Illinois

Berkadia Provides $18.3M Refinancing for Multifamily Property Near St. Louis

by Kristin Harlow October 9, 2020

BETHALTO, ILL. — Berkadia has provided an $18.3 million Fannie Mae loan for the refinancing of Metro Apartments at Bethalto, a 351-unit multifamily complex in Bethalto, northeast of St. Louis. The garden-style asset is located at 190 Rue Sans Souci. It features one-, two- and three-bedroom floor plans along with a basketball court, playground, baseball field and outdoor grilling areas. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based KH Properties. The 12-year loan features a fixed interest rate at low-3 percent with two years of interest-only payments, a 75 percent loan-to-value ratio and a 30-year amortization schedule.

October 9, 2020

Development Illinois Midwest Multifamily

Optima Begins Development of 198-Unit Luxury Apartment Project in Chicago’s Lakeview Neighborhood

by Kristin Harlow October 8, 2020

CHICAGO — Optima Inc. has begun development of Optima Lakeview, a 198-unit luxury apartment project in Chicago’s Lakeview neighborhood. The seven-story, transit-oriented development will replace a shuttered Treasure Island grocery store and parking lot. Designed by Hovey, the project also includes 14,000 square feet of street-level commercial space. Residents will have access to 40,000 square feet of amenities, including a rooftop sky deck, pool, indoor basketball court, golf simulator, fitness center, yoga room, sports lounge, pet spa, game room, business center and two conference rooms. The building will offer 94 fully enclosed parking spaces and storage for 208 bicycles. Optima says it designed larger floor plans to accommodate dedicated space for a home office in today’s work-from-home environment. Completion is slated for March 2022.

October 8, 2020

Illinois Midwest Restaurant Retail

U.S. Quarterly Same-Store Sales for McDonald’s Rise Nearly 5 Percent

by Kristin Harlow October 8, 2020

CHICAGO — McDonald’s reported that its U.S. same-store sales rose 4.6 percent in its third quarter, which ended Sept. 30. President and CEO Chris Kempczinski cites the fast food chain’s drive-thru presence, delivery and digital capabilities as furthering its competitive advantage. The Chicago-based company says that more Americans turned to McDonald’s for dinner and promotional activity such as the Travis Scott meal drove sales. McDonald’s plans to release full third-quarter earnings before the market opens Nov. 9 and will also broadcast its investor earnings conference call that day.

October 8, 2020

Development Illinois Midwest Retail

Cannabis Facility Construction Completes 9,982 SF Dispensary for Greenhouse in Northbrook, Illinois

by Kristin Harlow October 8, 2020

NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has completed building a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the 9,982-square-foot project serves as a flagship dispensary for the brand. The building features an open floor plan with high vaulted ceilings and abundant natural light. To accommodate social distancing, all points of sale are six feet apart. In addition to the retail space, the project features back-office space with a secure vault for inventory storage and an advanced security system.

October 8, 2020

Acquisitions Illinois Industrial Midwest

Weber-Stephen Enters into $40M Sale-Leaseback for Manufacturing Facility Near O’Hare Airport

by Kristin Harlow October 6, 2020

CHICAGO — Weber-Stephen Products LLC has entered into a sale-leaseback for its 622,000-square-foot manufacturing facility near the Chicago O’Hare International Airport. W.P. Carey Inc. purchased the building for $40 million. Weber-Stephen, a manufacturer of barbecue grills, occupies the facility on a 15-year lease. The property serves as the tenant’s primary North American manufacturing facility. Since 2014, Weber-Stephen has made capital improvements totaling over $28 million at the site.

October 6, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $6.8M Sale of Walgreens-Occupied Property in Suburban Chicago

by Kristin Harlow October 6, 2020

ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 15,120-square-foot retail property occupied by Walgreens in Orland Park for $6.8 million. The single-tenant building is situated at 14680 S. La Grange Road in suburban Chicago. The Walgreens lease expires in September 2032. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate developer. A West Coast-based investor purchased the asset.

October 6, 2020

Development Illinois Industrial Midwest

Principle Construction Completes 102,140 SF Spec Warehouse in Batavia, Illinois

by Kristin Harlow October 5, 2020

BATAVIA, ILL. — Principle Construction Corp. has completed a new 102,140-square-foot warehouse on behalf of developer Midwest Industrial Funds at 1100 N. Raddant Road in Batavia. The project includes 97,040 square feet of warehouse space and 5,100 square feet of office space. The building features 10 dock positions, two drive-in doors, 125 car parking spaces, LED lighting and a clear height of 30 feet. Harris Architects provided design services.

October 5, 2020

Illinois Leasing Activity Midwest Retail

Midwest BankCentre Opens Loan Office in O’Fallon, Illinois

by Kristin Harlow October 5, 2020

O’FALLON, ILL. — Midwest BankCentre has opened a loan office in O’Fallon near St. Louis. The new office serves both commercial and mortgage loan customers. Midwest BankCentre also serves the needs of businesses and nonprofits in southern Illinois, including dozens that received Paycheck Protection Program loans through the bank earlier this year. Due to COVID-19 restrictions, the bank is currently open by appointment only. Its location at 920 Talon Drive is situated near I-64. Midwest BankCentre employs a staff of about 280 workers at 18 bank locations around metro St. Louis. Orvin Kimbrough serves as chairman and CEO.

October 5, 2020

Illinois Industrial Leasing Activity Midwest

Deibel Laboratories Relocates to 17,450 SF Space in Niles, Illinois

by Kristin Harlow October 5, 2020

NILES, ILL. — Deibel Laboratories has purchased a 17,450-square-foot office and warehouse facility at 6150 Mulford St. in Niles, located about 15 miles northwest of downtown Chicago. The company, which serves the food diagnostics and personal care industries, is relocating from Lincolnwood. The new facility features 53 parking spaces and one truck dock. Nick Walby of Entre Commercial Realty represented Deibel while Chris Volkert of Colliers International represented the undisclosed seller. Deibel maintains 11 laboratories across North America.

October 5, 2020

Illinois Midwest Office

Allstate Implements Restructuring Plan, Cuts 3,800 Jobs

by Kristin Harlow October 2, 2020

NORTHBROOK, ILL. — In order to lower costs, The Allstate Corp. (NYSE: ALL) says it is implementing a restructuring plan that will impact roughly 3,800 employees primarily in claims, sales, service and support functions. The cuts, which make up about 8 percent of the company’s workforce, come as the insurer is consolidating and closing regional offices around the country, according to Crain’s Chicago Business. Allstate expects to incur $290 million in restructuring charges, primarily for severance and employee benefits. It also expects to incur $80 million in real estate exit costs from office closures. The insurance giant is headquartered at 2775 Sanders Road in Northbrook, Ill. Its stock price closed at $92.26 per share Thursday, Oct. 1, down from $105.61 one year ago.

October 2, 2020

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