Illinois

10-Story Apartment Building Nears Completion in Chicago

by Kristin Harlow February 18, 2020

CHICAGO — Luxury Living Chicago Realty plans to begin pre-leasing The Jax in March. The 10-story apartment building is located at 1220 W. Jackson St. in Chicago’s West Loop. First move-ins are slated for April. The 166-unit apartment building features 7,600 square feet of retail space. Amenities include a rooftop lounge, fitness center, dog area, demonstration kitchen, package receiving room and bike storage. Floor plans range from studios to two-bedroom units. Monthly rents will range from approximately $1,695 to $3,895. LG Development is the project developer.

February 18, 2020

Acquisitions Illinois Midwest Restaurant Retail

Baum Arranges $2.9M Sale of Chili’s-Occupied Property in Metro Chicago

by Kristin Harlow February 18, 2020

HOMER GLEN, ILL. — Baum Realty Group LLC has arranged the $2.9 million sale of a single-tenant property net leased to Chili’s in Homer Glen, located about 30 miles southwest of Chicago. The property serves as an outlot to Home Depot and The Square at Gooding’s Grove, a new 13.5-acre mixed-use development that will feature 76 townhomes. Patrick Forkin of Baum represented the seller, a private out-of-state investor. A major real estate fund based in Miami purchased the asset. The lease is guaranteed by Brinker International, a casual dining restaurant company.

February 18, 2020

Development Illinois Midwest Office

Skender Completes Interior Construction of AbelsonTaylor Headquarters in Chicago’s Old Post Office

by Kristin Harlow February 17, 2020

CHICAGO — Skender has completed the interior construction of the 85,000-square-foot headquarters for AbelsonTaylor within the 2.8 million-square-foot Old Post Office project in Chicago. AbelsonTaylor is a Chicago-based health and wellness advertising agency. The company will occupy the entire sixth floor of the north building and a portion of the fifth floor of the south building. The new space features private offices, open-office workstations, open collaboration areas, conferencing areas, two cafés, photography rooms and storage rooms. The floors are separated by a few staircases, essentially functioning as a single office space. Serving as general contractor, Skender worked in conjunction with HED, Syska Hennessy Group and Cushman & Wakefield. Skender is currently the contractor for nearly 600,000 square feet of office space under development at the Old Post Office, including projects for Walgreens and PepsiCo.

February 17, 2020

Acquisitions Illinois Midwest Retail

Mid-America Negotiates Sale of 177,165 SF Shopping Center in Oak Brook, Illinois

by Kristin Harlow February 17, 2020

OAK BROOK, ILL. — Mid-America Real Estate Corp. has negotiated the sale of The Shops at Oak Brook Place in suburban Chicago for an undisclosed price. An institutional buyer purchased the 177,165-square-foot shopping center, which is located at the southeast corner of 22nd Street and Midwest Road. Anchor tenants include Nordstrom Rack, TJ Maxx, Ulta, Old Navy and Nike. Rick Drogosz and Joe Girardi of Mid-America represented the seller, a Canadian real estate investment trust.

February 17, 2020

Acquisitions Illinois Midwest Retail

Interra Realty Arranges $3.7M Sale of Firestone-Occupied Property in Skokie, Illinois

by Kristin Harlow February 17, 2020

SKOKIE, ILL. — Interra Realty has arranged the $3.7 million sale of a property occupied by Firestone Complete Auto Care in Skokie, about 15 miles north of Chicago. The property is located at 8801 Skokie Blvd. Paul Waterloo of Interra represented the private local buyer, which will assume an existing lease that has seven years remaining. Colin O’Malley of Interra represented the seller, a family trust that has owned the asset for more than 50 years. Built in 1950, the property features nine bays, 18 drive-in doors and a parking lot.

February 17, 2020

Acquisitions Illinois Midwest Retail

Quantum Brokers $2.5M Sale of Retail Building in Libertyville, Illinois

by Kristin Harlow February 17, 2020

LIBERTYVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of an 11,614-square-foot retail property in Libertyville for $2.5 million. The anchor tenant is real estate brokerage firm @Properties. The asset is located at 200-218 S. Milwaukee Ave. Chad Firsel of Quantum represented the seller, a local property owner. Jason Lenhoff of Quantum represented the buyer, a local real estate investment group.

February 17, 2020

Acquisitions Illinois Midwest Multifamily

Cagan’s Realty Brokers $94M Condo Deconversion Sale in Des Plaines, Illinois

by Kristin Harlow February 14, 2020

DES PLAINES, ILL. — Cagan’s Realty Inc. has brokered the condo deconversion sale of Heritage Village Pointe in Des Plaines for $94 million. The transaction represents the largest deconversion sale by units in the state of Illinois, according to Cagan’s. The 154-building, 924-unit property sits on six acres and was originally developed in 1973. It will be renovated from condos into apartments via a planned, multi-year schedule. Current residents will be able to stay in their units until their buildings come up for rehabilitation. New Jersey-based CLK LLC was the buyer. Mirela Dulu and Heather Gallagher of Cagan’s, an affiliate of Cagan Property Management Inc., represented CLK and worked closely with the condominium association. Unit owners were motivated by the above-market purchase price offer as well as the prospect of expensive monthly assessments that would be required for deferred maintenance at the property, according to Dulu.

February 14, 2020

Illinois Leasing Activity Midwest Office

Hometown America Signs 9,443 SF Office Lease at Bank of America Tower in Chicago

by Kristin Harlow February 14, 2020

CHICAGO — Hometown America LLC has signed a 9,443-square-foot office lease at the new Bank of America Tower under development at 110 N. Wacker Drive in Chicago. The privately held company, which owns and operates more than 120 residential land-lease communities across the United States and Australia, will relocate to the 45th floor of the tower in May 2021 from its current space at 150 N. Wacker Drive. Michael Marrion of Colliers International represented the tenant in the lease transaction.

February 14, 2020

Illinois Leasing Activity Midwest Office

Help at Home Signs 76,313 SF Office Lease at Chicago’s Sullivan Center

by Kristin Harlow February 13, 2020

CHICAGO — Help at Home LLC, a provider of in-home care and support for older adults and people with disabilities, has signed a 76,313-square-foot office lease at Sullivan Center in the Chicago Loop. The company will move its corporate headquarters from nearby 1 N. State St. later this year and occupy the entire fifth floor. Chicago-based Partners by Design is overseeing the office space design and layout. Cushman & Wakefield’s project and development services team is also assisting with the build-out of the new space. Jonathan Metzl, Jeff Samaras and James Stein of Cushman & Wakefield represented Help at Home in the lease transaction. Jamey Dix and Steve Dolz of Telos Group represented the landlord, 601W Cos.

February 13, 2020

Illinois Loans Midwest Multifamily

Ready Capital Closes $7.7M Acquisition Loan for Multifamily Property in Chicago

by Kristin Harlow February 13, 2020

CHICAGO — Ready Capital has closed on a $7.7 million loan for the acquisition, renovation and stabilization of a 52-unit, Class B multifamily and retail property within Chicago’s Edgewater neighborhood. The sponsor will complete capital improvements to all units, upgrade common-area amenities and renovate the ground-floor retail spaces. The nonrecourse, interest-only loan features a floating rate, 36-month term, two extension options, flexible pre-payment and is inclusive of a credit facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfall. The name of the borrower and property were not disclosed.

February 13, 2020

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