Category Archives: Transaction History Current

Touhy Plaza

Skokie, IL

5550 West Touhy in the North Shore suburb of Skokie, Illinois, is a 50,156 sf well-occupied office building in the heavily-trafficked West Touhy Avenue corridor surrounded by over 650,000 sf of shopping center space.

Touhy Office Plaza, located at 5550 West Touhy in Skokie, IL, is a well-maintained (the highly-regarded original developer was the Seller), boutique office asset with a secure cash flow stream and significant tenant retention.  Anchored by Chase Bank, the building includes 13 tenants from diverse industries, many of which have called the property home for over 10 years.  Nearly 35,000 sf (70%) of the current tenancy has been leasing office space at the property for an average of 22 years.

Lee Waters

Marietta, GA

Lee Waters is 6.3 acres of fully-permitted land, engineered for 22 lots, in a coveted area with limited competition in Marietta, Georgia. 

The plan is to develop lots on this 6.3 acre parcel for the construction of 22 homes in a subdivision off Lee Waters Road in Marietta, Georgia.  The builder, Heatherland Homes, is majority-owned by members of the ownership entity of Lee Waters.  The project is located in eastern Cobb County, one of the strongest markets in the Atlanta metro area.  The project duration is modeled at 28 months.

900 Business Center Drive

Mount Prospect, IL

900 Business Center drive is a 43,282 square foot two-tenant industrial property located in the O’Hare industrial submarket of Kensington Business Center.

900 Business Center drive is a 43,282 square foot two-tenant industrial property located in Kensington Business Center.  The property’s largest tenant, BladeRoom, LLC, occupies approximately 70% of the 43,538 square feet and this building serves as BladeRoom’s USA headquarters for this impressive operation.  BladeRoom has made a significant investment in the property with the installation of a demonstration facility adjacent to the building, giving their customers the opportunity to see an operational BladeRoom Data Center.  The property’s newest tenant, Laurens Restoration, represents an expansion in to the market for this seasoned disaster restoration firm.  This opportunity allowed us to purchase a fully-leased, well-maintained industrial building in a very strong industrial market (sub 6% vacancy) at a price that is significantly below replacement cost, at an above-market cap rate for industrial property, and with tenants that have below-market rents.   

Riverside Plaza

Belvidere, IL

Riverside Plaza is a 62,538 sf stabilized shopping center prominently located in the heart of downtown Belvidere, IL.

The property sits along the Kishwaukee River at State Street and has tremendous visibility.  This attractive investment is enhanced by a rent roll made up of a majority of credit tenants including Salvation Army (the largest tenant and the center’s anchor), Rent-A-Center, Dollar General and Check ‘N Go.  There is an abundance of parking on the site’s 4.32 acres and access to the Shopping Center is easy due to its many points of access.  Traffic counts for this location are high – over 20,000 cars pass this heavily traveled corridor on a daily basis.  Average household income for Belvidere is over $75,000 and the area has comparatively low crime rates and a growing population.

1840-1854 South Fairfield

Chicago, IL

1840-1854 South Fairfield is a four-building, 26-unit apartment complex in a quiet, tree-lined neighborhood of Douglas Park in Chicago, IL.

The property is surrounded by Douglas Park to the West, Cinespace Film Studios (and the famed Lagunitas Brewery) to the East, the Medical District to the North and train tracks to the immediate south.  Crosstown Real Estate Advisors had been managing this bank-owned property for over two years and negotiated a deal to purchase the properties at just over $19,000 per unit.  The plan is to upgrade the interiors (new fixtures and appliances, refinish hardwood floors, install new HVAC, repaint) and exteriors (roofs and façade) of the buildings and stabilize the property over the course of 12-16 months.

Westminster

Covington, GA

Westminster is a 102-acre tract with 99 previously developed lots and undeveloped acreage to accommodate the development of an additional 102 lots.

The property was purchased in July 2014.  During due diligence, the sponsor was successful in selling the finished lots to Atlanta’s largest homebuilder on a take-down schedule.  The homebuilder purchased 25 lots up front and committed to 8 lots per quarter thereafter until the subdivision is completed.  At that time, there will be two options for the undeveloped acreage – sell it outright or develop finished lots for a builder.  The decision will be driven my market conditions at the time of disposition.

Wynhaven

Marietta, GA

Wynhaven is a 19 acre parcel of land in Marietta, Georgia that is improved with 296 abandoned apartment units.

The property sits strategically adjacent to the City Club of Marietta, an 18-hole golf course, and the Marietta Convention Center, a Hilton property. The property was purchased at a steep discount from the Lender, Wells Fargo, due to the sponsor’s ability to close quickly and all-cash. The current plan is to redevelop the parcel for commercial use on the front portion of land facing the main roadway serving the property and residential townhomes and condominiums on the remainder of the land.

First Bank Plaza

Lake Zurich, IL

First Bank Plaza is a 50,000 square foot office and retail property prominently located in the affluent suburb of Lake Zurich, IL.

Located at the busy intersection of Rand Road (Route 12) and Half Day Road (Route 22), the office portion of First Bank Plaza is anchored by Chase Bank, which was an original occupant of the office property, and several other regional and local businesses including Allstate, Re/Max, Edward Jones, Chicago Title & Trust, Mattress Firm and the Lake Zurich Chamber of Commerce.  The retail portion of First Bank Plaza is easily accessible from both Routes 12 and 22 and hosts a number of strong tenants, including Firm Mattress, Little Ceasars, Shaggy Paws, and the renowned D & J Bistro – the shopping center’s anchor tenant and one of the Plaza’s original occupants.

3545 North Pulaski

3545 North Pulaski,  Chicago, IL

A 12,700 square foot mixed-use building just south of the intersection of Addison and Pulaski in Chicago, IL.

Purchased directly from a Lender, this impeccably built property is located 4 blocks from the Irving Park Metra and Chicago Blue Line stations, as well as 2 blocks from the Addison exit off of I-90. Built in 2007-8 with eight (8) high-end residential units over two (2) commercial units, the property sits strategically in an area where working class professionals can easily commute between work and home. The enclosed, heated parking garage provides parking for each of its residents and further enhances the value of the property. The property is currently 100% occupied and is home to Crosstown Real Estate Advisors’ corporate office.

2900 Colorado

Joliet, Illinois

2900 Colorado is a 20,000 square foot, free standing building on an outlot of the Louis Joliet Regional Mall off Route 30 and IL-55 in the City of Joliet, Will County, Illinois.

It is occupied by two tenants, Deals/Dollar Tree (13,000 square feet) and Regency Beauty School (7,000 square feet). The building was built in 1992 with a new façade installed in 2005. We recently completed a new extension with Deals/Dollar Tree which takes their lease out until June of 2016 and Regency’s lease expires in May of 2017. Deals/Dollar Tree is a publicly traded company with strong financials and Regency Beauty School is a rapidly-growing, privately-held company with almost 90 campuses in 20 states.