Chicago & Midwest

Newmark has been retained to lead the sale of a fully leased, 757,000-square-foot office portfolio comprising five single-tenant properties located across Michigan, Ohio and South Carolina. Newmark Capital Markets Executive Managing Director Jim Postweiler, Senior Managing Directors Derek Fohl and Peter Harwood and Associate Director Jack Trager of the firm’s Chicago office, in cooperation with …

Riverside Investment & Development Company and its partners recently celebrated the groundbreaking of 566 West Van Buren, a new 12-story, 199-unit multifamily development in Chicago’s West Loop neighborhood. The approximately $85 million project represents another major investment in the continued transformation of the Union Station corridor into a vibrant mixed-use district. Located one block west …

NAI Hiffman announced the completion of a new 2,748-square-foot lease with Horn-McGowan Insurance Agency at 5500 Pearl Street in Rosemont, Illinois, bringing the four-story office building to 100% occupancy. The lease follows a multiyear repositioning effort led by ownership, Integris Ventures, and NAI Hiffman. Acquired in 2018 as a value-add investment with 47.7% occupancy, the …

Krusinski Construction Company (KCC) has been selected by Dayton Street Partners to complete a tenant improvement project for an automotive and clean energy company. The Loomis facility will support a new electric-vehicle repair facility in Chicago. Krusinski will revitalize the existing building by installing replacement overhead doors, renovating the restroom block to meet accessibility requirements, …

Lee & Associates has closed a new lease transaction for a 100,800-square-foot industrial building located at 1215 101st Street in Woodridge, Illinois.  Jeff Galante, SIOR and Jeff Janda, SIOR, principals at Lee & Associates’ Illinois office, represented the owner, Rediehs & Rediehs LLC.  The building was leased by Secure Source America LLC, a manufacturing company. …

Gantry has secured a low-leverage $12 million permanent loan to refinance maturing debt for Rock River Plaza, located in Moline, Illinois. The 389,375-square-foot retail power center is anchored by Walmart and Lowe’s with additional national tenants including Marshalls, Five Guys, Chick-fil-A, Applebee’s, and AT&T. The center serves the Quad Cities trade area from a strategic …

Marcus & Millichap announced the sale of Alton Center Business Park, a 450,400-square-foot industrial property located in the St. Louis MSA. The property sold for $15 million. IPA Capital Markets, a division of Marcus & Millichap, arranged $12.4 million in acquisition financing.  “Alton Center Business Park presented a compelling value-add opportunity with approximately 30% vacancy, providing immediate upside potential, …

Latitude Commercial has been assigned full-service management for two properties by a local investor, expanding its local footprint in Merrillville, Indiana. Latitude Commercial was assigned the management agreement for two properties totaling over 37,000 square feet and featuring 10 tenant spaces. “We are excited to continue to grow our relationship with this investor,” said Chris …

BWE has secured $38.92 million to refinance 194 units of Woodland Park by the Lake, a 240-unit gated condominium community in the Bronzeville neighborhood of Chicago, Illinois. Ryan Morris, vice president, and Max Miller, analyst, both in BWE’s Chicago office, originated the five-year Freddie Mac loan on behalf of the sponsor, a joint venture between …

Chicago-based multifamily brokerage firm Essex Realty Group has been engaged to market for sale 825 E. 61st Street, a newly constructed 60-unit multifamily property located directly across from the University of Chicago campus at the intersection of Hyde Park and Woodlawn. Given the high demand for quality rental housing in the area, this property is …

The Apartment Source has been named the exclusive leasing partner for Montrose Point Apartments, a newly gut-rehabbed 24-unit building located at 821 West Montrose Avenue in Chicago’s Buena Park neighborhood. The property is managed and developed by Rockwell Property Co. Montrose Point Apartments offers one-, two-, and three-bedroom floor plans. “We’re excited to partner with …

Marcus & Millichap completed the sale of 1503 North Wieland Street, an eight-unit multifamily property located in Chicago’s Old Town neighborhood. The property sold for $2.5 million. “Investor interest in this property was exceptionally strong given its location in Old Town, attractive unit mix and long-term rental stability,” said Kyle Stengle, senior managing director of …

Arrow Real Estate Advisors recently arranged a $14.2 million refinance for The Ash, a newly delivered 40-unit multifamily property in Chicago’s Wicker Park neighborhood. The financing was secured as the property continued its lease-up, with occupancy already exceeding 70%, reflecting strong demand for newly delivered multifamily product in one of Chicago’s most competitive rental markets. …

Interra Realty brokered the $5.1 million sale of 2156 and 2158 W. 21st St., a two-building, 24-unit vintage multifamily portfolio in Chicago’s Pilsen neighborhood. The deal equated to $212,500 per unit. Interra Managing Director Jeremy Morton represented the confidential buyer, as well as the private seller. The properties were fully occupied at the time of …