Illinois

ASC Arranges $3.5M Bridge Loan for Acquisition of 25,000 SF Office Building in Chicago

by Kristin Harlow July 11, 2018

CHICAGO — American Street Capital (ASC) has arranged a $3.5 million bridge loan for the acquisition of a 25,000-square-foot office building in Chicago’s River North neighborhood. Built in 1920, the five-story building is currently vacant and in need of repairs. The buyer plans to renovate the property to include modern floor plans and amenities for tenants. Igor Zhizhin of ASC arranged the floating-rate loan, which features a full term 18 month interest reserve. A commercial bank provided the loan.

July 11, 2018

Acquisitions Company News Illinois Midwest

Colliers Finalizes $450M Harrison Street Investment

by Kristin Harlow July 9, 2018

CHICAGO — Colliers International has finalized its previously announced strategic investment in Harrison Street Real Estate Capital LLC for $450 million. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement of certain performance targets. Colliers has acquired 75 percent of the Chicago-based real estate investment firm, which focuses on the education, healthcare and self-storage sectors. The senior management team of Harrison Street owns the balance of the equity. Christopher Merrill, Harrison Street’s co-founder and CEO, will lead operations and remain the largest individual shareholder. Colliers expects annual revenue from management fees to range between $100 million and $115 million. Harrison Street currently maintains approximately $14.6 billion in assets under management.

July 9, 2018

Development Illinois Midwest Multifamily

Baker Completes 191-Unit Apartment Building in Chicago’s Lincoln Park Neighborhood

by Kristin Harlow July 9, 2018

CHICAGO — Baker Development Corp. has completed ELEVATE Lincoln Park located at 930 W. Altgeld St. in Chicago. The 11-story luxury apartment building includes 191 units. The property features a pool, grill area, demonstration kitchen, fitness center and dog run. Floor plans include studios, one- and two-bedroom units, as well as penthouse units. Monthly rents start at $1,985.

July 9, 2018

Development Illinois Midwest Restaurant Retail

Englewood Begins Construction of Outback Steakhouse in Gurnee, Illinois

by Kristin Harlow July 9, 2018

GURNEE, ILL. — Englewood Construction has broken ground on a 6,524-square-foot Outback Steakhouse restaurant in Gurnee, located about 45 miles north of Chicago. Outback is relocating from 5642 Northridge Drive in Gurnee. Janet Pugh is the project architect. Tampa-based Bloomin’ Brands is the parent company of Outback. Englewood has recently completed Outback restaurants in Downers Grove, Ill.; Springfield, Ill.; and Merrillville, Ind.

July 9, 2018

Development Illinois Midwest Multifamily

Kiser Brokers $1.6M Sale of Multifamily Development Site in Chicago

by Kristin Harlow July 6, 2018

CHICAGO — Kiser Group has brokered the sale of a .37-acre development site in Chicago’s Albany Park for $1.6 million. The buyer, Evergreen Real Estate Group, plans to develop 48 affordable housing units on the site, which is located at 3441 W. Montrose Ave. The seller was not disclosed. Michael D’Agostino and Jake Parker of Kiser brokered the transaction.

July 6, 2018

Acquisitions Illinois Midwest Multifamily

Jameson Brokers $1.2M Sale of Multifamily Building in Chicago

by Kristin Harlow July 5, 2018

CHICAGO — Jameson Commercial has arranged the sale of a six-unit multifamily building in Chicago’s Lakeview neighborhood for $1.2 million. The property is located at 1644 W. Addison St. Mark Kishtow of Jameson represented the undisclosed buyer.

July 5, 2018

Acquisitions Illinois Midwest Retail

Love’s Travel Stops Purchases Two Development Sites in Illinois

by Kristin Harlow July 3, 2018

ROCHELLE AND HAMPSHIRE, ILL. — Love’s Travel Stops has purchased two development sites in Illinois. The first site is a 17-acre parcel near I-88 in Rochelle, about 30 miles south of Rockford. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in the sale. Intermodal Capital Holdings LP was the seller. Love’s also purchased a 99-acre farm in Hampshire, about 40 miles east of Rockford. Schmidt represented the seller, the Henning family. The site, located near I-90, will also include an Arby’s restaurant. Construction of both travel stops is expected to begin this month. Love’s provides truck drivers and motorists with 24-hour access to places to purchase gasoline, diesel fuel, travel items and snacks. The company plans to open more than 40 new locations this year, according to Realty Metrix.

July 3, 2018

Development Illinois Industrial Midwest

PREMIER Breaks Ground on 678,858 SF Industrial Development in Downers Grove, Illinois

by Kristin Harlow July 2, 2018

DOWNERS GROVE, ILL. — PREMIER Design + Build Group LLC has broken ground on Bridge Point Downers Grove, a three-building, 678,858-square-foot speculative industrial development in suburban Chicago. Bridge Development Partners LLC is the developer. The 57-acre infill site is located at the intersection of I-88 and I-355. Buildings 1 and 2 will feature a clear height of 32 feet, 33 exterior truck docks and four drive-in doors. Building 3, totaling 291,345 square feet, will feature a clear height of 36 feet, 40 exterior truck docks and two drive-in doors. Cornerstone Architects Ltd. is providing architectural services and McCallum Associates is providing landscaping services. Swift Structural Design is the structural engineer while SPACECO is the civil engineer. Jason West, David Friedland, Sean Henrick, Michael Magliano and Doug Pilcher of Cushman & Wakefield will represent Bridge in lease-up of the property. The construction is scheduled to be completed in early 2019.

July 2, 2018

Acquisitions Illinois Midwest Retail

HFF Arranges $16M Sale of Retail Portion of Historic Chicago Building

by Kristin Harlow July 2, 2018

CHICAGO — HFF has arranged the $16 million sale of a 13,062-square-foot retail space in the heart of Chicago’s financial district. The space is part of the Roanoke Building, a historic office tower located at 11 S. LaSalle St. Originally constructed in 1915 and renovated in 2015, the tower is 91 percent occupied. Tenants of the retail portion include Citibank, Roanoke Restaurant, 7-Eleven and T-Mobile. Amy Sands and Clinton Mitchell of HFF represented the seller, an affiliate of The Prime Group Inc. The buyer was not disclosed.

July 2, 2018

Development Illinois Midwest Office

Core Acquisitions to Complete $7M Renovation of Office Building in Schaumburg, Illinois

by Kristin Harlow June 29, 2018

SCHAUMBURG, ILL. — Core Acquisitions has unveiled plans to complete a $7 million renovation of Chatham Centre in Schaumburg. The 10-story, 205,000-square-foot office building is located at 1901 N. Roselle Road. Core plans to upgrade the lobby and outdoor terrace spaces, enhance the onsite food service operations and complete tenant build-outs. The lobby will feature a bleacher-style seating area where employees can work, eat or socialize. Construction of the new improvements is scheduled to begin immediately and be completed by year-end. Chatham Centre is currently 70 percent leased. Colliers International is the leasing agent and property manager. D+K Architects is the design and architecture firm. Core financed its acquisition of the property with New York-based Prime Finance.

June 29, 2018

Newer Posts

Older Posts