South Chicago Heights, Ill. — SVN Chicago Commercial has arranged the sale of American Plaza, a shopping center located in South Chicago Heights. Karen Kulczycki of SVN arranged the $3.5 million transaction. Comprising 13 units, the property was 94 percent leased at the time of sale.
Elgin and Orland Park, Ill. — Marcus & Millichap has arranged the sale of two retail centers located in the Chicago suburbs of Orland Park and Elgin in transactions totaling $27 million. The first property, located in Orland Park, sold for $17.6 million. The center spans 20,732 square feet and includes three freestanding, single-tenant net-leased buildings and one multi-tenant building. The property was fully leased at the time of sale to tenants including BJ’s Brewhouse, Raising Cane’s and Smashburger. The second property, Galleria of Elgin, features two buildings totaling 24,000 …
Wheeling, Ill. — Structured Development and Burnt City Brewing have opened a second District Brew Yards location in the Chicago suburb of Wheeling. Occupying the former Ram Restaurant & Brewery, which shuttered in 2019, the 11,668-square-foot space features five breweries: Burnt City Brewing, Around the Bend Beer Co., Casa Humilde Cerveceria, Twisted Hippo Brewing and Histrionic Brewlab. Guests can sample a range of beers and are charged by the ounce with a cashless system. Guests can also enjoy barbecue from Lillie’s Q, fried chicken and fish from Salt & Scratch …
Chicago — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale. The sale included Cicero Marketplace in Cicero, Illinois; Northwest Shopping Center and English Valley in Palatine, Illinois; Golf Plaza II in Mount Prospect, Illinois; and Fox River Commons in Naperville, Illinois. Together, …
Chicago — Unibail-Rodamco-Westfield (URW) has announced plans for a mixed-use development at Westfield Old Orchard shopping center. Plans include retail, residential, dining, entertainment and health and wellness space, as well as an open-air plaza to host events. Work on the multi-phase project began this fall, with enhancements to the common areas. New tenants have also opened at the property, including Bloomingdale’s Bloomies concept, Louis Vuitton and Barnes & Noble. The project will continue in 2023 with the redevelopment of a space that formerly housed Lord & Taylor. Construction of the …
Orland Park, Ill. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants including Chipotle Mexican Grill, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender …
Oak Lawn, Ill. — Quantum Real Estate Advisors Inc. has brokered the $3.5 million sale of a 13,000-square-foot retail building in the Chicago suburb of Oak Lawn. Built in the mid-2000s and known as 51st Avenue Station, the property was fully leased at the time of sale to Chiro One, Miracle One, Cold Stone Creamery and other local and national tenants. Chad Firsel and Brett Berlin of Quantum represented the seller, a private fund based in Illinois, in the 1031 exchange.
Vernon Hills, Ill. — Perry’s Restaurants, a Texas-based boutique restaurant group, is opening its third Chicago-area location. Perry’s Steakhouse & Grille is set to debut at Hawthorn Mall in Vernon Hills in late 2023. The 11,000-square-foot restaurant will include a main dining room and four private dining rooms. Chicago-based Aria Group Architects Inc. designed the Vernon Hills restaurant, which will accommodate up to 350 people. Perry’s also operates locations in Oak Brook and Schaumburg.
Chicago — A California-based family trust has acquired a retail building occupied by Whole Foods Market in Chicago for $18.1 million. The 41,148-square-foot store is situated on the first floor of a condominium development at 6020 N. Cicero Ave. within the Sauganash neighborhood. Isaiah Harf of Northmarq represented the seller, a Maryland-based private investor, in the transaction. The property was built in 2017.
Crystal Lake, Ill. — Northmarq has brokered the $34.7 million sale of a freestanding grocery store property occupied by Mariano’s in the Chicago suburb of Crystal Lake. Built in 2018, the property spans 74,800 square feet. The grocery store features a Starbucks Coffee, sushi bar, pizza oven, oyster bar and sweets shop. Jason Maier of Northmarq represented the seller, a New York-based private investor. The New York-based buyer completed a 1031 exchange.
