Illinois

JLL Arranges $24.2M Sale of Two-Property Office Portfolio in Suburban Chicago

by Kristin Harlow April 10, 2020

OAKBROOK TERRACE AND LISLE, ILL. — JLL Capital Markets has arranged the sale of Two TransAm and 750 Warrenville, two Class A office buildings in suburban Chicago, for $24.2 million. Two TransAm is a five-story, 117,759-square-foot property located in Oakbrook Terrace. It is 87.7 percent leased to 18 tenants. Located in Lisle, 750 Warrenville is a four-story, 94,380-square-foot building. It is 86.7 percent leased to nine tenants. Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Sam DiFrancesca of JLL represented the seller, American Landmark Properties Corp. The team also procured the buyer, RE Development Solutions.

April 10, 2020

Development Illinois Midwest Multifamily Seniors Housing

Holland Construction Services Underway on 149-Unit Senior Living Community Near St. Louis

by Kristin Harlow April 10, 2020

O’FALLON, ILL. — Holland Construction Services is underway on a $39 million senior living community known as Keystone Place at Richland Creek in O’Fallon, about 20 miles east of St. Louis. Upon completion, the four-story building will offer 64 independent living units, 66 assisted living units and 19 memory care units. There will also be one guest suite. The five-acre development will also feature a memory garden and a courtyard. Keystone Senior Management Services Inc. is the developer. Completion is slated for early 2021. The project is being constructed next to Parkway Lakeside Apartments, which Holland built several years ago.

April 10, 2020

Illinois Industrial Leasing Activity Midwest

Entre Commercial Realty Negotiates 12,000 SF Industrial Lease for Dealer Profit Solutions in Arlington Heights

by Kristin Harlow April 10, 2020

ARLINGTON HEIGHTS, ILL. — Entre Commercial Realty has negotiated a 12,000-square-foot industrial lease on behalf of Dealer Profit Solutions Inc. in Arlington Heights. The automotive consulting company will relocate from nearby Wheeling to occupy the space at 855 W. University Drive. The building features a clear height of 18 feet, one interior dock and one drive-in door. Brian Bocci of Entre represented the tenant. Tom Boucher of PSI Commercial represented the undisclosed landlord.

April 10, 2020

Illinois Leasing Activity Midwest Office

Trifecta Transport Signs 4,300 SF Office Lease in Lombard, Illinois

by Kristin Harlow April 10, 2020

LOMBARD, ILL. — Trifecta Transport LLC has signed a 4,300-square-foot office lease in Lombard. The transportation logistics company will occupy the space at 300-350 E. 22nd St. on a 7.5-year lease. The company is relocating from Glen Ellyn. Ryan Moen and John Millner of Bradford Allen represented the undisclosed landlord. Aubrey Van Recken-Englund of NAI Hiffman represented the tenant.

April 10, 2020

Acquisitions Illinois Midwest Multifamily

SPNA Buys Condo Property in Chicago for $44M, Plans Deconversion

by Kristin Harlow April 9, 2020

CHICAGO — SPNA has purchased 21 East Chestnut Condominiums in Chicago’s Gold Coast neighborhood for $44 million with plans to convert the condo property into apartment units. Built in 1962 and converted to condos in 1979, the 25-story multifamily tower features 163 units. Floor plans range from studios to two-bedroom units. Amenities include a rooftop lounge, sauna, fitness center, bike room and resident storage lockers. Sam Haddadin and Dan Cohen of CBRE represented the seller, 21 East Chestnut Condo Association. “The owners overwhelmingly voted in support of the deconversion sale,” says Haddadin. “They were able to receive a much higher value for their units by selling together as an association.” Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent.

April 9, 2020

Development Illinois Industrial Midwest

Meridian Design Build Completes Construction of 84,000 SF Meat Processing Facility in Chicago

by Kristin Harlow April 9, 2020

CHICAGO — Meridian Design Build has completed construction of an 84,000-square-foot USDA meat processing facility for Amylu Foods within Chicago’s Stockyards Industrial Park at 1400 W. 44th St. Amylu has relocated from its West Loop plant, where it operated for more than 95 years. The new sausage processing plant includes 56,000 square feet of production and cold storage space, a freezer, a 16,500-square-foot office space, a test kitchen and laboratory space. Meridian also installed an expandable ammonia refrigeration plant for cooling and production loads. Harris Architects and Kimley-Horn made up the project team.

April 9, 2020

Development Illinois Midwest Office Retail

Skender Tops Out Construction for Build-to-Suit Project in Chicago’s Fulton Market

by Kristin Harlow April 9, 2020

CHICAGO — Skender has topped out construction of a 45,000-square-foot office and retail building located at 1100 W. Fulton St. in Chicago’s Fulton Market district. An existing building at the site has landmark status from the city of Chicago and Skender will preserve its existing façade on the north, south and east sides of the building. Fulton St. Cos. is the developer. Herman Miller, a furniture company based in Michigan, will occupy the build-to-suit project and relocate from its existing Chicago headquarters in the Merchandise Mart. Skender will also complete the interior build-out of the showroom and office space. Completion is slated for December. Hartshorne Plunkard, CBRE and ConopCo Project Management make up the project team.

April 9, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

SLIB Negotiates Sale of 71-Bed Skilled Nursing Facility in Pekin, Illinois

by Kristin Harlow April 9, 2020

PEKIN, ILL. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and includes 71 beds. The long-term care property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB handled the transaction.

April 9, 2020

Acquisitions Illinois Loans Midwest Mixed-Use Top Stories

Newmark Knight Frank Provides $102.5M Acquisition Loan for Cityfront Place Apartments in Chicago

by Alex Tostado April 9, 2020

CHICAGO — Newmark Knight Frank has provided a $102.5 million Freddie Mac loan for the acquisition of Cityfront Place, a 39-story, 480-unit multifamily community in Chicago’s Streeterville neighborhood. Built in 1991, Cityfront Place is located along the Chicago River less than a mile from Lake Michigan. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a business center, lounge, rooftop terrace, pool, sundeck, fitness center and a pet washing station. Unit interiors include marble floors in the bathrooms, walk-in closets, wood-flooring in select units and balconies. According to Apartments.com, rents range from $1,826 to $4,553 per month. Landmarks in Streeterville include the Wrigley Building, Tribune Tower, Museum of Contemporary Art, Chicago Children’s Museum and the Navy Pier. The neighborhood is bordered by Lake Michigan to the east, the Chicago River to the south, North Rush Street to the west and East Lake Shore Drive to the north. Henry Stimler and Charles Han of NKF originated the loan on behalf of a partnership between Chicago-based Strategic Properties of North America, Integrated Capital Management and South Korea-based Mirae Asset Daewoo. The loan features a five-year term with interest-only payments and a fixed interest rate of 3 percent. CBRE represented …

April 9, 2020

Healthcare Illinois Midwest Retail

Walgreens Expands Drive-Thru COVID-19 Testing to 15 New Locations in Seven States

by Kristin Harlow April 8, 2020

DEERFIELD, ILL. — To provide greater access to COVID-19 testing and community resources, Deerfield-based Walgreens is working to expand drive-thru testing to 15 new sites in seven states. The locations include Arizona, Florida, Illinois, Kentucky, Louisiana, Tennessee and Texas. The testing sites will utilize Abbott’s new test, which delivers positive results in as little as five minutes and negative results within 13 minutes. The 15 locations are being finalized in collaboration with the U.S. Department of Health and Human Services and are planned for select hot spot markets with escalating rates of COVID-19 cases. Walgreens plans to be able to test up to 3,000 people per day across these additional sites, which are expected to be activated beginning later this week. Testing will be at no cost to eligible individuals who meet criteria established by the Centers for Disease Control and Prevention.

April 8, 2020

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