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IllinoisIndustrialLeasing ActivityMidwest

Colliers Completes Lease-up of Two-Building Industrial Development in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Colliers International has completed the lease-up of Chancellory Lakes Distribution Center, a two-building industrial development spanning 162,342 square feet in Elk Grove Village near Chicago. At 202 E. Devon Ave., Csafe Global and Panos Foods signed leases for 23,114 and 56,176 square feet, respectively. JAS Forwarding USA took occupancy of the entire 83,052-square-foot building at 222 E. Devon Ave. Jonathan Kohn and Ron Behm of Colliers represented ownership, Seefried Industrial Properties and Nuveen Real Estate. Seefried acquired the eight-acre site in May 2020 and completed development in March 2021. Located within Centex Industrial Park, the property features a clear height of 32 feet, 24 docks and 175 parking spaces.

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Mark-Hoplamazian-Hyatt
Company NewsHospitalityIllinoisMidwestTop Stories

Hyatt Agrees to Acquire Hospitality Operator Apple Leisure Group for $2.7B

by Taylor Williams

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire Apple Leisure Group (ALG), a Pennsylvania-based firm that specializes in third-party operations of luxury wellness resorts, for $2.7 billion. The transaction comes as part of the Chicago-based hotel giant’s initiative to sell off $2 billion in real estate holdings by the end of 2024 and focus its growth strategy on the operations side of the hospitality business. Hyatt expects to sell $1.5 billion of its real estate assets by the end of this year, which would result in more than $3 billion in sales since the strategy was announced in 2017. Mark Hoplamazian, Hyatt president and CEO, notes that under this strategy, he expects that 80 percent of the company’s revenue stream will be fee-based earnings by the end of 2024. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint,” says Hoplamazian. “ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets, including Europe, and further accelerate our industry-leading net rooms growth.” ALG’s operations portfolio spans 33,000 rooms across 100 properties in 10 countries. ALG’s resort brand management platform AMResorts provides …

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IllinoisLoansMidwestMixed-Use

Associated Bank Structures $43.8M in Financing for Redevelopment of Historic Bank Building in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has structured a $43.8 million financing package for the redevelopment of the historic Bridgeview Bank building in Chicago. CEDARst was the borrower. Associated Bank is acting as lead arranger for a $35.4 million construction loan as well as a federal historic tax credit bridge loan in the amount of $3.4 million. Associated Community Development is providing $5 million in federal historic tax credit equity. The existing retail and office building rises 12 stories. The first eight floors were built in 1924 and four stories were added in 1928. Redevelopment plans call for 176 apartment units, 20,484 square feet of traditional office space and 21,184 square feet of shared office space. Amenities will include a lobby, fitness center, roof deck and resident lounge. There will also be 45 surface parking spaces. No changes are planned for the existing 15,195 square feet of ground-floor retail space and offices on floors two through four. Phase I construction of the office redesign is slated for completion in the second quarter of 2022. Phase II, the residential portion, is slated for completion in the first quarter of 2023. In 2019, Associated Bank provided CEDARst with a $13.1 million loan to acquire …

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AcquisitionsIllinoisIndustrialMidwest

Conor Commercial Real Estate Sells North Avenue Commerce Center in Winfield, Illinois

by Kristin Harlow

WINFIELD, ILL. — Conor Commercial Real Estate has sold North Avenue Commerce Center in Winfield, about 30 miles west of Chicago. The 265,550-square-foot industrial building was 82 percent leased by an e-commerce tenant and a furniture manufacturer at the time of sale. The newly developed facility sits on a 17-acre site. Building features include a clear height of 32 feet, 56 truck docks and four drive-in doors. McShane Construction Co. and Ware Malcomb provided construction and design services for the development. Cushman & Wakefield represented Conor in the sale. The buyer was undisclosed.

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AcquisitionsIllinoisMidwestOffice

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

by Kristin Harlow

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.

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DevelopmentIllinoisIndustrialMidwest

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

by Kristin Harlow

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.

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IllinoisMidwestMultifamilySingle-Family RentalTop Stories

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

by Katie Sloan

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 …

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AcquisitionsIllinoisIndustrialMidwest

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

by Kristin Harlow

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.

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AcquisitionsIllinoisIndustrialMidwest

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

by Kristin Harlow

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.

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AcquisitionsColoradoHealthcareIllinoisIndustrialLife SciencesMidwestOfficeTop StoriesWestern

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

by John Nelson

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 …

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