Illinois

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

Illinois Leasing Activity Midwest Office

Franklin Partners Executes Leases Totaling 164,388 SF at The Shuman Office Property in Naperville

by Kristin Harlow February 16, 2021

NAPERVILLE, ILL. — Franklin Partners has executed leases totaling roughly 164,388 square feet at The Shuman, a five-story office building in Naperville. Franklin completed an extensive renovation of the property in September 2019. To date, lease signings include Brown & Brown Insurance, Derick Dermatology, Philadelphia Insurance, 3WON, Securitas Electronic Security Inc., SkyBridge, Stifel, Nicolaus & Co. Inc. and CIMC Capital, as well as two undisclosed tenants. There are 150,000 square feet remaining available for lease.

February 16, 2021

Development Illinois Industrial Midwest

Mid-American Elevator to Build New Headquarters in East Dundee, Illinois

by Kristin Harlow February 16, 2021

EAST DUNDEE, ILL. — Mid-American Elevator Co. is building a new corporate headquarters in East Dundee, about 40 miles northwest of Chicago. The company is relocating from downtown Chicago. The 45,000-square-foot industrial build-to-suit is situated within the Prairie Lake Business Park. Cory Kay, Jeff Locascio and Mike DeSerto of Entre Commercial Realty represented Mid-American Elevator in the transaction as well as the developer, Triumph Construction. Completion is slated for May. Additionally, the Entre team represented Mid-American Elevator in the sale of its 22,500-square-foot office building in Chicago for $4.1 million.

February 16, 2021

Development Illinois Industrial Midwest

Bridge Development Partners to Expand Schiller Park Industrial Development

by Kristin Harlow February 15, 2021

SCHILLER PARK, ILL. — Bridge Development Partners LLC has acquired two existing industrial buildings in Schiller Park with plans to develop the sites into Bridge Point Schiller Park III and IV. Bridge purchased the buildings from Duravant, an equipment and automation solutions provider for the food processing, packaging and material handling sectors. Bridge will demolish the outdated structures and develop two buildings totaling 62,038 square feet and 54,080 square feet, respectively. Each facility will feature a clear height of 32 feet, 125-foot truck courts and five exterior docks. Completion is slated for the fourth quarter of this year. Bridge completed buildings I and II in 2016 and leased them to five different tenants. Steve Stone and David Friedland of Cushman & Wakefield represented Duravant in the transaction. Duravant is relocating its headquarters to one of Bridge’s facilities in Wood Dale.

February 15, 2021

Acquisitions Illinois Midwest Office

The Equitable Funds Acquires Four-Building Office Property in Suburban Chicago

by Kristin Harlow February 15, 2021

SCHAUMBURG, ILL. — The Equitable Funds has acquired Remington Office Court, a four-building, single-story office campus in Schaumburg. The purchase price was undisclosed. Located on Remington Road, the property totals 83,370 square feet. Upon acquisition, it was approximately 90 percent leased. Tenants enjoy direct entrances from the outdoors, dedicated HVAC systems, operable windows and private restrooms, features that are desirable as a result of COVID-19, according to the buyer. NAI Hiffman will serve as leasing agent. One Story LLC, a property management firm formed by principals of The Equitable Funds, will manage the asset. The acquisition is in line with the firm’s strategy of acquiring, owning and managing single-story office properties throughout Chicagoland. Jonathan Berger and Josh Silvergalde established The Equitable Funds in 1999 and has since completed more than $100 million of real estate acquisitions and dispositions.

February 15, 2021

Illinois Industrial Leasing Activity Midwest

Frozen Assets Signs 86,000 SF Cold Storage Lease in Chicago

by Kristin Harlow February 15, 2021

CHICAGO — Frozen Assets has signed an 86,000-square-foot cold storage lease in Chicago. The property is located at 4220 S. Kildare Ave. Frozen Assets, a Chicago-based cold storage and logistics provider, is slated to occupy the space beginning in May. Steven Livaditis of CBRE represented the tenant in the lease transaction. The landlord was undisclosed. With the new lease, Frozen Assets will maintain the largest freezer footprint in Chicago, according to CBRE.

February 15, 2021

Hospitality Illinois Loans Midwest

Owner of Residence Inn Chicago Hotel Receives $141M Refinancing Loan

by Kristin Harlow February 12, 2021

CHICAGO — Prime LaSalle/Madison Partners (PLMP) has received $141 million for the refinancing of the 381-room Residence Inn Chicago Downtown hotel located at 11 S. LaSalle St. The hotel opened in September 2015 upon completion of the adaptive reuse of the 38-story Roanoke Building & Tower, a historic property built in three phases from 1915 to 1925. It was constructed originally as the Lumber Exchange Building and also served as a late Chicago school. The Prime Group Inc. and Michael Reschke own and control PLMP. Proceeds of the financing were used to repay the senior loan and preferred equity financing originally funded to acquire and construct the hotel; to establish reserves for working capital, interest and other items; and to pay fees and transaction costs. Loan terms were not disclosed.

February 12, 2021

Acquisitions Illinois Industrial Midwest

Greenstone Partners Negotiates $8.2M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow February 11, 2021

CHAMPAIGN, ILL. — Greenstone Partners has negotiated the sale of a 182,084-square-foot industrial building in Champaign for $8.2 million. The property is fully leased to Rockwell Automation, which plans to vacate upon the expiration of its short-term lease. The East Coast-based buyer plans to lease up the property within the next 12 to 18 months. The Class A building features a clear height of 32 feet and is located at 2802 Bloomington Road. Greenstone Partners represented the seller, a Chicago-based family office.

February 11, 2021

Illinois Midwest Retail

Aldi to Open 100 New Grocery Stores in 2021 Coast-to-Coast

by Kristin Harlow February 10, 2021

BATAVIA, ILL. — Aldi, a discount grocer based in Essen, Germany, is continuing its nationwide expansion with 100 new stores to open this year. The grocer plans to grow its footprint in select markets in Arizona, California, Florida and the Northeast U.S. Aldi also plans to add curbside pickup service to 500 additional stores this year, bringing its total number of stores with curbside options to 1,200. Nearly all U.S. Aldi locations offer delivery services through its partnership with Instacart. Additionally, today marks the groundbreaking of Aldi’s 564,000-square-foot distribution center in Loxley, Ala. The facility will be the sixth in Aldi’s industrial network in the United States and will service more than 100 stores in Alabama, south Georgia, Mississippi, the Florida Panhandle and Louisiana. Set to open in 2022, the distribution center will create 200 jobs in the area and will help Aldi open as many as 35 new stores in the Gulf Coast region by the end of 2022. The grocer is opening two new stores in Tallahassee, Fla., this year. Aldi has 2,000 stores in 37 states across the United States. By the end of 2021, the grocer will be in 38 states as Aldi currently does not have …

February 10, 2021

Illinois Industrial Leasing Activity Midwest

Conor Completes Lease-up of 185,882 SF Industrial Building in Elgin, Illinois

by Kristin Harlow February 10, 2021

ELGIN, ILL. — Conor Commercial Real Estate has completed the lease-up of Building Two at Northwest Pointe III in Elgin. Continental Packaging leased 48,360 square feet on the west side, while an undisclosed plastics company leased 137,522 square feet on the east side. Both companies will use the property for warehouse and office space. Ken Franzese and John Cassidy of Lee & Associates represented Conor in the lease transactions. Dan Benassi of Entre Commercial Realty represented the plastics company while Jimmy Kowalczyk and David Saad of CBRE represented Continental Packaging. The 163,080-square-foot Building One is still available. Northwest Pointe III is Conor’s third development within Northwest Corporate Park.

February 10, 2021

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