Illinois

J.P. Morgan Chase Provides $64M Refinancing for Radisson Blu Aqua Hotel in Chicago

by Kristin Harlow December 1, 2017

CHICAGO — J.P. Morgan Chase & Co. has provided a $64 million loan for the refinancing of the Radisson Blu Aqua Hotel in downtown Chicago. The 334-room luxury hotel occupies floors four through 18 of the Aqua Tower, an 82-story building. The hotel features a 12,000-square-foot ballroom, 28,500 square feet of meeting space, an 8,000-square-foot fitness center, swimming pools, yoga space and Filini’s restaurant. The location at 221 North Columbus Drive is proximate to the Loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a partnership between Al Rayyan Tourism Investment Co., Magellan Development Group and Carlson Rezidor Hotel Group.

December 1, 2017

Illinois Loans Midwest Office

MCA Arranges $15.2M Acquisition Loan for Office Building in Lombard, Illinois

by Kristin Harlow December 1, 2017

LOMBARD, ILL. — Metropolitan Capital Advisors Ltd. (MCA), in partnership with AMA Financial LLC, has arranged a $15.2 million loan for the acquisition of a 174,098-square-foot office building in Lombard. The property, located at 701 E. 22nd St., is 97 percent occupied. A partnership between Red River Asset Management and Lincoln Property Co. has acquired the building with plans to further upgrade amenities. Scott Lynn of MCA and Gregg Wallace of AMA arranged the fixed-rate loan with Benefit Street Partners.

December 1, 2017

Illinois Midwest Multifamily

363-Unit Apartment Building Opens in Chicago’s River West Neighborhood

by Kristin Harlow November 30, 2017

CHICAGO — Spoke, a 363-unit apartment building, has opened in Chicago’s River West neighborhood. Morgan Bond. Co., a venture between Bond Cos. and Morgan Holdings, developed the property, which is located at 728 Morgan St. The transit-oriented development consists of a 15-story tower and a 12-story tower connected by nearly one acre of rooftop outdoor amenity space. Studio, convertible, one- and two-bedroom apartments range from 417 to 1,180 square feet with rents from $1,795 to $3,830. For renters seeking more space, a two-bedroom penthouse with a terrace offers 1,273 square feet of space, while three street-level townhomes range from 2,233 to 2,360 square feet. Rents for the penthouse and townhomes start at $6,490 and $6,600, respectively. Indoor amenities, encompassing 18,000 square feet, include a demonstration kitchen and party room, music performance lounge, gaming lounge, cycling room, fitness studio and yoga room. Outdoor amenities span the fourth floor of both buildings and include a pool and hot tub, cabanas, hammocks, grills and bocce ball court. A bridge connects Spoke’s two buildings with a covered dog run and dog spa. The property also features 45,000 square feet of retail space. Chicago-based FitzGerald Associates Architects designed the property. Bozzuto is handling lease-up of …

November 30, 2017

Illinois Industrial Midwest

Darwin Brokers Sale of 100,000 SF Industrial Building in Elgin, Illinois

by Kristin Harlow November 30, 2017

ELGIN, ILL. — Darwin Realty has brokered the sale of a 100,000-square-foot industrial building in Elgin, located about 35 miles northwest of Chicago. The sales price was not disclosed. St. Charles Trading purchased the property, located at 1400 Madeline Lane within Randall Point Business Park. The global supplier of food ingredients will use the facility to consolidate and expand multiple warehousing and production operations in the western suburbs. Brendan Sheahan and Noel Liston of Darwin represented St. Charles Trading in the transaction. Mike Sedjo and Jack Brennan of CBRE represented the seller, Pancor Construction & Development.

November 30, 2017

Illinois Midwest Office

Macerich Sells 326,000 SF Office Tower in Chicago for $86.4M

by Kristin Harlow November 29, 2017

CHICAGO — The Macerich Co. (NYSE: MAC) has sold a 326,000-square-foot office tower in Chicago for $86.4 million. The building, located at 500 N. Michigan Ave., is adjacent to the company’s The Shops at North Bridge. The sale aligns with Macerich’s strategy of recycling capital out of non-core assets and into its core portfolio of retail assets, according to the company. The real estate investment trust currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.

November 29, 2017

Illinois Midwest Multifamily

KIG Negotiates Sale of 70-Unit Apartment Building in Itasca, Illinois

by Kristin Harlow November 29, 2017

ITASCA, ILL. — KIG CRE has negotiated the sale of Two Itasca Place in Itasca, approximately 27 miles northwest of Chicago, to Waypoint Residential. The sales price was not disclosed. The five-story, 70-unit apartment building is located at 2 Itsaca Road. One- and two-bedroom floor plans average 1,694 square feet. Community amenities include concierge services, package receiving, a bike room and additional storage. Susan Tjarksen, Todd Stofflet and Jason Stevens of KIG represented the seller, Marquette Cos.

November 29, 2017

Illinois Industrial Midwest

PREMIER Completes 40,750 SF Speculative Distribution Facility in Chicago

by Kristin Harlow November 29, 2017

CHICAGO — PREMIER Design + Build Group LLC has completed the construction of a 40,750-square-foot speculative distribution facility in Chicago’s Portage Park neighborhood. PREMIER built the property, located at 4150 N. Knox Ave., on behalf of Dayton Street Partners and WBS Equities. Situated on a 1.6-acre lot, the warehouse features 30-foot clear heights, two parking lots, four covered dock positions, two drive-in doors and two entrances. The adaptable warehouse space can accommodate multiple tenants. Chris Kiziak and Scott Lebak led the project team on behalf of PREMIER. Kimley-Horn provided engineering services, while Cornerstone Architects Ltd. provided architectural services. Mike Senner and Steve Kohn of Colliers are marketing the building for lease.

November 29, 2017

Illinois Midwest Multifamily

Interra Brokers $4M Sale of Historic Multifamily Portfolio in Illinois

by Kristin Harlow November 28, 2017

ELGIN, ROCKFORD AND DIXON, ILL. — Interra Realty has brokered the sale of a three-property multifamily portfolio in Illinois for $4 million. James Clough of Interra represented the buyer, Vijulima LLC, and the undisclosed seller. The historic buildings include: Center City Apartments in Elgin; Old City Hall in Rockford; and Nachusa House in Dixon. Located at 156 Division St., Center City Apartments consists of 45 units designated for seniors. Built in 1925 as the Douglas Hotel, the property was later abandoned and left vacant in 1982. It was saved from demolition when the property was redeveloped as senior housing in 1993. Old City Hall in Rockford consists of 31 apartment units. Built in 1904 as Rockford’s City Hall, the property later housed the Rockford Police Department and two jails and was redeveloped in 1994. Nachusa House is a 36-unit affordable seniors housing property. Built in 1853, the property was continuously operated as a hotel until 1988 and later redeveloped in 1998. Throughout its history, the hotel hosted notable guests such as Abraham Lincoln, Ulysses S. Grant, William Howard Taft and Theodore Roosevelt.

November 28, 2017

Affordable Housing Illinois Midwest Multifamily

Kiser Group, AHIB Negotiate $11.2M Sale of Affordable Housing Portfolio in Chicago

by Kristin Harlow November 22, 2017

CHICAGO — Kiser Group and Affordable Housing Investment Brokerage Inc. (AHIB) have negotiated the sale of 167 affordable housing units in Chicago for $11.2 million. Lyndale Place is a 67-unit property located at 2575 W. Lyndale St. in the Logan Square neighborhood. Renaissance West is a 111-unit building located at 2517 W. Fullerton Ave. in the Bucktown neighborhood. The Habitat Co. purchased the portfolio from Renaissance Cos. Michael D’Agnostino of Kiser Group and Kyle Shoemaker of AHIB brokered the transaction.

November 22, 2017

Illinois Industrial Midwest

Windy City Wire Signs 247,500 SF Industrial Lease Renewal in Bolingbrook, Illinois

by Kristin Harlow November 21, 2017

BOLINGBROOK, ILL. — Windy City Wire Cable and Technology Products LLC has signed an industrial lease renewal and expansion in Bolingbrook, a southwest suburb of Chicago. The cable management company now occupies the entire 247,500-square-foot facility, which is located at 386 Internationale Drive. The property features 30-foot clear heights, 42 exterior docks and nine drive-in doors. Kevin Mackey of TIG represented Windy City Wire in the transaction. ML Realty Partners is the property landlord.

November 21, 2017

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