CHICAGO — Matthews Real Estate Investment Services has brokered the sale of a 65-unit multifamily property in Chicago for $6.3 million. The building is located at 7733 S. Shore Drive. Finley Askin of Matthews represented both the buyer and seller. The buyer was an out-of-state investor looking to plant capital in metro Chicago. The seller, which acquired the property in 2021, completed renovations such as a new rubber seal coating on the roof and new windows.
CHICAGO — Hanley Flight & Zimmerman, a patent and intellectual property law firm, has signed a 13,943-square-foot office lease at Chicago’s 10 South Wacker, otherwise known as CME Center. The building features amenities such as a lounge, conferencing center, fitness facilities and a riverside restaurant and wine bar. Nathan Miller, Andrew Davidson and Kyle Robbins of Transwestern Real Estate Services represented the tenant. Olivia Parker and Adam Mitchell of Tishman Speyer represented the landlord, 10-30 South Wacker LLC.
CHICAGO — Chan Zuckerberg Biohub Chicago (CZ Biohub Chicago), a new biomedical research institute that brings together scientists from Northwestern University, the University of Chicago and the University of Illinois Urbana-Champaign, has signed a 25,698-square-foot lease at Fulton Labs. Trammell Crow Co. (TCC) owns the two-building, 725,000-square-foot campus, which is situated in Chicago’s Fulton Market district. CZ Biohub Chicago researchers will engineer technologies to make precise, molecular-level measurements of biological processes within human tissues, with an ultimate goal of understanding and treating the inflammatory states that underlie many diseases. Dan Lyne of CBRE represented TCC in the lease. Other tenants at Fulton Labs include Dimension Inx, Celadyne Technologies, Portal Innovations, Charles River Laboratories, Xeris Pharmaceuticals, Vanqua Bio and Talis Biomedical. Facebook’s Mark Zuckerberg and his wife, Priscilla Chan, are the co-founders and co-CEOs of the Chan Zuckerberg Initiative.
HOFFMAN ESTATES, ILL. — Red Oak Capital Holdings has provided an $8.3 million bridge loan for Prairie Stone Commons in the Chicago suburb of Hoffman Estates. The Class B office property consists of two buildings totaling 101,981 square feet. The funds will be used to refurbish, re-tenant and increase occupancy and rental rates at the property. Built in 1996 and 2000, the buildings are situated within Prairie Stone Business Park. The borrower, YP Trillium LLC, is managed by Zaya Younan, president and CEO of investment and brokerage firm Younan Properties Inc. The loan features a loan-to-value ratio of 92.2 percent based on the property’s current valuation as well as a 24-month term with two six-month renewal options. The borrower originally acquired the property in March 2005 for $16.3 million.
SCHAUMBURG, ILL. — The Finger Cos. has opened The Quin, a luxury apartment complex rising four stories with 373 units in the Chicago suburb of Schaumburg. Located at 2450 Plum Grove Road, the property offers floor plans ranging from 691 to 1,394 square feet. All floor plans include private balconies, with some offering dens for home offices or storage. Monthly rents start at $1,950. Amenities include resident lounges, a golf simulator room, fitness center, business center, pet grooming room, package room, landscaped green space and two outdoor pools.
By Mark Kolar, Cresa There’s been a lot of news recently about the financial pressures facing suburban Chicago commercial office landlords who have financed their office buildings via commercial mortgage-backed securities (CMBS) loans. While the financial challenges these buildings face continue to grab the headlines, there is a much less visible yet greater amount of privately funded commercial office landlords that could be facing dire financial changes over the next couple of years. These privately funded loans that originated through major banks and insurance companies are seeing just as much, if not more, stress than their CMBS counterparts. Collectively we’re seeing significant systemic issues for all Chicago commercial office landlords with no clear path to a solution in sight. In suburban Chicago, about 13 percent of commercial office loans are financed by CMBS loans with the majority of loan debt financed through local financial institutions, private investment funds and insurance companies. While details on these loans is not as readily available as their CMBS counterparts, many office landlords are confronting similar challenges. Both CMBS and privately funded commercial landlords and their lenders are facing a host of capital challenges that revolve around systemic changes in leasing activity, increasing costs of …
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of 1003 N. Rush St., a luxury retail building in Chicago totaling 5,443 square feet. The sales price was undisclosed. The asset features a brand new Vuori store. Vuori is a high fashion brand known for its athletic and performance wear. Joe Girardi and Emily Gadomski of Mid-America represented the seller, an institutional investor. A private family was the buyer.
CHICAGO — Monarch Realty Partners has negotiated the sale of a 22-unit multifamily property in Chicago’s Englewood neighborhood for $1.1 million. The asset is located at 1418 W. Marquette Road. Robert Berman and Rudy Hancock of Monarch represented the seller, a private investor. Further details were not provided.
CHICAGO — Pebblebrook Hotel Trust (NYSE: PEB) has sold 909 N. Michigan Ave., a 5,860-square-foot retail property in Chicago, for $27.3 million. The asset is fully occupied by three tenants and is situated adjacent to Pebblebrook’s Westin Michigan Avenue Chicago hotel. The sales price reflected a cap rate of 7.7 percent. Proceeds from the sale will be used for general corporate purposes, which may include reducing the company’s outstanding debt and repurchasing the company’s common and preferred shares. A venture of Los Angeles-based Blatteis & Schnur was the buyer, according to Crain’s Chicago Business.
CHICAGO — Owner L3 Capital has secured retail leases with Ever/Body and Brilliant Earth for its development at 1020 W. Randolph St. in Chicago’s Fulton Market district. In January 2022, L3 Capital completed the redevelopment of a former bank and adjacent parking lot. The 35,000-square-foot project is now fully leased. Ever/Body is a New York-based cosmetic dermatology group and Brilliant Earth is a diamond retailer. Other tenants at the property include Lululemon, fine jeweler Mejuri, mini golf concept Puttery and luxury bedding brand Brooklinen.
