Illinois

CMK, Greystar Begin Leasing 31-Story Apartment High-Rise Underway in Chicago’s South Loop

by John Nelson February 25, 2020

CHICAGO — CMK Cos. and Greystar Real Estate Partners have begun preleasing units at Imprint Apartment Homes, a new 349-unit high-rise community underway along the historic Printer’s Row in Chicago’s South Loop neighborhood. Local media outlets report the tower will rise 31 stories. CMK is the project’s developer, and Greystar is providing property management services. Chicago-based RL Accelerated is handling Imprint’s leasing services and has secured the property’s first lease. Imprint will feature floor plans ranging from 478-square-foot studio apartments to 3,276-square-foot, four-bedroom penthouses. According to Imprint’s home page, rents range from $1,745 for a studio to $8,100 for a penthouse. Move-ins will begin in mid-April and conclude this fall. The property is situated at 717 S. Clark St., the site of the former Palmer Printing building. Nearby transit options include the Harrison L Stop on Chicago Transit Authority’s (CTA) Red Line and the LaSalle L Stop on CTA’s Blue Line. Community amenities will include a fitness center, resident lounge, coworking spaces, dog grooming station, bike storage, community terrace with fire pits, top-floor observation deck, library and 24-hour concierge services. Designed by Hartshorne Plunkard Architecture, Imprint has received the Green Globes certification from the Green Building Initiative for the project’s …

February 25, 2020

Illinois Leasing Activity Midwest Office

Affirm Signs 57,000 SF Office Lease for First Location in Chicago

by Kristin Harlow February 21, 2020

CHICAGO — Affirm Inc. has signed a 57,000-square-foot lease to open its first Chicago office at 350 North Orleans. The financial technology company, which operates as a lender of installment loans for consumers to use at retailers, will occupy two floors. Affirm plans to move into the new space in spring 2020. The Chicago space will be Affirm’s fourth office, along with San Francisco, New York City and Pittsburgh. The building owner, EQ Office, recently invested nearly $20 million in improvements, including façade upgrades, a fitness center, tenant lounge and private roof deck.

February 21, 2020

Acquisitions Illinois Industrial Midwest

Standard Equipment Sells Headquarters in Chicago for $14.8M

by Kristin Harlow February 21, 2020

CHICAGO — Standard Equipment Co. has sold its headquarters property in Chicago’s Fulton Market West for $14.8 million. The 2.8-acre site includes four buildings totaling 43,828 square feet as well as a lot for truck and trailer parking. It has served as the environmental equipment company’s headquarters since 1986. Standard Equipment will relocate its operations to Elmhurst this quarter. George Toscas of ACO Commercial represented the buyer, Realterm Logistics.

February 21, 2020

Illinois Loans Midwest Multifamily

Berkadia Arranges $7.5M Small Balance Loan for Acquisition of Historic Property in Chicago

by Kristin Harlow February 21, 2020

CHICAGO — Berkadia has arranged a $7.5 million Freddie Mac small balance loan for the acquisition of Paulina Street Lofts, a 24-unit multifamily property in Chicago. Chuck Christensen, Vincent Punzi and Lowell Takahashi of Berkadia secured the financing on behalf of the buyer, Saxony Properties LLC. The 10-year loan features a 3.64 percent interest rate and a 70 percent loan-to-value. Paulina Street Lofts was originally constructed as a masonic temple in 1928 and converted to apartments in 2019.

February 21, 2020

Illinois Industrial Leasing Activity Midwest

EVBox Signs 60,000 SF Lease for North American Headquarters in Libertyville, Illinois

by Kristin Harlow February 20, 2020

LIBERTYVILLE, ILL. — EVBox has signed a 60,000-square-foot lease for its first North American headquarters and production facility located in Libertyville, about 40 miles north of Chicago. EVBox, which is a manufacturer of electric vehicle charging stations and charging management software, will occupy the space within the Innovation Park campus. The facility is expected to create between 80 and 120 new jobs in the immediate region. Operations will commence this summer. Based in Amsterdam, EVBox currently maintains U.S. offices in New York City, San Francisco and Los Angeles.

February 20, 2020

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Brokers $3.3M Sale of Regency Inn Hotel in Naperville, Illinois

by Kristin Harlow February 20, 2020

NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of a Regency Inn hotel in Naperville for $3.3 million. The buyer, Northbrook-based MZ Capital Partners, plans to redevelop the property and convert it into 112 micro apartments. The hotel was not well-occupied and had significant deferred maintenance, according to Ebrahim Valliani of Marcus & Millichap. Valliani, along with colleagues Michael Klar, Chris Gomes and Allan Miller, represented MZ Capital as well as the seller, Prime Motel Inc. The two-story, 122-room hotel is located at 1350 E. Ogden Ave.

February 20, 2020

Development Illinois Midwest Office

CA Ventures, Midwest Property Group Break Ground on 12-Story Office Building in Chicago’s River North

by Kristin Harlow February 19, 2020

CHICAGO — Developers CA Ventures and Midwest Property Group Ltd. have broken ground on a 12-story, boutique office building located at 448 N. LaSalle St. in Chicago’s River North neighborhood. The Class A building is 75 percent pre-leased, as CA Ventures will occupy the lower five floors and WeWork will lease four floors. Chris Cassata and Craig Coupe of JLL will market the remaining three floors for lease. The 172,000-square-foot project is slated for completion in the first quarter of 2021. Amenities will include a rooftop deck, fitness center and bike room. Lamar Johnson Collaborative is the architect and Lendlease is the general contractor. Indure Build-to-Core Fund LLC provided project financing.

February 19, 2020

Illinois Leasing Activity Midwest Office

Hofseth International Leases 4,000 SF Office in Rosemont, Illinois

by Kristin Harlow February 19, 2020

ROSEMONT, ILL. — Hofseth International has relocated to a larger 4,000-square-foot office space at 6300 N. River Road in Rosemont. Steven Goldstein of Jameson Commercial represented the tenant in the lease transaction. Goldstein also subleased Hofseth’s former 2,200-square-foot office at 5509 N. Cumberland Ave. in the O’Hare submarket. Hofseth is a producer, processor and marketer of seafood such as Norwegian Alaskan salmon.

February 19, 2020

Development Illinois Midwest Multifamily

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

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