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.
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.