High rents and occupancy rates continue to spur suburban multifamily sales. The latest eight-figure deal: Orchard Village, a 272-unit complex at 1240 W Indian Trail in Aurora, for $34.5M.
Built in 2000, Orchard Village consists of one- and two-bedroom floor plans across 10 garden-style buildings. On-site amenities include a pool, fitness center and picnic area. Moran & Co’s Peter Evans repped seller Benjamin Sherman & Sons. The buyer was a JV of Sinatra and Co, Prospect Capital and The Stadt Group.
SALES
Colliers’ Steven C. Disse and Jeffrey B. Devine repped Heitman in the sale of a seven-building, 642k SF portfolio in the Chancellory Business Park (pictured) in Wood Dale and Elk Grove Village. The portfolio was 92% leased to 14 tenants at the time of the sale.
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First Western Properties' Paul Tsakiris and Mark Zeglen repped both parties in the sale of 8156 S Kingston, a multifamily apartment building on the South Side.
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Lee & Associates completed the following sales:
Chris Nelson repped a private investment group in the sale of 520 Santa Rosa, a 40k SF industrial building in Des Plaines. Transwestern’s John Joyce repped the buyer, Clingan Steel.
Walter Murphy repped buyer Illinois Pallets in the sale of One Tec Air Drive, a 41k SF industrial manufacturing building in Willow Springs. Podolsky Circle’s Corey Chase repped the seller, Tec Air.
Jay Farnam repped the buyer, Samesun Products, in the sale of a 12k SF industrial building at 71 W Seegers in Arlington Heights. Frontline Real Estate Partners repped the seller, First Merit Bank.
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Adelphia Properties' Simeon Spirrison repped the buyer in the sale of a single tenant, net-leased CVS pharmacy at 2360 W Indian Trail in Aurora (shown). CVS occupies a 13k SF building and has 16 years of lease term remaining.
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CBRE’s Nicholas Peters repped seller Old Second National Bank in the sale of Founders Plaza, a 17k SF retail center at 24000 W Dayfield Dr in Plainfield, to COROC Management Group. Founders Plaza was 32% occupied at the time of the sale. COROC plans to fill 10k SF with a daycare center.
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Transwestern’s Gary Nussbaum, John Coleman, David Matheis, John Joyce, Justin Lerner, Ryan Phillips and Joe Karmin repped Clear Height Properties in the sale of a six-building suburban industrial building portfolio totaling 146k SF. The buildings are at:
600 Northgate Pkwy, Wheeling
3847 Exchange, Aurora
921–927 State, Elgin
3121 Tollview Dr, Rolling Meadows
72–92 N Lively Blvd, Elk Grove Village
2130 Oxford Rd, Des Plaines
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Kiser Group completed the following sales:
Mike Anguiano and Luke Lesniewski repped both parties in the sale of 3601-05 W 53rd in Schiller Park, for $1.3M. The property consists of 12 bank-owned, new construction partial townhouses and 34 total units.
Matt Jones repped the seller of 3821 N Monticello, a 10-unit apartment building in Chicago, for $1.45M. Chicagoland Brokers repped the buyer in the transaction.
Noah Birk repped the buyer of 9300 S Bishop, a 19-unit apartment building in Washington Heights, for $710k.
LEASES
ML Realty Partners completed the following leases, totaling over 500k SF:
Learjet Inc – 251 Wille Rd, Des Plaines (pictured)
Tosca Services LLC – 8811 South 77th, Bridgeview
ABC Supply– 1133 S Rohlwing, Addison
Engineered Glass Products – 4151 S Morgan, Chicago
Northwest Polymers Trading Exchange LLC – 3733 Hawthorne Ct, Waukegan
Nestle – 4400 S Kolmar, Chicago
Menasha Packaging Co – 7800 W 71st, Bridgeview
Ferguson Enterprises – 3733 Hawthorne Ct, Waukegan
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Lee & Associates completed the following leases:
Jeff Galante and Walter Murphy repped the tenant, Kentucky Trailer, in 75k SF at 500 Crossings Dr in University Park (shown). The landlord was repped by Exeter.
Jeff Galante and Jeffrey Janda repped landlord TA Associates Realty in a lease renewal for a 17k SF facility at 100 North Gary in Roselle. Darwin Realty’s Doug Pilcher repped the tenant, Genesis Inc.
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Bradford Allen completed the following leases:
Joel Berger repped SIRVA Inc in a renewal and expansion at 1 Parkview Plaza in Oakbrook Terrace. SIRVA expanded its footprint 9k SF and now occupies 62k SF. NAI Hiffman’s Jim Adler repped landlord TIAA-CREF.
Ben Azulay and Justin Kessler repped Mindcrest in a 9,828 SF lease at 400 S LaSalle. Mindcrest will relocate from 1 E Wacker in Q1 2016. Cushman & Wakefield’s Mark Gunderson, Mark Baby and Ben Cleveland repped the landlord.
FINANCING
HFF’s Matthew Schoenfeldt secured $33.65M in acquisition financing for a three-property industrial portfolio, totaling 1.7M SF, near Minneapolis and Green Bay. HFF worked on behalf of the borrower, a JV between Biynah Industrial Partners and Alex Brown Realty to place the three-year, floating rate loan with three one-year extensions with Realty Finance Trust.
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ASC’s Igor Zhizhin arranged $17.5M in financing for a partner buyout of a single tenant property in Great Neck, NY. ASC worked exclusively with the client to secure a 10-year fixed loan.
PROMOTIONS/HIRES
Lee & Associates promoted Crysta Buck from senior property manager to director of property services. Crysta, a 10-year veteran at Lee & Associates, will be responsible for oversight of all property management operations, new assignments, training and new business development.
