Illinois

Bridge Industrial to Build 1.5 MSF Industrial Park in Melrose Park, Illinois

by Kristin Harlow July 7, 2021

MELROSE PARK, ILL. — Bridge Industrial has acquired a former Navistar manufacturing site in Melrose Park for the development of Bridge Point Melrose Park, a 1.5 million-square-foot industrial park. Navistar sold the 86-acre site to the Chicago-based developer. Plans call for three Class A, speculative buildings, two of which will each span 415,918 square feet. The third building will measure 707,953 square feet. The facilities will feature clear heights ranging from 36 to 40 feet, 130-foot truck courts, a total of 234 exterior docks, eight drive-in doors, 1,481 car stalls and 282 trailer stalls. Completion is slated for mid-2023. Dan McGillicuddy of JLL represented Navistar in the sale.

July 7, 2021

Illinois Loans Midwest Office Top Stories

JLL Arranges $296M Refinancing for Trophy Office Tower in Chicago’s River North

by Kristin Harlow July 7, 2021

CHICAGO — JLL’s Capital Markets group has arranged a $296 million loan for the refinancing of 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket. The 35-story property was originally built in 1987 and underwent an $85 million renovation in 2019. The office tower offers a riverfront location and is served by a variety of public transportation options. Amenities include a fitness center, tenant lounge, conference center, parking garage and bike parking. Lettuce Entertain You operates a restaurant and event space at the property. Tenants include the American Bar Association and Foley & Lardner. “As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” says Keith Largay, senior managing director with JLL. Largay, along with Danny Kaufman and Michael Halbach of JLL, represented the borrower, a joint venture partnership between Hines, American Realty Advisors (ARA) and Diversified Real Estate Capital LLC. The team placed the five-year, floating-rate loan with Nuveen Real Estate. Dallas-based Hines is a privately owned global real estate investment firm that oversees …

July 7, 2021

Illinois Midwest Retail

Walgreens Reports Uptick in Sales, Plans to Make Technology Investments

by Kristin Harlow July 6, 2021

DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), the company behind pharmacy retailers Walgreens and Duane Reade, predicts a 10 percent increase in adjusted earnings per share this fiscal year. The Deerfield-based firm’s new CEO, Roz Brewer, says she plans to make investments in the coming months, including digital automation and technology efforts. Additionally, Walgreens and VillageMD have agreed to open hundreds of doctor offices in drugstores, which will span around 3,300 square feet each. VillageMD says it will find staff members and operate these clinics, and over the next five years, the company plans to open doctor offices in 500 to 700 stores. Walgreens reported an uptick in total sales for its fiscal third quarter, which ended May 31. The pharmacy brand attributed the rise in sales to the COVID-19 vaccine shots, in which at least 55 percent of the U.S. population has gotten at least one dose of the vaccine, as of Sunday, July 4. The company says it has given more than 25 million COVID-19 shots, and that the COVID vaccines peaked in the third quarter. Based on data from financial technology company Refinitiv, Walgreens saw a $1.51 adjusted in earnings per share versus the $1.17 …

July 6, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily Seniors Housing

AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Kristin Harlow July 6, 2021

LYONS, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as well as the buyer, New Frontier Cos. The buyer intends to operate the community as affordable housing for the foreseeable future, according to AHIB.

July 6, 2021

Illinois Leasing Activity Midwest Office

U.S. Xpress Enterprises Signs 40,000 SF Office Lease in Chicago’s River North

by Kristin Harlow July 2, 2021

CHICAGO — U.S. Xpress Enterprises Inc. (NYSE: USX) has signed a long-term lease for approximately 40,000 square feet of office space encompassing three floors at 306 West Erie in Chicago’s River North. The building, owned by North Wells Capital and Urban Innovations, has now reached full occupancy. Xpress, a truckload carrier that is expanding and relocating its offices from within the same area, is slated to begin occupying the new space in the first quarter of 2022. Xpress Technologies, the company’s digitally enabled freight brokerage division, will occupy the bulk of the new space. The division has more than doubled the size of its workforce nationwide since mid-2020. Part of a three-building collection known as Verso, 306 West Erie recently underwent a renovation and expansion following North Wells’ acquisition of the property in 2017. New amenities include a sixth-floor tenant lounge and gaming area as well as an outdoor terrace. JLL is the leasing agent for the entire Verso portfolio. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership in the lease transaction with Xpress. Dan Persa of CBRE represented the tenant.

July 2, 2021

Illinois Leasing Activity Midwest Retail

Five Iron Golf to Occupy 11,000 SF at Chicago’s Block 37

by Kristin Harlow July 2, 2021

CHICAGO — Five Iron Golf, an indoor golf and entertainment experience, has signed a lease to occupy 11,000 square feet at the shopping, dining and entertainment destination known as Block 37 in Chicago’s Loop. The new location, the company’s second in Chicago, will offer golf simulators, high-speed cameras, a putting green and entertainment offerings such as a full bar, kitchen, widescreen TVs and games. Technology helps capture data, analyze each golf swing and provide real-time feedback for guests. Five Iron Golf operates nine locations across the country.

July 2, 2021

Acquisitions Illinois Midwest Multifamily

Coldwell Banker Commercial Arranges $2.5M Sale of Two Multifamily Buildings in Bloomington, Illinois

by Kristin Harlow July 2, 2021

BLOOMINGTON, ILL. — Coldwell Banker Commercial has arranged the sale of a pair of multifamily buildings in Bloomington known collectively as Anglers Cove for $2.5 million. The first building at 1002 Arlene Court was constructed in 1982 and consists of 36 units. The adjacent building at 1005 Arlene Court was constructed in 1984 and features 12 two-bedroom units. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial represented the buyer, All Season Properties LLC, which plans to update the units as they become vacant. Seller information was undisclosed.

July 2, 2021

Acquisitions Illinois Midwest Multifamily

Connor Group Sells Glenmuir of Naperville Apartment Property for $103M

by Kristin Harlow July 1, 2021

NAPERVILLE, ILL. — The Connor Group has sold Glenmuir of Naperville, a 321-unit apartment property in suburban Chicago. BH Equities purchased the asset for roughly $103 million, according to Crain’s Chicago Business. The deal marked the second-largest property sale in Connor’s nearly 30-year history, according to the company, which acquired the asset in 2014. Connor, which owns and operates 45 apartment communities across 16 markets, says it intends to continue operating in the Naperville submarket long-term.

July 1, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily

POAH Acquires Island Terrace Apartments in Chicago for $29.5M

by Kristin Harlow July 1, 2021

CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.

July 1, 2021

Acquisitions Illinois Midwest Multifamily

NorthMarq Arranges Sale, Financing of 71-Unit Multifamily Complex in St. Charles, Illinois

by Kristin Harlow July 1, 2021

ST. CHARLES, ILL. — NorthMarq has arranged the sale of Haven St. Charles for an undisclosed price. The 71-unit multifamily complex is located at 1909 Oak St. in St Charles, about 40 miles west of Chicago. Parker Stewart, Dominic Martinez and Alex Malzone of NorthMarq’s St. Louis office represented the seller, Chicago-based Tricap Residential. Chicago-based Evergreen Real Estate Group was the buyer. Tricap spent about $1.5 million in capital improvements over the last few years for the property, which was originally built in 1974. It was 97 percent occupied at the time of sale. Kevin McCarthy, Brett Hood and Sue Blumberg of NorthMarq secured acquisition financing through Freddie Mac.

July 1, 2021

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