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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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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McHugh Construction, Brown & Momen Break Ground on $17.1M Mixed-Income Development in Chicago

by Kristin Harlow

CHICAGO — James McHugh Construction Co. and Brown & Momen Inc. have broken ground on 508 Pershing at Oakwood Shores, a 53-unit mixed-income development in Chicago’s Bronzeville neighborhood. As part of a public-private partnership led by The Community Builders, the residential and retail building marks the latest phase of the larger Oakwood Shores project, which will span more than 100 acres. Located at 508 E. Pershing Road, the four-story building will include 50 one-bedroom units and three two-bedroom units. There will be 7,000 square feet of amenity space and management offices as well as 3,500 square feet of street-level retail space. Completion of the $17.1 million project is slated for February 2022. Nia Architects and Antunovich Associates are the architects. Of the 53 units, 36 will be low-income housing tax credit units for households earning up to 80 percent of the area median income. The remaining 17 units will be market rate. National Affordable Housing Trust provided project funding in partnership with investor UnitedHealth Group. The project is situated on land formerly occupied by the Chicago Housing Authority’s Ida B. Wells, Madden Park and Clarence Darrow Homes. All told, Oakwood Shores will be home to more than 2,000 rental and …

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DevelopmentIllinoisMidwestRestaurantRetail

The Luminary Opens at Office Building in Downtown Chicago

by Kristin Harlow

CHICAGO — Food and beverage concept The Luminary has opened at 303 E. Wacker, a 30-story office building in Chicago’s East Loop. The café will offer coffee, tea, pastries, salads, sandwiches and snacks. Cocktails and chef-crafted bites will follow later this year. Infuse Hospitality will operate The Luminary. Infuse is also the team behind Fairgrounds Craft Coffee & Tea. Beacon Capital Partners, the owner of 303 E. Wacker, recently completed a renovation of the 944,000-square-foot building. Designed by architectural firm Norman Kelley, the lobby design now features new flooring, seating, a lighting installation and bar area.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Bridge Development Acquires Site in Downers Grove for Phase III of Industrial Project

by Kristin Harlow

DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 9.2-acre site at 5300 Belmont Road in Downers Grove, a southwest suburb of Chicago. Bridge will develop Phase III of Bridge Point Downers Grove at the site. Construction is scheduled to begin this summer following the demolition of an existing building. Plans call for a 126,445-square-foot industrial building with a clear height of 32 feet, 13 exterior dock doors, two drive-in doors, a 130-foot truck court and parking for 137 cars. Completion is slated for the fourth quarter. Sean Henrick and David Friedland of Cushman & Wakefield represented Bridge in the transaction. CBRE represented the undisclosed seller.

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DevelopmentIllinoisMidwestMixed-Use

UrbanStreet Group to Develop The District at Veridian in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.

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AcquisitionsHospitalityIllinoisMidwest

Commonwealth Acquires Two Adjacent Hotels in Suburban Chicago

by Kristin Harlow

WARRENVILLE, ILL. — Commonwealth Hotels has acquired a Hyatt House hotel and a Hyatt Place hotel in Warrenville, about 30 miles west of Chicago. The purchase price and seller were undisclosed. The two hotels are located next door to each other and include 123 rooms each. Both properties feature meeting space, indoor pools, fitness centers, business centers, onsite restaurants, a complimentary breakfast and shuttle service. The Hyatt House provides longer-stay travelers with in-suite kitchens.

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