Illinois

Ventas Agrees to Acquire Independent Living Owner New Senior Investment Group in $2.3B Deal, Including 103 Properties

by John Nelson June 28, 2021

CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ portfolio was classified as independent living. Post acquisition, Ventas expects independent living will comprise 58 percent of its portfolio. New Senior currently owns 103 properties across 36 states, with a large concentration clustered in California, North Carolina, Florida and Oregon. The portfolio was a little more than 80 percent occupied as of May 31, and the average age of residents was 81. The only New Senior property that isn’t independent living is Watermark at Logan Square, a continuing care retirement community located in Philadelphia. The acquisition will deepen Ventas’ relationship with seniors housing operators such as Atria Senior Living and Holiday Retirement, which announced last week their plans to merge …

June 28, 2021

Illinois Loans Midwest

Newmark Secures $565 Million in Financing for 26-Property Parking Facility Portfolio

by Kristin Harlow June 25, 2021

CHICAGO — Newmark has secured a $565 million in financing on behalf of InterPark Holdings for a 26-property portfolio of parking facilities located across nine U.S. cities, including Chicago and St. Louis. Joel Simmons of Newmark’s Chicago office placed the five-year loan through Apollo Global Management’s externally managed mortgage REIT, Apollo Commercial Real Estate Finance Inc. (NYSE: ARI). No further details were provided regarding the location of the properties. Founded in 1998, InterPark is one of the largest owners, operators and developers of private parking facilities in the U.S. The company currently owns 58 properties and operates over 100 facilities in various central business districts and off-airport sites nationally.

June 25, 2021

Development Illinois Industrial Midwest

Sterling Bay Begins Development of 150,000 SF Spec Industrial Building in Elmhurst, Illinois

by Kristin Harlow June 25, 2021

ELMHURST, ILL. — Sterling Bay has begun development of a 150,000-square-foot speculative industrial building in Elmhurst. PREMIER Design + Build Group is serving as general contractor for the Class A project, which is located at 545 Lamont Road. The nine-acre site currently houses a 79,600-square-foot office building that will be razed. Completion of the project is slated for January 2022.

June 25, 2021

Development Illinois Midwest Multifamily Seniors Housing

Skender Breaks Ground on Redevelopment of 133,000 SF Senior Living Community Near Chicago

by Kristin Harlow June 25, 2021

MAYWOOD, ILL. — Skender recently broke ground on the redevelopment of Maywood Supportive Living in Maywood, about 12 miles west of Chicago. When completed, the 133,000-square-foot, five-story supportive living facility will provide 100 housing units with substantial healthcare and nursing amenities. The existing property, which formerly housed the Central Baptist Home, was added to the State of Illinois’ National Register of Historic Places in 2017 and will be restored with the intention of preserving its historic detail. The existing building and grounds take up a full city block, and renovations will include new windows, roof replacement and restoring the first-floor lobby. NDC Corporate Equity Fund, KeyBank, US Bank and the Illinois Housing Development Authority are providing project financing. Skender is serving as general contractor and is collaborating with developer Celadon Partners and architect Gleason Architects.

June 25, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale-Leaseback of Three Industrial Facilities Totaling 496,744 SF

by Kristin Harlow June 24, 2021

ELK GROVE VILLAGE AND NILES, ILL. — Colliers International Chicago has brokered the sale-leaseback of three industrial facilities totaling 496,744 square feet for an undisclosed price. GHP Group Inc. sold the properties to W. P. Carey. The portfolio includes a 225,006-square-foot facility at 1501 Nicholas Blvd. in Elk Grove Village and a 161,770-square-foot property at 6440 W. Howard St. in Niles. Additionally, the portfolio includes a 109,968-square-foot building in Guelph, Ontario near Toronto. Jeff Devine, Steve Disse, Brendan Green and Ron Jansen of Colliers represented Niles-based GHP Group, which is a manufacturer of seasonal products such as barbecues, heaters, fireplaces, water dispensers and filtration products.

June 24, 2021

Acquisitions Illinois Midwest Multifamily Single-Family Rental

Blackstone to Acquire Home Partners of America for $6B

by Kristin Harlow June 23, 2021

CHICAGO — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Chicago-based Home Partners of America (HPA), valuing the company at $6 billion. HPA purchases, owns and operates single-family rental homes and provides a path to homeownership for individuals and families across the United States. HPA’s portfolio includes more than 17,000 homes across the country. BREIT intends to support the HPA management team as it explores opportunities to expand access to high-quality housing for lower-income households, including by formally launching its Choice Lease program. This program aims to provide a direct and tangible opportunity to help address housing affordability challenges for families, according to Blackstone. “The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it,” says Jacob Werner, senior managing director with Blackstone Real Estate. “We intend to build on that goal and expand access to homes across the United States.” The transaction is expected to close in the third quarter. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), which maintains approximately $196 billion in investor capital under management.

June 23, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $36.2M Sale of Shopping Center in Evanston, Illinois

by Kristin Harlow June 23, 2021

EVANSTON, ILL. — Marcus & Millichap has brokered the sale of Evanston Plaza in Evanston for $36.2 million. The 212,759-square-foot shopping center is located at 1910 Dempster St. Valli Fresh Market anchors the center and occupies 69,210 square feet. Renovated in 2015, the property was 97 percent leased at the time of sale. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the center on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.

June 23, 2021

Development Illinois Midwest Multifamily

Kinzie Builders Completes Construction of $15M Luxury Apartment Building in Glen Ellyn, Illinois

by Kristin Harlow June 23, 2021

GLEN ELLYN, ILL. — Kinzie Builders has completed construction of Avere on Duane, a $15 million luxury apartment building in the Chicago suburb of Glen Ellyn. Located on Duane Street, the property rises four stories with 48 units. Units range from 868 to 1,615 square feet. Amenities include a community room, dog washing station, package room, bike storage and heated parking. REVA Development Partners was the developer. The project team included BSB Design Inc., RTM & Associates Engineering Consultants, LETech Inc., Pierce Engineering, Loren Stanton Design, Haeger Engineering and Lakota Group. Monthly rents start at $1,975.

June 23, 2021

Illinois Loans Midwest Retail

Associated Bank Provides $26.7M Loan for Acquisition, Revitalization of Shopping Center in Naperville, Illinois

by Kristin Harlow June 21, 2021

NAPERVILLE, ILL. — Associated Bank has provided a $26.7 million loan for the acquisition and revitalization of Market Meadows Shopping Center in Naperville. The 148,700-square-foot retail center is located at 1201 S. Naper Blvd. Existing tenants include Jewel, US Bank, McDonald’s and T-Mobile. The borrower, Shorewood Development Group, plans to build a new three-tenant, 6,855-square-foot property on an outparcel at the northwest corner of 75th Street and Naper Boulevard as well as a Lock-Up self-storage facility. Chipotle, BMO, Jersey Mike’s, Big Blue Swim School and Delta Life Fitness have already signed new leases to occupy the center upon completion of the redevelopment project. Daniel Barrins of Associated Bank handled the loan arrangements and closing. This is the 11th loan that Associated Bank has provided on behalf of Shorewood.

June 21, 2021

Illinois Industrial Leasing Activity Midwest

American Bear Logistics Signs 57,143 SF Industrial Lease in Itasca, Illinois

by Kristin Harlow June 21, 2021

ITASCA, ILL. — American Bear Logistics has signed a 57,143-square-foot industrial lease at 1475 Thorndale Ave. in Itasca. The building features 8,838 square feet of office space, 26 docks, one drive-in doors, 24 trailer stalls and a clear height of 28 feet. Nick Krejci of Darwin Realty/CORFAC International represented the tenant in the lease transaction. American Bear Logistics, an ocean freight transportation company, was seeking a larger warehouse near O’Hare International Airport to support growing demand from its customers, according to Darwin.

June 21, 2021

Newer Posts

Older Posts