Illinois

In-Flight Internet Company Gogo Furloughs 60 Percent of Workforce

by Kristin Harlow April 23, 2020

CHICAGO — Effective May 4, Gogo (Nasdaq: GOGO) will furlough approximately 60 percent of its workforce and reduce compensation for most other employees as part of a broad-based cost reduction plan due to the impact of COVID-19. Chicago-based Gogo is an in-flight internet company. The furloughs will impact more than 600 employees. The time and duration of the furloughs will vary based on workload. Salary reductions will begin at 30 percent for the CEO, 20 percent for the executive leadership team and feather down from there. Members of Gogo’s board of directors has agreed to reduce their compensation by 30 percent. Certain types of employees, such as hourly workers, will not have their compensation reduced. Approximately 60 percent of Gogo’s revenue comes from its two commercial airline segments. Passenger traffic on commercial airlines using Gogo’s service has declined 95 percent this month compared with the prior year. The remaining 40 percent of Gogo’s revenue comes from its business aviation segment, which has experienced a sharp decrease in flight activity. Gogo has also applied for an $81 million grant and a $150 million loan under the CARES Act. If Gogo receives government assistance, it will modify the personnel actions. Previous measures …

April 23, 2020

Development Illinois Midwest Multifamily

Habitat, P3 Markets Secure First Round of Financing for $35M Mixed-Income Project in Chicago

by Kristin Harlow April 23, 2020

CHICAGO — The Habitat Co. has secured financing for the first phase of 43 Green, a $35 million mixed-income project in Chicago’s Grand Boulevard neighborhood. Habitat will develop the transit-oriented development in partnership with P3 Markets. Having received approval for low-income housing tax credits, Habitat and P3 will now focus on completing the design and financing to finalize the capital program for the project. Upon completion, 43 Green is expected to include three buildings centered around the 43rd Street Green Line stop. Each building is slated to include mixed-income apartments and street-level retail space. Phase I will feature 91 units and 7,500 square feet of retail. The developers expect to break ground in 2021.

April 23, 2020

Affordable Housing Development Illinois Midwest Multifamily

Joseph J. Duffy Co., Safeway Construction Underway on $14.9M Affordable Housing Project in Chicago

by Kristin Harlow April 22, 2020

CHICAGO — Joseph J. Duffy Co. and Safeway Construction Co. Inc. are underway on the construction of Hope Manor Village, a $14.9 million affordable housing project in Chicago’s Englewood neighborhood. The nonprofit organization Volunteers of America Illinois is the developer. Worn Jerabek Wiltse Architects PC is the project architect. Plans call for 28 two-bedroom units and 10 three-bedroom units. This is the fourth Hope Manor project that Joseph J. Duffy Co. has built for the developer.

April 22, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $1.5M Sale of Property Occupied by Service King in Metro Chicago

by Kristin Harlow April 22, 2020

VILLA PARK, ILL. — Marcus & Millichap has brokered the $1.5 million sale of a 7,800-square-foot property net leased to Service King in Villa Park, about 20 miles west of Chicago. The building is located at 724 N. Ardmore Ave. and has a corporate guarantee from Service King, a collision repair center. Andrew Antoniou, Domini Sulo and Chad Lieber of Marcus & Millichap represented the seller, an individual trust. The team also secured and represented the buyer, an out-of-state limited liability company that completed a 1031 tax-deferred exchange.

April 22, 2020

Illinois Industrial Leasing Activity Midwest

Flint Group Renews 31,000 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow April 21, 2020

ROMEOVILLE, ILL. — Flint Group has renewed its 31,000-square-foot industrial lease at 1225 Lakeside Drive in Romeoville. Flint Group is a worldwide supplier to the printing and packaging industry. It operates more than 140 facilities and employs approximately 6,800 workers. Corey Chase of Newmark Knight Frank represented Flint in the lease transaction. George Cibula of Darwin Realty/CORFAC International represented ownership. As part of the new lease, a tenant improvement package will enable Flint to update its space.

April 21, 2020

Illinois Midwest

Cushman & Wakefield Launches Global Employee Assistance Fund

by Kristin Harlow April 20, 2020

CHICAGO — Cushman & Wakefield has launched a global employee assistance fund, part of a $5 million commitment to employee assistance programs for those impacted by the COVID-19 pandemic. The fund has two components to provide financial relief to employees. The immediate relief fund addresses an immediate need by quickly disbursing up to $250 to eligible impacted employees who submit a request. The disaster and hardship fund is a larger payout for those more significantly impacted by the crisis. As part of this commitment to supporting front-line employees, members of Cushman & Wakefield’s global management team will voluntarily forgo a portion of their salaries. Effective April 20, CEO Brett White will forgo 25 percent of his base salary, while CFO Duncan Palmer and COO Michelle MacKay will forgo 20 percent of their base salaries. Effective May 1, President John Forrester will forgo 20 percent of his base salary until December 31, or earlier if determined by the board of directors. In addition, all of the firm’s 53,000 employees have been given the opportunity to make a charitable donation to the employee fund. “We have a responsibility to care for our employees with the same level of dedication that they’re showing …

April 20, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 60-Unit Apartment Property in Suburban Chicago

by Kristin Harlow April 20, 2020

CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of a 60-unit apartment property in Calumet City, a southern suburb of Chicago. The sales price was undisclosed. Located at 495-525 Madison Ave., the property consists of five 12-unit buildings on a 1.3-acre lot. Andrean Angelov, Ryan Engle and Anthony Hardy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Angelov and Engle secured and represented the buyer, a limited liability company.

April 20, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Barber Murphy Negotiates 1,381 SF Lease for Papa John’s in O’Fallon, Illinois

by Kristin Harlow April 20, 2020

O’FALLON, ILL. — Barber Murphy has negotiated a 1,381-square-foot retail lease for Papa John’s USA Inc. in O’Fallon near St. Louis. OHM Family Enterprises LLC is the landlord for the property, which is located at 105-106 Regency Park Plaza Drive. Barber Murphy represented both parties in the lease.

April 20, 2020

Illinois Industrial Leasing Activity Midwest

Sterling Bay Welcomes Two New Industrial Tenants to Spec Properties in Illinois

by Kristin Harlow April 17, 2020

AURORA AND DARIEN, ILL. — Sterling Bay’s industrial division, Sterling Bay Industrial, has welcomed two new tenants to its newest speculative distribution centers in Aurora and Darien. LGSTX Services, a national logistics company, has leased 335,384 square feet at 2350 Frieder Lane in Aurora. Sterling Bay completed development of the 503,244-square-foot facility at Butterfield Center for Business and Industry in partnership with Levy Family Partners and Development Resources Inc. It is now 65 percent leased. David Prell of CBRE represented the tenant, while Dominic DeRose and Charles Canale of Colliers International represented Sterling Bay. An undisclosed tenant signed a lease for 90,000 square feet at 1035 S. Frontage Road in Darien. Sterling Bay completed development of the 153,000-square-foot facility in partnership with DWS Group. It is now 60 percent leased. Jeff Fischer and John Whitehead of NAI Hiffman represented the landlord in the lease transaction. Premier Design + Build Group served as general contractor for the Darien project.

April 17, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.2M Sale of CVS Pharmacy-Occupied Property in Suburban Chicago

by Kristin Harlow April 17, 2020

TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.2 million sale of a 14,421-square-foot property occupied by CVS Pharmacy in Tinley Park, a southern suburb of Chicago. Constructed as a build-to-suit for CVS, the building is located at 9551 171st St. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Texas-based institutional buyer purchased the asset.

April 17, 2020

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