Illinois

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

by Kristin Harlow November 18, 2021

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.

November 18, 2021

Development Illinois Industrial Midwest

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

by Kristin Harlow November 17, 2021

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.

November 17, 2021

Illinois Loans Midwest Multifamily

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

by Kristin Harlow November 17, 2021

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.

November 17, 2021

Illinois Loans Midwest Multifamily

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

by Kristin Harlow November 16, 2021

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.

November 16, 2021

Acquisitions Illinois Midwest Retail

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

by Kristin Harlow November 16, 2021

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.

November 16, 2021

Illinois Loans Midwest Multifamily

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

by Kristin Harlow November 15, 2021

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.

November 15, 2021

Illinois Loans Midwest Multifamily

Ready Capital Closes $12M Acquisition Loan for Condo Deconversion in Metro Chicago

by Kristin Harlow November 15, 2021

ARLINGTON HEIGHTS, ILL. — Ready Capital has closed a $12 million loan for the acquisition and deconversion of a 72-unit, Class B condominium property in the Chicago suburb of Arlington Heights. The undisclosed buyer will deconvert the units and lease the property as traditional multifamily space. The nonrecourse loan features a floating rate and a two-year term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

November 15, 2021

Illinois Leasing Activity Midwest Office

BDO Digital Inks Lease, Becomes First Major Corporate Tenant at Former McDonald’s Campus in Suburban Chicago

by Kristin Harlow November 12, 2021

OAK BROOK, ILL. — Accounting and advisory firm BDO USA LLP has signed a lease for 28,000 square feet of Class A office space in Oak Brook for the headquarters of its subsidiary, BDO Digital LLC. The company is the first major corporate tenant at Oak Brook Reserve, the redevelopment of the former McDonald’s campus. The firm expects to take occupancy in the fourth quarter of 2022. Oak Brook Reserve offers more than 400,000 square feet of office space and 2.5 miles of walking and biking trails. Amenities include a conference room, tenant lounge, café, concierge services and transportation shuttles. Jeff Shay and Jack Connors of JLL represented ownership, JPD Oak Brook Holdings, in the lease transaction. Larry Serota, Cece Conway and Daye Williams of Transwestern represented BDO Digital.

November 12, 2021

Development Illinois Industrial Midwest

Summit Design + Build Completes Warehouse Expansion for TLC Ingredients in Illinois

by Kristin Harlow November 12, 2021

CREST HILL, ILL. — Summit Design + Build has completed construction of a 55,012-square-foot expansion for TLC Ingredients in Crest Hill near Joliet. The warehouse for the food ingredients and industrial products distributor previously spanned 44,000 square feet. The expansion includes new warehouse and cold storage space along with four new loading docks, a breakroom and additional parking stalls. Harris Architects Inc. was the project architect.

November 12, 2021

Illinois Leasing Activity Midwest Office

Teradyne Signs 42,696 SF Office Lease in Deer Park, Illinois

by Kristin Harlow November 12, 2021

DEER PARK, ILL. — Teradyne has signed a 42,696-square-foot office lease at The Reserve at Deer Park in the Chicago suburb of Deer Park. The tenant will occupy the entire sixth floor of the 351,425-square-foot building, which is located at 21440 W. Lake Cook Road. Teradyne, an automatic test equipment designer and manufacturer, expects to take occupancy in June 2022. The office layout will include lab components. JLL’s Doug Shehan, Rick Benoy and Julie Koelzer represented building ownership, a joint venture between Arzan Wealth and 90 North Real Estate Partners. James Otto and Sam Badger of CBRE represented Teradyne. JLL also recently negotiated a lease for the fifth floor, which brings the building to full occupancy.

November 12, 2021

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