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AcquisitionsHealthcareIllinoisMidwest

Marcus & Millichap Brokers $9.7M Sale of Medical Office Building in Danville, Illinois

by Kristin Harlow

DANVILLE, ILL. — Marcus & Millichap has brokered the $9.7 million sale of a 65,900-square-foot medical office building in Danville in eastern Illinois. The two-tenant property is located at 707 N. Logan Ave. Constructed in 1994, the four-story building is situated near other healthcare providers, retail and restaurants. One of the building tenants, OSF HealthCare, recently executed a new 10-year lease. Frank Roti and Brett Rodgers of Marcus & Millichap represented the private seller and procured the buyer, a private equity firm. Despite the challenges presented by the COVID-19 pandemic, Marcus & Millichap says it has completed a similar volume of multi-tenant medical office building sales from March 15 to May 15 of this year compared with the same time period in 2019. “Medical office buildings are desirable investments for a variety of reasons, including strong tenant credit, the growing need for healthcare services and high lease renewal rates,” says Roti.

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DevelopmentIllinoisMidwestOffice

Parkside Realty Implements ‘Health-Focused Operating Solutions’ at Office Building in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Parkside Realty is addressing employee health, safety and wellness at Fulton East, a new 12-story, 90,000-square-foot office building nearing completion in Chicago’s Fulton Market. Slated to open this summer, the building features wellness technology such as a hands-free elevator system that utilizes foot-activated buttons to help reduce the spread of germs. In addition, Fulton East will utilize airPHX, which is currently used in hospitals and college athletic facilities and helps reduce bacteria and mold both on surfaces and in the air. Fulton East will have touch-free key fob access and touch-free sinks in bathrooms. Floor plates are designed for single-tenant use and each floor has its own private balcony. An 8,000-square-foot rooftop garden park will be available for exclusive use of building occupants. Clayco is the design-builder and Lamar Johnson Collaborative is the architect. Interior designer Holly Hunt designed the lobby.

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IllinoisLeasing ActivityMidwestOfficeRetail

Fitness Concept Studio Three to Occupy 10,000 SF at Chicago Office Building

by Kristin Harlow

CHICAGO — Boutique fitness concept Studio Three has signed a 10,000-square-foot lease at 333 N. Green, a new office building in Chicago’s Fulton Market. Studio Three, which offers cycling, yoga and interval classes, is slated to open in the first quarter of 2021. The Chicago-based business currently operates two studios in Lincoln Park and River North. Sterling Bay owns the 555,000-square-foot 333 N. Green, which opened in December and is now 87 percent leased. Sterling Bay plans to move its corporate headquarters to the 19-story building this summer.

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IllinoisMidwestOffice

Cushman & Wakefield Study: Office Employees Seek ‘Flexible Working Policies’

by Kristin Harlow

CHICAGO — Cushman & Wakefield has conducted a global survey of more than 40,000 individuals to shed light on work-from-home experiences during the COVID-19 pandemic, including how employees are coping and what the new normal will look like as offices reopen. Survey respondents represent approximately 30 companies across nearly 20 industries. Results show that productivity generally remains strong and team collaboration has reached new heights through better leverage of remote technology, says Cushman & Wakefield. Three-quarters of respondents agreed or strongly agreed that they are collaborating effectively with colleagues in the current environment, up 10 percent from data gathered before COVID-19. In addition, 73 percent of respondents indicated they would like their companies to embrace long-term or permanent flexible working policies. “It’s imperative to recognize that the workplace will no longer be a single location, but an ecosystem of a variety of locations and experiences to support flexibility, functionality and employee well-being,” says Brett White, executive chairman and CEO. “That said, we expect current real estate footprint sizes to remain steady. Flexible working practices may result in fewer people in the office at any one time, but that space savings is offset by the need to accommodate social distancing in …

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Joseph J. Duffy Co. to Begin Conversion of Former School into Affordable Seniors Housing Project in Northern Illinois

by Kristin Harlow

JOHNSBURG, ILL. — Joseph J. Duffy Co. is set to begin the conversion of the former James C. Bush Elementary School into a 68-unit affordable seniors housing project in Johnsburg, about 60 miles northwest of Chicago. General Capital Group is the developer and Hooker DeJong Architects Inc. is the project architect. Oakbrook Corp. will manage the property, which is reserved for ages 55 and older. Duffy will convert the administration and gym areas of the existing, one-story school into 14 apartment units, resident support facilities and office space. The contractor will then add a three-story wing housing 54 units. Each apartment will include a full bath and kitchen. Amenities will feature a patio area, playground and walking paths.

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IllinoisMidwestMultifamilySeniors Housing

Ventas Cuts C-Suite Salaries, 25 Percent of Corporate Jobs to Soften Blow of COVID-19

by Kristin Harlow

CHICAGO — Ventas Inc. (NYSE: VTR), a Chicago-based REIT and one of the largest owners of seniors housing in the United States, has adjusted its corporate cost structure in response to the COVID-19 pandemic’s impact on the company. In mid-June, Ventas plans to eliminate roles representing over 25 percent of its corporate positions, excluding onsite field personnel, according to a May 27 SEC filing. In addition, for the second half of 2020, the company will reduce the base salary of CEO Deb Cafaro by 20 percent, while reducing the salaries of other executive officers by 10 percent. As a result of these actions, Ventas predicts third-quarter selling, general and administrative (SG&A) expenses will be $25 million to $30 million lower than during the same period in 2019. The move is a continuation of Ventas’ initiatives to conserve capital as the pandemic drives expenses up and revenues down. Though the company reported $3.2 billion in cash on hand during its first-quarter report issued in May, Ventas plans reduce capital expenditures this year by between $300 million and $500 million. The company has paused construction, offered rent deferrals to struggling communities and issuing free COVID-19 tests to its operators. Like most companies …

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IllinoisLeasing ActivityMidwestRetail

Cresco Labs Opens Sixth Illinois Cannabis Dispensary in Danville

by Kristin Harlow

DANVILLE, ILL. — Cresco Labs has opened its sixth cannabis dispensary in Illinois in the city of Danville, which is located in the eastern part of the state near the Indiana border. The dispensary is located at 369 Lynch Drive. Sunnyside Danville spans 4,800 square feet and is open seven days a week. Additional Sunnyside dispensaries are located in Chicago’s Wrigleyville, Elmwood Park, Buffalo Grove, Rockford and Champaign. Cresco plans to open additional stores in Chicago as well as locations in South Beloit and Schaumburg.

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IllinoisLoansMichiganMidwestMultifamilySeniors HousingWalker & Dunlop

Walker & Dunlop Provides $37M in HUD Financing for Three Senior Living Facilities in Illinois, Michigan

by Kristin Harlow

AURORA AND KANKAKEE, ILL. AND NOVI, MICH. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s Lean 232/223(f) refinance program. The permanent financing for The Grove Fox Valley will replace existing debt previously provided by Walker & Dunlop’s bridge lending program. The permanent financing for WellBridge of Novi and Asbury of Kankakee enabled each of the property owners to refinance both their current bank and partnership debt.

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AcquisitionsIllinoisMidwestOfficeRetail

Barber Murphy Brokers Sale of 14,900 SF Office, Retail Building Near St. Louis

by Kristin Harlow

BELLEVILLE, ILL. — Barber Murphy has brokered the sale of a 14,900-square-foot office and retail building in Belleville, about 17 miles southeast of St. Louis. The sales price was undisclosed. Okaw Valley Council Boy Scouts of America sold the property, which is located at 335 W. Main St. Jarvis Cos. Inc. was the buyer. Barber Murphy represented both parties in the transaction.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges $1.4M Sale of Retail Property in Evergreen Park, Illinois

by Kristin Harlow

EVERGREEN PARK, ILL. — Marcus & Millichap has arranged the $1.4 million sale of Evergreen Park Towne Center in Evergreen Park, about 15 miles south of Chicago. The 7,785-square-foot retail property is located at 8730 S. Kedzie Ave. Tenants include Boost Mobile and Edible Arrangements along with a cigar shop, restaurant and nail salon. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the building on behalf of the seller, a private investor. A local buyer completing a 1031 tax-deferred exchange purchased the asset.

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