Illinois

McHugh, Crea Construction Complete Interior Renovations on 150 Units at Chicago’s Prairie Shores

by Kristin Harlow May 14, 2021

CHICAGO — James McHugh Construction Co. and Crea Construction have completed interior renovations to more than 150 units at Prairie Shores, a five-tower apartment complex in Chicago’s Bronzeville neighborhood. Located on 20 acres at 2801-3001 S. Martin Luther King Drive, Prairie Shores includes a total of 1,675 units and is undergoing a multi-phase renovation. The property was developed from 1957 to 1961. Golub & Co. and Farpoint Development, along with Goldman Sachs, purchased the asset in 2019. McHugh and Crea are overseeing the installation of new appliances, countertops, flooring, plumbing, fixtures and lighting, as well as electrical system upgrades and painting. Designed by Evanston, Ill.-based Kaufman & O’Neil, the renovated units feature white cabinetry and granite countertops in the kitchens as well as more open floor plans.

May 14, 2021

Affordable Housing Illinois Loans Midwest Multifamily Seniors Housing

Bellwether Enterprise Provides $28.5M in Financing for Renovation of Affordable Seniors Housing Asset in Chicago

by Kristin Harlow May 13, 2021

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has provided a $28.5 million FHA 221(d)(4) construction and permanent loan, along with 4 percent low-income housing tax credits for the renovation and preservation of Heiwa Terrace in Chicago. The affordable seniors housing community includes 200 units and is located at 920 W. Lawrence Ave. The borrower, the Japanese American Service Committee, originally developed the property in 1978 using the HUD 202 program to create housing for low-income seniors. The renovation will replace all mechanical systems, fully modernize the building and significantly upgrade the units. The first floor will be redesigned to improve circulation and natural lighting. The borrower is also renewing a long-term Section 8 contract for residents. Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan.

May 13, 2021

Acquisitions Illinois Industrial Midwest

Clear Height Properties Sells 100,000 SF Industrial Building in Arlington Heights, Illinois

by Kristin Harlow May 13, 2021

ARLINGTON HEIGHTS, ILL. — Clear Height Properties has sold a 100,000-square-foot industrial building in Arlington Heights, a northwest suburb of Chicago. The buyer and sales price were undisclosed. Located at 3456 N. Ridge Road, the property was occupied by three tenants at the time of sale. Clear Height owned the asset since May 2018. Pat Turner and Brendan Green of Colliers International represented Clear Height in the sale. Clear Height is a real estate investment and management company headquartered in Oak Brook, Ill. Its portfolio totals 2.8 million square feet across 32 properties.

May 13, 2021

Development Illinois Industrial Midwest

McShane Underway on 429,524 SF Industrial Expansion for Abt Electronics in Glenview, Illinois

by Kristin Harlow May 11, 2021

GLENVIEW, ILL. — McShane Construction Co. is underway on a 429,524-square-foot addition to the existing warehouse and showroom facility for Abt Electronics in Glenview, about 15 miles northwest of Chicago. The expansion will incorporate two three-story office blocks totaling 22,230 square feet and 407,294 square feet of warehouse space. The office buildout will include trucking offices, security offices, a breakroom and open office space. The warehouse will feature a clear height of 32 feet, and 39 semi-truck docks. Completion is slated for October. Camburas & Theodore is the project architect. Abt is an electronics, appliances and home goods retailer.

May 11, 2021

Development Illinois Industrial Midwest

Lion Electric to Invest $70M in Joliet, Build Electric Vehicle Manufacturing Facility

by Kristin Harlow May 10, 2021

JOLIET, ILL. — Lion Electric Co., a Canadian manufacturer of all-electric buses and trucks, has unveiled plans to build its first-ever U.S. manufacturing facility in Joliet. A minimum of $70 million will be invested to build a new facility dedicated to producing electric vehicles. The 900,000-square-foot project is expected to come online in the second half of 2022. Annual production capacity is estimated at 20,000 zero-emission vehicles per year, creating at least 745 jobs for Illinoisans. Lion is known for its production of electric school buses. The Illinois Department of Commerce and Economic Opportunity worked with the state’s public-private economic development partner, Intersect Illinois, to put together a site selection process that involved both virtual and in-person site visits, economic analysis and coordination with local officials and utilities. Lion has qualified for the state’s EDGE incentive program, a tool to support companies making large-scale capital investments that lead to significant job creation.

May 10, 2021

Illinois Midwest

Chicago Architect Helmut Jahn Dies at 81

by Kristin Harlow May 10, 2021

CHICAGO — Famed Chicago architect Helmut Jahn was killed in a bicycle crash over the weekend in Campton Hills near St. Charles, a far west suburb of Chicago. He was 81. Born in Germany, Jahn came to Chicago in 1966 to study at the Illinois Institute of Technology. He never graduated and instead joined the architecture firm C.F. Murphy Associates in 1967. The firm was later renamed Murphy/Jahn and in 2012 became the singular “JAHN.” Some of his most well-known Chicago work includes the James R. Thompson Center, McCormick Place, United Airlines’ Terminal 1 at O’Hare International Airport and Mansueto Library. The Thompson Center was recently put up for sale by Gov. J.B. Pritzker.

May 10, 2021

Acquisitions Illinois Industrial Midwest

MAG Capital Partners Acquires 645,000 SF Industrial Property in Northwest Illinois

by Kristin Harlow May 10, 2021

ROCK FALLS, ILL. — MAG Capital Partners LLC has acquired a 645,000-square-foot industrial property in the Northwest Illinois community of Rock Falls for an undisclosed price. Cimco Recycling LLC leases the property, which is known as the I-88 Distribution Center. Cimco has occupied the facility since 2018. It previously served as the home of a Stanley Black & Decker plant. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Kent Williams, Matt Taylor and Steven Weinstock of Marcus & Millichap represented the undisclosed seller. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi.

May 10, 2021

Illinois Leasing Activity Midwest Office

Goosehead Insurance Expands Office Lease to 17,887 SF in Rosemont, Illinois

by Kristin Harlow May 10, 2021

ROSEMONT, ILL. — Goosehead Insurance has tripled its office footprint in Rosemont, expanding its space to 17,887 square feet at 6300 N. River Road. The 130,000-square-foot, seven-story office building features a fitness center, onsite café, lounge, conference center, Zen garden and golf simulator. Jonathon Connor and Jason Simon of Colliers International Chicago represented ownership, a joint venture between Farpoint Development and Greco/DeRosa Investment Group. Andrew Kaplan and Ryan Buchanan of CBRE represented Goosehead, which is a Dallas-based personal lines insurance agency.

May 10, 2021

Acquisitions Illinois Midwest Multifamily

Golub & Co., Petiole Asset Management Acquire 492-Unit Lakehaven Apartments in Suburban Chicago

by Kristin Harlow May 7, 2021

CAROL STREAM, ILL. — Golub & Co. and Petiole Asset Management have acquired Lakehaven Apartments in Carol Stream, a western suburb of Chicago. The purchase price was undisclosed. Built in 1984, the 492-unit apartment community consists of 41 buildings. Units range in size from 700 to 1,100 square feet. Amenities include a clubhouse, pool, fitness center and dog park. Adam Short, Ania Najder and Kristin Nason of Golub & Co. and Chris Lord of Petiole led the acquisition. Marty O’Connell, Danny Kaufman, Wick Kirby and Kevin Girard of JLL represented the seller, Lakehaven Apartments LLC.

May 7, 2021

Development Illinois Industrial Midwest

Duke Realty to Develop 299,520 SF Spec Industrial Project in Bellwood, Illinois

by Kristin Harlow May 6, 2021

BELLWOOD, ILL. — Duke Realty has unveiled plans to develop a 299,520-square-foot speculative industrial project in Bellwood, about 13 miles west of downtown Chicago. The development will sit on 19 acres at 110 N. 25th Ave. near Chicago O’Hare International Airport and adjacent to a Union Pacific rail line. Plans call for a clear height of 36 feet, 30 dock doors, two drive-in doors, 85 trailer spaces and 345 car parking spaces. Completion is slated for December. Jason Lev and John Suerth of CBRE will market the project for lease.

May 6, 2021

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