RJW Logistics Group, Karis Industrial, Development Solutions Inc. and JLL broke ground on an expansive 1.2M SF facility on a 73-acre site in Montgomery.
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The project is expected to be completed in the second quarter of next year and will bring total industrial development at Karis Park West to more than 1.7M SF. The facility will create additional operational capacity for RJW.
“It will expand our ability to serve our customers while creating nearly 400 new jobs and meaningful opportunities for people to build skills, grow their careers and be part of RJW’s continued growth," RJW Chief People Officer Matt Cherry said in a statement.
The new facility will feature 40-foot clear heights, 306 exterior docks, 340 trailer stalls and more than 1,000 parking spaces.
PEOPLE
CBRE promoted Chris Schastok to vice chairman. Schastok is a member of the site selection and incentives group within the advisory services practice. Schastok has worked at CBRE for more than 13 years.
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Becknell Industrial made three senior appointments to its Capital Markets team in Chicago. Russ Greenwald joined the firm as director of strategic partnerships for the company's industrial income REIT. Becknell also appointed Eric Schilling as vice president, debt capital markets, and Josie Peacock as director of investments and capital markets.
SALES
An undisclosed buyer paid $11.5M for Bloomingdale Plaza, a 15-suite retail strip at 163-217 E. Army Trail Road in Glendale Heights, acquiring it from a local private investor. The property is anchored by Aldi and Starbucks. Marcus & Millichap's Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller.
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An owner-user acquired a 20K SF facility at 8100 River Drive in Morton Grove for an undisclosed price. The buyer selected the facility ahead of an impending lease expiration to fulfill its operational needs in the north suburban territory. Entre Commercial Realty's Ian Pattison represented the buyer, while Colliers' Brendan Green represented the seller.
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Cardinal Industrial paid $25.5M for a 210K SF industrial facility at 1275 Ensell Road in Lake Zurich. The deal included a new five-year lease with GereMarie Corp., a longtime occupant of the facility. SVN Chicago Commercial's Paul Cawthon and Angelo Labriola represented the seller in the deal, while Golden Lion Capital's Lyman Phillips and Jeff Feldman represented the buyer.
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A local distribution company acquired a 47K SF facility at 2405 Estes Ave. in Elk Grove Village for an undisclosed amount. The company will use the property as its corporate headquarters. Avison Young's Steve Kohn represented the buyer in the deal, and Entre Commercial Realty's Cory Kay, Mike DeSerto and Elisabeth Lazzara represented the seller.
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A private investor purchased a 15K SF industrial outdoor storage site at 3840 S. Laramie Ave. from Iwema Excavating. Lee & Associates' Dylan Maher, Brian Vanosky and Michael O’Leary represented the seller.
FINANCING
Knighthead Funding provided a $32M refinancing loan to The Drake Group for Cerca, a 62-unit, Class-A multifamily community in Glenview. The loan refinances a previous construction facility and provides proceeds to pay off the property’s preferred equity investor. Knighthead's Jonathan Daniel, Peter Illuzzi and Joseph Marraccini arranged the loan.
THIS AND THAT
LG Group revamped its company, splitting its operations across two business platforms: integrated development and commercial general contracting. Integrated development centers on the company’s multifamily development and construction capabilities, while commercial general contracting focuses on the execution of complex commercial projects. In connection with the move, the company appointed Brett Carucci as its chief operating officer.
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