Illinois

Essex Arranges $6.7M Sale of Apartment Building in Chicago

by Kristin Harlow March 26, 2020

CHICAGO — Essex Realty Group Inc. has arranged the sale of 933 W. Belle Plaine Avenue, a 17-unit apartment building in Chicago’s Buena Park neighborhood, for $6.7 million. Constructed in 2017, the building features luxury units with secured keyless entry, private balconies, gourmet kitchens and in-unit washers and dryers. The property also includes a pet washing station, bike storage, 13-car garage and seven outdoor parking spaces. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. A local investor purchased the building from an undisclosed seller as part of 1031 tax-deferred exchange.

March 26, 2020

Acquisitions Illinois Midwest Retail

Colliers Negotiates $6.6M Sale of Retail Property in Chicago

by Kristin Harlow March 26, 2020

CHICAGO — Colliers International has negotiated the sale of 3101, a four-tenant retail property in Chicago’s Lakeview neighborhood, for $6.6 million. Anchored by CVS Pharmacy, the 23,000-square-foot property also features two restaurants, including Domino’s Pizza. Peter Block of Colliers represented the seller, Zimmerman Family Trust. Newcastle Properties purchased the asset.

March 26, 2020

Hospitality Illinois Midwest

Hyatt to Furlough Most Corporate Employees in Response to COVID-19

by Kristin Harlow March 25, 2020

CHICAGO — As a result of COVID-19 significantly decreasing demand for hotel rooms and event space, Chicago-based Hyatt Corp. has suspended operations at many hotels and implemented temporary furloughs as well as pay and work reductions that will impact Hyatt corporate workers across the globe. The furloughs and reductions are in place from April 1 through May 31 and affect two-thirds of the company’s U.S. corporate employees, according to Bloomberg. The furloughs will enable Hyatt corporate staff to retain eligibility for healthcare and other benefits. Colleagues may also file for unemployment benefits during this period. Hyatt is also in the process of setting up a global Hyatt Care Fund, which will be seeded by 100 percent of Hyatt leadership team’s salary reductions as an initial contribution. Both President and CEO Mark Hoplamazian and Chairman of the Board Tom Pritzker are forgoing 100 percent of their salaries and Hyatt’s senior leadership team is taking a salary cut of 50 percent through the end of May. The proceeds of the fund will be distributed to those workers with the most pressing financial needs due to loss of income.

March 25, 2020

Acquisitions Illinois Midwest Restaurant Retail

Stan Johnson Co. Brokers Sale of Property Net Leased to Andy’s Frozen Custard in Suburban Chicago

by Kristin Harlow March 25, 2020

GLEN ELLYN, ILL. — Stan Johnson Co. has brokered the sale of a single-tenant retail property net leased to Andy’s Frozen Custard in Glen Ellyn, a western suburb of Chicago. Although the sales price was undisclosed, the property was listed at $2.75 million. Constructed in 2019, the 1,255-square-foot building is located at 415 Roosevelt Road. Mack Wolfgram, Tom Fritz, Brandon Duff and Matt Spangenberg of Stan Johnson represented the seller, Illinois-based LM Commercial Real Estate. A New York-based private investor purchased the asset in a 1031 tax-deferred exchange.

March 25, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 152-Lot Manufactured Home Community in Eureka, Illinois

by Kristin Harlow March 24, 2020

EUREKA, ILL. — Marcus & Millichap has brokered the sale of Enchanted Gardens Mobile Home Park, a 152-lot manufactured home community in Eureka, about 20 miles east of Peoria. The sales price was undisclosed. The community, situated at 508 Reagan Drive, features convenient access to Route 24 and I-74. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor.

March 24, 2020

Illinois Midwest

State of Illinois Under ‘Stay at Home’ Order Until April 7

by Kristin Harlow March 23, 2020

ILLINOIS — In order to maximize COVID-19 containment, on Friday, March 20, Illinois Governor J.B. Pritzker issued a statewide “shelter in place” directive in effect until Tuesday, April 7. Under this order, only “essential” businesses and employees are allowed to leave their homes. First responders, emergency management personnel, law enforcement personnel, healthcare workers and others working to support essential businesses and essential government functions like grocery stores and pharmacies are exempt from the order. In addition, local government units across the state are ordered to halt all evictions and ban gatherings of more than 10 people. On Sunday, the Illinois Department of Public Health announced 296 new cases of coronavirus disease in the state and three deaths. The total number of cases in Illinois has risen to 1,049 cases within 30 counties.

March 23, 2020

Acquisitions Illinois Midwest Multifamily

First Western Properties Brokers Sale of 11-Unit Multifamily Building in Chicago

by Kristin Harlow March 23, 2020

CHICAGO — First Western Properties has brokered the sale of an 11-unit multifamily building located at 1712-1716 W. 87th St. in Chicago’s Beverly neighborhood. The sales price was undisclosed. The property includes 10 paved parking spaces. Paul Tsakiris and Melsi Bifsha of First Western brokered the transaction. Buyer and seller information was not disclosed.

March 23, 2020

Illinois Midwest

Much Shelist Donates $25,000 to Chicago Small Business Resiliency Loan Fund

by Kristin Harlow March 23, 2020

CHICAGO —Much Shelist is among the first law firms to donate to the Chicago Small Business Resiliency Loan Fund, a new initiative by the city of Chicago to support local businesses devastated by the COVID-19 crisis. Much, a full-service law firm, has donated $25,000. Mayor Lori Lightfoot announced the fund Thursday, March 19. It will provide targeted, low-interest loans to highly impacted small businesses. Much has called Chicago home for 50 years.

March 23, 2020

Illinois Leasing Activity Midwest Office

Feeding America to Relocate Headquarters in Chicago with 61,324 SF Lease

by Kristin Harlow March 20, 2020

CHICAGO — Feeding America, a hunger-relief charity, will relocate its headquarters to 161 North Clark in Chicago. The 61,324-square-foot lease represents a 32 percent expansion for the nonprofit, which will move from 35 E. Wacker when the new lease commences in the fourth quarter. Mindy Saffer of Cresa and Rob Schmidt of JLL represented Feeding America in the lease transaction. Newmark Knight Frank represented the landlord. The 50-story office tower is situated in Chicago’s Central Loop and features a conference center and outdoor terrace.

March 20, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $18.6M Sale of Property Net Leased to Jewel-Osco in Romeoville, Illinois

by Kristin Harlow March 20, 2020

ROMEOVILLE, ILL. — The Boulder Group has brokered the $18.6 million sale of a single-tenant property net leased to Jewel-Osco in Romeoville, located about 30 miles southwest of Chicago. The 67,507-square-foot building sits on 7.5 acres at 20 S. Weber Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Southwest-based private real estate investment company. A West Coast-based private investor purchased the asset in a 1031 tax-deferred exchange. Jewel-Osco has operated at the property since 2002 and recently executed a 20-year lease.

March 20, 2020

Newer Posts

Older Posts