Illinois

NHP Foundation Acquires Edwin Berry Manor Affordable Seniors Housing Community in Chicago

by Kristin Harlow November 22, 2019

CHICAGO — The NHP Foundation, in partnership with Low Income Investment Fund, has acquired Edwin C. Berry Manor Apartments, an affordable seniors housing community in Chicago. The purchase price was undisclosed. NHP plans to preserve and maintain the 57-unit property, which was built in 1991. The property is in the Woodlawn neighborhood, which features many new developments including the future Barack Obama Presidential Library. Operation Pathways, the resident services affiliate of NHP, will provide onsite services.

November 22, 2019

Illinois Leasing Activity Midwest Office

Transwestern Secures 45,457 SF Office Lease for Philanthropy Center in Chicago

by Kristin Harlow November 22, 2019

CHICAGO — Transwestern Commercial Services has secured a 45,457-square-foot office lease at 200 W. Madison in Chicago for FBRK, a membership-based work and philanthropy center dedicated to serving and supporting grant makers, family foundations and investors. Founded by former Chicago Bears football player Israel Idonije, FBRK Impact House will occupy three floors of the Class A office tower, which is owned by Multi-Employer Property Trust with BentallGreenOak as its advisor. The space includes a public work lounge and restaurant on the first floor, with membership access to offices, lounges and amenities on the second and third floors. FBRK Impact House is expected to open in March 2020. Larry Serota, Cece Conway and Holly Bailey of Transwestern represented FBRK in the site selection and lease negotiation.

November 22, 2019

Development Illinois Midwest Restaurant Retail

Starbucks Opens 35,000 SF Reserve Roastery in Chicago

by Kristin Harlow November 21, 2019

CHICAGO — Starbucks Coffee Co. has opened its Reserve Roastery in downtown Chicago. The 35,000-square-foot, five-story roastery opened to the public on Friday, Nov. 15 and is the largest Starbucks location. The store is located on the Magnificent Mile in a space formerly occupied by Crate & Barrel. All of the coffee beans roasted at the facility are served and sold on site. There are three coffee bars at the roastery. Baristas make classic espresso beverages at the coffee bar on the main floor. An experiential bar can be found on the third floor where customers can learn more about the art and science of coffee. A barrel-aged coffee bar can be found on the fourth floor where guests can enjoy cocktail-inspired coffee creations exclusive to the Chicago roastery. In addition to beverages, visitors can purchase food at Princi, a boutique bakery and café. The Chicago roastery joins locations in Seattle, Shanghai, Milan, New York and Tokyo.

November 21, 2019

Illinois Leasing Activity Midwest Office

Colliers Negotiates 116,000 SF in Office Leases at Parkway North Center in Deerfield, Illinois

by Kristin Harlow November 20, 2019

DEERFIELD, ILL. — Colliers International principals Darryl Silverman and Steve Kling recently negotiated office leases totaling more than 116,000 square feet at Parkway North Center in Deerfield. Colliers represented building ownership, Fulcrum Asset Advisors and True North Management. At Six Parkway North, Lundbeck and Advanced Clinical signed leases. The property is now 95 percent leased. Lundbeck, a global pharmaceutical company, leased an additional 24,500 square feet to bring its total footprint to 73,000 square feet. John Goodman of Savils represented Lundbeck. Advanced Clinical signed a new lease for 16,521 square feet and will relocate from Ten Parkway North. Larry Serota and John Marquardt of Transwestern represented the tenant. At Nine Parkway North, now 88 percent leased, Michael Silver & Co. leased 19,253 square feet. The firm will relocate from Skokie in 2020. John Goodman and Isabel Preskill of Savils represented the accounting and consulting firm. Global executive search and leadership consulting firm Spencer Stuart leased 7,890 square feet. Bill Rogers and Isabelle Montagne of JLL represented the tenant.

November 20, 2019

Illinois Iowa Loans Midwest Multifamily

Maverick Commercial Arranges $12.7M First Mortgage for Four Manufactured Housing Communities in Illinois, Iowa

by Kristin Harlow November 20, 2019

SPRINGFIELD, ILL. AND DES MOINES, IOWA — Maverick Commercial Mortgage Inc. has arranged a $12.7 million first-mortgage loan on behalf of MHPI Inc. for a portfolio of four manufactured housing communities located in Springfield, Ill. and Des Moines. The portfolio includes a combined 303 pad sites. The three Springfield communities were built within the last 15 years. The community in Des Moines features a clubhouse, swimming pool, community room and small self-storage facility. Benjamin Kadish of Maverick arranged the seven-year, fixed-rate loan with an undisclosed national lender. Proceeds paid off the existing lender and paid for closing costs. Arnold Weinberg of Much Shelist represented MHPI.

November 20, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

OC Ventures Acquires 482-Bed Student Housing Community Near University of Illinois at Chicago

by Kristin Harlow November 19, 2019

CHICAGO — OC Ventures has acquired Automatic Lofts, a 482-bed student housing community located adjacent to the University of Illinois at Chicago campus. The property — originally built as a telephone factory in 1901 — offers one-, three- and four-bedroom, loft-style units. Shared amenities include a fitness center, study lounges on each floor, a café, recreation room and laundry services. The new ownership plans to implement capital improvements such as building out a larger fitness center, renovating lobby and study areas and updating apartment furniture. Varsity Campus will manage the community. The seller and terms of the transaction were undisclosed.

November 19, 2019

Illinois Leasing Activity Midwest Restaurant Retail

Egg Harbor Café Opens at Luxury Chicago Apartment Tower

by Kristin Harlow November 18, 2019

CHICAGO — Egg Harbor Café has opened at Optima Signature, a 47-story, 490-unit luxury apartment tower in Chicago’s Streeterville neighborhood. The Streeterville location is the first downtown Chicago restaurant for Egg Harbor Café, which specializes in breakfast, brunch and lunch and maintains 20 locations in Illinois, Wisconsin and Georgia. Optima Inc. is the developer behind Optima Signature, which features 60,000 square feet of retail and office space. Egg Harbor occupies 4,905 square feet. There is one 490-square-foot retail space remaining at the apartment property, which opened in 2017. Other retailers include GoodVets, Guidepost Montessori, Runaway Fitness and Bedazzled Nails & Spa.

November 18, 2019

Development Illinois Midwest Multifamily

CA Ventures, Focus Open 241-Unit Apartment Development Near Northwestern University

by Kristin Harlow November 15, 2019

EVANSTON, ILL. — Chicago-based developers CA Ventures and Focus have opened a nine-story, 241-unit apartment development at 811 Emerson St. in Evanston, Illinois, near Northwestern University. Known as LINK Evanston, the property includes studio, one-, two- and three-bedroom floor plans varying from 400 to 1,100 square feet. Amenities include a 9,000-square-foot courtyard with a pool, grilling stations and a fire pit. Indoor amenities include a social lounge/game room, business center with conference rooms, and fitness and wellness center. On-site parking, located on the lower, ground and mezzanine levels, accommodates a total of 174 vehicles, with designated public and private spaces. 7-Eleven, a previous occupant of the site, has moved into a 3,300-square-foot, ground-floor retail space along Emerson Street. The architect was bKL Architecture. Focus served as the general contractor and co-developer for the project.

November 15, 2019

Illinois Leasing Activity Midwest Office

Huron Renews 134,000 SF Headquarters Lease in Chicago’s Southwest Loop

by Kristin Harlow November 15, 2019

CHICAGO – Huron has renewed its 134,000-square-foot headquarters lease in Union Tower located at 550 W. Van Buren St. in Chicago. Colliers International’s David Burden and Michael Marrion represented Huron in the lease negotiations, and Cushman & Wakefield represented the building landlord, Onni Group. Huron is a global management consulting company offering services to the healthcare, higher education, life sciences and commercial industries. Onni Group owns the 17-story, 332,000-square-foot office building and has aided Huron in its tenant improvements as well as agreeing to additional upgrades to common areas of the building. The building is currently undergoing renovations to its fitness center and tenant lounge, with expected completion by the end of the year.

November 15, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $3.7M Sale of Apartment Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow November 15, 2019

CHICAGO —Interra Realty has brokered the sale of 5827 N. Ridge Ave., a four-story, 18-unit apartment building in Chicago’s Edgewater neighborhood, for $3.7 million. Built in 1926, the property was gut-renovated in the past year, and the apartments were fully occupied at the time of sale. It is located near public transportation and is approximately 10 miles from downtown Chicago. Patrick Kennelly and Paul Waterloo of Interra represented both the seller, Campbell Street Asset Management Inc., and the buyer, a local private investor, in the transaction. At $205,555 per unit, the sale represents the second-highest per-unit price in Edgewater so far in 2019, according to data from CoStar Group.

November 15, 2019

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