Another Deal Sheet Fix
Midwest Industrial Funds purchased 182k SF of multi-tenant buildings. The first was a two-building portfolio, 1355 W McLean and 1485-1495 Davis Rd in Elgin, that was 90% leased to three tenants. Colliers’ Vern Schultz and Brian Kling repped the seller. The second deal included a 95k SF, two-tenant building at 17005-17045 S Wallace in South Holland, fully leased at closing. Lee & Associates of Illinois’s Walter Murphy repped the seller.
Triad Real Estate Partners completed the $5.3M sale (7.74% cap rate) of Darby Row (above) and The Belfry, a two-property, 71-bed student housing portfolio serving Notre Dame in South Bend, Ind. The properties were developed in 2012 and 2013 by Holladay Properties; the buyer is a student housing investment company based in Southern California, looking to expand its Midwest footprint. Both properties were 100% leased for the school year.
Brown Commercial Group completed the sale of a 103k SF industrial building in Schaumburg, 1101-1189 Tower Rd, the last of four properties the company sold for a bankruptcy trustee. Brown Commercial Group president Dan Brown repped the seller and Coldwell Banker Commercial’s Jim Pietrarosso repped the buyer, a private investor. The four buildings were part of a 46-property bankruptcy portfolio managed by Seyfarth Shaw’s Gus Paloian.
@properties Commercial’s Rick Kosberg repped the buyer, NC LLC, in the $4.5M sale of a 37k SF timber loft office building at 311 N Aberdeen in the West Loop. Ascot Realty Group’s Denis Ascot repped the seller, 311 N Aberdeen LLC. The property includes a lower-level parking garage and the building was 85% leased at the time of sale.
Lee & Associates of Illinois SVP Mike Plumb repped The Oldham Group in a 36k SF renewal of industrial space at 701 District Dr in Itasca. Principal Jeff Janda repped ownership, Prologis.
Bradford Allen Realty Services senior managing director Joel Berger and director John Millner repped ownership, Partners Health Trust, in 10k SF of leases with Adventist Health Partners at the Bolingbrook Medical Center at 396 Remington in Bolingbrook. Adventist’s five leases include: Midwest Bone and Joint’s 3,530 SF renewal and expansion; two 3,000 SF physician timeshares; Physical Therapists Solutions’ 2,141 SF new lease and expansion; and Advanced Renal Care’s 1,300 SF new lease.
Land and Lakes, repped by NGKF’s Mike Fortuna, leased 3,183 SF for a 66-month term at 6400 Shafer Ct (above) in Rosemont. The landlord, Crossroads Development Partners, was repped by NAI Hiffman’s Dan O’Neill and Jack Reardon. International Housewares Association expanded by 1,704 SF, repped by JLL’s Greg Raus. Transwestern’s Zachary Fox and Joe Stevens repped Crossroads in the transaction, as well as a 24-month lease renewal of 3,526 SF for FiveCubits.
SVN Crossroads Management has been awarded the property management contract of a 102k SF multi-tenant retail center, Barrington Square (including America’s Bar and Grill and GiGi’s Playhouse), and a 53k SF office building, Blackberry Falls, in Hoffman Estates. Both are owned by Caruso Development.