CAROL STREAM, ILL. — Global eParcel Solutions LLC has inked a 32,000-square-foot industrial lease at 835-845 Carol Court in Carol Stream. The company, which provides domestic and international shipping for e-commerce companies via trucking, sea freight and air freight, has expanded its space by 29,000 square feet through multiple leases over the past five years. The 32,000-square-foot space features seven exterior docks, two drive-in doors and 3,217 square feet of office space. The facility is located within Carol Point Business Center. Mason Hezner of Brown Commercial Group represented the tenant in the lease transaction. Al Caruana of Cushman & Wakefield represented the owner, MP Carol Point Business Center LLC.
Focus on the Midwest Amid a global pandemic and its economic repercussions, the American Midwest has remained a place of comparative stability — and opportunity. Wide-open spaces and lower costs of living attract businesses and workers alike. Warehouses, distribution centers and transportation corridors bustle thanks to shifting supply chains and surges in deliveries. Educated workforces and leading universities and research centers nourish hubs in tech and life sciences. In short, there’s a lot in “flyover country” for the multifamily industry to like in 2021. An overview follows of the region stretching from Minnesota to Ohio and from Michigan to Kentucky. Why is the Midwest a good value for multifamily investors today and why is it well positioned for the post-COVID-19 recovery? Read on to learn more. Beneath-the-Radar Metropolitan Areas Blossom Even before COVID-19, Midwestern cities have been attracting people and businesses. Across industries, the Midwest hosts some of America’s largest employers: Kroger (Cincinnati), Salesforce (Indianapolis), Cardinal Health, Nationwide Insurance, Honda of America (Columbus), as well as Target, U.S. Bancorp, General Mills, 3M and Medtronic (all in Minneapolis-St. Paul). Thirteen companies in the Fortune 1000 have set up shop in Milwaukee, and 15 have operations in Columbus. The region has much …
EVANSVILLE, IND. AND CHICAGO — Old National Bancorp (Nasdaq: ONB) and First Midwest Bancorp Inc. (Nasdaq: FMBI) have entered into a definitive merger agreement valued at $6.5 billion. The two Midwest institutions operate retail bank branches under the Old National Bank and First Midwest Bank brands, respectively. The all-stock transaction is expected to close late this year or early 2022 and is subject to customary closing conditions, including regulatory and shareholder approvals. The boards of directors of both companies have unanimously approved the merger agreement. The “merger of equals” arrangement will allow the banks to compete against other banks and lenders in the Midwest for new business, as well as give both organizations the ability to scale and retain their existing personnel and client base. The combined company will be the sixth-largest bank with headquarters in the Midwest. The transaction calls for First Midwest stockholders to receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. Following completion of the transaction, former First Midwest stockholders are expected to collectively represent approximately 44 percent of the combined company. This values First Midwest currently at $2.5 billion, according to Market Watch. The combined assets …
CHICAGO — SVN Chicago Commercial has negotiated the sale of a 44-unit multifamily building in Chicago’s Kenwood neighborhood for $4.9 million. The property is located at 4611 S. Drexel Blvd. Jeff Baasch of SVN brokered the sale. ShainRealty Capital, a Los Angeles-based privately owned real estate investment firm, purchased the property from the undisclosed seller. The acquisition marks ShainRealty’s ninth purchase on Chicago’s South Side.
DEERFIELD, ILL. — Lamar Johnson Collaborative (LJC) has completed a full renovation of the office campus for Horizon Therapeutics in Deerfield, a northern suburb of Chicago. The U.S. headquarters for the Ireland-based biopharmaceutical company spans more than 650,000 square feet on 70 acres. Horizon purchased it in early 2020. LJC completed the renovation project in 10 months. Horizon tasked LJC with creating a space that reflected its refreshed brand. The company also sought out amenities for employee retention and recruiting, as well as flexible space for collaboration. New amenities include a coffee shop, full-service cafeteria, tech pub, multipurpose training center, fitness center, game lounge, outdoor terrace and pantries on each floor.
NAPERVILLE, ILL. — Maverick Commercial has arranged a $2.1 million first mortgage loan for two retail properties in Naperville. The first asset at 236 S. Washington St. spans 6,500 net rentable square feet and is leased to Potbelly Sandwich Works and several professional services companies. The second property, located at 116 S. Webster St., spans 8,820 net rentable square feet and is leased to a variety of long-term tenants. The fixed-rate loan features a five-year term and a 25-year amortization schedule. The loan paid off the existing first mortgage, funded a tax and insurance escrow and paid for closing costs.
CARPENTERSVILLE, ILL. — Hanley Investment Group Real Estate Advisors has brokered the $3.9 million sale of Shoppes on Route 31 in Carpentersville, about 40 miles northwest of Chicago. The 11,035-square-foot retail building, constructed in 2007, is fully leased to Panda Express, ATI Physical Therapy, Game Stop, SportClips, T-Mobile and a dental office. The property sits on one acre at 27 S. Western Ave. Brad Dessy of Hanley, in conjunction with ParaSell Inc., represented the seller, an Arizona-based private investor. Chuck Wasker of Colliers International represented the buyer, a San Diego-based private investor.
CHICAGO — East Lake Management & Development is building Gateway Apartments within the Illinois Medical District (IMD) in Chicago. Set within a larger mixed-use development, Gateway Apartments will include 161 one- and two-bedroom workforce housing units. The target residents are medical personnel, students and faculty who work within the IMD. Of the units, 10 percent will be restricted under a Land Use Restrictive Agreement (LURA) to those with incomes at or below 100 percent of the area median income (AMI). The balance of the units will target workforce income levels for those at income levels between 100 and 150 percent of AMI. The project site will also feature a Hilton Hampton Inn & Suites hotel, 35,000 square feet of retail space and up to 500,000 square feet of life sciences and medical office space. Merchants Bank of Indiana provided construction financing and Freddie Mac provided permanent financing. A timeline for construction was not disclosed.
MELROSE PARK, ILL. — Krusinski Construction Co. has completed Chariot Logistics Center in Melrose Park, a western suburb of Chicago. The developer was Ridgeline Property Group. The three-building, 623,000-square-foot project is situated on the site of the former Maywood Park Racetrack, a horse racing venue that closed in 2015. All three buildings were leased to an e-commerce tenant prior to completion. Building 1 totals 236,000 square feet, Building 2 spans 252,000 square feet and Building 3 totals 135,000 square feet. Each building has a clear height of 32 feet. Demolition and site work took approximately six months. Krusinski also built new infrastructure elements, including roads, detention ponds, water mains, stormwater systems and utility lines. The project team included Harris Architects, Progressive AE and Kimley Horn.
CHICAGO — IDI Logistics has purchased an 11.7-acre land site located at 3700 S. Morgan St. in Chicago’s Stockyards Industrial Park. The purchase price was undisclosed. IDI plans to build a 178,000-square-foot industrial facility on the site with parking for 212 cars. Completion is slated for the second quarter of 2022. The site provides convenient access to I-55, I-290 and I-90, and is within four miles of the BNSF Intermodal. Matthew Stauber, Evan Djikas, Tom Rodeno and Patrick Turner of Colliers International represented the seller, Joslyn Manufacturing Co., which is a subsidiary of Danaher Corp. IDI has retained Colliers to market the new development for lease.