ACO Arranges Sale of Neighborhood Retail Property Near Chicago/Oak Park Border

CHICAGO, ILLINOIS — Thursday, May 29, 2014 – ACO Commercial, is pleased to announce the sale of 5933-5945 W. Division Street in Chicago, Illinois.  The property is comprised of seven commercial spaces contained in a 5,500 SF single story building.

Thurman W. Foreman, Vice President and S. Justin Brown, Esq., First Vice President arranged the sale of the property on behalf of a long time owner.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

 

ACO Commercial Arranges the Sale of 118 Units in Addison, IL for $5.8 Million

For Immediate Release:

ACO Commercial Arranges the Sale of 118 Units in Addison, IL for $5.8 Million

CHICAGO, ILLINOIS – Friday, January 31, 2014 – ACO Commercial is pleased to announce the sale of the Villabrook Apartments located at 129 S. Villa Avenue in Addison, Illinois, a western suburb of Chicago.

George J. Toscas, Executive Vice President, arranged the sale of the seven buildings on behalf of private, long-term owners.

The offering was comprised of seven California – style buildings within a 13 building ownership association.  All were one-bedroom units, of approximately 550 square feet.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

 

Lender to Unload Failed Suburban Condo Project

Lender to unload failed suburban condo project

By David Lee Matthews January 07, 2014

The hangover isn’t over yet for lenders that financed failed boom-era suburban condominium projects.

Wintrust Financial Corp. hired broker ACO Commercial to sell 89 units in a so-called fractured condo conversion in north suburban Wildwood, according to marketing materials circulated by the broker. The Rosemont-based lender has positioned the Willows of Grayslake as a rental property, counting on demand from yield-hungry investors.

The development was called Royal Oak Condominiums when an affiliate of the Inland Group Inc. converted the 180-unit apartment complex to condos. Records show the venture sold about half of the units, a mix of one- and two-bedroom condos sprawling over 17 acres, before defaulting on a $10 million loan issued in 2007 and a $8.7 million loan from 2010 by now-defunct First Chicago Bank & Trust. First Chicago failed in 2011 and its assets were assumed by Wintrust subsidiary Northbrook Bank & Trust.

Wintrust took back the property through a so-called deed-in-lieu of foreclosure in August, records show.

The Wildwood project was one of several suburban condo conversions that stalled out as the residential market plunged, forcing developers and lenders to rent out unsold units as a stopgap survival strategy.

“We sold 89 units off the bat and the market crashed almost overnight,” said Nicholas Helmer, chairman and CEO of Inland Great Lakes LLC, a subsidiary of Oak Brook-based Inland that specialized in condo conversions, including the Wildwood project. A separate development entity led by Mr. Helmer later sold two other units.

Built between 1968 and 1986, the rented units compete at the low end of the market, with rents of about a dollar per square foot, said ACO Executive Vice-President George Toscas. That’s well below the median suburban rent of $1.23 per square foot, according to Appraisal Research Counselors, a Chicago-based consulting firm. The average Willows apartment rents for $968 a month.

‘A LOT OF MEAT ON THE BONE’

The units’ first-year net operating income is projected by ACO at $490,037, according to marketing materials.

“This deal has exceptional investment fundamentals. There’s a lot of meat on the bone,” Mr. Toscas said, pointing to its location close to schools and near Interstate 94, its low management costs and the fact that it has almost no vacancies.

The project was one of several conversions pursued by Inland before the crash. The company sold out three projects in Chicago, but the Wildwood project and a larger development in Glendale Heights, called Stonegate, stalled out, Mr. Helmer said. Inland Great Lakes paid $18.1 million for the Wildwood property in 2005, according to Appraisal Research.

Lenders have steadily sold off their failed real estate investments in recent years amid investor demand for distressed developments. The delinquency rate for bank loans secured by income-producing real estate fell to 4.5 percent in the third quarter last year, down from a peak of 7.7 percent in early 2011, according to New York-based research firm Trepp LLC.

By straddling both sides of the housing market, fractured condo developments offer opportunities and challenges for investors. Potential clashes between condo owners and renters represent a risk, and the properties can be harder to finance. But the deals are attractive to investors because of their low prices, and the rebounding for-sale residential market offers an opportunity to sell the units as condos once again.

Wintrust is listing the units without a price, but records show the condos, ranging from 750 to about 1,000 square feet, sold for less than $100,000 to about $164,000. Brian Doyle, an associate in Wintrust’s purchased assets division, declined to comment on the property.

ACO Commercial Procures West Coast Investor to Acquire Lincoln Square Property

Press Release:

CHICAGO, ILLINOIS – Wednesday December 24, 2013 – ACO Commercial, is pleased to announce the sale 5454 N. Campbell in Chicago, Illinois.   The vintage property consists of 4 one – bedroom units, and 3 two – bedroom units in largely original condition.

S. Justin Brown, Esq., First Vice President with ACO Commercial, represented the purchaser, an out of state investor in acquiring the property on an all cash basis.  The price was approximately $630,000.

ACO Commercial specializes in the sale of investment real estate throughout the Midwest.  Affiliated Chicago Operations, LLC has 21 offices in Illinois with over 1,000 agents.

ACO Commercial Completes Retirement Sale of 16 Units in Belmont Cragin

For Immediate Release:

ACO Commercial Completes Retirement Sale of 16 Units in Belmont Cragin

CHICAGO, ILLINOIS – Monday, December 23, 2013 – ACO Commercial is pleased to announce the sale of 2715 and 2735 N. LeClaire Avenue in Chicago’s Belmont Cragin Neighborhood.

George J. Toscas, Executive Vice President, arranged the sale of the two buildings on behalf of a private, long-term owner.

The offering was comprised of two vintage buildings opposite of each other consisting of (12) 1-Bedroom, (2) 2-Bedroom, and (2) Studio apartments.  The sale reflected a price per unit of approximately $59,000 and a capitalization rate of 7.1%.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

 

ACO Commercial Sells Logan Square Land Site for $1.4 Million

For Immediate Release:

ACO Commercial Sells Logan Square Land Site for $1.4 Million

CHICAGO, ILLINOIS – Monday, December 23, 2013 – ACO Commercial is pleased to announce the sale of a 17,864 SF land site located at 2489 N. Milwaukee Avenue in Chicago’s Logan Square neighborhood.  The site has approximately 149 feet of frontage on Milwaukee Avenue, and is zoned C2-2.

George J. Toscas, Executive Vice President, arranged the sale of the site on behalf of a national lender.  The all cash – sale represented a price of approximately $80 per square foot.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

ACO Fetches $6.55 Million for 23 Units in Fractured Logan Square Development

For Immediate Release:

ACO FETCHED $6.55 MILLION FOR 23 UNITS IN FRACTURED LOGAN SQUARE DEVELOPMENT

CHICAGO, ILLINOIS – Tuesday, December 17, 2013 – ACO Commercial is pleased to announce the sale of Logan Station apartments in Chicago’s Logan Square neighborhood.  The property consists of 23 of 24 residential units contained in three adjacent buildings.

George J. Toscas, Executive Vice President, arranged the sale of the site on behalf of a national lender.  The sale represented a price of approximately $285,000 per unit and a capitalization rate of approximately 6.5%.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

ACO Commercial Sells 6.2 Acre Former Homewood Hotel Site

ACO Commercial Announces:

Toscas Sells 6.2 Acre Former Homewood Hotel Site

CHICAGO, ILLINOIS – Thursday December 5, 2013   –   ACO Commercial, is pleased to announce the sale of approximately 6.2 Acres of unimproved land at 17400 S. Halsted Street in Homewood, Illinois.  The site was the former home to the Homewood Hotel, which was razed by ownership prior to the sale.  The land has Retail B-4 Zoning and is suitable for commercial development in a vibrant commercial corridor.

George J. Toscas, Executive Vice President, arranged the sale of the property on behalf of the United Central Bank of Texas.  The sale price was approximately $1.15 Million.  The deal was closed on an all-cash basis with no contingencies.

ACO Commercial specialized in the sale of investment real estate throughout the Midwest.  Affiliated Chicago Operations, LLC has 21 offices in Illinois, Wisconsin, and Indiana with over 1,000 agents.

Reinsdorf-Judelson Venture Selling Block of Units in Barrington

Printed from ChicagoRealEstateDaily.com

Reinsdorf-Judelson venture selling block of units in Barrington

 

By David Lee Matthews October 31, 2013

An investment firm launched by Jerry Reinsdorf and investor Robert Judelson is looking to accelerate the pace of profits from a busted condo deal, putting up for sale 47 unsold units in a development in Barrington.

Northbrook-based Michigan Avenue Real Estate Investors is asking $8.5 million for 23 unsold town homes and 24 unsold condos at the Arbors of Barrington in the affluent northwest suburb, according to marketing materials from listing broker ACO Commercial.

Mr. Judelson, also a co-founder of Chicago-based real estate investment giant JMB Realty Corp., declined to comment.

In 2006, a venture managed by commercial real estate executive Douglas Cameron began a condominium conversion of the 110-unit complex. But the venture defaulted on a nearly $19 million loan used to finance the acquisition of the 12-building property. Mr. Cameron said, “Our timing was a little late in the game, otherwise it was fine.”

A Michigan Avenue venture paid about $12.1 million in a 2008 foreclosure sale for a majority of units in the complex, 560 Russell St., although the exact number of homes could not be determined. The venture financed the acquisition with a $10.4 million from Lake Forest Bank & Trust Co.

While continuing to market the condo conversion, Michigan Avenue has leased out the unsold units, said George Toscas, an executive vice-president with Chicago-based ACO.

Michigan Avenue has sold five units this year, at prices ranging from $110,000 and $217,500, Cook County property records show.

About 95 percent of the remaining 47 units are leased with 60-day “kickout” clauses that require the tenant to surrender the unit in the event of a sale, according to ACO marketing materials. The asking price is nearly $181,000 per unit.

“They’re able to take a fair discount for the privilege of exiting the investment in full,” Mr. Toscas said.

With 22 different floor plans ranging from studio apartments to multi-level town homes, the Arbors project has an eclectic mix of units with no “cookie-cutter” feel, Mr. Toscas said. Located in the coveted Hough Street Elementary School district, the complex is a destination for young families seeking relatively affordable living quarters in the posh suburb.

“It’s a great entry level to get into the Village of Barrington,” said broker John Morrison of RE/Max of Barrington, who has represented several clients who purchased units in the Arbors.

Mr. Judelson left JMB to join Mr. Reinsdorf, owner of the Chicago White Sox and the Chicago Bulls, in starting real estate syndication company Balcor Co. in 1973. The company was sold for about $100 million to American Express Co. in 1982.

ACO Commercial Sells Landmark Fort Sheridan Officer Housing for U.S. Navy

For Immediate Release:

Toscas Sells Landmark Fort Sheridan Officer Housing for U.S. Navy

CHICAGO, ILLINOIS – Monday October 7, 2013- ACO Commercial, is pleased to announce the sale of the Westover Townhomes within the town of Fort Sheridan in Highwood, Illinois.   The property consists of fifteen buildings with landmark status on approximately 6.4 acres.  Originally constructed in the 1930’s, the buildings had been used to house both Army and Navy officers until they were de-commissioned in 2008.

George Toscas, Executive Vice President, arranged the sale of the property on behalf of the U.S. Navy in partnership with Forest City Residential.

ACO Commercial specializes in the sale of investment real estate throughout the Midwest.  Affiliated Chicago Operations, LLC has 21 offices in Illinois, Wisconsin, and Indiana with over 1,000 agents.

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