Illinois

Coworking Concept CommonGrounds Workplace Inks 30,783 SF Lease in Chicago

by Kristin Harlow August 5, 2019

CHICAGO — CommonGrounds Workplace has signed a 10-year lease for 30,783 square feet at 33 North LaSalle in Chicago’s financial district. CommonGrounds is a coworking company that provides flexible space solutions and services for companies of all sizes. There are currently nine U.S. locations open, with 11 additional locations scheduled to open in 2019 and early 2020. The lease at 33 North LaSalle includes the entire second and third floors of the 38-story office tower, which was constructed in 1928 and renovated in 2016. Amenities include a bike room, fitness center, conference room and catering kitchen. The renovation of the CommonGrounds space will be overseen by the company’s in-house design division. Chicago-based Partners by Design is the architect of record. Jon Cordell and Jess O’Hara of Newmark Knight Frank represented ownership, The John Buck Co., in the lease transaction. Jim Suber of Strategic Real Estate Advisory represented CommonGrounds, which expects to expand its footprint to 2 million square feet across 50 locations in the next 24 months.

August 5, 2019

Development Illinois Midwest Multifamily

McShane Completes Construction of 295-Unit Apartment Community in Lombard, Illinois

by Kristin Harlow August 2, 2019

LOMBARD, ILL. — McShane Construction Co. has completed Elan Yorktown, a 295-unit apartment community in Lombard. Greystar is the developer and owner. The property offers studio, one-, two- and three-bedroom units ranging in size from 626 to 2,471 square feet. The four-story development includes an attached four-story parking garage. Amenities include a fitness center, golf simulator room, theater room, library, clubroom, conference rooms, pool, walking path and dog park. ESG Architects served as the architect. Monthly rental rates start at $1,490.

August 2, 2019

Illinois Leasing Activity Midwest Office

PerkSpot Expands Office Lease in Chicago by 14,020 SF

by Kristin Harlow August 2, 2019

CHICAGO — PerkSpot has signed a 14,020-square-foot office expansion at 320 W. Ohio St. in Chicago. The customized employee discount firm now occupies more than 27,000 square feet at the building. It is the company’s second expansion in the last 13 months. Allen Rogoway of Cresa Chicago represented the tenant in the lease transaction. PerkSpot offers a perk program where employees can gain rewards and exclusive discounts for their performance. PerkSpot also offers discounted merchandise and services and receives a commission on the value of items sold through its platform by merchants.

August 2, 2019

Development Illinois Industrial Midwest

Darwin Begins Development of Bo Jackson Elite Sports Facility in Bensenville, Illinois

by Kristin Harlow August 1, 2019

BENSENVILLE, ILL. — Darwin Realty has begun development of a Bo Jackson Elite Sports Facility in Bensenville. The 114,140-square-foot indoor sports training center will be the third Bo Jackson facility in the United States and the second in Illinois. Completion is slated for the end of the year. The facility is designed to accommodate training for sports such as baseball, soccer, football and lacrosse. The building will also include a track, weight room and climbing wall. Sports legend Vincent “Bo” Jackson attended a groundbreaking ceremony on Thursday, July 18. Jackson, a graduate of Auburn University, is the only professional athlete in history to be named an All-Star in both baseball and football. Triumph Construction is the general contractor and Charles Smith of Arete Design Studio Ltd. is the architect.

August 1, 2019

Development Illinois Industrial Midwest

Meridian Design Build Breaks Ground on 100,560 SF Industrial Build-to-Suit in Bartlett, Illinois

by Kristin Harlow July 31, 2019

BARTLETT, ILL. — Meridian Design Build has broken ground on a 100,560-square-foot industrial build-to-suit for Cathay Industries in Bartlett. The property will be situated on a 6.8-acre site within Abbott Land & Investment’s Blue Heron Business Park. The building will feature a clear height of 30 feet, eight loading docks, two drive-in doors, 70 car parking spaces and 4,000 square feet of office space. It will be the fourth building within Blue Heron Business Park. Cathay is an iron oxide manufacturer. Harris Architects and Mackie Consultants make up the project team. A timeline for completion was not disclosed.ggg

July 31, 2019

Acquisitions Development Illinois Midwest New York Northeast Student Housing Top Stories

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Illinois Industrial Leasing Activity Midwest

DHL Signs 60,000 SF Industrial Lease in Batavia, Illinois

by Kristin Harlow July 29, 2019

BATAVIA, ILL. — DHL has signed a 60,000-square-foot industrial lease in Batavia, a western suburb of Chicago. The recently completed, 102,000-square-foot building is located at 1100 N. Raddant Road within the Northeast Business Park. Principal Construction built the facility on behalf of developer Midwest Industrial Funds. Approximately 42,000 square feet remain available for lease.

July 29, 2019

Acquisitions Illinois Midwest Office

Stanton Road Capital Purchases 371,566 SF Office Tower in Chicago’s East Loop

by Kristin Harlow July 24, 2019

CHICAGO — Stanton Road Capital LLC, in partnership with Third Lake Partners LLC, has purchased 200 S. Michigan Avenue, a 371,566-square-foot office tower in the heart of Chicago’s East Loop. The 22-story tower overlooks The Art Institute of Chicago and Millennium Park. Completed in 1958 and widely known by its previous name, the Borg-Warner Building, the property will undergo a modernization. Plans call for an upgraded lobby and improvements to existing amenities such as the tenant lounge. Cushman & Wakefield brokered the sale of the building. Crain’s Chicago Business previously reported that Stanton was under contract to pay approximately $34 million for the leasehold interest in the building. Shidler Group was the seller.

July 24, 2019

Development Illinois Industrial Midwest

CA Industrial Breaks Ground on 146,029 SF Spec Warehouse in Suburban Chicago

by Kristin Harlow July 24, 2019

ELK GROVE VILLAGE, ILL. — CA Industrial, the industrial investment and development division of CA Ventures, has broken ground on CA Elk Grove, a 146,029-square-foot speculative warehouse in Elk Grove Village. The Class A project will sit on seven acres at 550 E. Devon Ave. Slated for completion in the first quarter of 2020, CA Elk Grove will feature a clear height of 32 feet, 18 loading docks and parking for 135 cars. The new warehouse is being constructed on the site of an existing retail center. A portion of the retail space, 7,800 square feet, will remain as retail. The other portion was rezoned as industrial. Established businesses Tata’s Pierogi and La Spa Nails will be relocated to renovated space within the retail center. They will join Subway, Peking Express and Fatt Mustard Café, which will remain in their current locations. The retail property will receive a new façade, signage, roof and resurfaced parking lot. Harris Architects Inc. is the architect and Pepper Construction is the general contractor.

July 24, 2019

Acquisitions Illinois Lee & Associates Midwest Retail

Lee & Associates Negotiates $1.2M Sale of Retail Building in Norridge, Illinois

by Kristin Harlow July 24, 2019

NORRIDGE, ILL. — Lee & Associates has negotiated the $1.2 million sale of a 15,000-square-foot retail building in Norridge, about 15 miles northwest of Chicago. The property, partially occupied by Dollar General, is located at 7510 W. Irving Park Road. It also features a showroom. Rick Scardino and John Cassidy of Lee & Associates represented the seller. A private investor purchased the asset.

July 24, 2019

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