founded Pan American Recruiters, and is a graduate of Drake University.
