Illinois

Golub & Co. Acquires Burnham Center Office Tower in Chicago

by Kristin Harlow October 3, 2019

CHICAGO — Golub & Co. has acquired Burnham Center, a landmark office tower in the heart of Chicago’s Loop. The purchase price was not disclosed. Completed in 1913, it was the last building designed by famed architect and urban planner Daniel Burnham. The building rises 22 stories and spans 585,000 square feet. It is home to the Chicago headquarters for GrubHub. Golub & Co. plans to refresh the amenities, which include a fitness center, private tenant lounge and conferencing facilities. Ground-floor retail includes a mix of national and regional tenants. Golub & Co., which will assume management and leasing of the building, purchased the asset in a joint venture with The Family Office Co.

October 3, 2019

Development Illinois Midwest Office

Skender Launches Interior Construction of 90,000 SF Mondelez Headquarters in Chicago

by Kristin Harlow October 3, 2019

CHICAGO — Skender has launched interior construction of the future 90,000-square-foot headquarters for Mondelez International in Chicago. The snacking company will serve as the anchor tenant in the new five-story building at 905 W. Fulton St. Mondelez is relocating 400 employees from its current headquarters in Deerfield. The headquarters expansion will also include Enjoy Life Foods, a snacking company based in Schiller Park that Mondelez acquired in 2015. Plans call for open office workstation areas, private offices, conference rooms, a large reception area, warming pantry, café and two staircases. Skender is collaborating with design firm HPA, design firm SCB and owner’s representative CBRE. Completion is slated for April 2020.

October 3, 2019

Development Illinois Industrial Midwest

Opus to Build Two-Building Speculative Industrial Development in Mokena, Illinois

by Kristin Harlow October 3, 2019

MOKENA, ILL. — The Opus Group is building Mokena Corporate Center, a two-building speculative industrial development in Mokena, about 35 miles southwest of Chicago. Completion of the 268,225-square-foot project is slated for June 2020. The development will sit on nearly 16 acres. The first building will total 154,581 square feet while the second will span 113,644 square feet. Opus is the developer, design-builder, architect and structural engineer. Lee & Associates will market the buildings for lease.

October 3, 2019

Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Opens Six-Story Affordable Seniors Housing Community in Chicago

by Kristin Harlow October 2, 2019

CHICAGO — Evergreen Real Estate Group has completed construction of Independence Apartments, a six-story, 44-unit affordable seniors housing community located above the new Independence Branch Library in Chicago’s Irving Park neighborhood. Designed by John Ronan Architects, the project consists of affordable senior apartments paired with a new library that serves both residents and neighbors in the surrounding community. It is the second such project Evergreen has completed in Chicago this year, following Northtown Apartments in the West Ridge neighborhood. Both projects were funded in part with federal low-income housing tax credits and Illinois affordable housing tax credits provided by the Chicago Department of Housing. The Northtown development also received federal HOME funds from the Illinois Housing Development Authority. Other financing partners for the project include CIBC, City Real Estate Advisors (CREA), TCF Bank, Fifth Third Bank, Clocktower Tax Credits LLC, ComEd Energy Efficiency Program, North River Commission and predevelopment lenders LISC Chicago and Chicago Community Loan Fund.

October 2, 2019

Illinois Leasing Activity Midwest Retail

Orangetheory Leases 4,000 SF on Michigan Avenue in Chicago

by Kristin Harlow October 2, 2019

CHICAGO — Orangetheory Fitness has leased 4,000 square feet on the second floor of 155 N. Michigan Ave. in Chicago. Larry Kling of Newmark Knight Frank represented the fitness franchise in the lease transaction. Orangetheory offers workouts based on high-intensity interval training that blend cardiovascular and strength training. The company has more than 1,200 locations worldwide. The Michigan Avenue location will be the company’s 17th in Chicago and 58th in the state of Illinois. Set to open in January, the build-out will feature an open space with additional workspaces and larger bathrooms and shower facilities than traditional Orangetheory floor plans.

October 2, 2019

Acquisitions Hospitality Illinois Midwest Top Stories

Blackstone to Acquire 65 Percent Stake in Great Wolf Resorts, Form $2.9B JV With Centerbridge

by Kristin Harlow October 2, 2019

CHICAGO AND NEW YORK CITY — Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX), is acquiring a 65 percent controlling interest in Great Wolf Resorts Inc. Although the specific price of the investment was not disclosed, Blackstone and existing owner Centerbridge Partners LP will form a new $2.9 billion joint venture to own the company. Chicago-based based Great Wolf is an owner and operator of family-oriented entertainment resorts, with 18 locations around the country. Each lodge contains a full-service hotel, indoor waterpark, recreational activities and various food and beverage offerings. A new resort in Northern California is slated to open next year. “Great Wolf has enriched the guest experience and opened seven new lodges since 2015,” says Tyler Henritze, head of U.S. acquisitions for Blackstone. “We look forward to investing in these properties to further deliver for guests and grow the company.” Murray Hennessy, CEO of Great Wolf, says that the company stands to benefit greatly from Blackstone’s insights and expertise in hospitality. The sale comes at a time when theme park companies are benefitting from higher consumer spending on travel and leisure, according to Bloomberg. Blackstone has previously invested in SeaWorld Entertainment Inc. and helped buy …

October 2, 2019

Development Illinois Midwest Multifamily

Summit Begins Adaptive Reuse Project at Former Historic Sears Store in Chicago

by Kristin Harlow September 30, 2019

CHICAGO — Summit Design + Build has begun the redevelopment of 1900 W. Lawrence Ave. in Chicago’s Ravenswood neighborhood. The building was formerly home to a Sears department store, which opened in 1925 and was shuttered in 2016. The adaptive reuse project involves the conversion of the commercial building into residential space, including 59 apartment units ranging from one- to three-bedroom floor plans. The 105,000-square-foot, three-story building spans the length of an entire city block along Lawrence Avenue. Summit plans to add a fourth floor as well as two elevators and three staircases. Since the building does not have many windows, extensive work will be required to create new openings for the apartments. The project will also feature 30,000 square feet of retail space, of which DeVry University will occupy approximately 15,000 square feet. The third Chicago campus for the university will include 11 classrooms, technology labs, interview rooms, staff offices and an auxiliary lounge. Newmark Knight Frank represented DeVry in its lease. CA Ventures and Springbank Capital Advisors are the developers. Gillespie Design Group is the project architect. Completion is slated for fall 2020.

September 30, 2019

Acquisitions Illinois Midwest Retail

NewMark Merrill Acquires 159,785 SF Shopping Center in Chicago for $17.3M

by Kristin Harlow September 30, 2019

CHICAGO — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. represented the institutional seller. Sandy Sigal and Jim Patton of NewMark Merrill negotiated the purchase on behalf of NewMark Merrill. Kostas Kavayiotidis of Pacific Southwest Realty arranged acquisition financing with John Hancock Life Insurance. Jeffery Packard, Tom Treacy and Chris Bingham of John Hancock originated the financing.

September 30, 2019

Acquisitions Illinois Midwest Multifamily

JVM Purchases 146-Unit, Townhouse-Style Apartment Property in North Aurora, Illinois

by Kristin Harlow September 30, 2019

NORTH AURORA, ILL. — JVM Realty Corp. has purchased Randall Highlands in North Aurora for an undisclosed price. JVM Management Inc. will manage the community. Built in 2013, the property is comprised of 146 rental townhome units. Amenities include a pool, clubhouse, business center, playground and fitness center. The seller was not disclosed. JVM owns and operates three other rental communities in the Chicago metro area and is set to close on the acquisition of a fifth property in the market later this year.

September 30, 2019

Illinois Leasing Activity Michigan Midwest Missouri Retail

Metro Commercial Brokers New Midwest Locations for Edge Fitness Clubs

by Kristin Harlow September 30, 2019

ILLINOIS, MICHIGAN AND MISSOURI — Metro Commercial Real Estate has brokered several leases on behalf of The Edge Fitness Clubs for new locations across the Midwest. The properties include: Windmill Plaza in in Sterling Heights, Mich.; West River Centre in Farmington Hills, Mich.; an unnamed center at Avon and Rochester roads in Westland, Mich.; Cave Springs in St. Peters, Mo.; Mackenzie Point in Shrewsbury, Mo.; and Westridge Court in Naperville, Ill. There are also three new locations in Pennsylvania. The fitness centers are all expected to open later this year or in 2020. Brandon Anapol and Scott Benson of Metro led the leasing team. With these new leases, Metro has brokered 16 locations totaling approximately 640,000 square feet for Connecticut-based Edge over the last 12 months. Edge currently operates 25 locations across Connecticut, Delaware, Pennsylvania and New Jersey.

September 30, 2019

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