Illinois

Park Hyatt, Peninsula Hotels to Temporarily Close Doors in Chicago

by Kristin Harlow March 19, 2020

CHICAGO — The Park Hyatt Chicago and Peninsula, both luxury hotels in downtown Chicago, have temporarily closed their doors due to the coronavirus outbreak. The 198-room Park Hyatt will not accept room, restaurant, bar or other reservations until April 30. No reservations will be available until further notice at the 339-room Peninsula, according to the hotel’s website. These properties are the first two downtown Chicago hotels to close because of the coronavirus and other closures will likely follow, according to Crain’s Chicago Business.

March 19, 2020

Acquisitions Illinois Industrial Midwest

SVN Chicago Commercial Brokers $2M Sale of Industrial Property in Chicago

by Kristin Harlow March 17, 2020

CHICAGO — SVN Chicago Commercial has brokered the $2 million sale of a 44,500-square-foot industrial property located at 4417 S. Springfield Ave. in Chicago’s Archer Heights neighborhood. Beverly Hayes and John McDermott of SVN represented the undisclosed seller. A Chicago-based company purchased the asset due to its location and loading capacity, according to Hayes.

March 17, 2020

Acquisitions Illinois Midwest Retail

Avalon Equities Buys 5,780 SF Retail Building in Barrington, Illinois

by Kristin Harlow March 17, 2020

BARRINGTON, ILL. — Avalon Equities has purchased Barrington Station, a 5,780-square-foot retail building in Barrington, a northwest suburb of Chicago. The purchase price was undisclosed. Tenants at the property include Starbucks, Verizon, Briddick Tile & Stone and Skinovatio Medical Spa. CBRE represented the seller, GK Development.

March 17, 2020

Development Illinois Midwest Mixed-Use

Sheba Medical Center to Anchor Health, Wellness Innovation Hub at Former Michael Reese Hospital Site in Chicago

by Kristin Harlow March 16, 2020

CHICAGO — Sheba Medical Center will anchor a global health and wellness innovation hub in Phase I of a 100-acre mixed-use project to be developed on the former Michael Reese Hospital site in Chicago’s Bronzeville neighborhood. GRIT, a joint venture comprised of Farpoint Development, Bronzeville Community Development Partnership, Chicago Neighborhood Initiatives, Draper and Kramer, Loop Capital and McLaurin Development, is developing the project in partnership with Kaleidoscope Health Ventures. Known as the ARC Innovation Center, the building will include wet labs, incubators and other life sciences offices and commercial facilities. The entire project will include multifamily, affordable housing, retail, senior living, community space and a proposed new Metra station. Construction on Phase I is expected to begin in 2021.

March 16, 2020

Acquisitions Illinois Industrial Midwest

NAI Hiffman Brokers $5.4M Sale of Warehouse in Elmhurst, Illinois

by Kristin Harlow March 16, 2020

ELMHURST, ILL. — NAI Hiffman has brokered the $5.4 million sale of a 75,000-square-foot warehouse in Elmhurst, a western suburb of Chicago. The property is located at 776 N. Oaklawn Ave. and features a ceiling height of 18 feet along with 10,000 square feet of office space with conference rooms and a kitchenette area. Built in 1983, the building features two exterior docks, two drive-in doors and 100 car parking spaces. Joe Bronson, Josh Will and Aimee Goudas of NAI Hiffman represented the buyer, Elk Grove Village-based Haskris Co. Vickie Soupos of Colovos/Soupos Group at Re/Max Destiny represented the seller, Dorothy Stojka. Haskris is a manufacturer of refrigeration and heating equipment.

March 16, 2020

Illinois Leasing Activity Midwest Restaurant Retail

PaPPo’s Pizzeria & Pub to Open at Quincy Mall in Peoria, Illinois

by Kristin Harlow March 16, 2020

PEORIA, ILL. — PaPPo’s Pizzeria & Pub will open at Quincy Mall in Peoria this summer. The restaurant specializes in stone-hearth, oven-baked pizza and craft beer. Quincy Mall is the company’s first Illinois location, but it currently operates in Lake of the Ozarks, Columbia and Springfield, Missouri. PaPPo’s also serves calzones, sandwiches, salads, wings, breadsticks and its famous Pizookie, a brown butter chocolate chip cookie. PaPPo’s will occupy the current Que Town Bar-B-Que space. Que Town plans to relocate within the mall. Cullinan Properties Ltd. owns the property.

March 16, 2020

Illinois Loans Midwest Top Stories

Oaktree, GlenStar Receive $256M Refinancing for Board of Trade Office Building in Downtown Chicago

by Alex Patton March 13, 2020

CHICAGO — A partnership between funds managed by Oaktree Capital Management LP and GlenStar Properties has received a $256 million loan to refinance 141 W. Jackson, a historic, 1.3 million-square-foot office tower in Chicago’s central business district. Known as the Chicago Board of Trade Building, the 44-story skyscraper is the primary trading venue of the CME Group, a global markets company formed by a merger of the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange. JLL arranged the financing provided by a domestic financial institution. Ownership plans to allocate a portion of the loan proceeds toward future leasing. The Chicago Board of Trade Building was originally constructed in 1930 for CBOT and was designated a National Historic Landmark on June 2, 1978. The building is a popular sightseeing attraction and has appeared in several films, including as the headquarters of Wayne Enterprises in “Batman Begins” (2005). Ownership has maintained and updated the building with modern amenities and technology, including a 24/7 fitness center; video conference center; rooftop deck and game room; Ceres Café Bar and Patio; Cellars Market; and a tenant lobby with concierge services. The building is home to a roster of retail, banking, healthcare, legal and …

March 13, 2020

Development Illinois Midwest Multifamily

NHP Foundation Reopens Chicago’s Historic Mark Twain Property

by Kristin Harlow March 13, 2020

CHICAGO — The NHP Foundation has reopened The Mark Twain, a historic single-room occupancy (SRO) affordable housing development on Chicago’s Near North Side. The $54.3 million renovation project consisted of 148 apartments, each equipped with rehabilitated private bathrooms and new private kitchenettes. Other upgrades included new plumbing, mechanical and electrical systems; a rooftop deck; restoration of the vintage façade and lobby; and 9,600 square feet of upgraded retail space on the ground floor. Rental assistance in the form of project-based vouchers will be provided by the Chicago Housing Authority (CHA) for each of the units at Mark Twain, ensuring long-term affordability. Fifty residents who lived at the property before the project began have returned to the renovated building. The remaining apartments will be leased to persons on the CHA waitlist. The city’s contribution included issuance of $27.3 million in multifamily housing revenue bonds, a $5 million multifamily loan and $1.3 million in low-income housing tax credits that generated $12.7 million in equity. The NHP Foundation acquired the property in 2016 as part of the city’s SRO Preservation Initiative. Since its passage in 2014, the initiative has led to the preservation of 11 buildings, consisting of more than 1,400 units. Architect …

March 13, 2020

Acquisitions Illinois Midwest Multifamily

Origin Investments Buys 120-Unit Apartment Building in Chicago’s West Loop for $65.8M

by Kristin Harlow March 13, 2020

CHICAGO — Origin Investments has purchased Monroe Aberdeen Place, a 120-unit apartment building in Chicago’s West Loop. The transaction, made on behalf of Origin’s IncomePlus Fund, was valued at $65.8 million. Developed in 2018, the property features 25 three-bedroom units, 92 two-bedroom units and three one-bedroom units. Floor plans average 1,118 square feet. Kiser Group represented Origin Investments in the off-market transaction. Michigan Avenue Real Estate Group, the property’s original developer, sold the asset, which was 99 percent leased at the time of sale.

March 13, 2020

Illinois Leasing Activity Midwest Retail

Montessori School Doubles Space at Optima Signature Apartment Tower in Chicago

by Kristin Harlow March 13, 2020

CHICAGO — The Guidepost Montessori at Magnificent Mile School is more than doubling its lease at Optima Signature, an apartment tower in Chicago’s Streeterville neighborhood. The school will lease an additional 14,000 square feet, which is the last available retail space at the property, in order to open an elementary school. The school plans to open this fall and serve first through fifth grades. In addition to Guidepost Montessori, retail tenants at Optima Signature include Egg Harbor Café, GoodVets Streeterville, Runaway Fitness and Bedazzled Nails & Spa. Optima Signature is a 57-story, 490-unit luxury rental development. Optima Inc. is the developer.

March 13, 2020

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