Illinois

Meridian Completes Two Spec Industrial Buildings in Elgin, Illinois

by Kristin Harlow July 24, 2020

ELGIN, ILL. — Meridian Design Build has completed construction of two speculative industrial buildings for developer Scannell Properties in Elgin. A 325,020-square-foot building at 2451 Bath Road features a clear height of 36 feet, four drive-in doors, 367 auto parking spaces and 56 trailer stalls. The second property, an 80,400-square-foot facility at 1755 Britannia Drive, features a clear height of 32 feet, two drive-in doors and 92 auto parking spaces. The building can accommodate up to 19 loading docks and as many as three tenants. Paul Woody Architects provided architectural services and Manhard Consulting provided civil engineering services. Kenneth Franzese and John Cassidy of Lee & Associates are marketing the buildings for lease.

July 24, 2020

Development Illinois Midwest Office

J.C. Anderson to Renovate 150,000 SF Office for West Monroe Partners in Chicago

by Kristin Harlow July 24, 2020

CHICAGO — J.C. Anderson has been selected to complete a 150,000-square-foot office buildout for West Monroe Partners at 311 W. Monroe St. in Chicago. Founded in 2002, West Monroe Partners is a national consulting firm with seven offices throughout the country. The firm is relocating from 222 W. Adams St. J.C. Anderson will build out additional offices, open areas, phone rooms, conference rooms and collaborative work areas. The multi-floor project will include a break room on each floor as well as a reception area on the 14th floor and a new staircase leading up to the 15th floor. Completion is slated for October. The 15-story office building spans 382,490 square feet in Chicago’s Loop.

July 24, 2020

Illinois Industrial Leasing Activity Midwest

Georgia Nut Co. Renews 123,000 SF Industrial Lease in Skokie, Illinois

by Kristin Harlow July 24, 2020

SKOKIE, ILL. — Georgia Nut Co., a manufacturer of nuts and candy, has renewed its 123,000-square-foot industrial lease at 7500 Linder Ave. in Skokie. The industrial food processing facility features eight docks, 9,000 square feet of office space, a retail store and a clear height of 23 feet. Ned Frank and Pat Hake of Colliers International represented the owner, LINK. The lease enables Georgia Nut to receive tenant improvements for its operations.

July 24, 2020

Illinois Industrial Leasing Activity Midwest

Kenco Logistics Signs 381,874 SF Industrial Lease in Shorewood, Illinois

by Kristin Harlow July 23, 2020

SHOREWOOD, ILL. — Kenco Logistics Services has leased 381,874 square feet of industrial space at Heartland Corporate Center in Shorewood, about 10 miles west of Joliet. Heartland Corporate Center is a 757,880-square-foot warehouse located at 21530 SW Frontage Road. Chattanooga, Tenn.-based Kenco, a privately held third-party logistics firm, expects to take occupancy in December once interior improvements are completed. David Bercu and Matthew Stauber of Colliers International represented ownership, HSA Commercial Real Estate and Clarion Partners LLC. Sean Henrick of Cushman & Wakefield represented Kenco. Now fully leased, Heartland Corporate Center features a clear height of 36 feet, 108 truck docks and 240 car parking spaces. The other tenant is DSC Logistics.

July 23, 2020

Acquisitions Hospitality Illinois Midwest

Marriott Chicago Northwest Hotel Trades Hands in Hoffman Estates

by Kristin Harlow July 22, 2020

HOFFMAN ESTATES, ILL. — The 295-room Marriott Chicago Northwest hotel has sold for an undisclosed price. Situated in the northwest Chicago suburb of Hoffman Estates, the hotel opened in 2002. It features nearly 13,000 square feet of flexible meeting and event space. Hoffman Estates Hotel Group LLC, led by Harry and Alex Ghoman of Indianapolis-based The Ghoman Group, acquired the property. Ghoman plans to embark on capital improvements, such as renovating the guest rooms and lobby. John Karver and Eric Belfrage of CBRE Hotels represented the undisclosed seller. Rushi Shah and Prabhat Jayara of Mag Mile Capital arranged a bridge loan for the acquisition on behalf of Ghoman.

July 22, 2020

Acquisitions Illinois Industrial Midwest Office

SVN | Chicago Commercial Brokers $8.2M Sale of Redevelopment Site in Chicago’s Humboldt Park

by Kristin Harlow July 22, 2020

CHICAGO — SVN | Chicago Commercial has brokered the sale of a redevelopment site in Chicago’s Humboldt Park neighborhood for $8.2 million. The multi-building property sits on 6.5 acres at 1334, 1330 and 1030 N. Kostner Ave. The buyer, 1334 Kostner Owner LLC, is a subsidiary of IBT Group LLC. IBT plans to undertake an extensive office redevelopment project at the site. Jennifer Hopkins and Olivia Czyzynski of SVN represented the buyer. John McDermott of SVN represented the undisclosed seller along with outside broker Amy Van Hook.

July 22, 2020

Development Illinois Midwest Office

Mosaic Construction Completes Renovation of Novel Coworking Space in Downtown Chicago

by Kristin Harlow July 22, 2020

CHICAGO — Mosaic Construction LLC has completed a renovation of the Novel Coworking space on the top floor of the four-story 420 West Huron Street in downtown Chicago. The 4,500-square-foot project includes a large open area with dedicated space for two private offices, a huddle room and a phone booth for private calls. It also features a full-size private kitchenette. Mosaic worked with Novel’s team of architects and mechanical engineers to install the latest electric and data features.

July 22, 2020

Acquisitions Illinois Industrial Midwest

Brett Anthony Foods Expands in Suburban Chicago with Sale-Leaseback

by Kristin Harlow July 21, 2020

ELK GROVE VILLAGE, ILL. — Brett Anthony Foods has completed a 15-year sale-leaseback transaction with Clear Height Properties that will enable the commercial kitchen company to more than double the size of its Elk Grove Village operations. The transaction involved two adjacent properties located at 1350 and 1250 Greenleaf Ave. Brett Anthony Foods currently occupies the 53,831-square-foot building at 1350 Greenleaf. Additionally, plans call for the development of an approximately 10,000-square-foot structure that will connect the two buildings. The total project capitalization, including acquisition, development and tenant improvement costs, is estimated at $16 million. Brett Anthony Foods was founded in Northbrook in 2009 and produces ready-made foods for full-service restaurants, groceries and delis, wholesale distributors, hospitality services and catalog foods companies. Clear Height Properties acquired that building along with the adjacent 50,683-square-foot property. This month, Clear Height intends to begin construction on the connecting structure. Jason Lev of CBRE represented Brett Anthony Foods in its sale of 1350 Greenleaf. Brian Colson of Avison Young represented the undisclosed seller of 1250 Greenleaf.

July 21, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $5.7M Sale of Retail Building in Bolingbrook, Illinois

by Kristin Harlow July 21, 2020

BOLINGBROOK, ILL. — Marcus & Millichap has negotiated the sale of a 9,850-square-foot retail building in Bolingbrook for $5.7 million. Aspen Dental and Potbelly anchor the property, which is located at 215 N. Weber Road. It serves as an outlot to Meijer. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. An out-of-state investor group purchased the asset. Marcus & Millichap Capital Corp. arranged acquisition financing.

July 21, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 488,571 SF Industrial Building in Batavia, Illinois

by Kristin Harlow July 20, 2020

BATAVIA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 488,571-square-foot industrial building located at 601-605 Kingsland Drive in Batavia. The purchase price was undisclosed. The building is fully leased to two tenants. Constructed in 1996, the property was expanded in 2002. It sits on 26.9 acres and features 25 exterior docks, three drive-in doors and parking for 414 cars. There is an additional 7.3 acres on the site that can accommodate more car parking, truck parking or a 132,737-square-foot building expansion. Jeff Devine and Steve Disse of Colliers International represented the undisclosed seller. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

July 20, 2020

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