NEW YORK CITY — New York City-based International Workplace Group (IWG) has added 34 new flexible workspaces in the Midwest region in the last six months. Including these new locations, IWG has added roughly 150 locations nationwide across the U.S. since October 2022. IWG intends to add 1,000 new locations globally. IWG’s new locations stretch across brands such as Spaces, Regus and HQ, and are situated in both urban and suburban areas across markets such as Chicago; Columbus, Ohio; Jeffersonville, Ind.; Grand Rapids, Mich.; Lakeville, Minn.; and De Pere, Wis. The Midwest offices total more than 280,000 square feet. About 76 percent of the new workspaces are located in smaller towns and communities outside of metro areas. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.
CRYSTAL LAKE, ILL. — Cawley Chicago has brokered the sale of a multi-tenant industrial property in Crystal Lake, about 50 miles northwest of Chicago. The sales price was undisclosed. Built in 1960, the facility at 7510 Virginia Road features outdoor storage, ample parking and a warehouse showroom. David Conroy and Joe Shapiro of Cawley Chicago represented the seller, while Logan Krutsch of Fuhler Properties represented the buyer.
MARYVILLE, ILL. — BarberMurphy has arranged the sale of a 3,158-square-foot office building located at 17 Professional Park Drive in Maryville, about 20 miles northeast of St. Louis. The sales price was undisclosed. Fireside Financial LLC sold the property to Grand Property LLC. BarberMurphy represented both parties in the transaction.
BELLWOOD, ILL. — Evergreen Real Estate Group has topped off construction of Bellwood Senior Apartments in Bellwood, a western suburb of Chicago. The 80-unit affordable seniors housing property is slated for completion in August. The $30 million project replaces a former Walgreens property. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will be reserved for residents age 62 or older with incomes at or below 60 percent of the area median income. General contractor F.H. Paschen has completed the concrete block masonry and precast plank structure. The construction crew is currently installing mechanical, electrical, plumbing and fire protection, which will be followed by drywall work, windows and façade finishes. Weese Langley Weese Architects Ltd. is the project architect. Amenities will include laundry rooms on each level, three community rooms, storage rooms and a fitness center. The Illinois Housing Development Authority served as the tax credit issuer and subordinate funds provider. The Village of Bellwood provided tax-increment financing incentives and a loan. Additionally, Bank of America is the investor and construction loan lender, Hudson Housing Capital syndicated the tax credits and Cook County provided HOME funds.
CHICAGO — Sterling Bay has topped out construction of 360 North Green, a 24-story office building in Chicago’s Fulton Market district. Boston Consulting Group will serve as the anchor tenant upon completion and has leased roughly 250,000 square feet. The firm plans to relocate nearly 1,000 employees from Chicago’s Loop. Totaling nearly 500,000 square feet, the development will include amenities such as private outdoor terraces. The project will also feature more than 5,000 square feet of ground-floor retail space. Gensler is the architect and Power Construction is the general contractor. Completion is slated for February 2024.
By Tyler Ziebel, Colliers Following one of the most active and aggressive periods in Chicago’s industrial capital markets history, 2022 ended as a year most market participants would rather forget. As the buying community returned to their desks and fastened their seatbelts for another year of fun in 2023, industrial sales brokers across the country are starting the year posed with a question from investors that hasn’t been asked in some time: “What are we going to be able to buy this year?” It’s easy to assume that investors will remain content to sit out of the turbulent market, but the answer to where we are, and aren’t, seeing liquidity requires a nuanced answer. In order to do that, we must take a quick look at 2022 and what set this uncertain market in motion. After several record-setting years for industrial leasing and sales in 2020 and 2021, accelerated by the COVID pandemic and a historically low interest rate environment, 2022 opened with the same frenzied pace and enthusiasm of 2021. But as the Federal Reserve pivoted its focus from keeping the economy stable to taming the resulting inflation, rapidly rising interest rates grounded institutional industrial transactions and development deals …
CHICAGO — Woodlawn Central LLC is moving forward with the development of Woodlawn Central, an $895 million mixed-use project spanning eight acres in Chicago’s Woodlawn neighborhood. The development team recently hired Transwestern Real Estate Services as its commercial real estate services provider. Woodlawn Central is poised to transform the area into a walkable, transit-oriented district with easy access to civic amenities such as the Obama Presidential Center, Jackson Park, the Museum of Science and Industry and the University of Chicago. Woodlawn’s Apostolic Church of God conceived and planned the project. The Network of Woodlawn, which was founded in 2009 to improve the neighborhood’s quality of life by building infrastructure to support better education, safety, health and economics, gave substantial input on the project. In addition to 870 homes ranging from affordable workforce options to market rate, luxury and seniors housing, Woodlawn Central will support a diverse range of Black businesses, creators, innovators and residents with much-needed community assets. Plans call for a 154-room hotel, small performance theater, vertical greenhouse and microgrid energy facility. The retail, hospitality, cultural, service, tech and transit options have been planned to nurture Black-owned businesses and generate employment opportunities for residents. According to the development team, …
SKOKIE, ILL. — Unibail-Rodamco-Westfield has unveiled plans to add up to 200,000 square feet of healthcare space to its redevelopment of Westfield Old Orchard mall in Skokie. The medical space is expected to be available for leasing in 2024. Greg Gerber and Chris Cummins of JLL will handle the leasing assignment. In 2022, Unibail-Rodamco-Westfield unveiled plans for the redevelopment of Westfield Old Orchard mall to include health and wellness amenities, luxury residences and open green space. Currently, there are 17 restaurants, 143 retailers, two fitness studios and 1.7 million square feet of retail space.
WOODRIDGE, ILL. — Marcus & Millichap has arranged the $9.5 million sale of Main Street at Seven Bridges in the Chicago suburb of Woodridge. The 49,115-square-foot retail property is located at 6440 Main St. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
PETERSBURG, ILL. — Hunt Capital Partners has provided $9 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Lukin’s Landing. Located in Petersburg, about 24 miles north of Springfield, Lukin’s Landing is a 74-unit affordable housing property. Central Illinois Services and Windsor Development Group plan to rehabilitate the community and set aside 12 units for households with disabilities or those who are prone to homelessness. Lukin’s Landing was originally built in 1981 as part of a 126-unit scattered public housing site known as Menard Family Homes. In 2018, under the Rental Assistance Demonstration program, Menard County Homes converted Lukin’s Landing from public housing to Section 8 housing. The project team for the rehabilitation includes Bedrock Housing Consultants as development consultant, Windsor Homes Inc. as general contractor and Designed Architecture Inc. as architect. Christian County Development Corp. will serve as property manager. Completion is slated for August 2024. The total development cost for the project is $12.8 million. Hunt Capital Partners syndicated the federal tax credits through its multi-investor funds, Hunt Capital Partners Tax Credit Funds 37 and 41. Carrollton Bank provided an $8.3 million construction loan and a $1.2 million permanent loan. The …