Chicago — Envoy Net Lease Partners has formed a joint venture with an unnamed partner to fund development projects of commercial, industrial, office and net-lease properties nationwide. The partner is backed by more than $10 billion in assets, allowing Envoy to fund projects up to $20 million. Envoy expects to originate over $200 million of build-to-suit construction loans in the next two years.
Orland Park, Ill. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.
Chicago — JLL has arranged a $140 million loan for the refinancing of Gallagher Way, a recently completed mixed-use development adjacent to Chicago’s Wrigley Field. The project includes more than 93,000 square feet of office space, 85,100 square feet of retail space, the 173-room Hotel Zachary and an 8,000-square-foot open-air entertainment plaza. Danny Kaufman, Christopher Knight, Jeff Bucaro and Nicole Aguiar of JLL arranged the 30-year, fixed-rate loan on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family. Barings, an international investment management firm …
Alton, Ill. — NorthMarq has arranged an $8.4 million loan for the refinancing of Alton Corners Shopping Center in Alton, about 15 miles north of St. Louis. The 50,063-square-foot retail center is located at 309-319 Horner M Adams Parkway. Tenants include Office Depot, Mattress Firm, Firehouse Subs and Applebee’s. Susan Branscome of NorthMarq arranged the loan, which features an 80 percent loan-to-value ratio, with a regional bank.
Arlington Heights, Ill. — Tropical Smoothie Cafe, a fast-casual concept known for its smoothies and tropical food, is opening its 800th location. The restaurant, located at 115 W. Rand Road in Arlington Heights, is set to open this Friday, Sept. 6. Tropical Smoothie Cafe has grown at a rapid pace this year, opening its 750th location in May. Existing franchisee Hani Halloun, along with first-time franchisees Edward Joubran and Martin Khoshaba, will own and operate the new Arlington Heights location. There are currently seven Tropical Smoothie Cafe locations in the …
Lincolnwood, Ill. — The RoomPlace, an Illinois-based furniture store, has opened at Lincolnwood Town Center in northern Illinois. The retailer replaces a former Carson’s store. The 84,000-square-foot space incorporates three brands — The RoomPlace, The MattressPlace and RP Outlet. The location marks The RoomPlace’s largest store to date. Washington Prime Group Inc. owns Lincolnwood Town Center. Other retailers at the shopping mall include Kohl’s, Old Navy, Bath & Body Works, Foot Locker, Express and Champs Sports.
Gurnee, Ill. — Marcus & Millichap has arranged the $10.8 million sale of a 15,577-square-foot retail center in Gurnee. Located at 6440 Grand Ave., about 40 miles north of downtown Chicago, the center was fully leased at the time of sale. The property serves as an out parcel to Gurnee Mills Mall. Austin Weisenbeck and Sean Sharko Marcus & Millichap represented the undisclosed seller in the transaction. Robert Bhat of Marcus & Millichap arranged $6.9 million in acquisition financing for the undisclosed buyer. The nonrecourse loan offers a 65 percent …
Deerfield, Ill. — Walgreens plans to close approximately 200 stores across the U.S. starting this fall as part of a cost-management program. Specific store locations have not been disclosed, but the new closures represent less than 3 percent of Walgreens’ U.S. footprint. The announcement was made in a Walgreens Boots Alliance regulatory filing Tuesday. The Deerfield, Illinois-based company had previously unveiled plans to close 200 stores in the United Kingdom. Currently, Walgreens operates more than 18,500 stores in 11 countries.
Litchfield, Ill. — Hanley Investment Group has arranged the $1.7 million sale of a new Aldi-occupied building in Litchfield Plaza in Litchfield. The 22,245-square-foot building opened July 18. Other tenants at the center include Dollar General, Glik’s, Hibbett Sports, Maurices, National Rent-to-Own, Pizza Hut, Salvation Army, Shoe Sensation, Taco Bell and Wendy’s. Aldi has a 15-year, absolute triple-net ground lease in place that has rental increases every five years and renewal options. Jeff Lefko and Bill Asher of Hanley, along with Alex Apter of LOCATION Commercial Real Estate, represented the …
Park Forest, Ill. — Matanky Realty Group has negotiated the sale of a 102,647-square-foot shopping center located at 80-138 S. Orchard Drive in Park Forest, south of Chicago. Freedom Development Group purchased the three-building property for an undisclosed price. The Family Dollar-anchored center includes a grocery store and auto repair center. The buyer was attracted to the site due to its location within a federal Opportunity Zone, according to Matanky. Terri Cox and Don Wagener of Matanky brokered the transaction.