Hilco Redevelopment Partners Acquires Former Power Plant, Plans $100M Industrial Development

CHICAGO — Hilco Redevelopment Partners, a unit of Hilco Global, has acquired the Crawford Power Generating Station site in Chicago’s Little Village neighborhood for an undisclosed price. NRG Energy sold the site, which had previously operated as a coal-fired power plant beginning in the late 1920s before being decommissioned in 2012. Hilco plans to demolish the facility and replace it with up to 1 million square feet of warehouse space as part of a $100 million project, according to the..

February 8, 2018

JLL Arranges Sale of 117,000 SF Industrial Facility in Lake Zurich, Illinois

LAKE ZURICH, ILL. — JLL has arranged the sale of a 117,000-square-foot industrial facility in Lake Zurich, about 40 miles northwest of Chicago. The sales price was not disclosed. The facility is located on a 9.9-acre site at 800 N. Church St. The property features a clear height of 24 feet, 275 auto parking spaces, eight docks, fully air-conditioned warehouse space and 19,000 square feet of office space. Steve Trapp and Steve Steinmeyer represented the buyer, an affiliated entity of Midwest..

February 8, 2018

Chicago Hotel Supply Growth Is in Line With Other Markets

Back in mid-2017, in a piece that was published right here in Heartland Real Estate Business, I talked about what might be in store for the remainder of the year. Specifically, I wrote that while “concerns about oversupply will likely persist in many [Midwestern] markets,” the outlook was not as grim as some industry analysts had been forecasting — a “second wind in the hotel sector” was “helping to calm the waters.” The general sense was that we would continue to see moderate..

February 8, 2018

Associated Bank Provides $14.5M Construction Loan for Three-Building Retail Project in Schaumburg, Illinois

SCHAUMBURG, ILL. — Associated Bank has provided a $14.5 million refinancing and construction loan for a multi-tenant retail project in Schaumburg. Known as Woodfield Gatherings, the three-building project is located near Woodfield Mall. The 30,074-square-foot retail property was formerly home to a parking lot for a J.C. Penney store. Chuy's, Naf Naf Grill, Mod Pizza and Honey Grow have all signed leases at the new development. Chuy's is currently open for business, while the remaining..

February 7, 2018

National Express Signs 98,840 SF Industrial Lease in Chicago

CHICAGO — National Express LLC has signed a 98,840-square-foot industrial lease on Chicago’s South Side. The transportation company will occupy the space at 2005 W. 43rd St. starting in the second quarter of this year. The company is relocating from the Fulton Market neighborhood in order to have more parking options. Mitch Adams and Nicole Mentone of CBRE represented the landlord, Avgeris & Associates, in the lease transaction. Chris Gary of NAI Hiffman represented the tenant.

February 7, 2018

GlenStar to Undertake $28M Redevelopment of 1 MSF Office Property in Schaumburg, Illinois

SCHAUMBURG, ILL. — GlenStar Properties will undertake a $28 million redevelopment of Schaumburg Corporate Center in Illinois. Plans call for the construction of a new parking deck that can accommodate 500 autos and a temperature-controlled skybridge; nine modern speculative suites ranging in size from 1,700 square feet to 33,000 square feet; a 10,000-square-foot conferencing center; a club room with ping pong, pool and foosball tables; a new spiral staircase; and a new entry. GlenStar will..

February 6, 2018

Entre Commercial Realty Brokers Sale of 41,803 SF Industrial Building in Lincolnshire, Illinois

LINCOLNSHIRE, ILL. — Entre Commercial Realty LLC has brokered the sale of a 41,803-square-foot industrial building in Lincolnshire. The sales price was not disclosed. Security Lock Distributors, an electrical and mechanical door hardware company, purchased the facility. The distributor’s current facility in Buffalo Grove is available for lease. The Lincolnshire property, located at 640 Heathrow Drive within the Lincolnshire Business Park, features four interior docks, 4,280 square feet of..

February 6, 2018

Brown Commercial Negotiates Sale of 126,537 SF Industrial Facility in Elk Grove Village, Illinois

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 126,537-square-foot industrial facility in Elk Grove Village for an undisclosed price. The 4.2-acre property is located at 2001 Arthur Ave. The buyer, Seefried Industrial Properties Inc., plans to build an 80,000-square-foot warehouse to replace the existing building. Mike Antonelli and Mason Hezner of Brown Commercial represented the seller, Spirit Realty Capital, in the transaction. Jonathan Kohn of Colliers..

February 5, 2018

ING Underwrites, Closes $235.1M Acquisition Loan for Office Tower in Downtown Chicago

CHICAGO — ING Capital LLC has underwritten and closed a $231.5 million senior loan for the acquisition of One South Dearborn, an 828,538-square-foot office tower located in downtown Chicago’s Central Loop. The borrower was Connecticut-based Starwood Capital Group. ING expects to syndicate a portion of the senior loan in the coming weeks. Deutsche Asset Management provided a $62.5 million mezzanine loan for the acquisition. Hines developed the 40-story, Class A property in 2005. Law..

February 5, 2018

Skender Completes 176,000 SF Headquarters Relocation Project for GGP in Chicago

CHICAGO — Skender Construction has completed interior construction of the 176,000-square-foot headquarters for retail real estate company GGP at River North Point in Chicago. GGP has relocated 700 employees to the new headquarters. The three-level space features an abundance of natural light and an open office format with exposed ceilings. The focal point of the space is the café, which opens to a 10,500-square-foot private deck overlooking the Chicago River. Skender worked with Archideas..

February 2, 2018