Illinois

High Street Residential Completes 169-Unit Active Adult Community in Evanston, Illinois

by Kristin Harlow June 26, 2020

EVANSTON, ILL. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Evanston, a 169-unit active adult community in Evanston. The community, reserved for residents 55 years of age or older, offers a mix of one- and two-bedroom units. Amenities include a bistro bar, business center, activity center, pet spa, dog run, fitness center, theater room and chef’s kitchen. On the 18th floor, residents have access to a rooftop deck with a pool and fire pits. Daily activity offerings include fitness classes, game nights, cooking classes and community happy hours. Allegro Management Co. operates the property.

June 26, 2020

Affordable Housing Illinois Loans Midwest Multifamily

Merchants Capital Provides $25.9M in Fannie Mae Financing for Affordable Housing Property in Joliet, Illinois

by Kristin Harlow June 25, 2020

JOLIET, ILL. — Mortgage banking company Merchants Capital has provided $25.9 million in Fannie Mae financing for Larkin Village, a 476-unit affordable housing property in Joliet. Merchants arranged the loan on behalf of the owners, Brinshore Development, The Richman Group and Eric Richelson. Located at 947 Lois Place, Larkin Village operates under a tax credit program through the Illinois Housing Development Authority (IHDA), which requires that the property reserves 256 of its units for residents earning at or below 60 percent of the area median income. The other 220 units are unrestricted. The 10-year loan will enable ownership to retire IHDA debt, make repairs to the property and redeploy the equity accumulated over the years. The equity will be used to invest in other affordable housing projects.

June 25, 2020

Illinois Industrial Leasing Activity Midwest

Focal Point Leases 60,000 SF Industrial Building in Chicago

by Kristin Harlow June 24, 2020

CHICAGO — Focal Point LLC has leased a 60,000-square-foot industrial building located at 4400 W. 45th St. in Chicago. The company manufactures architectural lighting products. Jeff Locascio and Chris Wilbur of Entre Commercial Realty represented the tenant in the lease transaction. Colin Green and Larry Goldwasser of Cushman & Wakefield represented the landlord, Talos Capital.

June 24, 2020

Development Illinois Midwest Multifamily

Wingspan Development, Integrated Capital Underway on $60M Apartment Community in Plainfield, Illinois

by Kristin Harlow June 23, 2020

PLAINFIELD, ILL. — Wingspan Development Group and Integrated Capital Management have formed a joint venture to develop Sixteen|30, a $60 million apartment community in Plainfield, about 40 miles southwest of Chicago. The 284-unit garden-style property is located at 14700 Wallin Drive. Amenities will include a clubhouse, swimming pool, fitness center, package room, bark park and bocce ball courts. The project will feature a mix of studio, one-, two- and three-bedroom units in a variety of floor plans. Construction has commenced with completion slated for spring 2021. “Sixteen|30 will provide much needed multifamily housing to the village of Plainfield, which has been a challenging submarket for developers to obtain entitlements for new multi-tenant residential product,” say the developers. “This high barrier to entry and scarcity of supply is further amplified by underserved demand resulting from Plainfield’s close proximity to multiple employment centers, high ranking school district and overall quality of life.”

June 23, 2020

Acquisitions Illinois Industrial Midwest

Phoenix Investors Acquires 500,000 SF Industrial Facility in Normal, Illinois

by Kristin Harlow June 19, 2020

NORMAL, ILL. — An affiliate of Phoenix Investors has acquired an approximately 500,000-square-foot industrial facility in Normal, just north of Bloomington. The purchase price was undisclosed. The property sits on 65.6 acres at 301 W. Kerrick Road. Wildwood Industries Inc. started development of the facility 12 years ago, but it was never fully completed or occupied. Phoenix plans to invest capital into the project to bring it to completion. The development features a clear height of 30 feet and 84 exterior docks. Ken Szady and Krysti Galvin of Marcus & Millichap brokered the sale.

June 19, 2020

Development Illinois Industrial Midwest

Seefried to Develop 163,000 SF Industrial Project in Elk Grove Village, Illinois

by Kristin Harlow June 19, 2020

ELK GROVE VILLAGE, ILL. — Seefried Industrial Properties has acquired an 8.8-acre site in Elk Grove Village with plans to develop a two-building industrial project spanning 163,000 square feet. The speculative development, situated in the Centex Industrial Park near O’Hare International Airport, will feature a clear height of 32 feet, 24 docks, eight trailer positions and 175 car parking spaces. Jonathan Kohn and Ron Behm of Colliers International represented Seefried in the land assemblage. The project team includes Harris Architects, Jacob & Hefner and Premier Design + Build. Completion is slated for the first quarter of 2021.

June 19, 2020

Development Illinois Midwest Office

General Contractor Summit Opens New Headquarters in Chicago’s Fulton Market

by Kristin Harlow June 18, 2020

CHICAGO — Summit Design + Build LLC has completed the construction of 1040 W. Fulton, a five-story, 42,000-square-foot office building in Chicago’s Fulton Market district. Floors four and five will serve as the new headquarters for Summit. The project also features ground-floor retail space, a green roof and basement parking. Summit used heavy timber construction for the project. The building is the first multi-story mass timber building in the city of Chicago in 50 years, according to Summit. The project team included Hartshorne Plunkard Architecture, Eastlake Studio, Carr Realty Advisors, IMEG Corp., Weaver Consultants Group and WT Engineering. Chad Schroedl, Scott Maesel and Drew Dillon of SVN Chicago Commercial are the building’s leasing agents. First Bank of Highland Park provided construction financing.

June 18, 2020

Development Illinois Industrial Midwest

Meridian Design Build Completes Construction of 358,879 SF Spec Industrial Building in Chicago

by Kristin Harlow June 18, 2020

CHICAGO — Meridian Design Build has completed construction of a 358,879-square-foot speculative industrial building in the city of Chicago. NorthPoint Development was the developer. The new facility sits on a 31.2-cre site. StudioNorth Architecture and Jacob & Hefner Associates made up the project team. Meridian and NorthPoint worked together to maximize participation by businesses owned by minorities and women for the project. The new building is the first within NorthPoint’s $164 million, 200-acre Avenue O Industrial Park. The park is a redevelopment of the Republic Steel site that has been vacant for more than two decades. Plans call for 2.3 million square feet of industrial development.

June 18, 2020

Illinois Industrial Leasing Activity Midwest

Screen Americas Signs 44,198 SF Industrial Lease at Elk Grove Technology Park in Illinois

by Kristin Harlow June 18, 2020

ELK GROVE VILLAGE, ILL. — Screen Americas has signed a 44,198-square-foot industrial lease at Elk Grove Technology Park in Elk Grove Village. Screen is a provider of inkjet printing technology. The facility will serve as the North American headquarters for the company. Mike Sedjo, Jack Brennan and John Hamilton of CBRE represented the landlord, Brennan Investment Group, in the lease transaction. Joe Bronson of NAI Hiffman represented Screen, which will occupy space within a 151,693-square-foot building. Elk Grove Technology Park is an 85-acre industrial park near O’Hare International Airport. With the completion of Phase I in the fourth quarter of 2019, the park is nearly 75 percent leased.

June 18, 2020

Acquisitions Illinois Midwest Multifamily

SVN Chicago Commercial Brokers $10.6M Sale of Multifamily Community in Chicago

by Kristin Harlow June 18, 2020

CHICAGO — SVN Chicago Commercial has brokered the sale of Baric Commons in Chicago’s West Pullman neighborhood for $10.6 million. The 141-unit multifamily community is located at 232 E. 121st Place. Jeff Baasch and Finley Askin of SVN brokered the transaction. An out-of-state private investment group purchased the asset from an undisclosed seller.

June 18, 2020

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