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DevelopmentIllinoisMidwestMultifamily

Sterling Bay, Magellan Development Group Begin Pre-Leasing 47-Story Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Sterling Bay and Magellan Development Group have begun pre-leasing Millie on Michigan, a 47-story luxury apartment tower located at 300 N. Michigan Ave. in Chicago that is now complete. Residents are expected to take occupancy in July. The property features 289 apartment units, with monthly rents ranging from $2,164 to $4,848. Amenities include a fitness center, resident lounge, outdoor terrace, rooftop pool, dog lounge and bike storage. The building also features a 280-room boutique hotel and ground-floor retail space. The project marks the first residential development that Sterling Bay has completed.

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DevelopmentIllinoisMidwestOffice

AmTrust RE Opens 22,000 SF Coworking Space at Chicago Office Tower

by Kristin Harlow

CHICAGO — AmTrust RE has opened a coworking space at 33 North Dearborn, a 329,000-square-foot office tower in Chicago’s Central Loop. Named AmTrust Office Suites (AOS), the concept spans 22,000 square feet and offers both coworking spaces and mini office suites. AOS offers flexible lease arrangements, including monthly, quarterly and annual agreements. All AOS tenants have access to the property’s amenities, including a fitness center, bourbon lounge and onsite restaurants.

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AcquisitionsIllinoisMidwestMultifamily

GREA Brokers Sale of 207-Unit Multifamily Portfolio in Illinois

by Kristin Harlow

FREEPORT AND ROCKFORD, ILL. — Global Real Estate Advisors (GREA) has brokered the sale of a 207-unit multifamily portfolio for an undisclosed price. The portfolio includes five properties located in Freeport and Rockford that were built between 1966 and 2009. Bill Montana and Chris Sackley of GREA brokered the sale. A Chicago-based investor purchased the value-add portfolio.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction to Build 39,000 SF Spec Warehouse in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — Logistics company Alsip Terminals has selected Principle Construction Corp. to build a 39,000-square-foot speculative warehouse in Alsip. Construction is expected to begin soon on the property, which will be located at 3600 W. 127th St. The project will feature a clear height of 26 feet, 32 dock doors, six drive-in doors, 111 trailer parking spaces and 40 car parking stalls. The property will be surrounded by a 6-foot-high security fence. Harris Architects is the architect. Chris Mergethaler and Rick Daly of Darwin Realty/CORFAC International will market the project for lease. Completion is slated for December.

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AcquisitionsIllinoisIndustrialMidwest

Coldwell Banker Commercial Arranges $9.4M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow

CHAMPAIGN, ILL. — Coldwell Banker Commercial has arranged the sale of a 194,380-square-foot industrial building in Champaign for $9.4 million. Constructed in 2006, the property is located at 3310 N. Duncan Road. The facility features six dock-high doors, one drive-in door and onsite parking. A.J. Thoma III of Coldwell Banker Commercial Devonshire Realty represented the undisclosed seller. The buyer was also not released.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 49,330 SF Industrial Building in St. Charles, Illinois in Sale-Leaseback Transaction

by Kristin Harlow

ST. CHARLES, ILL. — In a sale-leaseback transaction, Venture One Real Estate has acquired a 49,330-square-foot industrial building in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. Constructed in 1997, the property features three exterior docks, one drive-in door and parking for 100 cars. Ted Gates and David Prell of CBRE represented the unnamed seller. Venture One utilized its acquisition fund, VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $2.1M Sale of Retail Center in Hainesville, Illinois

by Kristin Harlow

HAINESVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a multi-tenant retail center located on East Belvidere Road in Hainesville, a city in Northeast Illinois. At the time of sale, the property was leased by Starbucks, Chicago’s Red Hots, Luxe Salon and Lakemoor Dental. Jason Lenhoff of Quantum represented the seller, a locally based private investor. A Wisconsin-based private investor was the buyer.

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IllinoisIndustrialLeasing ActivityMidwest

ML Realty Partners Negotiates Three Industrial Lease Renewals Totaling Nearly 200,000 SF in Chicagoland

by Kristin Harlow

LOCKPORT, ELK GROVE VILLAGE AND BOLINGBROOK, ILL. — ML Realty Partners has negotiated three industrial lease renewals totaling 199,054 square feet at three of its properties in Chicagoland. Illinois Tool Works, a global manufacturer of engineered fasteners and components, renewed its 102,390-square-foot lease at 15901 W. 147th St. in Lockport. Consolidated Electrical Distributors, an electrical supply distributor, renewed its 79,528-square-foot lease at 2801 Busse Road in Elk Grove Village. Esmer Tile, a glazed ceramic and porcelain tile, metal and natural stone producer, will continue to occupy its 17,136-square-foot space at 100 E. Crossroads Parkway in Bolingbrook.

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IllinoisLeasing ActivityMidwestOffice

ScalpTrade Signs 13,000 SF Office Lease in Chicago’s Central Loop

by Kristin Harlow

CHICAGO — ScalpTrade, a proprietary trading firm, has signed a 13,000-square-foot office lease at 425 S. Financial Place in Chicago’s Central Loop. The company will occupy space on the 36th floor for its corporate headquarters. CIM Group owns the 40-story, 1 million-square-foot office property, which underwent renovations in 2015 and is certified LEED Gold. In addition to a cafeteria, conference centers, concierge services, tenant lounge and outdoor terrace, the property also houses the Buckingham.AC, a private social and athletic club, and the 21-room Buckingham Hotel.

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AcquisitionsIllinoisIndustrialMidwest

Cresa Arranges Sale-Leaseback of 48,340 SF Warehouse in Northlake, Illinois

by Kristin Harlow

NORTHLAKE, ILL. — Cresa Chicago has arranged the sale-leaseback of a 48,340-square-foot warehouse located at 11697 W. Grand Ave. in Northlake, a western suburb of Chicago. The building features a clear height of 24 feet, six docks and two drive-in doors. Ed Lowenbaum, George Mack and Mike Duncan of Cresa represented the seller, CTL Global Inc., which provides fulfillment and logistics solutions. Faropoint Ventures LLC purchased the asset for an undisclosed price. Faropoint’s Jordan Kovalsky led the firm’s in-house acquisition team. CTL constructed the facility in 2003.   

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