PERU, ILL. — Cawley Chicago has arranged the sale of a 3,600-square-foot retail building located at 1320 38th St. in Peru, about 60 miles north of Peoria. The sales price was undisclosed. Jon Chamlin of Cawley Chicago represented the seller, the Stark family. Kevin Schultz of Newmark represented the buyer, Stash Holding LLC, which is a cannabis dispensary group. Jimmy John’s previously occupied the property.
NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion. Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets. Under the terms of the deal, Brookfield will acquire all outstanding shares of Watermark’s common stock for approximately $6.73 per share. The purchase price represents a premium of more than 7.5 percent from the most recently published net asset values per share as of Dec. 31, 2021. The deal is expected to close in the fourth quarter. “Hotels and resorts of this scale and quality are difficult to replicate,” says Lowell Baron, managing partner and chief investment officer in Brookfield’s real estate group. “This portfolio is well positioned given its concentration in the Sun Belt, as well as in coastal destinations and gateway cities with high barriers to entry.” Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Watermark. Hodges Ward Elliott is providing estate advisory services to Watermark, and Clifford Chance US LLP and …
CHICAGO — Skender has completed the interior office buildout for Milwaukee Tool at the Old Post Office in Chicago. The 70,000-square-foot space is located on the third floor and features 10,000 square feet of research and development lab space as well as 60,000 square feet of open and private offices. The office component also includes a large collaboration area called the Beehive, plus a training room and multiple conference rooms. The office is Milwaukee Tool’s first outside of Wisconsin. Skender collaborated with owner’s representative JLL, architects Nelson and SPS and engineering firm McGuire. Skender also entered into an official partnership with Milwaukee Tool to streamline access to its power tools and products for future projects.
CHICAGO — Chicago Mayor Lori Lightfoot has selected Bally’s Corp. as the preferred company to redevelop a former Chicago Tribune printing plant into a gaming and entertainment destination. The 30-acre site is located at the intersection of Chicago Avenue and Halstead Street along the Chicago River in the city’s River West neighborhood. The $1.7 billion proposal calls for the city’s first casino featuring 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel tower with rooftop bar; 3,000-seat, 65,000-square-foot theater; 20,000 square foot exhibition hall; outdoor music venue; and outdoor green space including an expansive public riverwalk with a water taxi stop. Mayor Lightfoot announced Thursday that Bally’s had won the project over competing bids from Hard Rock International and Rush Street Gaming. State regulators and the Chicago City Council will need to approve the plan before work can begin. The city’s evaluation report said the Bally’s proposal provides the most economic value to taxpayers, including an upfront payment of $40 million and annual payments to the city totaling $4 million. The project is expected to generate more than $800 million in gaming revenue on an annual basis, a substantial portion of which will support the city’s …
CHICAGO — Interra Realty has brokered the sale of Astoria Tower in Chicago’s South Loop for $82.5 million. The luxury apartment tower rises 30 stories with 248 units. Built in 2009, Astoria Tower features one-, two- and three-bedroom floor plans. Amenities include a fitness center, indoor pool, sauna, spa treatment room, billiards room, movie room, business center and two rooftop decks. The seller, Miami-based Crescent Heights, converted the property from condominiums into apartment units in phases completed in 2010 and 2019. Brad Feldman of Interra represented the buyer, Chicago-based 3L Real Estate, which plans to add additional amenities and offerings to increase rents.
CHICAGO — The Park Hyatt Chicago hotel at 800 N. Michigan Ave. is scheduled to reopen this summer following a $60 million renovation that began early this year. Reservations are now available to book for stays beginning July 1. The renovation project included 23 new suite additions, reimagined guestrooms, enhancements to the lobby and library, new art selections, and updates to the food and beverage programs as well as the spa. Design firm Anderson/Miller Ltd. worked on the modernization of the guestrooms and suites. Sheedy DeLaRosa Interiors designed the lobby and library on the ground floor to complement the new art selections. NoMI Kitchen will reopen with Executive Chef Terence Zubieta at the helm.
MELROSE PARK, ILL. — CEVA Logistics and Expeditors International have signed leases at Bridge Point Melrose Park, an industrial property currently under development in the Chicago suburb of Melrose Park. Bridge Industrial owns the property. CEVA, a supply chain management firm, signed a long-term lease agreement for a 707,953-square-foot warehouse. Expeditors, a logistics and freight forwarding firm, will occupy a 669,914-square-foot facility. The project team includes architecture firm Cornerstone, general contractor ARCO Murray and civil engineer SPACECO Inc. CIBC provided project financing last year. Bridge plans to construct one final building that will span 225,009 square feet. Dan McGillicuddy, Charlie Kenning and Brian Carroll of JLL represented Bridge in the lease transactions. Jason Lev and Jimmy Kowalczyk of CBRE, along with Jeffrey Kernochan and Andrew Mager of Fischer, represented the tenants.
GLENDALE HEIGHTS, ILL. — Inno-Tech has purchased a 30,990-square-foot industrial building in the Chicago suburb of Glendale Heights for its new corporate headquarters. The property is located at 1879 Internationale Blvd. Inno-Tech, a custom sheet metal and 3D printing group, purchased the asset for $3.5 million. David Conroy of Cawley Chicago represented the buyer. JLL represented the seller, Global Furniture, which relocated to a larger space in Warrenville.
CHICAGO — Clear Height Properties has sold an industrial portfolio totaling 450,034 square feet throughout metro Chicago for an undisclosed price. The seven-property portfolio is 94 percent leased to 66 tenants. The assets are located in Bensenville, Carol Stream, Des Plaines, Northbrook, Wheeling and Chicago. Erik Foster, Mike Wilson and Adam Haefner of Avison Young represented Clear Height, which completed improvements to several of the properties, in the sale. J&L Real Properties was the buyer.
CHICAGO — SVN | Chicago Commercial has brokered the sale of the Salvation Army campus in Chicago’s River West neighborhood for $25 million. The site on Grand Avenue consists of three buildings and is zoned for up to 567,000 buildable square feet. Scott Maesel, Drew Dillon, Chad Schroedl, Adam Thomas and Logan Parsons of SVN represented the long-term owner, Salvation Army. The buyer was not disclosed.
