PEKIN, ILL. — An 88-room Hampton Inn & Suites hotel has opened at East Court Village in Pekin, about 10 miles south of Peoria. The four-story property is located at 3445 Court St. Amenities include a free hot breakfast, Wi-Fi, on-site parking, a heated indoor pool, fitness center and meeting spaces. The pool will open to guests soon. Face masks are currently required in all indoor public areas of the hotel for guests and employees. In 2016, Marigold Lodging purchased the 2.8-acre parcel for the hotel from Cullinan Properties Ltd., which owns and manages East Court Village, a regional power center.
GURNEE, ILL. — An unnamed developer has purchased a 2.6-acre parcel at 5742 Northridge Drive in Gurnee near Waukegan for $1 million. The buyer plans to build a hotel at the site, which includes a 24,000-square-foot, single-story building. The site is near Gurnee Mills, Six Flags and Great Wolf Lodge. Paul Cawthorn and Angelo Labriola of SVN | Chicago Commercial represented the undisclosed seller in the transaction.
ROLLING MEADOWS, ILL. — Glenstar and Rubenstein Partners have completed a $20 million renovation of Continental Towers in Rolling Meadows. Built between 1978 and 1982, the 910,000-square-foot office complex is located at 1701 Golf Road. The three-building property sits on 34 acres and is home to tenants such as Verizon and Panasonic. The main portion of the modernization project was a one-acre outdoor space, which now houses flexible seating, gathering areas, fire pits and grills. Additional improvements were made to the lobbies, elevator cabs, common areas and tenant lounge. Michael Klein, co-founder and managing principal of Glenstar, says the owners have a robust program in place to address today’s safety and social distancing concerns. “Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance.” In 2015, Glenstar invested $30 million in the construction of a parking garage, reconfigured site plan and renovation of a 23,000-square-foot fitness center run by Midtown Fitness. Glenstar originally acquired Continental Towers in 2013 and recapitalized the property in 2018 with the help of Rubenstein Partners, which is a fund manager for a series of private equity funds focused on office investments …
NAPERVILLE, ILL. — American Street Capital (ASC) has arranged a $6.6 million cash-out refinancing loan for a 60-unit multifamily building in Naperville. Built in 1986, the three-story property features two-bedroom units averaging 1,082 square feet. The property includes 127 car parking spaces and laundry facilities. The building was fully occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year, fixed-rate loan with a CMBS lender. The loan features a 30-year amortization schedule.
CHICAGO — Openlands, a wildlife conservation nonprofit organization, has renewed its 8,373-square-foot office lease at 25 East Washington in Chicago. Openlands occupies space on the 16th floor and has resided in the building for over 20 years. Jonathan Seeley and Merrick Wells of Bradford Allen represented the tenant in the lease transaction. Aspire Properties is the landlord for the 22-story office building. Founded in 1963 as a program of the Welfare Council of Metropolitan Chicago, Openlands is one of the oldest metropolitan conservation organizations in the nation. It has helped to protect more than 55,000 acres of land for public parks, forest preserves, wildlife refuges, urban farms and community gardens in northeastern Illinois.
HARWOOD HEIGHTS, ILL. — NARE Investments has acquired Harwood Commons, a 142,195-square-foot shopping center in metro Chicago’s Harwood Heights. The purchase price was undisclosed. Harwood Commons, located at 4701 N. Harlem Ave. and built in 1981, is home to Burlington, Marshalls and Aldi. CBRE’s National Retail Partners Midwest team represented the seller, Icahn Enterprises.
SCHAUMBURG, ILL. — Entre Commercial Realty has brokered the sale of a 67,817-square-foot, last-mile distribution building in Schaumburg for an undisclosed price. The property is located at 710 E. State Parkway. Advance Auto Parts and its affiliate, Worldpac, occupy the entire building. They use the facility to provide just-in-time delivery of automotive parts and accessories to customers. An affiliate of STAG Industrial acquired the property. Dan Benassi, Dan Jones and Sam Deihs of Entre represented the undisclosed seller.
ROLLING MEADOWS, ILL. — Patients Choice Medical has signed a 10,186-square-foot industrial lease at 3601 Edison Place in Rolling Meadows, about 30 miles northwest of Chicago. Rick Anesi of Lee & Associates represented the owner, Otto Holdings. Tom Callahan of Chicagoland Commercial represented the tenant, which is a medical equipment supplier based in Arlington Heights that is expanding operations.
CHICAGO — McDonald’s Corp. has reported a 30 percent decrease in its consolidated revenue for the second quarter that ended June 30 due to coronavirus lockdowns. The global fast-food chain reported second-quarter net income of $483.8 million, compared with $1.5 billion for the same period a year ago. Chicago-based McDonald’s says it spent more than $200 million on marketing efforts to accelerate recovery from coronavirus losses, which contributed to the drop in net income. In the United States, 99 percent of McDonald’s restaurants were open as of June 30. About 2,000 dining rooms reopened with reduced seating capacity following temporary closures as a result of the COVID-19 pandemic. Chris Kempczinski, president and CEO, says that a strong drive-thru presence and investments in delivery and digital platforms have served the company well through this time.
CHICAGO — LBP Manufacturing, a global food packaging company, has renewed its 180,417-square-foot industrial lease at 1401 N. Cicero Ave. in Chicago. Kris Bjorson of JLL represented the tenant in the lease transaction. ML Realty Partners is the landlord. LBP chose to renew its lease due to the building location and interstate access, according to Patrick Shannon, senior vice president at ML Realty.