Illinois

Stan Johnson Co. Brokers $1.1M Sale of Dollar General-Occupied Property in Central Illinois

by Kristin Harlow May 21, 2020

RAYMOND, ILL. — Stan Johnson Co. has brokered the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Raymond, about 35 miles south of Springfield, the state capital. Constructed in 2014, the building is located at 512 S. O’Bannon St. There were approximately nine years left on the absolute triple net lease at the time of sale. Mike Matter of Stan Johnson represented the seller, a Texas-based individual investor. Craft Enterprise LLC, a Kansas-based private investor, purchased the property. Both the buyer and seller completed 1031 tax-deferred exchanges.

May 21, 2020

Acquisitions Illinois Midwest Office Top Stories

Mirae Asset Global Sells Chicago Office Tower to Spear Street Capital for $210M

by John Nelson May 21, 2020

CHICAGO — Mirae Asset Global Investments, an asset management and investment banking firm, has sold 225 West Wacker Drive, a 31-story office tower in Chicago. Spear Street Capital purchased the trophy office building for $210 million, or roughly $322 per square foot. The tower is situated along the south bank of the Chicago River in the city’s Loop district. The building houses the world headquarters of Cushman & Wakefield (NYSE: CWK), which also represented Mirae Asset in the sale. The global real estate services firm handled the leasing the riverfront office tower for the previous ownership as well. Other tenants that list 225 W. Wacker Drive as their Chicago address include Jackson National Asset Management, True Partners Consulting, PPM America Inc. and Crowe LLP. David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter of Cushman & Wakefield arranged the sale. Knapp says that Spear Street Capital may plan future capital improvements at the property. Kohn Pederson Fox and Perkins + Will designed 225 West Wacker Drive, which is LEED Gold-certified and Energy Star-rated and occupies a full city block along the path of the Chicago Riverwalk. The building features a seven-level parking garage for …

May 21, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $5.1M Refinancing for Multifamily Building in Chicago

by Kristin Harlow May 20, 2020

CHICAGO — American Street Capital (ASC) has arranged a $5.1 million loan for the refinancing of an 18-unit multifamily building in Chicago’s Andersonville neighborhood. The borrower acquired the property in 2010 and fully remodeled it in 2012. Igor Zhizhin of ASC arranged the 20-year, nonrecourse loan with a correspondent agency lender. The loan features a 10-year fixed rate and a 10-year floating rate on a 30-year amortization schedule. The property was fully occupied at the time of loan closing.

May 20, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $1.5M Sale of Property Net Leased to Just Tires in Metro Chicago

by Kristin Harlow May 20, 2020

MORTON GROVE, ILL. — The Boulder Group has brokered the $1.5 million sale of a retail property net leased to Just Tires, a wholly owned subsidiary of Goodyear, in metro Chicago. The 4,600-square-foot building is located at 9246 Waukegan Road in Morton Grove. Just Tires has approximately 10 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate investor. The buyer, also a local investor, completed a 1031 tax-deferred exchange.

May 20, 2020

Acquisitions Illinois Kansas Midwest Missouri

Berkadia Arranges Sales of Six Multifamily Properties Totaling $72.6M

by Kristin Harlow May 19, 2020

CHICAGO AND KANSAS CITY — Berkadia’s Mid-Markets Group has arranged the sales of six multifamily properties totaling 945 units for $72.6 million. The communities are located in secondary and tertiary markets across Illinois, Kansas, Missouri, Oklahoma, Arkansas and Idaho. Of the 945 units, 451 are located in the Midwest region. The properties include: Bowen Tower in Raytown, Mo.; Village Woods in Milan, Ill.; Brickstone at Woodland in Wichita, Kan.; Wilmington Apartments in North Little Rock, Ark.; London Square in Tulsa, Okla.; and Central Pointe in Boise, Idaho. Alex Blagojevich, Michael Sullivan, Ralph DePasquale, Patrick Jordan, Chris Bruzas, Parker Stewart, Brett Meinzer, Chris Gentry and Dominic Martinez of Berkadia brokered the sales. The team also arranged $38.4 million in acquisition financing for four of the properties.

May 19, 2020

Illinois Leasing Activity Midwest Office

Sterling Bay Negotiates Seven Office Leases Across Four Chicago Properties

by Kristin Harlow May 19, 2020

CHICAGO — Over the last 30 days, Sterling Bay has negotiated seven office leases across four of its Chicago properties in various submarkets such as the West Loop, East Loop and Fulton Market. Precision medicine startup Tempus has expanded its 150,000-square-foot lease at 600 W. Chicago for an additional 13,000 square feet. AMC Networks has extended its lease at One Two Pru by five years. Goren Eye Associates also renewed its lease at One Two Pru for another five years. Financial technology company LQD Business Finance has signed a new lease for 8,000 square feet at 370 N. Carpenter in Fulton Market. Pinterest extended its lease at 111 N. Canal. Presidio Aircraft Leasing renewed and expanded its lease at One Two Pru to 10,000 square feet, while REX Electric & Technologies expanded its lease at One Two Pru to 11,000 square feet.

May 19, 2020

Acquisitions Illinois Midwest Office

Thor Equities Sells 98,000 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow May 18, 2020

CHICAGO — Thor Equities Group has sold 905 W. Fulton Market in an off-market transaction to Germany-based Deka Immobilien. Located on the corner of West Fulton Market and North Peoria Street in the heart of Chicago’s Fulton Market, the new building spans nearly 98,000 square feet over five stories. Mondelez International’s global headquarters anchors the property and occupies floors two through five. Hospitality and events company DineAmic Hospitality recently leased 8,000 square feet. There is more than 6,500 square feet of retail space on the ground floor. Thor Equities was not represented by a broker. Tom Sitz, Cody Hundertmark, David Knapp, Josh McGee, Paul Lundstedt and Dan Deuter of Cushman & Wakefield assisted the buyer.

May 18, 2020

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Group Expands Affordable Housing Management Portfolio in Midwest

by Kristin Harlow May 18, 2020

CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage affordable housing communities comprising a total of 971 units across Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin. The assignments include a mix of housing for families, seniors and disabled individuals. Evergreen’s management portfolio now totals 8,500 units across the country. The additional properties include: Oso Apartments, Humboldt Ridge Apartments, Independence Apartments and Northtown Apartments in Chicago; Oakridge Village Apartments in Antioch, Ill.; Homes Greenway Housing in Minneapolis; Eastridge Estates in Rochester, Minn.; Oak Park Village Apartments in St. Louis Park, Minn.; Pelham Manor in Toledo, Ohio; Golda Meir House in Milwaukee; and Greenview Gardens Apartments in Butler, Pa. Evergreen will oversee site-level operations. In some communities, Evergreen will spearhead capital improvements using low-income housing tax credits and other subsidies.

May 18, 2020

Development Illinois Midwest Office

J.C. Anderson Completes Phased Renovation Project at Office Property in Lisle, Illinois

by Kristin Harlow May 18, 2020

LISLE, ILL. — J.C. Anderson has completed a phased renovation project at Westwood of Lisle, located at 2441 and 2443 Warrenville Road in metro Chicago. Property owner Briar Meads Capital LLC hired J.C. Anderson to complete the capital improvement project, which consisted of renovating the office property’s two existing lobbies, fitness center, restrooms, tenant lounges, onsite deli and conference room. Wright Heerema Architects provided architectural services and NAI Hiffman provided project management services. The Class A office complex spans 296,486 square feet.

May 18, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $1.6M Sale of Two-Tenant Retail Property in Lockport, Illinois

by Kristin Harlow May 15, 2020

LOCKPORT, ILL. — Marcus & Millichap has arranged the $1.6 million sale of a two-tenant retail property in Lockport, about 30 miles southwest of Chicago. The 3,670-square-foot building is home to Arby’s and Bank of America. It is located at 16545 W. 159th St. and serves as an outlot to a Jewel-Osco grocery store. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was a limited liability company affiliated with one of the tenants.

May 15, 2020

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