ROSEMONT, ILL. — Mumford Co. has brokered the sale of the 141-room Best Western hotel in Rosemont for an undisclosed price. The three-story property is situated near Chicago’s O’Hare International Airport. Ed James and George Arvanitis of Mumford represented the seller, OMS O’Hare LLC. The team also procured the buyer, North Star Real Estate Group LLC, a Minnesota-based hotel investment group.
MELROSE PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $11 million sale of a 138,203-square-foot shopping center in Melrose Park, a western suburb of Chicago. The multi-tenant property is located at 1901-2029 N. Mannheim Road. Anchor tenants include dd’s Discounts and Planet Fitness. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local property owner from Chicago. A New York-based private real estate investor purchased the asset.
CHICAGO — Parkside Realty Inc. has topped off Fulton East, a 12-story, 90,000-square-foot office building in Chicago’s Fulton Market district. Clayco is leading the design-build construction along with its in-house architecture firm Lamar Johnson Collaborative. Located at 215 N. Peoria St., the building is slated for occupancy in June 2020. Fulton East features an 8,000-square-foot landscaped rooftop park exclusively for tenant use. Each floor also has its own balcony. On the ground level, 5,000 square feet of retail space is available for lease.
CHICAGO — Law firm Schoenberg Finkel Newman & Rosenberg LLC has signed a full-floor lease at The 300, an office building located at 300 S. Wacker Ave. in downtown Chicago. The law firm will occupy the entire 15th floor for a total of 15,460 square feet. The lease commences in September 2020. Founded in 1946, the firm currently resides at 222 South Riverside. Golub & Co. owns The 300 and completed a renovation of the 536,000-square-foot property last year. Deborah Frank and Sandy Macaluso of Golub & Co. represented the landlord in the lease with the law firm. Tony Karmin and Corby Marx of Colliers International represented the tenant.
OAK BROOK, ILL. — Cawley Chicago has arranged the sale of a 57,832-square-foot office building in Oak Brook for $5.7 million. The three-story property is located at 2021 Midwest Road. Ryan Freed and Rawly Lantz of Cawley represented the seller, Chesapeake Associates Limited. Dan McKay of McKay Investments represented the buyer, BBI Property Management Inc., which will occupy a portion of the building.
CHICAGO — A partnership between Riverside Investment & Development and Convexity Properties has broken ground on BMO Tower, also known as Union Station Tower. The 50-story office building is part of the Union Station redevelopment project in Chicago. Global architecture firm Goettsch Partners (GP) designed the property, which will be situated on 2.2 acres directly south of the Union Station headhouse building. The office tower will feature 1.4 million square feet of office space. The tower and new public space are part of the larger redevelopment of Chicago Union Station, which originally opened in 1925. Riverside and Complexity unveiled plans for the $1 billion project in September 2018, beginning with the demolition of a 404-unit apartment building and the design of a 1.5-acre plaza and park. “This project will activate a prime site that has been largely underutilized next to Chicago’s busiest commuter station,” says James Goettsch, chairman and co-CEO at GP. “The office tower and park will bring vibrant, complementary additions to the city.” As the name indicates, Montreal-based BMO Financial Group will be the building’s anchor tenant. Construction is scheduled for completion in 2022. Although development costs were not disclosed, the Chicago Tribune reports that the developers received $476 million …
GURNEE, ILL. — Luxor Workspaces has expanded its warehouse operations to a newly built, 190,000-square-foot warehouse along I-94 in Gurnee. The move, which took place prior to the Thanksgiving holiday, was expected to create eight new jobs and enhance Luxor’s level of service to its Midwest customers. CenterPoint Properties developed the warehouse and Morgan/Harbour Construction served as general contractor. Sam Badger of CBRE represented Luxor in the search for the new property. Vivek Singla of CBRE served as Luxor’s tenant improvement project manager during the final buildout. Features of the distribution center include a clear height of 36 feet, 22 docks and a 7,000-square-foot office space with a conference room and break room. Waukegan, Ill.-based Luxor is a designer and manufacturer of workspace products.
AURORA, ILL. — Kiser Group has brokered the sale of 2000 Illinois, a 128-unit apartment property in Aurora. The sales price was undisclosed, but the cap rate was 5.64 percent. Constructed in 1973, the property includes parking and an outdoor pool. In 2014, the seller entered into a land use restriction agreement with the Illinois Housing Development Authority that stipulated 25 percent of the units be income-restricted to 60 percent of the area median income for a 10-year period. Matt Halper and Danny Mantis of Kiser represented the undisclosed buyer and seller.
ROSEMONT, ILL. — US Foods has signed a 275,000-square-foot office lease renewal at Riverway in Rosemont. This is the largest office lease signed in suburban Chicago since 2017, according to Cushman & Wakefield. Riverway is a 1.1 million-square-foot office campus comprised of four 11-story buildings. Dan Svachula, Michael Simpson and Allyson Birchmeier of Cushman & Wakefield represented the landlord, Adventus Realty. James Otto, Abigail Zaleski and Chris Reynolds of CBRE represented US Foods, a major foodservice distributor and supplier.
DOWNERS GROVE, ILL. — JVM Realty Corp. has acquired Maple & Main, a 115-unit luxury apartment complex in Downers Grove, from an undisclosed seller. Completed in 2018, Maple & Main is home to a fitness center, yoga room, rooftop lounge, clubroom, package room, pet spa and heated pool. The community’s ground floor features The FoxTail, a 4,289-square-foot restaurant that is slated to open in January. JVM Management Inc. will manage the property. JVM also announced it will close two equity funds that are expected to raise a combined $115 million. The two funds, Fund 7 and Premier Fund III, are currently co-invested in five apartment communities: The Landing at Briarcliff in Kansas City; Summit Ridge Apartments in Lee’s Summit, Mo.; Randall Highlands in North Aurora, Ill.; Uptown LaGrange in LaGrange, Ill.; and Maple & Main. The total acquisition cost of the five properties was $291.4 million.