Illinois

Skender Completes Interior Construction of 80,000 SF Spaces Location in Chicago

by Kristin Harlow October 17, 2019

CHICAGO — Skender has completed the interior construction of the eight-story, 80,000-square-foot Spaces location in Chicago. Spaces has assumed occupancy of the former Sports Authority building, located at the intersection of LaSalle Drive and Ontario Street. As the sole tenant, Spaces will enjoy private access to the building’s roof terrace, also renovated by Skender. At its new location, coworking company Spaces will provide workspace access to more than 500 business professionals from companies of all sizes. Users will have access to a gym space, large reception area and conference rooms of varying sizes. Skender collaborated with Nelson Cos., Loring Engineers, Himes Associates and Spaces parent company IWG. The property will serve as the third location in Chicago for Spaces.

October 17, 2019

Illinois Market Reports Midwest Midwest Market Reports Office

Chicago CBD Office Market in the Groove, Even Property Taxes Unlikely to Bring It Down

by Kristin Harlow October 17, 2019

Despite recent concerns of an imminent market correction, the Chicago central business district (CBD) still has room to run. There are many signs of optimism in the market, including continued healthy fundamentals and a wealth of redevelopment projects injecting new life and vibrancy into various submarkets. In the second quarter, downtown Chicago wrapped up its busiest quarter for office leasing since 2016. Additionally, the downtown office vacancy rate of 11.6 percent was the lowest it had been since 2016. To top it off, Chicago is experiencing historically high annual levels of net absorption, which potentially could put upward pressure on rents, and sublease space is relatively scarce. It’s hard to find stronger evidence of a robust CBD office market. Redevelopment projects Market statistics aside, noteworthy redevelopments have Chicagoans genuinely excited as they look forward to a new crop of influential spaces that will drive the next iteration of the Chicago office market. The real estate fairy tale that has real estate aficionados entranced — not only in Chicago but nationally — is 601W Cos.’ Old Post Office project at 433 W. Van Buren. More than 1 million square feet has already been leased at the 2.8 million-square-foot space, largely thanks …

October 17, 2019

Development Illinois Midwest Multifamily Student Housing

Opus Completes 14-Story Student Housing Building Adjacent to University of Illinois at Urbana-Champaign

by Kristin Harlow October 16, 2019

CHAMPAIGN, ILL. — The Opus Group has completed Seven07, a new student housing building near the campus of the University of Illinois at Urbana-Champaign. The 14-story building is home to 218 units with 548 beds. Amenities include a fitness center, indoor basketball court, spa, lounge, café and study areas. The fourth-floor clubroom features pin ball machines, shuffle board and ping pong tables. The project was a joint venture between Opus and The Carlyle Group. Opus served as developer, design-builder, architect and structural engineer. Creative License was the interior designer. Asset Living will manage the property. SunTrust Commercial Real Estate provided project financing.

October 16, 2019

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $45.7M Refinancing for Two Seniors Housing Communities in Illinois

by Kristin Harlow October 16, 2019

WESTMONT AND LAKE ZURICH, ILL. — CBRE has arranged a $45.7 million refinancing for Aspired Living of Westmont and Azpira Place of Lake Zurich, both seniors housing communities outside of Chicago.The borrower is a joint venture between Virtus Real Estate Capital and Pathway to Living, the latter of which will continue to operate the communities. Aspired Living of Westmont is a 107-unit assisted living and memory care community in the affluent submarket of Westmont, approximately 25 miles west of Chicago. Within a five-mile radius of the community the average household income is $126,000, according to CBRE. Azpira Place of Lake Zurich is a 120-unit assisted living community approximately 45 miles northwest of Chicago in Lake Zurich. Within a five-mile radius of the community the average household income is $158,000, according to CBRE. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing secured the five-year, floating-rate loan with 36 months of interest-only payments from a regional bank.

October 16, 2019

Development Illinois Industrial Midwest

Meridian Breaks Ground on Two Spec Industrial Buildings in Elgin, Illinois

by Kristin Harlow October 16, 2019

ELGIN, ILL. — Meridian Design Build has broken ground on two speculative industrial buildings on behalf of developer Scannell Properties in Elgin. The buildings are located at 2451 Bath Road and 1755 Britannia Drive. The Bath road facility will span 325,020 square feet and feature a clear height of 36 feet, four drive-in doors, 367 auto parking spaces and 56 trailer parking stalls. The Britannia Drive facility will span 80,400 square feet and feature a clear height of 32 feet, two drive-in doors and 93 auto parking spaces. Paul Woody Architects and Manhard Consulting make up the project team. Kenneth Franzese and John Cassidy of Lee & Associates will market the properties for lease.

October 16, 2019

Development Illinois Industrial Midwest

Pizzuti to Develop Logistics Facility for Crate & Barrel in Romeoville, Illinois

by Kristin Harlow October 16, 2019

ROMEOVILLE, ILL. — Crate & Barrel has selected The Pizzuti Cos. to develop a build-to-suit, Class A industrial facility in Romeoville. The property is being developed at Pinnacle Business Center in the heart of Chicago’s I-55 corridor. An affiliate of Heitman LLC owns the property. Crate & Barrel will occupy a facility known as Pinnacle XXIV, a 646,380-square-foot building. The development will serve as an e-commerce facility for the national home décor company. Construction is scheduled to begin immediately with completion slated for the third quarter of 2020. Jules Nissim and Jason West of Cushman & Wakefield represented the tenant while Jeff Kapcheck of CBRE represented ownership.

October 16, 2019

Acquisitions Hospitality Illinois Midwest

Service Properties Trust Acquires Kimpton Palomar Hotel in Chicago for $55M

by Kristin Harlow October 15, 2019

CHICAGO — Service Properties Trust (SVC) has acquired the 261-room Kimpton Palomar Hotel in Chicago for $55 million. The hotel will be added to SVC’s existing agreement with Intercontinental Hotels Group. Built in 2010, the hotel is located at 505 N. State St. near Michigan Avenue. SVC is a real estate investment trust that owns a portfolio of hotels and retail properties and is managed by the operating subsidiary of The RMR Group Inc.

October 15, 2019

Illinois Leasing Activity Midwest Office

Three Tenants Sign Leases at Concourse Chicago Office Property

by Kristin Harlow October 15, 2019

CHICAGO — Three new tenants have signed leases totaling 8,900 square feet at Concourse Chicago, an office property undergoing renovations in Chicago. Blue Water Shipping signed a lease for 3,900 square feet and is relocating from Presidents Plaza across the street. Green Office Partners, a print services company for small and medium businesses, leased 3,700 square feet and is relocating from the central business district. In the final transaction, Elgin-based Great Lakes Technology leased 1,500 square feet for a satellite office. Berger Asset Management acquired Concourse Chicago in 2018. The company is repositioning the 12-building complex. Jake Spinnell and Jon Connor from Colliers International represented Blue Water Shipping, Steve Goldstein of Jameson Commercial represented Green Office Partners and John Cassidy of Lee & Associates represented Great Lakes Technology. Steve Chrastka and Jason Wurtz of NAI Hiffman represented the landlord as the exclusive leasing representatives for the property.

October 15, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.9M Sale of Retail Center in Chicago

by Kristin Harlow October 15, 2019

CHICAGO — Marcus & Millichap has brokered the sale of Park Shops, a grocery-anchored retail center in Chicago, for $3.9 million. The 47,069-square-foot property is located at 6400 W. 63rd St. Fair Share Super Market has operated at the location for 27 years and recently extended its lease for 10 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Chicago-based private investor purchased the asset.

October 15, 2019

Acquisitions Illinois Industrial Midwest

ML Realty Purchases 302,354 SF Industrial Property in Bolingbrook, Illinois

by Kristin Harlow October 14, 2019

BOLINGBROOK, ILL. — ML Realty Partners has purchased a 302,354-square-foot industrial property in Bolingbrook for an undisclosed price. The newly constructed, Class A building is located at 999 Dalton Lane near I-55. It is immediately available for lease and features a clear height of 36 feet. Jeff Devine and Steve Disse of Colliers International brokered the transaction. The seller was not disclosed.

October 14, 2019

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