Illinois

JLL Arranges $59.9M Sale of Loyola University Outpatient Center in Burr Ridge, Illinois

by Kristin Harlow October 5, 2023

BURR RIDGE, ILL. — JLL Capital Markets has arranged the $59.9 million sale of Loyola Medicine Burr Ridge, an outpatient medical center totaling 104,912 square feet in the Chicago suburb of Burr Ridge. Built in 2010, the three-story property is fully leased to Loyola University Medical Center. The Chicago academic medical center is an affiliate of the national health system, Trinity Health. Loyola Burr Ridge is Loyola’s largest ambulatory care location and offers orthopedics, cancer care, neurology, cardiology and dermatology services. Mindy Berman, Sam DiFrancesca, Pat Shields and Matt Sykes of JLL represented the seller, Healthcare Realty Trust, and procured the buyer, Sila Realty Trust.

October 5, 2023

Illinois Industrial Market Reports Midwest Midwest Market Reports

Industrial Cooldown Hits Metro Chicago Market

by Kristin Harlow October 5, 2023

By Mike Mangan, Cresa We knew it would happen, it was just a matter of time: The industrial real estate market is currently experiencing a cooling trend in Chicago and across the country. The best-performing asset across all commercial asset classes for the past several years is finally coming back to earth due to higher borrowing costs and a slowdown in demand. Rental rates are beginning to level off and many economists are predicting a reduction in consumer spending. The industrial sector had been able to flourish despite economic headwinds, with demand during the pandemic heavily focused on e-commerce activity. The supply versus demand is shifting, and this should be welcome news to tenants in the market or who will be in the market in the next 12 to 24 months. Indicators are not pointing toward a crash landing, but a return to earth for the golden child of the commercial real estate asset classes. Tenants and occupiers will be able to utilize the additional supply coming to market to secure better economics and concessions. The facts Let’s first take a look at the national landscape. The U.S. unemployment rate in August was 3.8 percent — higher than predicted by …

October 5, 2023

Acquisitions Illinois Industrial Midwest

Venture One Purchases 63,382 SF Industrial Building in Bedford Park, Illinois

by Kristin Harlow October 4, 2023

BEDFORD PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 63,382-square-foot industrial building in the Chicago suburb of Bedford Park. Located at 7333 Lockwood Ave., the property was vacant at the time of acquisition. The single-tenant building features six docks, one drive-in door, parking for 43 cars and a two-ton crane. Prior to closing, Venture One received a 6B tax incentive from Bedford Park. Venture One plans to make improvements to the property such as office renovations, warehouse paint, parking lot paving, energy-efficient warehouse lights, roof replacement and sprinkler system upgrades. Rown McDonnell, Traci Payette and Stephanie Park of CBRE represented the undisclosed seller and will be retained to complete lease-up. VK Industrial VI, which is co-sponsored by Venture One and Kovitz Investment Group, targets industrial acquisitions in the Chicago, Northeast and Florida markets.

October 4, 2023

Acquisitions Illinois Midwest Multifamily

Rany Management Acquires Remaining Condo Units at Multifamily Building in Chicago

by Kristin Harlow October 3, 2023

CHICAGO — An affiliate of Chicago-based Rany Management has acquired the remaining owned condominium units of the building at 4180 N. Marine Drive in Chicago’s Buena Park neighborhood. The purchase price for the approximately 8.9 percent of remaining units not previously owned by Rany affiliate, 4180 Holdings, was not disclosed. Formerly known as Polo Towers Condominium Association, the property will be renamed Marine Terrace Apartments. The 16-story building features 190 units and was built in 1957. The fully occupied property is located at the intersection of Marine Drive and Gordon Terrace. Amalgamated Bank of Chicago has been a lending partner on the project since 2013.

October 3, 2023

Illinois Leasing Activity Midwest Office

Advocate Commercial Real Estate Advisors Relocates Chicago Headquarters to West Loop

by Kristin Harlow October 3, 2023

CHICAGO — Advocate Commercial Real Estate Advisors has relocated its Chicago headquarters to 145 S. Wells in the West Loop. The commercial real estate firm will occupy 5,980 square feet on the 14th floor. Moceri + Roszak designed, developed and owns the 20-story building, which totals 210,318 square feet of rentable office space. Amenities include a penthouse amenity lounge with pool, ping-pong and foosball tables, a café and cocktail bar, golf simulator, outdoor deck, conference center and fitness center. Mark Bâby and Matt Lerner of Stream Realty Partners represented the landlord.

October 3, 2023

Acquisitions Illinois Midwest Restaurant Retail

SVN Chicago Commercial Brokers $1M Sale of Commercial Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow October 3, 2023

CHICAGO — SVN Chicago Commercial has brokered the $1 million sale of a 5,000-square-foot commercial building along with the business sale of the ground-floor restaurant space at 5352 N. Broadway in Chicago’s Edgewater neighborhood. A local restaurant buyer purchased the building, which sits directly across the street from the CTA’s $2 billion Red/Purple Line modernization, which is set for completion in late 2024. Marcus Sullivan and Tim Rasmussen of SVN represented the undisclosed seller. The restaurant space was formerly home to Pearl’s.

October 3, 2023

Development Illinois Midwest Multifamily

Tandem Partners Opens 196-Unit Sage West Loop Luxury Apartment Tower in Chicago

by Kristin Harlow October 2, 2023

CHICAGO — Tandem Partners has opened Sage West Loop, a 196-unit luxury apartment tower rising 18 stories in Chicago’s West Loop. KTGY served as the architect for the project, which features amenities such as coworking spaces, a fitness center, game room and outdoor terrace. Units come in studios, one- and two-bedroom layouts and range from 439 to 1,073 square feet. There is also 1,806 square feet of retail space and 70 parking spaces. Residents can now earn up to two months of free rent on select units, according to the property’s website. Monthly rents start at $1,595.

October 2, 2023

Acquisitions Illinois Industrial Midwest

Kingsbarn Realty Capital Acquires 61,888 SF Industrial Facility in Elgin, Illinois

by Kristin Harlow October 2, 2023

ELGIN, ILL. — Kingsbarn Realty Capital has acquired a 61,888-square-foot industrial facility in Elgin that serves as the headquarters of GoldCoast Logistics. Located at 1425 Madeline Lane, the build-to-suit property was completed in 2022. GoldCoast Logistics has now entered into a 20-year triple net lease with Kingsbarn with rental increases of 2.5 percent per year. The building features a clear height of 30 feet, 12 dock-high overhead doors and four drive-in doors. GoldCoast has a fleet of more than 1,500 trucks and trailers, has more than 1,200 employees and handles over 70,000 shipments each year.

October 2, 2023

Development Illinois Loans Midwest Office Top Stories

Fulton Street Cos. Receives $233M Financing for 919 West Fulton Office Project in Chicago

by Jeff Shaw October 2, 2023

CHICAGO — Development firm Fulton Street Cos. (FSC) has received $233 million for the financing of its 919 West Fulton office project in the Fulton Market neighborhood of downtown Chicago. Led by Shanna Khan, SNK Capital has signed on to serve as the lead equity investment partner on the project. Bank OZK and Manulife Investment Management are also providing capital. A groundbreaking ceremony is scheduled for today. Upon completion in 2025, the 11-story building will total 360,000 square feet. FSC and JDL Development will develop the property, which will feature factory-style facades, architectural masonry and large outdoor terraces on each floor. Amenities at the building will include a conference center, 24-hour health club and a tenant lounge. The ground floor will offer 40,000 square feet of retail space. Khan, who has a background in mixed-use real estate development, interior design, manufacturing, leisure and hospitality, will act as lead designer on the project. “Her creativity and vision embody the essence and unique qualities of the very unique neighborhood,” says Alex Najem, founder and chief executive officer of FSC. He adds that the “goal is to retain the character of the neighborhood while introducing a property that attracts those tenants who want …

October 2, 2023

Hospitality Illinois Loans Midwest

PACE Loan Group Provides $6.2M C-PACE Loan for 391-Room Hotel in Northbrook, Illinois

by Kristin Harlow September 29, 2023

NORTHBROOK, ILL. — PACE Loan Group has provided a $6.2 million C-PACE loan that was part of a $32.8 million refinancing package for the former Northbrook Marriott hotel in suburban Chicago. The loan was a retroactive payback for property improvements that were completed from 2019 to 2022. The enhancements included roofing and insulation, weatherization, HVAC, plumbing, LED lighting, elevator improvements, common area and public space renovations and elevator upgrades. Now flagged as a Renaissance brand, the hotel includes 391 rooms across two towers, which were built in 1973 and 1986. Matthew McCormack of PACE Loan Group originated the loan. The PACE funding entity is managed by the City of Northbrook under the provisions of the Illinois Finance Authority PACE Program.

September 29, 2023

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