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DevelopmentIllinoisIndustrialMidwest

Opus Completes Headquarters Building for WEN Power Tools in West Dundee, Illinois

by Kristin Harlow

WEST DUNDEE, ILL. — The Opus Group has completed the headquarters for WEN Power Tools in West Dundee, a far northwest Chicago suburb. The 180,623-square-foot build-to-suit features 4,000 square feet of office space, a 1,900-square-foot showroom, 21 dock doors, two drive-in doors and a clear height of 32 feet. Additionally, there is a 2,000-square-foot office buildout on the north side of the building that WEN will lease out on a short-term basis. WEN consolidated its three local facilities and workforce to streamline warehouse and distribution operations at the new headquarters. Opus provided development services and also served as design-builder, interior designer, architect and structural engineer. This is the eighth project that Opus has completed in Oakview Corporate Park.

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IllinoisLoansMidwestMultifamily

Ready Capital Closes $29.1M Loan for Refinancing of Multifamily Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO — Ready Capital has closed a $29.1 million loan for the refinancing and stabilization of a newly delivered multifamily portfolio throughout metro Chicago. The Class A portfolio consists of four properties and 118 units in the western and northern Chicago suburbs. Loan proceeds will be utilized to retire the existing construction loan, provide a cash-out at close and an earnout will be made available upon the properties achieving a pre-determined performance threshold. The floating-rate loan features a 24-month term. Borrower information was undisclosed.

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DevelopmentIllinoisMidwestMultifamily

McShane to Build 285-Unit Apartment Project at Naperville’s CityGate Centre

by Kristin Harlow

NAPERVILLE, ILL. — Lincoln Property Co. and Calamos Real Estate have selected McShane Construction Co. to build a 285-unit luxury apartment project at CityGate Centre in Naperville, a western suburb of Chicago. Known as Lincoln at CityGate, the four-story project will include a 430-space parking garage and a shell for a 37,893-square-foot rooftop event center. Residents will have access to amenities such as a lounge, library, fitness and yoga rooms, bike lounge, storage, dog spa and pool area. Completion is slated for February 2023. CallisonRTKL is the architect. CityGate Centre is home to a hotel, office space and bars and restaurants.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 503,244 SF Distribution Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Colliers International has brokered the sale of Butterfield VI Distribution Center, a 503,244-square-foot facility in Aurora, located about 40 miles west of Chicago. Situated on 34.5 acres at 2350 Frieder Lane, the warehouse features a clear height of 36 feet and parking for 125 trailers and 286 cars. Built in 2020, the property is 66 percent leased to LGSTX Distribution Services. It is located within the larger Butterfield Center for Business and Industry. Jeff Devine and Steve Disse of Colliers represented the seller, a partnership between Sterling Bay Industrial, Development Resources Inc. and Levy Family Partners. An institutional investment advisor purchased the asset for an undisclosed price.

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AcquisitionsIllinoisIndustrialLoansNevadaWestern

PGIM Real Estate Provides $41M Acquisition Loan for Three Industrial Buildings Near Las Vegas, Chicago

by Amy Works

HENDERSON, NEV., AND AURORA, ILL. — PGIM Real Estate, on behalf of its U.S. core-plus debt fund, has provided a $41 million loan facility to Dalfen Industrial for the acquisition of a Class A industrial portfolio in the Las Vegas and Chicago metro areas. Totaling 438,000 square feet, the portfolio includes AirParc South and Suncrest Commerce Center in Henderson, plus Butterfield Logistics Center in Aurora. The loan features a three-year term with two one-year extension options. Trevor Arnholt of PGIM Real Estate originated the loan on the firm’s behalf.

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HospitalityIllinoisMidwest

Hotel Essex on Chicago’s Michigan Avenue Rebrands as Le Méridien Essex Chicago

by Kristin Harlow

CHICAGO — Hotel Essex, a luxury hotel located on Chicago’s Michigan Avenue adjacent to Grant Park, has been rebranded as Le Méridien Essex Chicago. Oxford Hotels & Resorts LLC owns the asset in joint venture with Quadrum Global. The property will continue to operate as an independent hotel until it officially joins the Marriott Bonvoy family this summer. The property reopened in 2019 after undergoing a multimillion-dollar transformation from Essex Inn into Hotel Essex. Each of the 274 guestrooms include a workstation, 55-inch smart TV, refrigerator and luxury linens. The onsite fitness center features workout equipment by Peloton, Star Trac, Life Fitness and Powermill. Guests can dine at Grant Park Bistro, a modern French grill, or SX Sky bar, a lounge with space for meetings and events. A Marriott brand, Le Méridien features a European flair and mid-century modern design aesthetic. “We’re always looking for ways to optimize the performance and value of our hotels and as leisure and business travel regains momentum this year, and in the years ahead, we felt combining forces with Le Méridien was a prudent, strategic move,” says John Rutledge, founder, president and CEO of Oxford.

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IllinoisIndustrialMidwestOffice

Clear Height Properties Recapitalizes 15-Property Industrial Portfolio, Forms JV with Harbert

by Kristin Harlow

OAK BROOK, ILL. — Clear Height Properties has completed a more than $55 million recapitalization of a 15-property industrial portfolio through the formation of a joint venture partnership with Harbert U.S. Real Estate. The transaction provides capital for Clear Height to utilize in pursuing its goal of doubling in size over the next 12 months, according to a news release. The portfolio totals more than 1 million square feet throughout metro Chicago and is home to 130 tenants. Most of the properties are multi-tenant facilities that are approximately 90 percent leased. Oak Brook-based Clear Height owns more than $250 million of industrial and office assets. Kurt Sarbaugh, Christopher Carroll and Robin Stolberg of JLL arranged the recapitalization.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Interfaith Housing Development Corp. Opens 72-Unit Affordable Housing Project in Suburban Chicago

by Kristin Harlow

MAYWOOD, ILL. — Interfaith Housing Development Corp. has opened Fifth Avenue Apartments in Maywood, a western suburb of Chicago. The 72-unit affordable housing project is situated at 800 S. 5th Ave., a site purchased from the Village of Maywood in 2019. A 5,500-square-foot retail space on the ground floor is slated for grocery store use. Of the apartment units, 19 are set aside for special needs populations, eight for homeless veterans and 11 for residents from the Illinois State Referral Network. The building’s first occupants are being selected based on their ability to meet the federal income criteria for affordable housing programs. Maintaining its affordability status for a minimum of 40 years, the five-story development will provide housing for households at or below 60 percent of the area median income. HED was the project architect and McShane Construction Co. was the general contractor. Additional project team members include SITE Design for landscape architecture and Ericksson Engineering for civil engineering. Interfaith Management Services will serve as property manager. Financial partners for the project included Illinois Housing Development Authority, the Cook County Department of Planning and Development, the Richman Group Affordable Housing Corp. and Bank of America. The Chicago Community Loan Fund …

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

Tenants, Landlords Analyze Future of Chicago’s Fulton Market District

by Kristin Harlow

By Allen Rogoway, Cresa Chicago Over the past seven years, the Fulton Market office submarket has changed the landscape, and boundaries, of Chicago’s central business district (CBD) and what a “live-work” ecosystem can look like. Whereas the River North office submarket evolved over 30 years to become a low-cost alternative to the Loop for creative, boot-strapped companies requiring mostly small footprints, Fulton Market was developed for tech-centric, multinationals willing to pay “Trophy Tower” prices to attract and retain the very best talent. Employees didn’t mind adding a Chicago Transit Authority (CTA) transfer or 20 extra minutes to commute times each way in order to be in a neighborhood that was developed by big money yet felt authentic. Much of the architecture was preserved, and new construction was held to standards whereby the new mostly blended in with the area’s former produce, cold storage and century-old warehouses that had been converted for office use. Then old-guard companies and industries from accounting, consumer products and even law, started to set up shop in buildings that provided people with a very different workplace experience than what they were used to. Ownerships thoughtfully invested in tenant amenity spaces and retail pairings that matched with …

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IllinoisLoansMidwestMultifamily

Meridian Capital Group Arranges $57M Loan for Refinancing of Residential, Commercial Building in Chicago

by Kristin Harlow

CHICAGO — Meridian Capital Group has arranged a $57 million loan for the refinancing of The Residences at Eagle Building, a residential and commercial building in Chicago’s Lakeview neighborhood. Completed in 2019, the asset includes 134 apartment units and 20,000 square feet of commercial space that is leased to Starbucks, Smylie Brothers and Lakeview Food Pantry. The geothermal property rests on top of 60 wells that extend 500 feet below ground, supplying heat and cooling for the building. Additionally, 130 solar panels on the roof help generate electricity. The Residences at Eagle Building is a LEED Gold property. An insurance company provided the 15-year loan, which features an interest rate of 3 percent. Gershon Friedman of Meridian’s Chicago office arranged the loan on behalf of the borrower, Dave Gassman of DLG Management. Of the $57 million total loan amount, the lender has disbursed $47 million to the borrower. The remaining $10 million will be disbursed once the property reaches stabilization.

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