Illinois

Puttshack Raises $150M in Growth Capital, Unveils Expansion Plans

by Kristin Harlow October 12, 2022

CHICAGO — Chicago-based Puttshack, an indoor mini golf venue operator, has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack’s rapid growth strategy across the United States. New venues in Boston and Miami are scheduled to open this fall, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, plus a second location in Atlanta, are all slated to open in 2023. Additional U.S. locations will be announced soon, according to the company. Puttshack says the latest round of funding enables the team to continue securing unique and desirable real estate opportunities as it expands into more top markets. The company first introduced its tech-driven mini golf game in 2018 with the opening of the first location in London. Currently, Puttshack operates two locations in the United States and four in the United Kingdom. Puttshack’s patented Trackaball technology is integrated throughout the entire game, including automated scoring, bonus points opportunities and interactive games at each hole. Puttshack also offers a dining menu and drinks. “As the global leader in the emerging and growing market of …

October 12, 2022

Development Illinois Midwest Office

Skender Completes Construction of 200,000 SF Office, Retail Building in Chicago’s Fulton Market

by Kristin Harlow October 11, 2022

CHICAGO — Skender has completed construction of a new 200,000-square-foot office and retail building located at 345 N. Morgan St. in Chicago’s Fulton Market neighborhood. Sterling Bay was the developer. The building is 85 percent leased with tenants expected to start taking occupancy in March. The development features private outdoor terraces on each floor, a 5,000-square-foot roof deck, a bar and lounge, fitness center, coworking library and several conference spaces. Eckenhoff Saunders Architects was the project architect.

October 11, 2022

Acquisitions Illinois Midwest Restaurant Retail

Greenstone Partners Brokers $2.3M Sale of Starbucks-Occupied Property in Lakemoor, Illinois

by Kristin Harlow October 11, 2022

LAKEMOOR, ILL. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks in Lakemoor, which is located in Northeast Illinois. The net-leased property sold at a cap rate of 4.55 percent and $1,029 per square foot, marking the lowest cap rate ever for a Starbucks property in Illinois, according to CoStar. The building is situated within the larger Lakemoor Commons, which is home to tenants such as Heartland Dental, Chipotle, Buona Beef and a multi-tenant retail center. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.

October 11, 2022

Development Illinois Indiana Midwest Multifamily Student Housing Top Stories

Harrison Street, Trinitas to Develop Four Student Housing Projects Totaling $450M

by Taylor Williams October 11, 2022

CHICAGO AND LAFAYETTE, IND. — A joint venture between Chicago-based investment firm Harrison Street and Lafayette-based Trinitas has announced plans to develop four student housing projects in markets across the country that are aggregately valued at $450 million. The four projects will total 3,390 beds and will all be located within walking distance of campus for students at Indiana University, University of Central Florida, University of Wisconsin and University of Georgia. Construction timelines were not disclosed. Trinitas will assume property management responsibilities upon completion of each project. Current at Latimer Square will be a 906-bed, off-campus project in Bloomington, Indiana, that will serve students at Indiana University. The five-building development will feature units with bed-to-bath parity and a variety of floor plans, from studio to five-bedroom layouts. Amenities will include a pool, entertainment lounge, fire pits, tanning beds, green spaces, a fitness center and 442 parking spaces. Current Orlando, which will house students attending the University of Central Florida, will total 750 beds in studio, one-, two-, three- and four-bedroom units. Residences will be spread across three buildings, and the amenity package will comprise a pool, spa, basketball court, fitness center, study lounges and 690 parking spots. Atmosphere Madison will …

October 11, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.2M Sale of Apartment Building in Chicago’s Rogers Park

by Kristin Harlow October 10, 2022

CHICAGO — Interra Realty has brokered the sale of Elevation Lofts in Chicago’s Rogers Park neighborhood for $9.2 million. The property features 40 apartment units and retail space at 1531 W. Howard St. Amenities at the building, constructed in 2020, include a rooftop terrace, community room, fitness center, dog run, onsite parking and bike storage. Joe Smazal and Colin O’Malley of Interra represented the undisclosed seller as well as the buyer, Becovic Residential LLC. The sales price represents the highest price paid for an individual property in Rogers Park so far this year, according to Interra.

October 10, 2022

Development Illinois Industrial Midwest

Principle Construction Completes Expansion, Renovation of Warehouse for CV-Tek in South Elgin, Illinois

by Kristin Harlow October 10, 2022

SOUTH ELGIN, ILL. — Principle Construction has completed an expansion and renovation project totaling 78,000 square feet for food packaging manufacturer CV-Tek in South Elgin. Middleby Cos. owns the building, which now features 56,000 square feet of warehouse space and 22,000 square feet of office space. The project also included new electrical distribution system for computerized manufacturing equipment, enhanced lighting, new flooring and roof upgrades. Cornerstone Architects provided architectural services. Principle completed the project in 16 weeks.

October 10, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 71,552 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow October 10, 2022

ELK GROVE VILLAGE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 71,552-square-foot industrial building in the Chicago suburb of Elk Grove Village. The purchase price was undisclosed. The property at 925-1065 Chase Ave. was vacant at the time of acquisition. The building features seven docks, two drive-in doors and parking for 71 cars. Prior to closing, Venture One received a 6B tax incentive. According to Elk Grove Village, in order to be eligible for 6B, the property must be used for an industrial purpose and one of the following criteria must be met: new construction; buying a building that has been vacant for at least one year; or substantial renovation to an existing building. Venture One plans to make significant improvements to the property, including office renovations, new paint, parking lot seal coating, energy efficient lighting, roof replacement, landscaping and façade enhancements. Jonathan Kohn and John D’Orazio of Colliers represented the undisclosed seller and will market the property for lease on behalf of Venture One. Venture One’s acquisition fund is a partnership with Kovitz Investment Group.

October 10, 2022

Acquisitions Hospitality Illinois Midwest

Partnership Acquires 254-Room Marriott Suites Hotel in Downers Grove, Illinois

by Kristin Harlow October 6, 2022

DOWNERS GROVE, ILL. — A partnership between Frontier Development & Hospitality Group LLC, Sun Development & Management Corp. and 3H Group Inc. has acquired the 254-room Chicago Marriott Suites Downers Grove hotel. The seven-story hotel is located at 1500 Opus Place in the Chicago suburb of Downers Grove. Amenities at the property include 3,400 square feet of meeting space, indoor and outdoor pools, a fitness center, restaurant and bar, onsite parking and in-room dining. The hotel is scheduled to undergo a $10 million capital improvements plan. The seller and sales price were undisclosed.

October 6, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 21,571 SF Retail Center in Chicago’s Beverly Neighborhood

by Kristin Harlow October 6, 2022

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Shops of Beverly, a 21,571-square-foot retail center in Chicago’s Beverly neighborhood. The fully leased property is home to tenants such as Chipotle, Chase Bank and For Eyes. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, Sperry Equities. A private investor purchased the asset for an undisclosed price.

October 6, 2022

Illinois Market Reports Midwest Midwest Market Reports Office

As Uncertainty Continues in Office Market, What Should Tenants Do?

by Kristin Harlow October 6, 2022

By Ryan Foran, Cresa As we approach the three-year anniversary of the start of the pandemic, it continues to affect the commercial real estate industry in many ways, with no asset class impacted as significantly as the office sector. While retail initially stumbled but rebounded, and industrial soared to unexpected heights amid distribution emergencies, millions of U.S. office employees continue a tenuous balance of working from home versus going into the office. The pandemic wasn’t all bad news for office tenants. Many businesses with simple infrastructure and experienced staff have been so effective with remote set-ups that they have shed office space permanently and eliminated rent from the books. Others have embraced emerging technologies like virtual meetings and chat solutions to reduce the need for face-to-face interaction. In one way or another, most businesses were able to leverage this unique situation to improve their business processes, technology and personnel, and have embraced remote work at some level. But many businesses with younger, less experienced staff have reported ongoing struggles with recruiting, mentorship, culture development and staff retention. Some of these may have been amplified by complex external factors such as an ongoing labor shortage, an unprecedented resignation of our older …

October 6, 2022

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