Illinois

FPA Multifamily Buys 332-Unit High-Rise Apartment Complex in Chicago’s South Loop

by Taylor Williams August 27, 2018

CHICAGO — FPA Multifamily LLC has acquired The Lex, a 332-unit high-rise apartment complex located within the McCormick Square entertainment district in Chicago’s South Loop. The seller was Crescent Heights, a developer of luxury multifamily communities with five offices across the country. San Francisco-based FPA purchased the property free and clear of debt for an undisclosed price. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF represented the seller in the transaction. Completed in 2009, The Lex consists of one 35-story tower and one seven-story building featuring a mix of one-, two- and three-bedroom residences. Units average more than 900 square feet each and include granite countertops, floor-to-ceiling windows and private balconies. Communal amenities include a pool, outdoor grilling stations, 24-hour fitness center, game room, resident lounge and business center. The Lex also features more than 17,000 square feet of ground-floor retail and dining space. The property is situated adjacent to the newly constructed Wintrust Arena and Marriott Marquis Hotel. The location puts The Lex within walking distance of Lake Michigan. The Lex was originally built as a condominium project, but failed as it was completed in the midst of the housing crisis, according to local real estate …

August 27, 2018

Acquisitions Illinois Midwest Retail

CBRE Arranges $25.5M Sale of Mariano’s-Occupied Property in Arlington Heights, Illinois

by Kristin Harlow August 24, 2018

ARLINGTON HEIGHTS, ILL. — CBRE has arranged the $25.5 million sale of a 66,393-square-foot retail property occupied by Mariano’s Fresh Market in Arlington Heights, about 25 miles northwest of Chicago. The supermarket is located at 802 E. Northwest Highway. Christian Williams and Michael Kaider of CBRE represented the seller, an affiliate of Inland Private Capital, which purchased the asset in 2011 for $20.8 million. A joint venture between State Farm and Transwestern Investment Group was the seller, according to Crain’s Chicago Business.

August 24, 2018

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $8.2M Condo Deconversion Sale in Chicago

by Kristin Harlow August 24, 2018

CHICAGO — Interra Realty has negotiated the sale of a condominium deconversion in Chicago’s Buena Park neighborhood for $8.2 million. The undisclosed buyer plans to convert the property’s 34 condo units into apartment rentals. The four-story asset is located at 744 W. Gordon Terrace. Built in 1974, the property includes a mix of studios, one- and two-bedroom units. Joe Smazal of Interra brokered the transaction. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

August 24, 2018

Illinois Industrial Leasing Activity Midwest

Clarke Packing & Crating Signs 108,163 SF Industrial Lease in Bartlett, Illinois

by Kristin Harlow August 24, 2018

BARTLETT, ILL. — Clarke Packing & Crating Co. has signed a 108,163-square-foot industrial lease at Brewster Creek Business Park in Bartlett. Clarke will occupy space within a new 186,000-square-foot facility that features a clear height of 32 feet, 35 exterior docks and parking for 224 cars. Clarke currently leases 63,000 square feet at 4150 Chandler Drive in Hanover Park. Elise Couston, Adam Marshall and Mark Deady of Newmark Knight Frank represented the owner, Barings Real Estate, in the lease transaction. George Pappas of Hartford Associates represented the tenant.

August 24, 2018

Acquisitions Illinois Midwest Retail

Quantum Brokers $6.2M Sale of Retail Center in Suburban Chicago

by Kristin Harlow August 24, 2018

MIDLOTHIAN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.2 million sale of Mid-Oak Plaza in Midlothian, a southwestern suburb of Chicago. Walgreens and Charter Fitness anchor the 73,284-square-foot retail center, which is located at 14702-14740 S. Cicero Ave. Chad Firsel of Quantum represented the seller, a metro Chicago-based acquisition and development company. A private real estate owner based in southern suburban Chicago was the buyer.

August 24, 2018

Development Illinois Midwest Multifamily

McShane to Construct 364-Unit Apartment Complex in Warrenville, Illinois

by Kristin Harlow August 23, 2018

WARRENVILLE, ILL. — McShane Construction Co. has been selected by developer Interforum Holdings to construct a new apartment community called Canterra Residences in Warrenville, about 30 miles west of Chicago. The 364-unit complex will be built around a central parking garage. Amenities will include a health club, yoga studio, business center, pool and dog wash station. Construction will be done in phases with the entire development slated for completion in late 2020. Baranyk Associates LTD is providing architectural services. Interforum is a privately held real estate development and investment firm based in Northfield, Ill.

August 23, 2018

Acquisitions Illinois Industrial Midwest

PCCP, Midwest Industrial Funds Acquire 490,000 SF Warehouse in Hodgkins, Illinois

by Kristin Harlow August 23, 2018

HODGKINS, ILL. — PCCP and Midwest Industrial Funds have acquired a vacant, 490,000-square-foot warehouse in Hodgkins, about 20 miles southwest of Chicago. The purchase price was not disclosed. The buyers plan to renovate the property and rename it as Hodgkins Center of Commerce. The venture plans to tear down part of the building in order to modernize it with 45 additional exterior docks, new office space, ESFR fire system, new roof and HVAC systems. Upon completion, the property will include 408,000 square feet with 62 dock doors and a clear height of 26 feet. The seller was not disclosed.

August 23, 2018

Acquisitions Illinois Industrial Midwest

Matthews Brokers $11.6M Sale of Industrial Building in Suburban Chicago

by Kristin Harlow August 23, 2018

FRANKLIN PARK, ILL. — Matthews Real Estate Investment Services has brokered the sale of an 87,464-square-foot industrial building in Franklin Park for $11.6 million. DHL occupies the property. Neither the buyer nor the seller was disclosed. Maxx Bauman of Matthews brokered the transaction. The sales price represented a sub-6 percent capitalization rate.

August 23, 2018

Development Illinois Industrial Midwest

HSA, Clarion Break Ground on 757,880 SF Distribution Center in Shorewood, Illinois

by Kristin Harlow August 22, 2018

SHOREWOOD, ILL. — Developers HSA Commercial and Clarion Partners LLC have broken ground on Heartland Corporate Center in Shorewood, located just west of Joliet. The 757,880-square-foot distribution center will be located on a 46-acre site near the I-55 and I-80 interchange. The speculative project will feature a clear height of 36 feet, 108 truck docks and 240 car parking spaces. Tenant occupancy is slated for early 2019. Meridian Design Build is the general contractor. David Bercu and Matthew Stauber of Colliers International are handling lease-up of the property.

August 22, 2018

Development Hospitality Illinois Midwest

Summit Design + Build Completes Renovation, Rebranding of Former Hotel Indigo Chicago

by Kristin Harlow August 22, 2018

CHICAGO — Summit Design + Build LLC has completed the renovation and rebranding of the former Hotel Indigo Chicago Downtown. The 13-story property is now known as Claridge House Hotel. The building, originally constructed in 1923, had operated as Hotel Indigo since 2005. Interwest Capital purchased the asset in 2016 with plans to rebrand. Summit updated the lobby and restaurant and installed a new bar. The hotel’s 165 guest rooms received upgrades including new paint, carpet, light fixtures, shower fixtures and lighted mirrors. The renovation project totaled 59,000 square feet. Hirsch Associates served as the project architect and The Gettys Group served as interior designer. Oxford Capital Group operates the hotel.

August 22, 2018

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