Illinois

North Wells Capital, Skydeck Capital Acquire Five-Story Office Building in Chicago’s River North

by Kristin Harlow August 13, 2021

CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.

August 13, 2021

Development Illinois Industrial Midwest

CRG Breaks Ground on 1 MSF Spec Industrial Project in Country Club Hills, Illinois

by Kristin Harlow August 12, 2021

COUNTRY CLUB HILLS, ILL. — CRG, the real estate development and investment arm of Chicago-based Clayco, has broken ground on The Cubes at Country Club Hills. The 1 million-square-foot speculative industrial project is located at the intersection of I-57 and I-80 in Country Club Hills, about 25 miles south of Chicago. Completion of the 70-acre project is slated for the second quarter of 2022. The development is CRG’s first industrial project in the Chicago area and the first under the firm’s new fund, U.S. Logistics Fund II. CRG’s integrated partner and architecture firm Lamar Johnson Collaborative designed The Cubes at Country Club Hills, and Clayco is serving as the general contractor. Larry Goldwasser, Colin Green and Ryan Klink of Cushman & Wakefield will market the project for lease. The property will feature a clear height of 40 feet, 239 trailer parking stalls, 128 exterior docks and 212 car parking spaces. The Cubes is CRG’s national industrial brand. There are roughly 18 million square feet of Cubes projects across the country, more than 10 million square feet of which has already been delivered.

August 12, 2021

Illinois Midwest Multifamily Single-Family Rental Top Stories

JLL Income Property Trust Acquires 47 Percent Interest in Single-Family Rental Portfolio for $560M

by Katie Sloan August 12, 2021

CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion. Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust. “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues. JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …

August 12, 2021

Acquisitions Illinois Industrial Midwest

Coldwell Banker Commercial Brokers $8.2M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow August 11, 2021

CHAMPAIGN, ILL. — Coldwell Banker Commercial has brokered the $8.2 million sale of an industrial building in Champaign. The 153,030-square-foot property is located at 4105 Fieldstone Road and is fully leased to FedEx Corp. Originally built in 1988 and renovated in 2006, the property includes 21 loading doors and two drive-in doors. Tim Harrington and Zach Wetherell of Coldwell Banker Commercial Devonshire Realty represented the seller. Buyer and seller information were not disclosed.

August 11, 2021

Acquisitions Illinois Industrial Midwest

Boulder Group Brokers $8.9M Sale of Net-Leased Industrial Property in Metro Chicago

by Kristin Harlow August 10, 2021

NORTHBROOK, ILL. — The Boulder Group has brokered the $8.9 million sale of a single-tenant, net-leased industrial property in Northbrook, a northern suburb of Chicago. The 117,000-square-foot building is situated within the 1.8 million-square-foot Sky Harbor Industrial Park. Located at 3411 Woodhead Drive, the facility is fully leased to Atlas Fibre and recently underwent $2.1 million in improvements. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate owner. Buyer information was undisclosed.

August 10, 2021

Acquisitions Colorado Healthcare Illinois Industrial Life Sciences Midwest Office Top Stories Western

NexCore, Nuveen Acquire National Medical Office and Life Sciences Portfolio for $620.4M

by John Nelson August 10, 2021

CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

August 10, 2021

Acquisitions Illinois Industrial Midwest

Faropoint Acquires 757,017 SF Chicagoland Industrial Portfolio

by Kristin Harlow August 9, 2021

CHICAGO — Faropoint has acquire a 757,017-square-foot industrial portfolio throughout Chicagoland for an undisclosed price. The seven-building portfolio was fully leased to 10 tenants at the time of acquisition. The tenant base includes a diverse mix of industries such as technology, manufacturing, robotics and energy. The properties are located in Elk Grove Village, Glendale Heights, Carol Stream, Hanover Park, Bolingbrook and Elgin. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers International represented the undisclosed seller.

August 9, 2021

Development Illinois Midwest Office

Peak Construction Underway on 41,375 SF Office Remodel in Aurora, Illinois

by Kristin Harlow August 9, 2021

AURORA, ILL. — Peak Construction Corp. is underway on a build-to-suit office remodel for Phoenix in Aurora, about 40 miles west of Chicago. Phoenix is a packaging company dating back to 1890. Peak demolished approximately 65 percent of the office building at 975 Meridian Lakes Drive. The 41,375-square-foot project will incorporate modern and high-end finishes. Completion is slated for the third quarter. Jeff Blake of Paine/Wetzel represented Phoenix in the acquisition of the property. Indianapolis-based CSO Architects is the project architect.

August 9, 2021

Development Illinois Midwest Multifamily

Lendlease, Magellan Open 37-Story Luxury Apartment Tower in Chicago

by Kristin Harlow August 6, 2021

CHICAGO — Lendlease and Magellan Development Group have opened Cascade, a 37-story, 503-unit luxury apartment tower in Chicago’s Lakeshore East neighborhood. The opening coincides with the completion of Cascade Park, a nearly one-acre green space that is open to the public. Designed by bKL Architecture, Cascade offers studio to three-bedroom floor plans ranging from 509 to 1,332 square feet. Monthly rents start at $1,850. The development features more than 45,000 square feet of indoor and outdoor amenity space, including a 32nd-floor lakefront terrace that offers views of Navy Pier and Lake Michigan. Residents have access to a fitness center, strength studio, indoor pool, golf simulator, game room, children’s playroom, music room, outdoor pool, dog park and pet spa. Cascade residents who plan to transition into homeownership can take advantage of a unique program that enables them to sign a contract for a condo at Cirrus — the adjacent 47-story, 350-unit condominium tower that is scheduled to open this fall — while still leasing at Cascade. Half of the rent paid, up to 2.5 percent of the purchase price, can be recouped as a credit at closing.

August 6, 2021

Development Illinois Industrial Midwest

Duke Realty Breaks Ground on 370,973 SF Spec Industrial Project in Woodridge, Illinois

by Kristin Harlow August 6, 2021

WOODRIDGE, ILL. — Duke Realty has broken ground on a 370,973-square-foot speculative industrial project in Woodridge, a southwest suburb of Chicago. The development will sit on 21 acres at 1000 Woodward Ave. Plans call for a clear height of 36 feet, 37 dock doors, four drive-in doors, 44 trailer spaces and 343 car parking spaces. Completion is slated for January 2022. Jason West and Sean Henrick of Cushman & Wakefield will market the project for lease.

August 6, 2021

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