Illinois

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Development Illinois Midwest Office

J.C. Anderson Completes Office Buildout for Ascend Technologies in Chicago

by Kristin Harlow February 23, 2021

CHICAGO — J.C. Anderson has completed an office buildout for Ascend Technologies LLC at 200 W. Adams St. in Chicago. Ascend relocated from 222 W. Adams St. The company was created in March 2020 after private equity firm M/C Partners acquired both West Monroe Partners’ managed services division and Gratia Inc. The new office space features open areas, private offices, boardrooms, a lounge and café. Garnett provided architectural services.

February 23, 2021

Acquisitions Illinois Midwest Retail

Quantum Brokers $1.4M Sale of Arby’s-Occupied Property in Orland Park, Illinois

by Kristin Harlow February 23, 2021

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant property occupied by Arby’s in Orland Park for nearly $1.4 million. The building is located at 15765 S. Harlem Ave. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a California-based development group that redeveloped the former Taco Bell space. A California-based private investor was the buyer.

February 23, 2021

Development Illinois Industrial Midwest

Premier Nears Completion of Two-Building Industrial Development in Suburban Chicago

by Kristin Harlow February 22, 2021

ELK GROVE VILLAGE, ILL. — Premier Design + Build Group is nearing completion of a two-building industrial development in Elk Grove Village. Seefried Industrial Properties is the developer. The project is located at 202-228 E. Devon Ave. near Chicago O’Hare International Airport and several major highways. Building 1 spans 79,290 square feet while Building 2 totals 83,052 square feet. Each of the buildings will feature two drive-in doors, 12 dock doors and ESFR systems. The project team included Harris Architects Inc. and civil engineer Jacob & Hefner. Premier expects to complete construction by March 1.

February 22, 2021

Development Illinois Midwest Office

J.C. Anderson to Complete 55,000 SF Office Buildout for Ajinomoto in Itasca, Illinois

by Kristin Harlow February 22, 2021

ITASCA, ILL. — J.C. Anderson is completing a 55,000-square-foot office buildout for Ajinomoto Health & Nutrition North America Inc. at 250 E. Devon Ave. in Itasca. The health and wellness company is relocating from 1300 N. Arlington Heights Road, also in Itasca. Scheduled for completion in March, the new space will feature a culinary kitchen with video capabilities for hosting virtual demonstrations. It will also house laboratory space for research and development activities. Shive-Hattery served as architect and JLL provided project management services.

February 22, 2021

Development Illinois Industrial Midwest Top Stories

Wayfair Plans 1.2 MSF Fulfillment Center in Metro Chicago, Will Add 250 Full-Time Jobs

by Taylor Williams February 22, 2021

ROMEOVILLE, ILL. — Wayfair Inc. (NYSE: W) has announced plans for a 1.2 million-square-foot fulfillment center on a 60-acre tract in Romeoville, located along the Interstate 55 corridor about 30 miles southwest of downtown Chicago. Construction of the facility is scheduled to begin this spring with a projected opening date of mid-2022. The Boston-based online furniture retailer anticipates hiring about 250 people on a full-time basis at the facility, with that figure expected to grow to as many as 500 positions over time. The new facility will be located on Renwick Road near the Lewis University Airport. As part of the development, the Village of Romeoville partnered with Illinois State Sen. John Connor to secure funding for a road extension from Airport Road to Renwick Road. “Our new fulfillment center in Romeoville will enable us to further scale our shopping experience to meet the needs of our rapidly growing customer base in the greater Chicago region and across the U.S.,” says Thomas Netzer, COO of Wayfair. “Online retail continues to be the dominant force in the market today,” adds Romeoville Mayor John Noak. “Facilities such as this are large property and sales tax generators, which provide additional funding to our …

February 22, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Sale of Historic Building in Chicago for $2.5M

by Kristin Harlow February 19, 2021

CHICAGO — Interra Realty has brokered the sale of the Chicago Defender Building in Chicago’s Bronzeville neighborhood for $2.5 million. Built in 1899 and designed by Henry Newhouse, the property served as a Jewish synagogue before housing the Chicago Defender newspaper from 1920 to 1960. In 2016, the building was renovated to include one ground-floor commercial space and eight apartment units. A medical supply company currently occupies the commercial space. Joe Smazal of Interra represented the seller, TRB Properties One LLC, as well as the undisclosed buyer.

February 19, 2021

Development Illinois Industrial Midwest

Huntley Investment Partners to Build 717,400 SF Industrial Development in Metro Chicago

by Kristin Harlow February 18, 2021

HUNTLEY, ILL. — Huntley Investment Partners (HIP) has unveiled plans to develop a 717,400-square-foot industrial development in Huntley, about 50 miles northwest of Chicago. HIP acquired the 60.8-acre site, located along I-90, from Simon Property Group in April 2016. The site housed a 320,000-square-foot outlet mall that was experiencing a declining occupancy rate. Crews began tearing down Huntley Outlet Center in April 2018. Construction of the first phase of the industrial project is expected to begin this summer. HIP is a joint venture among affiliates of Craig Realty Group Inc., The Prime Group Inc. and The Capital Cos. Adam Marshall, James Schutter and Mark Deady of Newmark will represent HIP in the lease-up process.

February 18, 2021

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $3.9M Sale of Walgreens-Occupied Property in Skokie, Illinois

by Kristin Harlow February 17, 2021

SKOKIE, ILL. — The Boulder Group has brokered the $3.9 million sale of a Walgreens-occupied property in Skokie. The single-tenant, net-leased building is located at 9150 Skokie Blvd and spans 11,837 square feet. The Walgreens lease expires in 2024. Randy Blankstein and John Feeney of Boulder represented the seller, a Midwest-based individual. A West Coast-based real estate fund was the buyer.

February 17, 2021

Acquisitions Illinois Industrial Midwest

Silver Creek Development Acquires 2 MSF Distribution Center in Metro Chicago

by Kristin Harlow February 16, 2021

WILMINGTON, ILL. — Silver Creek Development has acquired a 2 million-square-square-foot distribution center in Wilmington within metro Chicago for an undisclosed price. Michelin North America fully occupies the facility, which is located on 91 acres at 29900 S. Graaskamp Blvd. The property is situated within the Ridgeport Logistics Center, which is located in Chicago’s I-80 submarket. Originally constructed in 2015 as a build-to-suit for Michelin, the facility was expanded in 2016. It features a clear height of 32 feet, 126 dock-high doors, four drive-in doors and trailer parking. Matthew Schoenfeldt and Eliott Zeitoune of JLL Capital Markets arranged acquisition financing through Pacific Life Insurance Co.

February 16, 2021

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