Illinois

Marcus & Millichap Arranges $6M Sale of Third and Fourth Floors of Chicago’s Museum of Broadcast Communications Building

by Kristin Harlow April 1, 2019

CHICAGO — Marcus & Millichap has arranged the sale of the third and fourth floors of the Museum of Broadcast Communications (MBC) building in Chicago’s River North neighborhood for $6 million. The property, located at 360 N. State St., is a four-story, mixed-use condo building totaling approximately 54,000 square feet. Until the sale, the MBC utilized the upper three floors, but will now consolidate operations on the second floor. STK Chicago, a restaurant, occupies the ground floor. Kyle Stengle and Stephen Lieberman of Marcus & Millichap marketed the floors on behalf of the museum. Fern Hill Co., a privately held real estate development and investment firm in Chicago, was the buyer.

April 1, 2019

Acquisitions Illinois Industrial Midwest

ML Realty Partners Acquires 218,000 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow April 1, 2019

ELK GROVE VILLAGE, ILL. — ML Realty Partners has acquired a 218,000-square-foot industrial building located at 701 Devon Ave. in Elk Grove Village for an undisclosed price. The property features a clear height of 24 feet and 16 exterior docks. Steve Stone of Cushman & Wakefield represented ML Realty in the sale. The seller was not disclosed.

April 1, 2019

Development Illinois Midwest

City of Chicago Selects Studio ORD as Lead Architect for $8.5B O’Hare Airport Expansion

by Kristin Harlow March 28, 2019

CHICAGO — The city of Chicago has selected Studio ORD to lead the design of the $8.5 billion expansion at the Chicago O’Hare International Airport. Studio ORD will design the new O’Hare Global Terminal and Global Concourse. The city will now enter into contract negotiations with Studio ORD. In the coming months, a second team will be selected from the remaining four finalists to design two new satellite concourses to be built west of Terminal 1. The expansion will create tens of thousands of jobs, according to the city. Airport revenues, not taxpayer dollars, will be used to pay for the expansion. At 2.2 million square feet, the new O’Hare Global Terminal will more than double the space at the existing Terminal 2. The terminal project is valued at $2.2 billion. Construction is expected to begin in 2023. For the first time at O’Hare, the new Global Terminal will integrate international and domestic operations, enabling travelers to more easily connect to domestic flights from destinations from around the world under one roof. More than 83 million passengers use the airport each year. Studio ORD is a joint venture comprised of the following firms: Corgan Associates Inc., Milhouse Engineering and Construction …

March 28, 2019

Development Illinois Midwest Office

Clayco to Construct $26M Office Development in Chicago’s West Loop

by Kristin Harlow March 28, 2019

CHICAGO — Developers Bob Wislow and Camille Julmy have selected Clayco to construct a 12-story office development in Chicago’s West Loop. Located at 215 N. Peoria St., the $26 million mid-rise project will include a ground-level restaurant and lobby. Floors two through four will feature a 45-space parking garage and floors six through 12 will be leasable office space. Plans also call for an amenity rooftop. Clayco plans to break ground next month. Clayco’s in-house design firms, BatesForum and LJC Collaborative, make up the project team. CBRE will market the property for lease.

March 28, 2019

Acquisitions Illinois Midwest Office

SVN | Chicago Commercial Brokers $5.3M Sale of Loft Office Building in Chicago’s Pilsen Neighborhood

by Kristin Harlow March 27, 2019

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 100,544-square-foot loft office building in Chicago’s Pilsen neighborhood for $5.3 million. The property is located at 2201 S. Halsted St. Angelo Labriola and Paul Cawthon of SVN represented the seller. Stephen Cusano and James Mead of SVN represented the buyer.

March 27, 2019

Development Illinois Midwest Mixed-Use

Cullinan Properties Breaks Ground on Rock Run Crossings in Joliet, Illinois

by Kristin Harlow March 26, 2019

JOLIET, ILL. — Cullinan Properties Ltd. has broken ground on Rock Run Crossings, a 265-acre mixed-use project in Joliet. Cullinan is underway on clearing the site and plans to begin construction late this spring. A groundbreaking ceremony took place on Friday, March 22. Cullinan has also revealed the first anchor tenant at Rock Run Crossings. The 16-screen Regal Cinemas movie theater will span 70,000 square feet. The developer plans to announce more tenants later this year.

March 26, 2019

Acquisitions California Florida Illinois Industrial Minnesota Top Stories Wisconsin

WPT Industrial REIT Acquires U.S. Logistics Portfolio for $226M

by John Nelson March 26, 2019

TORONTO — WPT Industrial Real Estate Investment Trust, a publicly traded company based in Toronto, has increased its U.S. holdings by agreeing to acquire a 13-property logistics portfolio for approximately US$226 million. The industrial buildings total 2.2 million square feet and are situated in infill submarkets across the United States. The property names and addresses were not disclosed, but WPT says the portfolio will increase its scale in Chicago, Milwaukee and Minneapolis. The portfolio also includes assets in three new markets for the REIT, including Los Angeles and Miami. Additionally, WPT has confirmed that eight of the assets are leased to a single tenant and the other five are leased to multiple tenants. “We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth,” says Scott Frederiksen, CEO of WPT. WPT plans to fund the acquisition with cash on hand and proceeds from its senior unsecured credit facility. In anticipation of the purchase, WPT has received lender commitments to amend and extend the credit facility from US$300 million to $450 million. The REIT expects …

March 26, 2019

Acquisitions Healthcare Illinois Midwest

HFF Arranges Sale of 135,093 SF Medical Office Building in Chicago

by Kristin Harlow March 22, 2019

CHICAGO — HFF has arranged the sale of Lakeshore Medical Center in Chicago. Completed in 2008, the 135,093-square-foot, five-story medical office building is attached to the 236-bed Weiss Memorial Hospital. Tenants at the property include Walgreens, Fresenius Medical Care and University Dermatology and Vein Clinic. Ben Appel, Evan Kovac, Andrew Milne, Matt DiCesare, Jeffrey Bramson and Bryan Rosenberg of HFF represented the seller, a partnership between CarVal Investors and Zeller Realty Group. The team also procured the buyer, an institutional investor. MBRE Healthcare will manage the asset.

March 22, 2019

Acquisitions Illinois Midwest Retail

SVN | Chicago Commercial Brokers $4.4M Sale of Retail Center in Arlington Heights, Illinois

by Kristin Harlow March 22, 2019

ARLINGTON HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the sale of The Esplanade at Arlington Heights for $4.4 million. The 18,419-square-foot retail property is located at 2920-2964 W. Euclid Ave. in Arlington Heights. Subway and Starbucks are the anchor tenants. Tim Franz and John Livaditis of SVN represented the seller, a private real estate investment group. The buyer was not disclosed.

March 22, 2019

Illinois Loans Midwest Multifamily Student Housing

Ready Capital Provides $11.9M Acquisition Financing for Student Housing Portfolio in Illinois

by Kristin Harlow March 22, 2019

CHAMPAIGN URBANA AND NORMAL, ILL. — Ready Capital has provided an $11.9 million loan for the acquisition and renovation of a 79-unit, 276-bed student housing portfolio at the University of Illinois at Urbana-Champaign and Illinois State University. The borrower plans to extensively renovate the unit interiors. The nonrecourse, fixed-rate loan features a three-year term.

March 22, 2019

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