SCHAUMBURG, ILL. — Schaumburg-based Industrial Outdoor Ventures (IOV) and its equity sponsor BLG Capital Advisors have recapitalized and formed a joint venture with San Francisco-based Stockbridge. Financial terms of the deal were not disclosed. IOV sold a significant interest in its 26-building industrial service facilities (ISF) portfolio to Stockbridge. The properties are located in major markets throughout the U.S., including Atlanta, Chicago, Dallas, Phoenix and southern California. The venture plans to continue growing the portfolio, with plans to make $100 million to $200 million in property acquisitions each year. IOV has entered into an agreement to continue managing the portfolio and future investments. CIBC Bank, along with a group of co-lenders, provided a $145 million credit facility to the venture for the seed portfolio and future acquisitions. Mike Caprile, Zach Graham and Ryan Bain of CBRE arranged the recapitalization and joint venture. IOV is a national real estate investor focused exclusively on outdoor storage facilities. ISF are used to support supply chains in the storage, maintenance and dispatch of equipment and bulk material. They are primarily used by the transportation, e-commerce, construction and utility industries.
CHICAGO — Full-service law firm Ice Miller LLP has signed a long-term lease extension and expansion at 200 West Madison in Chicago. The firm will increase its current 22,897-square-foot space to 36,112 square feet, remaining on the entire 35th floor and expanding to part of the 36th floor. Corey Siegrist, Bill Rogers and Brian Means of JLL represented Ice Miller in the lease negations. Jeff Dowdell and Eric Myers of Transwestern represented ownership, BentallGreenOak.
MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $6.4 million sale of Willow Creek II and IV in Machesney Park, a suburb of Rockford. The two retail buildings, totaling 23,202 square feet, are separate but located within the same development. Tenants include Buffalo Wild Wings, Verizon, Anytime Fitness, FedEx, Jersey Mikes and Pizza Hut. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a Chicagoland private family. Prodigy Real Estate Group represented the seller, a Rockford-based developer.
CHICAGO — Healthcare Information and Management Systems Society (HIMSS) has signed a 30,000-square-foot office lease in Chicago. The tenant is moving into sublease space at River Point North, which is located at 350 N. Orleans St. HIMSS is a member-based association offering expertise in health innovation, public policy, workforce development, research and analytics to advise global leaders, stakeholders and influencers on best practices in health information and technology. The association is moving from 33 W. Monroe in Chicago. The new space offers a flexible layout and a rental rate far below the building’s asking rent, according to Avison Young. Chad Bermingham of Avison Young represented HIMSS in the lease transaction. Gartner Research listed the office space for sublease. Christine Bower and Matt Carolan of JLL represented Gartner, which will continue to occupy 44,450 square feet at the building.
CHICAGO — Kiser Group has arranged the sale of a 46-unit apartment building in Chicago’s South Humboldt Park neighborhood for $3.7 million. Located at 3432-40 W. Franklin Blvd., the property was built in 1927 and fully renovated in the mid-2000s. Monthly rents range from $624 to $1,375. Jack Petrando, Danny Logarakis and Rick Ofman of Kiser represented the buyer, RMRE Holdings LLC, and the undisclosed seller. The buyer plans to complete cosmetic upgrades to some of the units.
CHICAGO — The Sable at Navy Pier, a 223-room, seven-story hotel, opened today at Chicago’s Navy Pier tourist attraction. James McHugh Construction Co. and Powers & Sons Construction Co. were the general contractors for the $100 million project. Developer ACRON USA owns the hotel, which is part of Hilton’s Curio brand. Maverick Hotels and Restaurants is the hotel operator. Every room at the hotel offers a waterfront view of the Chicago skyline. Construction involved integrating the new building into the pier’s existing structure. Construction began in June 2018 and was completed in October 2020, but the opening of the hotel was delayed due to COVID-19. Navy Pier itself has been closed since last fall and is expected to reopen this spring. The Sable name comes from the USS Sable, which served as a Great Lakes luxury cruise ship prior to World War II. KOO LLC was the project architect and interior designer, while Thornton Tomasetti served as structural engineer.
CHICAGO — Optima Inc. has topped off Optima Lakeview, a 198-unit luxury apartment project in Chicago’s Lakeview neighborhood. The seven-story, transit-oriented development includes 14,000 square feet of street-level retail space. First move-ins are scheduled for spring 2022. Work on the project, which is situated on the site of a former Treasure Island grocery store, began five months ago. Optima is serving as both architect and general contractor. Optima Lakeview will feature 40,000 square feet of amenities, including a rooftop sky deck, indoor basketball court, golf simulator, fitness center, yoga room, sports lounge, dog park, game room, demonstration kitchen, business center and two conference rooms. Units will feature keyless entry and smart thermostat and lighting. Optima says the units are significantly larger than what’s currently available in the market in order to accommodate dedicated space for a home office with the rise of the work-from-home model.
ELK GROVE VILLAGE, ILL. — Skybox Datacenters is underway on the development of Skybox Chicago I, a 189,000-square-foot data center in the suburban Chicago community of Elk Grove Village. The project is the first facility being developed as part of a new partnership between Skybox and Prologis Inc. The partnership will focus on data center markets across Chicagoland. Completion of the first facility is slated for November.
ROMEOVILLE AND BEDFORD PARK, ILL. — Duke Realty (NYSE: DRE) is underway on construction of two build-to-suit industrial developments totaling 1.8 million square feet in metro Chicago. The first project is a 1.2 million-square-foot fulfillment center for Wayfair at Airport Logistics Center in Romeoville. The project is situated on nearly 82 acres at 1040 W. Renwick Road and is part of the business park’s second phase of development. Wayfair will fully occupy the facility and expects to employ as many as 500 workers during peak times of the year. Duke worked closely with tenant representative brokers John Suerth and Jon Varholak of CBRE and as well as listing brokers Jason West and Sean Henrick of Cushman & Wakefield. The second project is a 655,200-square-foot facility for a national home improvement retailer in Bedford Park. Located at 6600 W. 68th St., the property will service same-day and next-day delivery needs for customers with close proximity to I-294 and I-55. Plans call for 46 dock doors, 293 trailer spaces and 205 car spaces. Tony Kepano and Matt Mulvihill of CBRE served as the tenant representative and Chris Gary of NAI Hiffman served as the listing broker.
DOWNERS GROVE, ILL. — Kiser Group has brokered the sale of East Village Apartments in Downers Grove for $7.1 million. Floor plans include 18 two-bedroom units and two one-bedroom units. Built in 2018, the three-story property includes 20 units. Ron Plonis of Kiser represented both the seller, Forth Group Real Estate, and the buyer, HP Ventures Group-Development Services LLC.