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DevelopmentIllinoisLife SciencesMidwest

Mark Goodman & Associates to Build 16-Story Life Sciences Development in Chicago

by Kristin Harlow

CHICAGO — Mark Goodman & Associates Inc. has received final approval from the Chicago City Council to build a 16-story life sciences development at 400 N. Elizabeth St. in Chicago’s Fulton Market neighborhood. The project is expected to bring 1,350 high-tech jobs to the city. The ground-up building will be situated on the site of the former Lakeshore Beverage distributorship. Designed by Solomon Cordwell Buenz, the 492,000-square-foot project will include life sciences, biotechnology laboratory and office space. There will be 123 underground parking spaces, a fitness center and a ground-level café. The developer will also build a pedestrian throughway that will connect Elizabeth and Kinzie streets to Ogden Avenue. A timeline for completion was not provided.

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AcquisitionsIllinoisIndustrialMidwestOffice

Chicago’s Bradley Business Center Trades Hands for Nearly $100M

by Kristin Harlow

CHICAGO — Bradley Business Center, an office and industrial complex on Chicago’s North Side, has traded hands. The sales price was nearly $100 million, according to Crain’s Chicago Business. The 23-acre property consists of four buildings totaling 466,871 square feet. The asset is 97 percent leased to 21 tenants. Cody Hundertmark, Tom Sitz, David Knapp, Mike Tenteris, Adam Tyler and Jim Carpenter of Cushman & Wakefield represented the seller, a private venture led by Hansen Realty Group. Hines Global Income Trust Inc. was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Cushman & Wakefield Brokers Sale of 355 Logistics Center in Lockport, Illinois

by Kristin Harlow

LOCKPORT, ILL. — Cushman & Wakefield has brokered the sale of 355 Logistics Center in Lockport, about 30 miles southwest of Chicago. The sales price was undisclosed. Constructed in 2018, the two-building industrial development spans 611,576 square feet. Both buildings feature a clear height of 32 feet. James Carpenter, Mike Tenteris and Adam Tyler of Cushman & Wakefield represented the seller, Boston-based High Street Logistics Properties. A fund managed by a subsidiary of Ares Management Corp. was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of 169,250 SF Jefferson Business Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Colliers has arranged the sale of Jefferson Business Center in Naperville for an undisclosed price. The 169,250-square-foot distribution center is located at 1748 Jefferson Ave. Completed in 2019, the Class A facility features a clear height of 32 feet, 21 loading docks, 203 car parking stalls and 23 trailer stalls. The building was fully leased to four tenants at the time of sale. Jeff Devine and Steve Disse of Colliers Chicago represented the seller, TA Realty. Black Creek Group was the buyer.

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DevelopmentIllinoisLife SciencesMidwestOffice

Skender Starts Interior Buildout of Lab, Office Space for Hazel Technologies in Chicago

by Kristin Harlow

CHICAGO — Skender has started the interior buildout of a two-story, 50,000-square-foot lab and office space for Hazel Technologies at 320 N. Sangamon, a new 13-story building being developed by Tishman Speyer and Mark Goodman & Associates in Chicago’s Fulton Market. Hazel, a USDA-funded technology company developing solutions to extend the shelf life of fresh produce, will move from its current location at Illinois Tech’s University Technology Park in the Bronzeville neighborhood. Hazel plans to double its local workforce to 70 employees in the coming year. The buildout includes space for both research and lab support, as well as 10,000 square feet of administrative and office space and 5,000 square feet of collaboration space. CBRE is the tenant representative, Perkins & Will is the architect and Cosentini Associates is the engineer. Completion is slated for spring 2022.

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DevelopmentIllinoisIndustrialMidwest

Conor Commercial Real Estate Completes Development of 436,500 SF Spec Industrial Building in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Conor Commercial Real Estate has completed the development of Brewster Creek Commerce Center, a 436,500-square-foot speculative industrial building in the Chicago suburb of Bartlett. The developer has leased the entire building to Chicago-based Colony Display, which will use the facility for light manufacturing and warehousing space. The project is situated within a 670-acre business park that is home to tenants such as McKesson, Grego & Sons and Cheese Merchants of America. The building features a clear height of 36 feet, 54 truck docks, four drive-in doors, 125 trailer stalls and 340 automobile spaces. Brad Simousek, Ryan Kehoe and Mike Plumb of Lee & Associates represented Conor in the lease transaction. Luke Molloy, Jack Brennan and Mike Sedjo of CBRE represented Colony Display. The project team included McShane Construction Co., V3 Cos. and Harris Architects Inc.

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IllinoisLoansMidwestMultifamily

Kawa Closes $15M Preferred Equity Investment for Multifamily Project in Chicago

by Kristin Harlow

CHICAGO — Kawa Capital Solutions has closed a $15 million preferred equity investment for a Class A multifamily project to be developed in Chicago’s River North. Located at 808 N. Cleveland Ave., the development will include 200 apartment units, 20,000 square feet of office space, 7,500 square feet of retail space and a 101-space parking garage. Chicago-based developers Bayview USA and DAC Developments will co-develop and manage the property. Project costs are estimated at $104.6 million. A timeline for completion was not provided.

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IllinoisLoansMidwestMultifamily

Ready Capital Closes $10.7M Acquisition Loan for Multifamily Property in Suburban Chicago

by Kristin Harlow

DES PLAINES, ILL. — Ready Capital has closed a $10.7 million loan for the acquisition, renovation and stabilization of a 120-unit multifamily property in Des Plaines. The undisclosed borrower plans to implement a capital improvement program to address deferred maintenance and renovate unit interiors, building exteriors and common areas. The nonrecourse loan features a floating rate and a three-year term.

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AcquisitionsIllinoisMidwestRetail

SVN | Chicago Commercial Brokers $2.7M Sale of Retail Strip Center in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — SVN | Chicago Commercial has brokered the sale of McLean Square in Elgin for $2.7 million. The 23,405-square-foot retail strip center is situated on 2.5 acres along McLean Boulevard. Dollar Tree is the anchor tenant. David Coupe of SVN worked alongside Lee Kotler of Konnect Real Estate to reposition and lease up the asset, which had fallen into receivership. Buyer and seller information was not provided.

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IllinoisLoansMidwestMultifamily

Dwight Capital Provides $55M HUD-Insured Loan for Refinancing of Apartment Complex in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Dwight Capital has provided a $55 million HUD 223(a)(7) loan for the refinancing of Mallard Lake Apartments in the Chicago suburb of Wheeling. The 481-unit apartment complex consists of 52 buildings. Amenities include a fitness center, community room, tennis court and pool. Keith Hoffman of Dwight originated the loan, which represented the largest HUD 223(a)(7) refinance in the state of Illinois, according to Dwight. The loan benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. The borrower was undisclosed.

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