Illinois

Arby’s Parent Company to Acquire Jimmy John’s

by Kristin Harlow September 25, 2019

ATLANTA AND CHAMPAIGN, ILL. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its first sandwich shop in 1983, and is known for fast delivery. Atlanta-based Inspire is a multi-brand restaurant company founded in 2018. Its current portfolio includes more than 8,300 Arby’s, Buffalo Wild Wings, Sonic and Rusty Taco locations worldwide. Following completion of the transaction, Inspire will be the fourth-largest restaurant company in the United States, according to a news release. Inspire expects to have more than $14 billion in annual sales and more than 11,200 restaurants across 16 countries. James North will serve as president of the Jimmy John’s brand, reporting to Paul Brown, co-founder and CEO of Inspire. Liautaud will step down as chairman and transition to an advisor …

September 25, 2019

Development Illinois Midwest Office

Franklin Partners Opens Redeveloped Office Building in Naperville, Illinois

by Kristin Harlow September 24, 2019

NAPERVILLE, ILL. — Franklin Partners has opened The Shuman, a redeveloped 350,000-square-foot office building in Naperville. The property, located at 263 Shuman Blvd., formerly served as the headquarters for OfficeMax. Designed by Wright Heerema Architects, the multi-tenant property now includes a five-story atrium with a custom light installation. A staircase that doubles as seating space leads to the amenity floor, which includes private meeting rooms, a lounge, game room, golf simulator and fitness center. Fiona’s Fare is a dining area while Manan is an in-house coffee bar. Francis Prock and David Florent of Colliers International are marketing the property for lease. Thus far, approximately 35,000 square feet of space has been leased. Franklin Partners acquired the property in April 2018 in a joint venture with Bixby Bridge Capital.

September 24, 2019

Development Illinois Midwest Multifamily Seniors Housing

Senior Lifestyle Corp. Breaks Ground on 200-Unit Community Near Chicago

by Kristin Harlow September 24, 2019

OAK BROOK, ILL. — Senior Lifestyle Corp., along with real estate investment firm Kaufman Jacobs, has broken ground on The Sheridan at Oak Brook, approximately 17 miles west of downtown Chicago. The five-story community will feature 127 independent living apartments, 59 assisted living apartments and 14 memory care residences. The 215,000-square-foot property will sit on 4.5 acres of land near shopping malls and dining options. The Sheridan at Oak Brook is the fourth joint venture development between Kaufman Jacobs and Senior Lifestyle, an owner, operator and developer. The community is scheduled for completion in early 2021.

September 24, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

Elevation Financial Group Buys Two Affordable Seniors Housing Communities in Illinois for $10.7M

by Kristin Harlow September 23, 2019

SPRINGFIELD, ILL. — Elevation Financial Group has acquired two affordable seniors housing communities in Springfield, the capital city of Illinois, for a total price of $10.7 million. The first property, Homestead at Montvale, is a 160-unit community. Elevation purchased the property through its Elevation Real Property VII fund for $8.4 million. The three-story community was built in 1999. The second property is Homestead Place, a 60-unit community built in 1996. Elevation purchased the property through its Elevation Real Property Fund VI fund for $2.3 million. Both properties are low-income housing tax credit properties. Elevation will continue to operate both, rebranding Homestead Place as Serenity Manor at Spring Creek and Homestead at Montvale as Serenity Manor at Springfield.

September 23, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $2.2M Sale of Strip Center in Orland Park, Illinois

by Kristin Harlow September 23, 2019

ORLAND PARK, ILL. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.

September 23, 2019

Development Illinois Midwest Multifamily

Lendlease, Magellan Break Ground on Two Residential Towers Totaling 866 Units in Chicago

by Kristin Harlow September 20, 2019

CHICAGO — Lendlease Development and Magellan Development Group have broken ground on two adjacent residential towers totaling 866 units in Chicago’s Lakeshore East. Cirrus is a 47-story, 363-unit condominium tower while Cascade is a 37-story, 503-unit apartment rental tower. The developers also plan to build Cascade Park, a publicly accessible green space that will provide connection to the lakefront and Chicago Riverwalk. A groundbreaking ceremony took place Tuesday, Sept. 17. Units at Cirrus will range from 650 to 3,000 square feet and be priced from the mid-$400,000s to more than $4 million. The tower will include 48,000 square feet of amenity space. Residents of Cirrus will also have access to amenities available to residents of Cascade, including an indoor lap pool, children’s playroom, fitness center, game room, music room and indoor dog run. Designed by bKL Architecture, Cirrus and Cascade are the first of three towers that Lendlease and Magellan plan to develop at the northeast corner of Lakeshore East.

September 20, 2019

Illinois Loans Midwest Office

Ready Capital Provides $44.4M Acquisition Loan for Office Building in Chicago

by Kristin Harlow September 20, 2019

CHICAGO — Ready Capital has provided a $44.4 million loan for the acquisition and stabilization of a 473,000-square-foot Class B office building in Chicago’s East Loop. The nonrecourse, floating-rate loan will provide funds for the leasing costs associated with extending tenants long term and stabilizing the rent roll at market rents, according to Ready Capital. The loan features a 48-month term and a loan-to-cost ratio of 71 percent, with one extension option and flexible prepayment. The borrower was not disclosed.

September 20, 2019

Development Illinois Midwest Office

Tishman Speyer Set to Break Ground on 270,000 SF Office Project in Chicago’s Fulton Market

by Kristin Harlow September 19, 2019

CHICAGO — Tishman Speyer has released renderings for 320 N. Sangamon, a 13-story, 270,000-square-foot office project in Chicago’s Fulton Market District. Along with its co-developer Goodman & Associates, Tishman Speyer plans to break ground on the project on Thursday, Sept. 26. Completion is slated for the first quarter of 2021. The building will feature floor plates ranging from 25,000 to 28,000 square feet. Employees at the property will have access to ZO, Tishman Speyer’s offering of lifestyle services and amenities. Solomon Cordwell Buenz is the project architect. Ellen May and Joe Gordon of Tishman Speyer will market the property for lease.

September 19, 2019

Illinois Leasing Activity Midwest Office

Coworking Concept Offix Opens in Chicago’s Pilsen Neighborhood

by Kristin Harlow September 19, 2019

CHICAGO — International coworking company Offix has opened its first U.S. office at Catalyst Lofts in Chicago’s Pilsen neighborhood. Offix occupies 6,394 square feet at 917 W. 18th St. Besides flexible workspace and private offices, Offix members have access to meeting rooms, business lobbies, a fully equipped kitchen and event lounge. Chad Schroedl and Adam Thomas of SVN Chicago Commercial represented the undisclosed landlord in the lease transaction. Leibel Moscowitz of Vandon Forbes Real Estate represented the tenant.

September 19, 2019

Illinois Loans Midwest Mixed-Use

JLL Arranges $140M Refinancing for Mixed-Use Development Adjacent to Wrigley Field

by Kristin Harlow September 18, 2019

CHICAGO — JLL has arranged a $140 million loan for the refinancing of Gallagher Way, a recently completed mixed-use development adjacent to Chicago’s Wrigley Field. The project includes more than 93,000 square feet of office space, 85,100 square feet of retail space, the 173-room Hotel Zachary and an 8,000-square-foot open-air entertainment plaza. Office tenants include American Airlines and the Chicago Cubs. Danny Kaufman, Christopher Knight, Jeff Bucaro and Nicole Aguiar of JLL arranged the 30-year, fixed-rate loan on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family. Barings, an international investment management firm owned by Massachusetts Mutual Life Insurance Co., provided the loan, proceeds of which will replace the construction financing arranged by the same capital markets team in 2016. The Ricketts family owns the Chicago Cubs baseball team.

September 18, 2019

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