Illinois

Sealy Acquires 1.1 MSF Warehouse Near St. Louis

by Kristin Harlow December 22, 2020

EDWARDSVILLE, ILL. — Sealy & Co. has acquired a 1.1 million-square-foot warehouse in Edwardsville near St. Louis for an undisclosed price. The purchase brings the company’s acquisition volume for 2020 to more than $400 million. The Class A facility is located at 3951 Lakeview Corporate Drive within Lakeview Commerce Center. The business park is situated in the Metro East submarket. The building features a clear height of 32 feet, 96 dock doors and 90 trailer stalls. The current tenant has expanded its presence in recent years within Lakeview Commerce Center and occupies three additional properties, one of which Sealy acquired in January of this year. Michael Caprile and Zach Graham of CBRE brokered the sale. Panattoni Development Co. was the seller.

December 22, 2020

Illinois Leasing Activity Midwest Office Retail

Fitness Startup BOLD to Open in Chicago’s Fulton Market

by Kristin Harlow December 22, 2020

CHICAGO — Real estate development firm Sterling Bay has licensed space to local fitness startup BOLD, which will open modular fitness pods at 1000 W. Carroll Ave. in Chicago’s Fulton Market. BOLD will enable Chicago residents to reserve private pods outfitted with fitness equipment that are cleaned to commercial-grade standards between each use. Pods can be reserved in 60-minute increments. Each one features kettlebell sets, medicine balls, bikes, rowing machines and high-definition screens for streaming guided workouts. The 320-square-foot pods are made from shipping containers. “In looking at how the pandemic so quickly impacted the ability of traditional fitness studios to operate at full capacity, it became clear that BOLD’s model for small, private training facilities could help to fill a need for Chicago gym-goers,” says Andy Gloor, CEO of Sterling Bay. Former Wall Street hedge fund investor and investment banker Jake Goldstein founded BOLD on the heels of COVID-19 as a way of offering a safe gym option that bridges the gap between physical gym space and digital fitness. BOLD uses filtration units from AEX Technology Solutions to disinfect its pods. Each pod features its own isolated HVAC air filtration system to prevent recycled air. Users are required to …

December 22, 2020

Acquisitions Illinois Industrial Midwest

SVN Chicago Commercial Brokers Sale of 35,000 SF Industrial Building in Chicago

by Kristin Harlow December 22, 2020

CHICAGO — SVN Chicago Commercial has brokered the sale of a 35,000-square-foot industrial building in Chicago for an undisclosed price. The property, known as the Pierini Iron Works Building, sits on two acres at 6200 S. Sayre Ave. Beverly Hayes and Daniel Vanchieri of SVN brokered the sale.

December 22, 2020

Illinois Industrial Leasing Activity Midwest

Entre Commercial Realty Negotiates 137,522 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow December 21, 2020

ELGIN, ILL. — Entre Commercial Realty has negotiated a 137,522-square-foot industrial lease on behalf of an undisclosed plastics company at Northwest Pointe III in Elgin. The newly constructed building is situated within Northwest Corporate Park and features a customized office buildout. Dan Benassi of Entre represented the tenant. Ken Franzese and John Cassidy of Lee & Associates represented ownership, Conor Commercial Real Estate and Globe Corp. McShane Construction Co. built the building.

December 21, 2020

Illinois Industrial Loans Midwest Self-Storage

Mag Mile Capital Arranges $7M Refinancing for Self-Storage Facility in Cicero, Illinois

by Kristin Harlow December 21, 2020

CICERO, ILL. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 997-unit self-storage facility in Cicero, a southwest suburb of Chicago. Located at 1331 S. 55th Court, the property spans 87,000 square feet. The family-owned property was recently rebranded as an Extra Space facility and will undergo improvements such as a new parking area. Prabhat Jayara and Heather Madsen of Mag Mile arranged the 36-month loan on behalf of the borrower, JD3 Property. The lender was undisclosed.

December 21, 2020

Illinois Leasing Activity Midwest Office

IDEX Corp. Opens New 39,252 SF Headquarters in Northbrook, Illinois

by Kristin Harlow December 21, 2020

NORTHBROOK, ILL. — IDEX Corp. has opened its new global headquarters in Northbrook. Architecture and engineering firm HED designed the 39,252-square-foot office. The space is situated on the third floor of an existing office building and is roughly the same size as IDEX’s former office in Lake Forest. The new headquarters features a touchless reception area, enabling visitors to check themselves in and notify employees of their arrival electronically. There are a number of tech-enabled conference rooms and a central café. IDEX develops, designs and manufactures specialty engineered products such as air bag clamps or rescue tools.

December 21, 2020

Illinois Loans Midwest Multifamily

Greystone Provides $54.6M HUD-Insured Loan for Refinancing of Suburban Chicago Multifamily Asset

by Kristin Harlow December 18, 2020

BLOOMINGDALE, ILL. — Greystone has provided a $54.6 million HUD-insured 223(f) loan for the refinancing of Camden at Bloomingdale. The 360-unit apartment property is located in Bloomingdale, a northwest suburb of Chicago. Built in 1991, the property consists of 19 garden-style buildings. Amenities include a clubhouse, business center, fitness center, pool, outdoor sports courts, picnic grounds and playground areas. Clint Darby and Phiet Nguyen of Greystone originated the 35-year loan, which features a 35-year amortization and a fixed interest rate of 2.68 percent. The transaction qualified for HUD’s green financing, further reducing the interest rate on the loan. The borrower, Chern Camden, will use loan proceeds to refinance an existing Fannie Mae loan, continue with ongoing maintenance and monetize existing equity, according to Greystone.

December 18, 2020

Illinois Loans Midwest Multifamily

Associated Bank Arranges $37.8M Loan for Renovation of Chicago Apartment Tower

by Kristin Harlow December 18, 2020

CHICAGO — Associated Bank has arranged a $37.8 million loan for the renovation of an 18-story apartment tower located at 1926 W. Harrison St. in Chicago. The building is situated within the Illinois Medical District and near the Rush University Medical Center. The borrowers, Marquette Cos. and Kayne Anderson Real Estate, will renovate 272 units and make improvements to the fitness center, coworking space, rooftop deck and dog run. Completion is slated for August 2021. Associated Bank served as lead arranger and administrative agent, working with Wheaton Bank & Trust. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.

December 18, 2020

Illinois Industrial Midwest

Logistics Property Co. Closes $1B Industrial Real Estate Fund

by Kristin Harlow December 17, 2020

CHICAGO — Logistics Property Co. (LPC) has closed its develop-to-core fund named LPC Logistics Venture One LP with total equity commitments of $1 billion from several global institutional investors. The fund focuses on ground-up development opportunities across the country. Chicago-based LPC, launched in early 2018, focuses on the acquisition, development and management of logistics properties across North America. The company has already allocated approximately 90 percent of the fund with significant holdings in Atlanta, Chicago, Dallas, Houston, Seattle and Pocona, Pa. MIRA Real Estate, part of Macquarie Group and the majority shareholder of LPC, acted as exclusive financial advisor and placement agent on the fund. LPC manages properties in key logistics markets with an estimated value of over $1.5 billion.

December 17, 2020

Illinois Loans Midwest Multifamily

PGIM Real Estate Provides $81.7M Fannie Mae Loan for Refinancing of Chicago Apartment Complex

by Kristin Harlow December 17, 2020

CHICAGO — PGIM Real Estate has provided an $81.7 million Fannie Mae loan for the refinancing of The Draper, a 342-unit, 11-story apartment complex in Chicago’s Uptown neighborhood. CEDARst Cos. was the borrower. The Draper is a redevelopment of an office building dating back to the 1950s. CEDARst began converting the building into apartments in 2018 and completed renovations in 2019. Of the property’s 342 units, 10 percent are reserved for residents earning up to 60 percent of the area median income. The fixed-rate loan has a 12-year term with six years of interest-only payments. Craig Foreman and Lee McNeer of PGIM Real Estate originated the loan. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management business of Prudential Financial Inc.

December 17, 2020

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