Illinois

Habitat Co. Begins Development of $200M Mixed-Use Project in Chicago

by Kristin Harlow March 11, 2020

CHICAGO — The Habitat Co. has secured financing and begun development of the first phase of Ogden Commons, a $200 million mixed-use project in Chicago’s North Lawndale neighborhood. The project is being developed in a public-private partnership between Habitat, Sinai Health System, Cinespace Chicago Film Studios, the Chicago Housing Authority (CHA) and the city of Chicago. Upon completion, the 10-acre development will be home to 120,000 square feet of commercial and retail space as well as 350 mixed-income housing units. Located in a federally designated qualified Opportunity Zone, the site is bordered by Ogden Avenue, Fairfield Avenue and Rockwell Street. Ogden Commons will be located on land that once housed the CHA’s former Ogden Courts and Lawndale public housing developments. Through a combination of debt and Opportunity Zone equipment, PNC Bank funded $15 million of the $22 million development cost for Phase I, which includes 50,000 square feet of retail space housed in a three-story building. Signed tenants include Steak n’ Shake, Ja’ Grill and Wintrust Bank. The rest of the building will be leased to Sinai and Cinespace. Construction of the residential component is expected to begin in 2021. Current plans for the first residential phase call for a …

March 11, 2020

Illinois Loans Midwest Multifamily

Berkadia Arranges $76M Refinancing for Apartment Building in Chicago

by Kristin Harlow March 10, 2020

CHICAGO — Berkadia has arranged a $76 million loan for the refinancing of 1407 On Michigan, an apartment building in Chicago. Located at 1407 S. Michigan Ave., the property features amenities such as a gym, indoor basketball court, sauna, yoga studio and outdoor pool deck. The Class A building includes 199 luxury apartment units and 41,498 square feet of retail space that is currently occupied by Rush University Medical Center. Chris Blechschmidt and Joel Kirstein of Berkadia secured the refinancing on behalf of the borrower, Illinois-based Russland Capital. Ares Management provided the loan.

March 10, 2020

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 61,334 SF Industrial Building in Chicago’s Lake County

by Kristin Harlow March 9, 2020

LAKE VILLA, ILL. — Avison Young has negotiated the sale of a 61,334-square-foot industrial building in Chicago’s Lake County submarket for an undisclosed price. The building is located at 436 Park Ave. in Lake Villa. Constructed in 2003, the building includes 5,256 square feet of office space, four exterior doors and four drive-in doors. John Hauser and Thomas Curtis of Avison Young represented the seller, Losch Realty, which operated its Fred W. Losch Beverage Co. out of the facility. Kelly Joyce and Brendan Green of Colliers International represented the buyer, Xttrium Laboratories. Xttrium is a family-owned and operated healthcare manufacturer and supplier.

March 9, 2020

Development Illinois Midwest Multifamily

Lendlease, John Buck Co. Begin Pre-Leasing Two-Tower Apartment Development in Chicago

by Kristin Harlow March 6, 2020

CHICAGO — Lendlease Development, along with co-developer The John Buck Co. and partner Intercontinental Real Estate Corp., have begun pre-leasing at Porte, a two-tower apartment development in Chicago’s West Loop. Designed by G|R|E|C Architects, the community is scheduled to welcome its first residents in late spring. Porte offers studio, one-, two- and three-bedroom units ranging in size from 546 to 1,591 square feet. Monthly rents start at $2,170. Two-bedroom townhomes measure 1,469 to 2,036 square feet with monthly rents starting at $7,240. Each tower will have its own ground-floor lobby and amenity suite, including a fitness center, entertainment lounge, game room, communal kitchen, coworking space and dog run. The towers will be connected by a two-story podium topped with a pool deck. The word “porte” means door in French. “Porte is designed to serve as a door to all the West Loop has to offer,” says John Buck.

March 6, 2020

Illinois Leasing Activity Midwest Office

Medline to Open 140,000 SF Sales Support Center in Libertyville, Illinois

by Kristin Harlow March 6, 2020

LIBERTYVILLE, ILL. — Medline has unveiled plans to open a 140,000-square-foot sales support center in Libertyville, a northern suburb of Chicago. The company will consolidate nearly a dozen teams totaling 600 employees at the center, which will be the seventh Medline facility in Lake County. Most of the employees will be relocating from the company’s Northfield headquarters or its Mundelein business campus. Both locations have reached capacity. In the last three years, Medline has increased its Chicago-area jobs by 34 percent. Medline provides clinical and supply chain resources to healthcare systems and independent facilities across the continuum of care.

March 6, 2020

Development Illinois Midwest Office

Lizzadro Properties Redevelops Suburban Chicago Building into Museum, Office Space

by Kristin Harlow March 6, 2020

OAK BROOK, ILL. — Lizzadro Properties has completed the redevelopment of 1220 Kensington Road in Oak Brook. The building is now home to the Lizzadro Museum of Lapidary Art, which focuses on stone art. The Museum Plaza Professional Offices are located on the second floor. Lizzadro purchased the 1970s-era office building in the fall of 2015. Lizzadro now occupies a portion of the second-floor space for its family business operations. The remaining 13,600 square feet of space is being leased to other office users, including Skawski Law Offices LLC, Waddell & Reed Financial Advisory, AFIN Family Wealth Management and Sarantakis Law Group LTD. Only 900 square feet remain available for lease. Lizzadro worked with Wright Heerema Architects and Keeley Construction on the project.

March 6, 2020

Acquisitions Healthcare Illinois Midwest

Avison Young Arranges Sale-Leaseback of 60,231 SF Medical Office Building in Bloomington, Illinois

by Kristin Harlow March 5, 2020

BLOOMINGTON, ILL. — Avison Young has arranged the sale of a 60,231-square-foot medical office building in Bloomington for an undisclosed price. The seller, McLean County Orthopedics, will lease back the building on a long-term basis. The facility, located at 1111 Trinity Lane, was constructed as a build-to-suit for McLean in 2016. The property is attached to Advocate Healthcare’s wellness center. Mike Wilson, Erik Foster and Jim Kornick of Avison Young represented the seller. Hammes Partners purchased the asset.

March 5, 2020

Illinois Loans Midwest Multifamily

Greystone Provides $12.1M Fannie Mae Loan for Refinancing of Multifamily Property in Chicago

by Kristin Harlow March 5, 2020

CHICAGO — Greystone has provided a $12.1 million Fannie Mae loan for the refinancing of Germain House in Chicago’s River West neighborhood. The building was converted from office space to 36 apartment units in 2018. Amenities include a fitness center, clubhouse, pool, bike room and rooftop deck. Clint Darby of Greystone originated the 10-year loan with four years of interest-only payments and a 30-year amortization. The permanent loan represents an exit from construction financing. The borrower was 925 Chicago Investment Partners LLC.

March 5, 2020

Illinois Industrial Market Reports Midwest Midwest Market Reports

Industrial Landlord Consolidation Means Chicago-Area Tenants Should Be Ready to Negotiate

by Kristin Harlow March 5, 2020

In December 2019, Prologis, the largest industrial landlord in the world, announced its acquisition of Liberty Property Trust, another publicly traded REIT with a large industrial portfolio of its own. This deal, valued at $12.6 billion, seems to have become the norm in recent months. Companies such as Prologis and Blackstone Group, as well as regional ownership groups, have gobbled up industrial investment opportunities whenever they can. Just 10 years ago, the industrial real estate asset class was battling high supply and low rents, due primarily to the Great Recession. But with the growth of e-commerce and omnichannel logistics, this asset class is now considered one of the best investment opportunities available. So how is this consolidation of industrial ownership impacting the Chicago-area industrial market, and what should tenants know so that they can make informed real estate decisions? Local numbers While it seems like there are just a handful of landlords controlling the marketplace, when you look at the numbers, the prognosis isn’t so bad. Nationally, no single owner controls more than 10 percent of the U.S. market. Instead, landlord dominance is more of a local concern, and typical real estate indicators continue to influence lease terms. However, there …

March 5, 2020

Acquisitions Illinois Industrial Midwest

Transwestern Arranges $7.1M Sale of Flex Industrial Property in Schaumburg, Illinois

by Kristin Harlow March 4, 2020

SCHAUMBURG, ILL. — Transwestern Commercial Services has arranged the sale of the Willow Lake Tech Center in Schaumburg for $7.1 million. The 105,007-square-foot flex industrial property is located at 400-444 State Parkway. Built in 1997, the two-story asset offers both warehouse and office space. It is currently 96 percent leased by multiple tenants. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Ascendance Partners. Gunn and Nussbaum worked with Ryan Morris of Cohen Financial, a division of SunTrust Bank, to secure acquisition financing with LoanCore Capital LLC. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern will market the property for lease on behalf of the new owner, Los Angeles-based Dos Lagos Asset LLC. Zach Kitkowski and Gia Dato of Transwestern will provide property management services.

March 4, 2020

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