Illinois

Walker & Dunlop Originates $80.1M Refinancing of 1,155-Unit Multifamily Community in Suburban Chicago

by Katie Sloan November 6, 2020

GLENDALE HEIGHTS, ILL. — Walker & Dunlop Inc. has originated an $80.1 million refinancing of Ellyn Crossing, a garden-style multifamily community located about 30 miles west of Chicago in Glendale Heights. Ellyn Crossing was built from 1973 to 1978, and Rockwell Partners acquired the property in phases from 2014 to 2020. Since acquiring the property, the company has invested $4.5 million in unit upgrades and $1.5 million in common area upgrades. The loan provides an additional $1 million for ongoing renovations, which are scheduled for completion in six to nine months from the loan closing. Pat Dempsey of Walker & Dunlop secured the loan through Freddie Mac’s floating-rate program. “Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community,” says Dempsey. The 1,155-unit, 30-building community offers shared amenities including a resident clubhouse, business center, activity room, fitness center, pool, sundeck, tennis court, sand volleyball court, playground and picnic areas. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S. Chicago-based Rockwell Partners is a real estate investment firm with a portfolio of properties …

November 6, 2020

Acquisitions Illinois Midwest Retail

Colliers Brokers Sale of Walmart-Anchored Shopping Center in Chicago

by Kristin Harlow November 5, 2020

CHICAGO — Colliers International has brokered the sale of a Walmart Neighborhood Market-anchored shopping center located at 4720 S. Cottage Grove Ave. in Chicago. A private investor purchased the fully leased center for an undisclosed price. Other tenants include Burger King, Subway, Associated Bank and Snipes. Built in 2014, the 54,932-square-foot center is part of a larger development that includes a three-story, 72-unit apartment asset. Alex Perez, Chris Garavaglia and Chris Irwin of Colliers represented the seller, Skilken Gold Real Estate Development. The team also procured the buyer.

November 5, 2020

Acquisitions Illinois Midwest Multifamily

Oxford Capital, Quadrum Global Sell Essex on the Park Apartment Tower on Chicago’s Michigan Avenue

by Kristin Harlow November 4, 2020

CHICAGO — A joint venture between Oxford Capital Group LLC and Quadrum Global has sold Essex on the Park, a 56-story, 479-unit apartment tower that it developed and opened on Chicago’s Michigan Avenue in 2019. A West Coast-based investment firm purchased the asset for an undisclosed price. The Oxford-Quadrum venture retains ownership of the adjacent Hotel Essex, which continues to be managed by Oxford Hotels & Resorts LLC. Essex on the Park is the luxury apartment portion of a larger mixed-use development that includes Hotel Essex. Residents of Essex on the Park have convenient access to hotel amenities and services, including Grant Park Bistro and SX Sky Bar. Amenities in the apartment tower include an indoor pool, fitness center, yoga studio, party room, cocktail lounge, game room and private conference room. JLL acted as advisor to Oxford and Quadrum, and also arranged acquisition financing on behalf of the buyer.

November 4, 2020

Illinois Leasing Activity Midwest Office Retail

Two Tenants Sign Leases at Bell Works Chicagoland in Hoffman Estates

by Kristin Harlow November 4, 2020

HOFFMAN ESTATES, ILL. — The first two tenants have signed leases at Bell Works Chicagoland in Hoffman Estates. CPA Group Advisors is the first office tenant and Fairgrounds Craft Coffee and Tea is the first retail tenant. Bell Works Chicagoland is the redevelopment of the 1.6 million-square-foot former AT&T headquarters from developer Somerset Development. Fairgrounds will operate a kiosk at Bell Works beginning in December with plans to open a permanent location with a full cocktail bar in early 2022. Boutique full-service accounting firm CPA Advisors will occupy one of the property’s “ready-to-wear” office spaces. These pre-built office suites offer immediate occupancy for small- to medium-sized businesses. The $200 million Bell Works Chicagoland mirrors Somerset’s Bell Works New Jersey. Plans call for 1.2 million square feet of office space; 60,000 square feet of conference facilities, storage and amenities; and 60,000 square feet of restaurant and retail space. Despite COVID-19, interior renovations remain on schedule and construction is slated for completion this week. Colliers International and The Garibaldi Group are the leasing teams marketing office space at the property.

November 4, 2020

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 18,000 SF Warehouse in Chicago

by Kristin Harlow November 4, 2020

CHICAGO — Cawley Chicago has brokered the sale of an 18,000-square-foot warehouse located at 3228 S. Wood St. in Chicago for an undisclosed price. Situated near I-55 between Pilsen and the stockyards corridors, the facility sits on 1.5 acres. The property also includes office space and a securely fenced lot. Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, SES Equipment Services, and procured the buyer, Taylor Excavating & Construction Inc.

November 4, 2020

Illinois Industrial Loans Midwest

Cushman & Wakefield Secures $55.8M in Acquisition Financing for Suburban Chicago Industrial Portfolio

by Kristin Harlow November 3, 2020

CHICAGO — Cushman & Wakefield has secured $55.8 million in acquisition financing for the Regent O’Hare Industrial Portfolio in Elk Grove Village. CIBC provided the financing on behalf of the borrowers, Investcorp International Realty Inc. and Brennan Investment Group. Regent O’Hare includes eight industrial buildings totaling 955,460 square feet. The portfolio is 92 percent leased by roughly 55 tenants. Jeff Altenau, Gideon Gil and Zach Yarnoff of JLL represented the borrowers. Loan terms were not disclosed.

November 3, 2020

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $38.4M in HUD Financing for Skilled Nursing Portfolio Near Chicago

by Kristin Harlow November 3, 2020

PALATINE, WAUKEGAN, ELGIN AND CHICAGO, ILL. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed property in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed asset in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment schedule and terms ranging from 30 to 34 years.

November 3, 2020

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $4M Sale of Property Net Leased to FedEx in Suburban Chicago

by Kristin Harlow November 3, 2020

ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the sale of a FedEx Ship Center in Elk Grove Village for $4 million. FedEx occupies the 36,395-square-foot building on a net-lease basis. The property is located at 1200 Devon Ave. near the Chicago O’Hare International Airport. Dominic Sulo of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Buyer information was not disclosed.

November 3, 2020

Acquisitions Illinois Midwest Office

Sterling Bay Sells McDonald’s Headquarters in Chicago for $412.5M

by Kristin Harlow November 2, 2020

CHICAGO — Chicago-based developer Sterling Bay has sold the 575,000-square-foot corporate headquarters for McDonald’s in Chicago’s Fulton Market. Pittsburgh-based investment firm Normandy Properties purchased the asset for $412.5 million, according to the Chicago Sun Times. The building, located at 110 N. Carpenter St., features a 700-person conference center, fitness center, onsite parking, collaboration space and outdoor terraces. It was completed in 2018. Ground-floor retail tenants include Walgreens and Federal Express. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented Sterling Bay. Keith Largay and Tim Joyce of JLL arranged acquisition financing. McDonald’s previously was headquartered in the suburbs in Oak Brook.

November 2, 2020

Illinois Leasing Activity Midwest Office

Reyes Holdings Inks 141,000 SF Office Lease Renewal in Rosemont, Illinois

by Kristin Harlow November 2, 2020

ROSEMONT, ILL. — Reyes Holdings has signed a 141,000-square-foot office lease renewal at One O’Hare Centre in Rosemont. Reyes has maintained its headquarters at the building since 2010. Located at 6250 N. River Road, One O’Hare Centre spans 380,000 square feet and is 90 percent leased. MDC Realty Advisors and Nicola Wealth Real Estate purchased the property in 2015. This year, ownership upgraded the HVAC filtration systems with UV light filters. The lobby and common areas are currently undergoing improvements. Francis Prock, Jonathon Connor and Steve Kling of Colliers International represented ownership. Jeff Liljiberg of JLL represented Reyes, which is the parent company of Reyes Beverage Group, Martin Brower, Great Lakes Coca-Cola, Reyes Coca-Cola and Reyes Fleet Management.

November 2, 2020

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