Illinois

American Realty Advisors Acquires Chicago’s 1K Fulton Property for $257M

by Christina Cannon July 5, 2016

CHICAGO — American Realty Advisors has acquired 1K Fulton, a Class A office property in Chicago, for $257 million. The complex consists of a 10-story building, formerly a cold storage facility that was built in 1923, and a six-story building that was added in 2015. Sterling Bay was the seller of the 550,000-square-foot property, which is currently 97 percent leased. Hartshorne Plunkard Architects designed the complex. Google’s Midwest headquarters currently occupies roughly two-thirds of the office space. “We were attracted to this asset because it has long-term leases with quality tenants, such as Google,” says Martha Shelley, senior portfolio manager for American Realty Advisors. “We anticipate that this property will remain a key driver of the continued growth of the River West Fulton Marketplace over time given the abundance of street level amenities, immediate proximity of public transportation, new hotels and housing adjacent to this asset.” Floor plates at 1K Fulton range from 38,500 square feet to 71,000 square feet. Amenities at the property include indoor parking, a rooftop deck, shuttle service, Pressbox dry cleaning, ZipCar, bicycle detailing and repair station, a fitness center and ground-floor retail and restaurants. “This acquisition fulfills all of our criteria: superior location, great tenants, …

July 5, 2016

Affordable Housing Illinois Loans Midwest Multifamily

U.S. Bank Invests in Affordable Housing Project in Chicago

by Christina Cannon July 1, 2016

CHICAGO — U.S. Bank has invested $5.9 million in low-income housing tax credits equity and provided a $6.8 million construction loan for a 30-unit apartment project in the Chicago Lawn neighborhood. Southwest Organizing Project and Brinshore Development are heading up the project that will turn nine vacant buildings into apartments that are below the market rate. The nine buildings will provide two one-bedroom, 16 two-bedroom, 10 three-bedroom and two four-bedroom units. Four of the units will be fully disabled-accessible. Tenants will earn between 30 percent and 60 percent of the area median income, and rents will range from $270 to $1,005 per month. Construction on the buildings, which cover a six-block area, is expected to be complete next June.

July 1, 2016

Illinois Midwest Multifamily

Interra Brokers $3.5M Sale of Three Chicago Properties

by Christina Cannon July 1, 2016

CHICAGO — Interra Realty has brokered the sale of a three-property portfolio located in Chicago’s Jefferson Park neighborhood for a total of $3.5 million. The properties include a mixed-use asset at 5802 W. Catalpa Ave. that sold for $2.1 million, and two multifamily properties located at 5402 W. Windsor Ave. and 4518 N. Long Ave. The multifamily properties sold for $657,500 and $702,500, respectively. The portfolio included a total of 32 apartment units and eight commercial spaces. Joe Smazal of Interra Realty represented both undisclosed parties in the transaction.

July 1, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges $25M Loan for 304-Unit Apartment Property in Chicago Suburb

by Christina Cannon June 29, 2016

WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.

June 29, 2016

Illinois Industrial Midwest

Summit Design + Build Completes Renovation of 120,000 SF Industrial Facility in Chicago

by Christina Cannon June 28, 2016

CHICAGO — Summit Design + Build LLC has completed a 120,000-square-foot renovation for Economy Packing, Chicago’s largest direct receiver of meat and seafood that was founded in 1932. The facility, located at 4501 W. Ann Lurie Place within the Crawford Industrial Park in Chicago, is Economy Packing’s new warehouse and distribution facility after the company sold four buildings in the Fulton Market meatpacking district last year. The building includes roughly 10,000 square feet of office space, 95,000 square feet of warehouse space and 15,000 square feet of completely upgraded freezer space. The renovation also included the addition of 20 refrigerated loading docks. Alan R. Schneider Architects provided architectural services for the project.

June 28, 2016

Illinois Midwest Mixed-Use Retail

Novak Construction Completes 30,000 SF Whole Foods in City Hyde Park in Chicago

by Christina Cannon June 27, 2016

CHICAGO — Novak Construction has finished work on a 30,000-square-foot Whole Foods Market at the City Hyde Park development. The store, located at 5118 S. Lake Park Ave., features a secret society theme and pays homage to the University of Chicago. The store features a dark blue and brass color scheme and other décor related to the university. The project also included installing a mechanical system and an underground parking garage. Jeanne Gang designed the City Hyde Park project.

June 27, 2016

Illinois Midwest Office

Fulcrum Assets Advisors Acquires 484,328 SF of Office Space in Metro Chicago

by Christina Cannon June 27, 2016

DEERFIELD, ILL. — Fulcrum Assets Advisors has acquired three office buildings in Deerfield, approximately 27 miles northwest of Chicago, for an undisclosed price. The facilities are located within the Parkway North complex, a six-building complex that was constructed between 1988 and 2000. The Class A, 1 million-square-foot property is located between the Lake Cook Road and Deerfield Road interchanges at I-94. The John Buck Company sold the three buildings, which total 484,328 square feet. Tenants at Parkway North include Mondelez International, CF Industries, GCG Financial, Walgreens, Lundbeck and Essendent. Fulcrum plans to upgrade the buildings. Colliers International is overseeing leasing for the property.

June 27, 2016

Illinois Midwest Multifamily Seniors Housing

IPA Brokers Sale of 188-Unit Seniors Housing Community in Metro Chicago

by Christina Cannon June 24, 2016

CREST HILL, ILL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Falls Senior Living, a seniors housing community in Crest Hill, approximately 40 miles southwest of Chicago. Dial Retirement Communities bought the property for an undisclosed price in a joint venture with a private equity fund. The seller is a pair of entities controlled by Greg and Renee Wolf, owners of the property since 1994. Dial will operate the community, which consists of 112 assisted living and memory care units and 76 independent living units.

June 24, 2016

Illinois Midwest Multifamily

Sinatra & Co., Stadt Group Purchase Metro Chicago Apartment Property for $25M

by Christina Cannon June 24, 2016

WOODRIDGE, ILL. — Sinatra & Company Real Estate and Stadt Group have acquired a 304-unit apartment complex in Woodridge, approximately 30 miles southwest of Chicago, for $25 million. Timber Creek Apartments was built in 1974 and is located on 32.5 acres at 3421 Foxboro Drive. The buyers plan to replace the management and leasing platform and upgrade the amenities and units. The complex is comprised of six two-story buildings. Amenities at Timber Creek Apartments include a fitness center, swimming pool, sundeck, volleyball court, laundry rooms, tennis court and 3,000-square-foot clubhouse. The buyers plan to add a car care station and dog park. The seller in the transaction was undisclosed. The Pritzker/Vlock Family Office is financially backing the transaction.

June 24, 2016

Illinois Midwest Office

CIM Group Purchases Chicago’s Four40 Office Tower

by Christina Cannon June 23, 2016

CHICAGO — CIM Group has closed on the purchase of a 1 million-square-foot office building at LaSalle Street and Congress Parkway in Chicago’s business and financial district for $191 million. The seller of the 40-story tower known as Four40 was TIER REIT Inc. The tower was built in 1984. The property consists of a 954,000-square-foot office tower with an 83,000-square-foot annex overlooking Congress Parkway, a 45,000-square-foot outdoor plaza with seating, a 5,000-square-foot retail outparcel, and a 325-car underground parking garage. Renovations to the property were completed in 2015 and included the addition of a 25,000-square-foot tenant amenity space on the building’s third floor. Amenities include lounges, conference centers, a cafeteria, restaurants and the Buckingham Club, a fitness center that includes a lap pool, driving range, basketball courts, saunas and racquetball courts. The building also includes the Buckingham Hotel, which is located on the 40th floor and offers 21 hotel rooms.

June 23, 2016

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