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DevelopmentHospitalityIllinoisMidwest

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

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestMultifamily

Interra Brokers $2.1M Sale of Multifamily Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 12-unit multifamily building in Chicago’s Edgewater neighborhood for $2.1 million. The property is located at 6203-09 N. Ravenswood Ave. Brad Feldman and Adam Saxon of Interra brokered the transaction. The seller recently completed a renovation at the property, including a new roof, windows and in-unit laundry. The property was 92 percent leased at the time of sale. The undisclosed buyer purchased the asset at a capitalization rate of 7.5 percent.

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AcquisitionsIllinoisMidwestOfficeTop Stories

GlenStar, Rubenstein Acquire 910,796 SF Office Property in Suburban Chicago for $121.5M

by Kristin Harlow

ROLLING MEADOWS, ILL. — A partnership between GlenStar and Rubenstein Partners, known as CT Acquisitions LLC, has acquired Continental Towers for $121.5 million. The 910,796-square-foot office property is located in Rolling Meadows, about 30 miles northwest of Chicago. GlenStar initially acquired the property in 2013 and has since completed approximately $30 million in improvements for the asset. GlenStar added a 734-stall parking garage and renovated the fitness center, restrooms and corridors. As a result, occupancy jumped from 55 percent to 90 percent with the addition of tenants such as Verizon and Panasonic. The new joint venture between GlenStar and Rubenstein plans to complete an additional $20 million in renovations, including an overhaul of the two-acre plaza deck as well as the lobbies, café and amenity space. Work is set to begin immediately. Originally constructed in the early 1980s, Continental Towers is a three-tower office complex situated on 34 acres. The Class A property is located near I-90 and Woodfield Mall. “Our main focus as a firm is to seek out and acquire high-quality, value-add office assets in emerging markets,” says Brandon Huffman, portfolio manager of equity investments for Rubenstein. “Continental Towers represents everything we typically look for in an investment.” …

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IllinoisLeasing ActivityMidwestOffice

U.S. Headquarters of Iterum Therapeutics Relocates in Chicago

by Kristin Harlow

CHICAGO — Iterum Therapeutics US Limited, a subsidiary of Iterum Therapeutics, has signed a 10,318-square-foot office lease at 200 S. Wacker Drive in Chicago to relocate its American headquarters. The Ireland-based pharmaceutical company develops anti-infectives aimed at combatting multi-drug resistant pathogens. The U.S. subsidiary of Iterum Therapeutics is relocating from 200 W. Monroe St. Geoffrey Kasselman, Matthew Whipple, Bob Chodos and Steve Levitas of Newmark Knight Frank represented the tenant in the lease transaction. John Hancock Real Estate owns the building.

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DevelopmentIllinoisMidwestMultifamilyStudent Housing

Capstone, Harrison Street to Develop Student Housing Community at University of Chicago

by Kristin Harlow

CHICAGO — Capstone Development Partners LLC and Harrison Street Real Estate Capital LLC are developing an on-campus student housing and dining community at the University of Chicago. Capstone On-Campus Management will manage the property in shared governance with the university. Known as Woodlawn Residential Commons, the development will house approximately 1,200 undergraduate students and resident staff. The project will also include a dining commons that will be operated by the university and its dining services provider. Elkus Manfredi Architects is the project architect and Turner Construction Co. is the contractor. The development is slated to open in time for the 2020-2021 school year.

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AcquisitionsIllinoisMidwestMultifamily

SVN Brokers $9.5M Sale of Two Multifamily Buildings in Chicago

by Kristin Harlow

CHICAGO — SVN | Chicago Commercial has brokered the sale of two multifamily buildings in Chicago’s Beverly neighborhood for $9.5 million. The properties, which total 110 units, are located at 10206-30 S. Walden Parkway and 10500 S. Walden Parkway. Frank Micklin of SVN brokered the transaction on behalf of the undisclosed parties. The buyer completed a tax-deferred 1031 exchange.

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DevelopmentIllinoisIndustrialMidwest

Conor Commercial Breaks Ground on 265,550 SF Industrial Building in Winfield, Illinois

by Kristin Harlow

WINFIELD, ILL. — Conor Commercial Real Estate has broken ground on North Avenue Commerce Center, a 265,550-square-foot speculative industrial building in Winfield, about 30 miles west of Chicago. The Class A facility will be situated on 17 acres at the southwest corner of North Avenue and Morton Road. The building can be subdivided into separate spaces of 60,000 square feet. Property features include a clear height of 32 feet, an ESFR sprinkler system, 56 exterior docks, four drive-in doors, 12 trailer parking stalls, and 228 car parking spaces. McShane Construction Co. is the general contractor for the project and Ware Malcomb is the architect. Completion is slated for the fourth quarter of this year.

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IllinoisLoansMidwestMultifamily

SunTrust Provides $10.6M Acquisition Loan for Condo Deconversion in Chicago

by Kristin Harlow

CHICAGO — SunTrust Banks Inc. has provided a $10.6 million bridge loan for the acquisition and deconversion of Cambridge Commons in Chicago. Built in 1970, the property was renovated in 2000. After the closing on July 23, all of the units became apartment rentals. Manny Brown and John Gordon of SunTrust originated the loan on behalf of the borrower, a private equity firm. Areas such as Chicago are seeing more condo deconversions because it is difficult to find land for new developments to meet the rising demand for multifamily properties, according to Gordon. 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.

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IllinoisIndustrialLoansMidwest

Wool Finance Arranges $4.5M Loan for Industrial Property in Stickney, Illinois

by Kristin Harlow

STICKNEY, ILL. — Wool Finance Partners has arranged a $4.5 million loan for the refinancing of Pershing Terminal in Stickney, about 10 miles southwest of Chicago. The fully leased property includes a 25,000-square-foot cross dock facility and a 13,000-square-foot maintenance facility on a 10-acre site. A West Coast-based life insurance company provided the loan. The undisclosed borrower obtained a lender environmental insurance policy, which insures the lender for any remediation costs in the event of a borrower default. The loan is fully amortized over 25 years and includes a fixed interest rate of 5.1 percent for the first seven years.

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