Illinois

Level Ex Expands, Relocates to 180 North LaSalle in Chicago

by Kristin Harlow February 26, 2020

CHICAGO — Medical video game company Level Ex has expanded its footprint and relocated to 180 North LaSalle Street, a 38-story, 760,000-square-foot office tower in the Chicago Loop. Level Ex’s new headquarters is more than 20,000 square feet, double the size of its previous office in River North. The sublease commenced in early 2020. Jon Azulay and Adam Mitchell of Savills represented Level Ex in the lease negotiations. Level Ex creates mobile, augmented reality and virtual reality games for physicians. The company uses video game technology and cognitive neuroscience to capture the challenges of practicing medicine. Owned by Ivanhoe Cambridge, 180 North LaSalle is located at the corner of LaSalle and Lake streets. James Stein and Jack Tunnicliff of Cushman & Wakefield represented the sublandlord, Newell.

February 26, 2020

Acquisitions Illinois Midwest Office

Cawley Chicago Negotiates $4.6M Sale of Office Building in Oak Brook, Illinois

by Kristin Harlow February 26, 2020

OAK BROOK, ILL. — Cawley Chicago has negotiated the sale of a 70,497-square-foot office building in Oak Brook for $4.6 million. Built in 1978, the three-story property is located at 915 Harger Road near Oak Brook Mall. Amenities include a conference facility and kitchen area. Building renovations are currently underway. Tony Russo and Ryan Freed of Cawley Chicago represented the buyer, KMMRD Enterprises. Jane Stroebeck of Stroebeck Real Estate represented the seller, 915 Harger LLC. Russo and Freed will serve as the leasing representatives and Cawley Chicago Management will manage the property on behalf of the new ownership.

February 26, 2020

Development Illinois Industrial Midwest

Trammell Crow Breaks Ground on 1.6 MSF Industrial Development for Ferrara in DeKalb, Illinois

by Kristin Harlow February 25, 2020

DEKALB, ILL. — Trammell Crow Co. has begun development of a 1.2 million-square-foot distribution center and a 466,000-square foot packaging facility at ChicagoWest Business Center in DeKalb, about 70 miles west of Chicago. Ferrara Candy Co. will occupy the two buildings. The new development is expected to be fully operational in the second quarter of 2021. Ferrara expects to bring approximately 500 jobs to the city. The project team includes Krusinski Construction Co., Harris Architects Inc. and Jacob & Hefner Associates Inc. Joe Grimes of Trammell Crow will oversee the design and construction. Matt Mulvihill and Kevin Segerson of CBRE represented Ferrara in the negotiations.

February 25, 2020

Illinois Loans Midwest Retail

Associated Bank Provides $17.7M Loan for Land Acquisition, Construction of Shopping Center Near Chicago

by Kristin Harlow February 25, 2020

GLENVIEW, ILL. — Associated Bank has provided a $17.7 million loan for the acquisition of land and development of a 62,540-square-foot shopping center in Glenview, about 20 miles northwest of Chicago. Known as Willows Crossing, the multi-tenant center will be located at the southwest corner of Willow and Pfingsten roads. Previously signed leases at the project include Mission BBQ, First Watch Café and an undisclosed 35,000-square-foot grocery tenant. Completion is slated for spring 2021. Daniel Barrins of Associated Bank managed the loan and closing on behalf of the borrower and developer, GW Properties.

February 25, 2020

Illinois Industrial Loans Midwest Office Ohio

NorthMarq Arranges $16.9M in Acquisition Financing for Two Flex Industrial Properties in Illinois, Ohio

by Kristin Harlow February 25, 2020

DES PLAINES, ILL. AND DUBLIN, OHIO — NorthMarq has arranged $16.9 million in acquisition financing for two flex industrial properties in Illinois and Ohio. Jeff Frankel of NorthMarq arranged both fixed-rate loans with Ready Capital Structured Finance. The first is a three-building property spanning 140,134 square feet in Des Plaines, a northwestern suburb of Chicago. The second is a three-building property totaling 124,929 square feet in Dublin, a northern suburb of Columbus. The Des Plaines property was 94 percent occupied at the time of acquisition, while the Dublin asset was 80 percent occupied.

February 25, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.2M Sale of Family Dollar-Anchored Retail Center in South Holland, Illinois

by Kristin Harlow February 25, 2020

SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $3.2 million sale of a Family Dollar-anchored retail center in South Holland, about 20 miles south of Chicago. The 36,389-square-foot property is located at 1000 E. 162nd St. All tenants operate under net leases at the fully leased center. Six of the 15 tenants have occupied their space for an average of 25 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.

February 25, 2020

Development Illinois Midwest Multifamily Top Stories

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

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