This Week's Chicago Deal Sheet
Evergreen Real Estate Group is breaking ground on an affordable senior housing community at 542 25th Ave. in west suburban Bellwood, a vacant space once occupied by Walgreens.
The $30M project and four-story, 73K SF residential building will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors 62 or older with incomes at or below 60% of the area median income.
Operated by Evergreen’s in-house management team, the project is expected to be complete by mid-2023.
“Bellwood Senior Apartments will bring much-needed affordable senior housing to an area where it is greatly needed,” Evergreen Real Estate Group Director of Development David Block said in a press release. “It has been a pleasure to work with Mayor [Andre] Harvey and other village officials who share in our vision for this project, which replaces vacant retail space with a vibrant residential community that will serve low-income seniors for many years to come.”
Seniors seeking low-income, independent housing in Chicago’s western suburbs can file applications for apartments in spring 2023.
Jackie Wilcox has joined BKV Group as director of interior design and an associate partner. She will lead interior design projects and development opportunities based out of the Chicago office, working across the office, multifamily, government, hospitality, education, and senior and affordable housing sectors. Prior to joining BKV Group, Wilcox served as project director for Partners by Design, where she spearheaded projects on local corporate interior design.
A 61K SF, two-story warehouse at 222 North Maplewood Ave. sold to fine art auction house Hindman for an undisclosed price. Colliers’ Mike Senner, Alex Kritt and Tom Volini represented a private investor in the sale of the concrete and brick building in the Kinzie Corridor. JLL’s Molly Carroll represented Hindman in the transaction.
Kiser Group closed on a $4.925M deconversion sale at 815-817 West Addison in Lakeview. The unit mix consists of eight two-bed, two-bath units and eight two-bed, one-bath units within walking distance of Wrigley Field and the city’s lakefront. According to Kiser Group Director Andy Friedman, who closed the deal alongside adviser Jake Parker, the Section 15 deconversion sale was appealing because the building was nearly all rental units and they received a premium to individual unit prices.
Chicago-based private equity firm Timber Hill Group sold a 3.5-acre outdoor storage/fleet parking property at 4626 West 42nd St. to Zenith IOS for an undisclosed price. Timber Hill acquired the site near Cicero Avenue and the I-55 interchange in 2017 and has since been making improvements to it. Lee & Associates' Brian Vanosky and Tim McCahill represented Zenith IOS.
ML Realty Partners is adding an 81K SF industrial building in northeastern suburban Buffalo Grove to its portfolio. The building at 1200 Barclay Blvd. is a freestanding, single-tenant industrial facility with access to expressways and retail establishments and is fully leased by InTech Direct Inc. Joel Friedland of Brit Properties and Steve Stone of Cushman & Wakefield brokered the deal.
Wingate by Wyndham, an 81-room hotel property at 50 Remington Road in northwestern suburban Schaumburg, sold. Marcus & Millichap’s Ebrahim Valliani and Michael Klar, investment specialists in the Chicago Oak Brook office, and Chris Gomes and Allan Miller, investment specialists in the Dallas and Austin offices, secured and represented the buyer.
NAI Hiffman brokered the sale of a 1.5M SF strategic logistics portfolio, comprising seven industrial warehouse and distribution buildings in western suburban Oakbrook. Ascendas REIT, a member of Singapore-based CapitaLand Investments, bought the portfolio, which spans six infill and industrial submarkets. NAI Hiffman’s Patrick J. Sullivan and Ryan Chambers represented the seller.
MoRE Properties Group has acquired a 17K SF, multitenant industrial building at 3300-3306 North Knox Ave. Avison Young principal Steven Kohn represented the undisclosed seller, a local industrialist. Located in an industrial corridor on the city’s northwest side, the property’s tenants include a commercial cleaning service, a cable TV installation company and a brewery. MoRE Properties plans to upgrade the property’s exterior.
CBRE negotiated two office leases in the 104K SF Fulton Market building at 318 North Carpenter. Existing tenant Flock Freight is expanding a floor to bring its office to 31K SF. Kimball International inked a nearly 13K SF deal on the building’s seventh floor and will relocate its Wells Street showroom to the new space. CBRE’s Jon Cordell and Jason Houze represented ownership in the office lease transactions. Scott Kulberg of Resolution Tenant Advisors represented Flock Freight in its expansion, and Colliers’ Andy Gooliak and Evan Djikas represented Kimball International in its lease. The building’s third and sixth floors are still available.
Cresa’s Jay Cook represented Partners Supply Chain Solutions in its 50K SF lease at 189 Easy St. in northeastern suburban Carol Stream. This upcoming August, Partners Supply Chain Solutions is moving from its location at 171 Gary St., also in Carol Stream, to the new location in a 25% expansion. The 76K SF, multitenant warehouse and distribution facility will serve as its specialized operations center, housing food, pharmaceuticals and technology.
CONSTRUCTION AND DEVELOPMENT
A 718K SF industrial complex that spans 61 acres in the northwest Chicago area of Huntley is under construction. Work has begun on a speculative 541K SF, Class-A industrial building along I-90 that is expected to break ground in late 2023. An additional 11.6-acre site for a future 177K SF industrial build-to-suit is available. Newmark Senior Managing Director Adam Marshall and Director Mark Deady will lease the property for developer HIP.
Peak Construction Corp. moved its national headquarters to northwest suburban Rosemont from Des Plaines. The property sits at 9525 West Bryn Mawr Ave., adjacent to O’Hare Airport. The family-owned and -operated firm has entered its 25th year in design-build general contracting.
THIS AND THAT
Spec Developments is having a particularly strong year, despite Chicago’s record construction slowdown. In Q2 2022, Spec Developments delivered 29 buildings totaling 8.1M SF, the largest second-quarter completion total in the company’s history. Construction commenced on another 20 projects totaling 8.1M SF, 19 of which are being built on a speculative basis, and several more projects are scheduled to begin over the coming six months.