Illinois

Skender Completes Construction of 45,000 SF Office, Retail Project for Herman Miller in Chicago

by Kristin Harlow April 1, 2021

CHICAGO — Skender has completed construction of a 45,000-square-foot office and retail building for furniture company Herman Miller in Chicago’s Fulton Market neighborhood. Located at 1100 W. Fulton St., the build-to-suit project preserved the existing building’s historical masonry while incorporating a new concrete structure to support the 100-year-old exterior. The first floor includes a Herman Miller retail showroom, café and coffee bar. Skender collaborated with architect Hartshorne Plunkard Architecture, owner’s representative CBRE, developer Fulton St. Cos. and project manager ConopCo Project Management.

April 1, 2021

Acquisitions Hospitality Illinois Midwest

Mumford Co. Brokers Sale of 40-Room Hotel in Southern Illinois

by Kristin Harlow April 1, 2021

ULLIN, ILL. — Mumford Co. has brokered the sale of an Americas Best Value Inn hotel in Ullin within southern Illinois. The sales price was undisclosed. The two-story property is home to 40 rooms along with a pool and video gaming area. George Arvanitis of Mumford represented the seller, which completed a 1031 exchange. North Carolina-based IAH Hotels LLC was the buyer. The hotel will retain its Americas Best Value Inn brand.

April 1, 2021

Illinois Market Reports Midwest Midwest Market Reports Office

The Future of Chicago’s CBD Is Slowly Coming into Focus

by Kristin Harlow April 1, 2021

By Jeff Mulder, Colliers International Chicago By now, we all know that the COVID-19 pandemic has wreaked havoc across the world, affecting life as we knew it in the most unexpected ways. Our business, the business of office space, has been hit hard as companies almost instantly deferred or canceled real estate decisions and switched to work-from-home. The average occupancy of buildings in Chicago’s central business district (CBD) is currently 8.2 percent, according to the Building Owners and Managers Association. One year in, and corporations are still trying to determine the best path forward and what that will look like. But evidence of change, and some signs of what the future will look like, are slowly coming into focus. One noteworthy and reliable data point is sublease space. Colliers research reports that in the 20-plus-year history of Chicago’s office market, vacant sublease space offerings rise and peak within two to four quarters following major financial crises like the 2002 Tech Wreck and the 2009 Great Financial Crisis. Following these trends, current sublease space offerings in Chicago’s CBD have more than doubled since March 2020. Typically in the past, tenants in the market quickly absorbed sublease spaces that were offered — …

April 1, 2021

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 116,880 SF Industrial Building in Itasca, Illinois

by Kristin Harlow March 31, 2021

ITASCA, ILL. — Lee & Associates of Illinois has brokered the sale of a 116,800-square-foot industrial building located at 921 Ardmore Ave. in Itasca. Exeter Property Group purchased the asset from a private investor for an undisclosed price. Mark Baumhart and Jeff Janda of Lee & Associates brokered the transaction. Shortly before the sale, the duo negotiated a lease renewal for tenant 4C Logistics LLC.

March 31, 2021

Acquisitions Illinois Midwest Retail

Hanley Investment Group Negotiates $4.3M Sale of Retail Building in Metro Chicago

by Kristin Harlow March 30, 2021

BOURBONNAIS, ILL. — Hanley Investment Group Real Estate Advisors has negotiated the $4.3 million sale of a newly constructed retail building at Bradley Commons, a Walmart-anchored shopping center in Bourbonnais. The 9,723-square-foot building is fully leased to Jersey Mike’s Subs, Midwest Express Clinic, AT&T and uBreakiFix. Built in 2018, the property is home to its original tenants. Jeff Lefko and Bill Asher of Hanley, in conjunction with ParaSell Inc., represented the seller, Cincinnati-based Midland Atlantic Properties. A Des Moines-based private investor was the buyer.

March 30, 2021

Acquisitions Illinois Midwest Multifamily

SVN | Chicago Commercial Brokers $3M Sale of Apartment Building in Chicago

by Kristin Harlow March 29, 2021

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit apartment building in Chicago’s Rogers Park neighborhood for roughly $3 million. The vintage asset is located at 7005-7013 N. Ridge Blvd. Peter Theodore of SVN represented the undisclosed seller. A Europe-based investor purchased the building and plans to make improvements to the property in the coming years.

March 29, 2021

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges $2.7M Loan for Refinancing of Chicago Multifamily Asset

by Kristin Harlow March 29, 2021

CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.

March 29, 2021

Acquisitions Illinois Midwest

Slate Asset Management Acquires CRE Business of Annaly Capital Management for $2.3B

by Kristin Harlow March 26, 2021

CHICAGO — Slate Asset Management LP has entered into a definitive agreement to acquire the commercial real estate business of Annaly Capital Management Inc. (NYSE: NLY) for $2.3 billion. The transaction includes Annaly’s equity interests, loan assets and commercial mortgage-backed securities. Certain Annaly employees who primarily support the commercial real estate business are expected to join Slate upon completion of the sale, including Timothy Gallagher, head of commercial real estate, and Michael Quinn, head of commercial investments. “The commercial real estate business has been an important component of Annaly’s differentiated investment model since 2013,” says David Finkelstein, Annaly’s chief executive officer and chief investment officer. “This transaction delivers compelling execution for our shareholders and will provide additional capacity to further expand our leadership and operational capabilities across all aspects of the residential mortgage finance market, which has been the cornerstone of Annaly’s strategy since our founding.” Upon closing of the transaction, New York City-based Annaly intends to use proceeds from the sale to repay its financing facilities related to the commercial real estate assets being sold and to purchase targeted assets in accordance with its capital allocation policy, which may include investments in agency assets as well as residential and …

March 26, 2021

Acquisitions Illinois Midwest Multifamily

Berkadia Brokers $43.2M Sale of Three Apartment Communities in Illinois

by Kristin Harlow March 26, 2021

ELGIN AND URBANA, ILL. — Berkadia has brokered the sale of three apartment communities in Illinois for $43.2 million. Ralph DePasquale of Berkadia’s Chicago office led the teams representing, the sellers. Wing Park Apartments is a 184-unit, garden-style property in Elgin, a northwest suburb of Chicago. A joint venture between New York-based Trevian Capital and Crown Properties Inc. sold the asset to Illinois-based Cunat Inc. The Urbana Two Portfolio is comprised of 304 units across two properties, Parkside and Stone Ridge Square. They are located within a quarter mile of each other in Urbana. Loop Investments acquired the asset from Illinois-based BWCU LLC.

March 26, 2021

Illinois Loans Midwest Multifamily

American Street Capital Secures $14.3M Loan for Refinancing of Multifamily Portfolio in Macomb, Illinois

by Kristin Harlow March 26, 2021

MACOMB, ILL. — American Street Capital (ASC) has secured a $14.3 million loan for the refinancing of a 317-unit multifamily portfolio in Macomb, located in western Illinois. Built between 2002 and 2005, the portfolio consists of four separate complexes. There is a mix of garden- and townhouse-style buildings with one-, two-, three- and four-bedroom units. Igor Zhizhin of ASC arranged the CMBS loan on behalf of the original developer. The 10-year, fixed-rate loan features a 30-year amortization schedule.

March 26, 2021

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