Illinois

Marcus & Millichap Brokers $10.5M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow November 30, 2022

CHICAGO — Marcus & Millichap has brokered the sale of a 25-unit multifamily property in Chicago’s Streeterville neighborhood for $10.5 million. The property at 227 E. Walton Place rises 13 stories. Designed by Chicago architect Harry Weese, the building was completed in 1956 and designated a Chicago landmark in 2012. Of the 25 units, 24 have been updated, mostly in the last three years. Kyle Stengle, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, Brad Management, which previously worked with the same brokerage team to acquire the property through a condo deconversion in 2018. The buyer, Altitude Capital Partners, plans to modernize the common areas.

November 30, 2022

Illinois Leasing Activity Midwest Office

Transwestern Negotiates Two Office Leases Totaling 36,000 SF at Chicago’s 191 North Wacker

by Kristin Harlow November 30, 2022

CHICAGO — Transwestern Real Estate Services has negotiated two office leases totaling 36,000 square feet at 191 N. Wacker Drive, a 37-story, 733,759-square-foot building in Chicago’s West Loop. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Manulife Investment Management. Quinn Emanuel Urquhart & Sullivan, an international business litigation law firm, expanded its lease from 18,864 square feet to 26,300 square feet. Kyle Kamin of CBRE represented the tenant. Maron Marvel Bradley Anderson & Tardy LLC, a national litigation defense law firm, inked a new lease for 10,121 square feet within a spec suite. Jeff Liljeberg of JLL represented the tenant.

November 30, 2022

Acquisitions Illinois Midwest Multifamily

Peak Realty Chicago Brokers $2.7M Sale of Apartment Building

by Kristin Harlow November 30, 2022

CHICAGO — Peak Realty Chicago (PRC) has brokered the sale of a six-unit apartment building in Chicago’s Logan Square neighborhood for $2.7 million. The sales price marks the highest price per unit in the submarket, according to CoStar. A private investor purchased the property, which is located at 2852-54 W. Shakespeare Ave. and has been renovated within the last five years. Oren Pollack of PRC brokered the transaction. At the time of sale, the building was managed by PRC’s affiliate, Peak Properties LLC.

November 30, 2022

Acquisitions Hospitality Illinois Midwest Top Stories

Hyatt Agrees to Acquire Dream Hotel Group for $125M

by Kristin Harlow November 30, 2022

CHICAGO — Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 percent. Hyatt says that Dream Hotel Group properties are known for their vibrant dining and nightlife experiences, including restaurants, entertainment venues and exclusive night clubs. The acquisition will extend Hyatt’s footprint in markets such as Nashville, Tenn.; Los Angeles; Miami; Durham, N.C.; several locations in New York City; and one in the Catskill Mountains of Upstate New York. Signed contracts include additional destinations such as Las Vegas, the island of Saint Lucia in the Caribbean and Doha, Qatar. The transaction is expected to close in the coming months, …

November 30, 2022

Acquisitions Illinois Midwest Multifamily

Quantum Arranges $1.9M Sale of Apartment Building in Chicago

by Kristin Harlow November 29, 2022

CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an apartment and retail building located at 1909 W. Division St. in Chicago’s Wicker Park for $1.9 million. The property is comprised of three apartment units and one retail space, which is home to Independence, a local men’s shop specializing in American-made clothing and accessories. Clayton Maxfield of Quantum represented the seller, a local investor. The property sold to a local investor. The sales price of $478,000 per unit marks a record price per unit in the Wicker Park neighborhood, according to Quantum.

November 29, 2022

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Negotiates Sale-Leaseback of 22,550 SF Industrial Building Near O’Hare

by Kristin Harlow November 29, 2022

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale-leaseback of a 22,550-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located on Martin Lane and constructed in 1974, the property features two dock doors and four drive-in doors. Mason Hezner of Brown represented the seller, Etymotic Research, a manufacturer of earphone and hearing enhancement products. ProSource Wholesale, a flooring distributor, was the buyer. ProSource plans to use the building as a showroom and warehouse for its products. Etymotic Research will lease back a small portion of the building from the new owner.

November 29, 2022

Illinois Loans Midwest Retail

Marcus & Millichap Arranges $6.6M Acquisition Loan for Retail Portfolio in Orland Park, Illinois

by Kristin Harlow November 28, 2022

ORLAND PARK, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants such as Chipotle, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender provided the loan to the buyer, which completed a 1031 exchange.

November 28, 2022

Illinois Leasing Activity Midwest Office

CBRE Negotiates Six Leases Totaling 54,183 SF at Office Building in Chicago’s West Loop

by Kristin Harlow November 23, 2022

CHICAGO — CBRE has negotiated six leases totaling 54,183 square feet at 609 W. Randolph St., a speculative office building that was completed in March in Chicago’s West Loop. The property is now 63 percent leased. A national technology company leased 21,339 square feet. The other lease signings included New Markets Trading, NTT DATA, Global Real Estate Fund, Confidential Financial Services and Valenti Builders. Jason Houze of CBRE represented ownership, Vista Property.

November 23, 2022

Development Illinois Industrial Midwest Wisconsin

HSA Commercial Begins Construction on Four Spec Warehouses Totaling 1.9 MSF in Illinois, Wisconsin

by Kristin Harlow November 22, 2022

WAUKEGAN, MT. PLEASANT AND KENOSHA, WIS. — HSA Commercial has begun construction on four speculative warehouses totaling 1.9 million square feet along the I-94 corridor between metro Chicago and Milwaukee. Delany Commerce Center II in Waukegan, Ill., will span 218,500 square feet. Completion is slated for July 2023. Situated adjacent to a facility that HSA developed in 2014, the building will feature a clear height of 36 feet, 28 truck docks, four drive-in doors and parking for 300 cars. Harris Architects is the project architect, PREMIER Design + Build Group is the general contractor and Manhard Consulting is the civil engineer. Colliers is marketing the property for lease. Building IV at Park 94 will span 226,148 square feet in Mt. Pleasant, Wis. HSA completed its first phase of the industrial park in 2009. Scheduled for completion in July 2023, the new building will feature a clear height of 36 feet, 52 truck docks, two drive-in doors and parking for 37 trailers and 286 cars. CBRE is marketing the building for lease. HSA also broke ground on the first of three planned buildings at Bristol Highlands Commerce Center West in Kenosha, Wis. The developer is scheduled to deliver the 550,647-square-foot warehouse …

November 22, 2022

Development Illinois Industrial Midwest Office

Skender Breaks Ground on 37,000 SF Expansion for Greater Chicago Food Depository

by Kristin Harlow November 22, 2022

CHICAGO — Skender has broken ground on a 37,000-square-foot expansion of the Greater Chicago Food Depository. The food bank on Chicago’s Southwest Side provides food for families and individuals at risk of food insecurity. The new structure at 4100 W. Ann Lurie Place will add onto the food bank’s existing two-story warehouse and office. Plans call for a commercial kitchen for meal preparation and packaging as well as a demonstration kitchen for nutrition education. The Greater Chicago Food Depository aims to produce and distribute 2.5 million prepared meals annually to community members. Completion is slated for early 2024. Partners by Design is the project architect. This latest expansion as well as renovations that were completed in 2019 are phases of the Nourish Project, which was driven by a $75 million capital campaign.

November 22, 2022

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