Illinois

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 Bridge will demolish the outdated structures and develop two buildings totaling 62,038 square feet and 54,080 square feet, respectively.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

Acquisitions Illinois Midwest Retail

Thompson Thrift Retail Group Sells Shopping Center Near Indianapolis for $3.7M

by Kristin Harlow February 10, 2021

MATTOON, ILL. — Thompson Thrift Retail Group (TTRG) has sold The Shops at Mattoon Marketplace for $3.7 million. The 9,800-square-foot retail center is located in Mattoon near Indianapolis. It is fully leased to Starbucks, Jersey Mike’s, Great Clips, AT&T and OSF Healthcare. Thompson Thrift developed the property in 2017. Emily Gadomski and Rick Drogosz of Mid-America Real Estate Corp. represented TTRG in the sale. Matt Brooks of Faris Lee Investments represented the undisclosed buyer.

February 10, 2021

Development Illinois Midwest Office

Skender Completes Interior Construction of 200,000 SF Walgreens Technology Center at Chicago Old Post Office

by Kristin Harlow February 9, 2021

CHICAGO — Skender has completed the interior construction of the 200,000-square-foot Walgreens Technology Center of Excellence within Chicago’s Old Post Office. The office will eventually welcome hundreds of employees, including e-commerce, mobile, pharmacy technology and digital team members as well as Walgreens Boots Alliance information technology personnel. The office space spans multiple levels and features a staircase, open and private offices, collaboration and conferencing spaces, data rooms, lounge spaces and a kitchen. Walgreens was the first major tenant to commit to space at the Old Post Office redevelopment project in 2018. Stantec Inc. served as the architect and engineering firm on the project, and Mace served as the owner’s representative.

February 9, 2021

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Arranges Sale of 207,575 SF Industrial Building in Bartlett, Illinois

by Kristin Harlow February 9, 2021

BARTLETT, ILL. — Lee & Associates has arranged the sale of a newly constructed, 207,575-square-foot industrial building located at 1560 W. Stearns Road in Bartlett. The sales price was undisclosed. Situated in DuPage County’s Brewster Creek Logistics Park, the property features a clear height of 32 feet, 28 dock doors and parking for 246 cars. Mark Baumhart of Lee & Associates represented the buyer, Platinum Converting, a provider of finishing services to the print and graphic arts industry. Platinum plans to relocate from its Itasca facility this summer. Adam Marshall and Mark Deady of Newmark represented the seller, Logistics Property Co.

February 9, 2021

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