CHICAGO-JAB Real Estate Opportunity Funds, with $15 million in private equity focused on multi-family and retail investments on Chicago’s North Side, announced that it has entered into a lease with Vancouver-based athletic apparel retailer Lululemon Athletica for a store at 3550-56 N. Southport. The 4,000-square-foot lease brings the building, which the fund acquired earlier this year, to full occupancy. It is also another major step forward for the Southport Corridor, a two-block stretch of boutiques and restaurants along Southport Avenue in Lakeview, which struggled with high vacancy during the credit crisis but has come charging back over the past year, JAB said in a statement. According to Frank Campise, principal of JAB Real Estate Opportunity Fund II, the vacancy rate for the Southport Corridor’s 110,000 square feet of retail space peaked at around 25%, or about 27,000 square feet, last year. Today it stands at less than 5%. Campise anticipates most of the vacant retail space on the street will be leased by the end of the year. He said average rents have climbed about 25%, from around $30 per square foot 12 months ago to $37.50 today. Campise said the fund is under contract on a handful of multi-family acquisitions with closings anticipated later this year. “We see opportunity for strong rent growth in the multi-family sector on the North Side as Class A apartment rents downtown set record highs,” he said. JAB Real Estate Opportunity Funds will leverage approximately $60 million in acquisitions, targeting both distressed and value-add opportunities. Fund II is currently 75% deployed, according to Campise. JAB’s first fund is fully deployed. Chris Irwin, vice president with Jameson Sotheby’s International Realty, represented JAB in its lease.

ELGIN, IL-Wheel Pros has leased 32,122 square feet of industrial space within a 250,000-square-foot building at 2554 Northwest Pkwy. for the relocation of its operations already in Elgin. Wheel Pros distributes more than two dozen brands of high-performance wheels and tires for cars, trucks, and SUVs, including a full line of company-branded wheel products and sells to customers in about 30 countries worldwide. The company chose this facility due to the location and 30-foot clear height distribution space. Elise A. Couston, principal with Paine/Wetzel * ONCOR International along with Casey Mungo with Daum Commercial represented the tenant in the transaction. David Liebman with Colliers International worked on behalf of the building owner.

YORKVILLE, IL-Rally Capital Services LLC recently chose Jones Lang LaSalle to lease and manage its 750,000-square foot regional Kendall Marketplace power center. Located on Route 34 and Cannonball Trail, the center is anchored by Dick’s Sporting Goods, Kohl’s, SuperTarget and The Home Depot.

AURORA, IL-Privately held home furnishings retailer Premier Furniture Outlet leased 38,975 square feet at Aurora Marketplace. Mid-America Vice President Marget Graham represented the landlord in the lease, while the tenant was self-represented. The center is a 336,359-square-foot shopping center located on the northwest corner of Route 59 and 7th Street. Anchors include Sports Authority and Hobby Lobby.

CHICAGO-Essex Realty Group Inc. recently arranged the sale of a 32-unit vintage courtyard apartment building in the Rogers Park neighborhood. The property at 7381-89 N. Damen, which sold for $1.6 million, is two blocks south of Chicago’s border with Evanston and two blocks from the Howard Street CTA station, less than one mile from Lake Michigan. The property consists of 25 one-bedroom, four two-bedroom and three three-bedroom units. Doug Imber and Doug Fisher with Essex were the brokers on the transaction.

SKOKIE, IL-Jeff Cherner, SVP and managing director of NorthMarq Capital’s Chicago Regional office, arranged first mortgage financing of $6 million for 5500 Howard St. The property is a 61,000-square-foot, two-story office building that is on 6 acres with parking for 245 cars. The major tenant at the site is the Alter Group. Financing was based on a 10-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with American Equity Life.

AUBURN HILLS, MI-Signature Associates has negotiated the sale of 176,130 square feet of hi-tech space at 3500-3900 Joslyn Rd. Paul Hoge represented the purchaser, TD Joslyn Road LLC. The Farbman Group represented seller Fifth Third Bank.

TROY, MI-L. Mason Capitani CORFAC International recently arranged the sale of the Haverhill Office Complex located at 2950 W. Square Lake Rd. to LSTC California LLC. The property includes a 25,000-square-foot, multi-tenant office building as well as an active cell tower that is currently in use by three cell service providers. The occupancy of the office building was approximately 75% at the time of sale. The purchaser plans to renovate the building and reposition it as a premium location for office tenants in the area. Mason L. Capitani and Gary P. Grochowski of represented the purchaser and the seller in the transaction. They will also continue to market and lease the building moving forward. The final sale price was not disclosed. However, the asking price for the property was reported to be $1.8 million.

ANN ARBOR, MI- Centro Properties Group US announced the recent opening of a 4,600-square-foot Pure Sleep store, a furniture, bedding, and electronics retailer, at Maple Village, located just east of Interstate 94 off of the Jackson Road exit, on the northeast corner Maple and Jackson roads. Jim Stokas with Stokas Bieri Real Estate represented Pure Sleep. Centro is the owner of Maple Village and was represented by Brian Mychajluk.

EVANSVILLE, IN-Summit Capital and Aries Capital are pleased to announce that the two firms recently joined forces to secure and close a $7 million repositioning loan for the Holiday Inn of Evansville Airport Hotel here. The companies acted as an advisor to the borrower and secured the capital for the transaction through its long-standing relationship with a consortium of credit unions. The repositioning loan, which features an interest only period prior to amortization, will be used to recapitalize a note acquisition and complete a property improvement plan. The hotel, a former Marriott, features 199 units and a conference center and is near the Evansville Regional Airport in Southern Indiana. The property was reflagged to a Holiday Inn.

MUNCIE, IN-Taco Bell/Yum! Brands recently purchased a 31,500-square-foot building at 3201 N. Morrison Rd. The buyer was represented by John Byrne with Cassidy Turley Indianapolis. The seller, Aquas Partnership, represented itself.

MENOMONEE FALLS, WI-RJ Schinner Co., a paper and plastics redistribution company, has purchased the 160,000 square foot industrial building at N89W14700 Patrita Dr., in the Menomonee Falls Industrial Park. James Young, a broker with Milwaukee-based Cassidy Turley Barry represented the buyer in the $5 million sale, and Sam Dickman Jr. of the Dickman Co. Inc. represented the seller, Maysteel LLC. Maysteel LLC will stay in a small portion of the building on a short-term basis.