SPRINGFIELD, IL-Irvine, CA-based Steadfast Income REIT Inc. has acquired its first multifamily property, Lincoln Tower, a 190-unit apartment complex in the downtown here. In connection with the property acquisition, the board of directors has authorized an initial distribution equal to an annualized distribution rate of 7% on the public offering price of $10 per share. "We are pleased to reach these two important milestones in our newly formed REIT," said Rodney F. Emery, CEO and president of Steadfast. "Lincoln Tower exemplifies the REIT's objective of investing in class B, workforce multifamily housing," said Emery. "We feel that the favorable terms negotiated by the REIT coupled with the property's many attributes position it to produce immediate income for our investors." Lincoln Tower was built in 1968 and is at 520 S. Second St, directly across the street from the Illinois Capitol. The 17-story building offers one-, two- and three-bedroom apartments ranging from 750 square feet to 1,560 square feet, as well as exclusive underground parking facilities. Additionally, the property boasts approximately 8,500 square feet of commercial office space, which is currently 95% occupied. The property was acquired from Lincoln Tower, Inc., an unaffiliated third party. Steadfast financed the acquisition with cash proceeds received through both its private and public offerings and financing provided by the seller.

SCHAUMBURG, IL-CB Richard Ellis represented Crossroads Development Partners in the leasing of a total of 22,750-square-feet to three new tenants at Woodfield Corners Office Center, 1300 E. Woodfield Rd. CBRE’s Mark Smith and Mike Graham represented ownership in all three transactions. The three new leases are with Ericsson Inc., Stenograph LLC and Meadoworks LLC.

BARRINGTON, IL-The Boulder Group has arranged the sale of a single-tenant net-leased Walgreen’s property at 189 Northwest Hwy. for $9.3 million. The 14,490 square foot building is 100% leased on a long term basis to Walgreen’s. Randy Blankstein and Jimmy Goodman represented the seller, a private Chicago developer. Walgreen’s Barrington 1 LLC, a California-based real estate investor, was the purchaser. “This was one of the highest-priced Walgreen’s sold in 2010 and demonstrates the desirability of core single tenant properties in the present market environment” said Blankstein.

CHICAGO-Washington, DC-based Carr Workplaces, a provider of workplace solutions nationwide, will open its newest business center in downtown Chicago at the Aon Center in early 2011. The 25,000 square feet on the 51st floor of the 83-story building will be Carr's second location in Chicago and its 24th in the United States. The business center will include 70 offices and team rooms, three conference rooms equipped with AV equipment, and its signature Community Caf