Closer highlights for Nov. 3
Sale
A venture that includes local hotel operator Samuel K. Alexander on Sept. 23 sold a 126-room hotel in south suburban Matteson for about $3.6 million. The buyer, Lilly Investments LLC, plans to convert the property at 5200 Lincoln Highway from a Days Inn to part of the Americas Best Value Inn chain, according to the buyer's Web site. Separately, Mr. Alexander is facing four foreclosure cases seeking to collect $7.54 million, on properties including a hotel in Niles and another near Midway International Airport. He says he has reached an agreement with the lender, United Central Bank, to dismiss those cases and reinstate the loans for one year. The proceeds from the Matteson sale were not used to bring the United Central loans current, he says. Related story: Lender that took over Mutual Bank files foreclosure suits
Foreclosure
Bank of America¬ Corp. has filed a $7.7-million foreclosure suit on a mostly vacant research facility at 1200 Internationale in Woodridge, owned by Lakewood, Colo.-based real estate investment firm Alliance Commercial Partners LLC. The 97,964-square-foot building was constructed in 1991 for Argonne National Laboratories, whose lease expired last year, according to a document on Argonne's Web site. B of A, which filed the suit Oct. 15 in DuPage County Circuit Court, could not be reached for comment. Tom Karbowski, senior managing director of acquisitions with Alliance, did not return a call requesting comment. Earlier this year, Alliance handed back to a lender Highland Pointe, an office complex in Lombard. Related story: Investor suffers loan woes on west suburban offices
Construction
Growing submarine sandwich chain Which Wich? plans to open a 1,324-square-foot restaurant in the Block 37 project, the Dallas-based firm's second location in the area. Started in 2003, the company lists 107 locations on its Web site, including one in the Bradford Commons strip center, 2728 W. 75th St. in Naperville, which opened in June. At Block 37, Which Wich? joins other food tenants in the Pedway, such as Starfruit Café, serving frozen yogurt and kefir, and Beard Papa, a cream puff bakery.
Mortgage
Chicago attorney and property investor Sanford Kahn borrowed $2.8 million from the First Bank of Highland Park to finance his $4-million acquisition of a 38-unit apartment building at 4519 N. Paulina St. Developer Warren Allabastro bought the property for $8 million in 2005, with plans to convert the apartments into condominiums, but First Bank of Highland Park took control of the property through foreclosure last year, property records show. Mr. Kahn and a bank executive did not return calls for comment.
See more public records, foreclosure maps and Crain's Lists.
