Illinois

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Illinois Industrial Leasing Activity Midwest

DHL Signs 60,000 SF Industrial Lease in Batavia, Illinois

by Kristin Harlow July 29, 2019

BATAVIA, ILL. — DHL has signed a 60,000-square-foot industrial lease in Batavia, a western suburb of Chicago. The recently completed, 102,000-square-foot building is located at 1100 N. Raddant Road within the Northeast Business Park. Principal Construction built the facility on behalf of developer Midwest Industrial Funds. Approximately 42,000 square feet remain available for lease.

July 29, 2019

Acquisitions Illinois Midwest Office

Stanton Road Capital Purchases 371,566 SF Office Tower in Chicago’s East Loop

by Kristin Harlow July 24, 2019

CHICAGO — Stanton Road Capital LLC, in partnership with Third Lake Partners LLC, has purchased 200 S. Michigan Avenue, a 371,566-square-foot office tower in the heart of Chicago’s East Loop. The 22-story tower overlooks The Art Institute of Chicago and Millennium Park. Completed in 1958 and widely known by its previous name, the Borg-Warner Building, the property will undergo a modernization. Plans call for an upgraded lobby and improvements to existing amenities such as the tenant lounge. Cushman & Wakefield brokered the sale of the building. Crain’s Chicago Business previously reported that Stanton was under contract to pay approximately $34 million for the leasehold interest in the building. Shidler Group was the seller.

July 24, 2019

Development Illinois Industrial Midwest

CA Industrial Breaks Ground on 146,029 SF Spec Warehouse in Suburban Chicago

by Kristin Harlow July 24, 2019

ELK GROVE VILLAGE, ILL. — CA Industrial, the industrial investment and development division of CA Ventures, has broken ground on CA Elk Grove, a 146,029-square-foot speculative warehouse in Elk Grove Village. The Class A project will sit on seven acres at 550 E. Devon Ave. Slated for completion in the first quarter of 2020, CA Elk Grove will feature a clear height of 32 feet, 18 loading docks and parking for 135 cars. The new warehouse is being constructed on the site of an existing retail center. A portion of the retail space, 7,800 square feet, will remain as retail. The other portion was rezoned as industrial. Established businesses Tata’s Pierogi and La Spa Nails will be relocated to renovated space within the retail center. They will join Subway, Peking Express and Fatt Mustard Café, which will remain in their current locations. The retail property will receive a new façade, signage, roof and resurfaced parking lot. Harris Architects Inc. is the architect and Pepper Construction is the general contractor.

July 24, 2019

Acquisitions Illinois Lee & Associates Midwest Retail

Lee & Associates Negotiates $1.2M Sale of Retail Building in Norridge, Illinois

by Kristin Harlow July 24, 2019

NORRIDGE, ILL. — Lee & Associates has negotiated the $1.2 million sale of a 15,000-square-foot retail building in Norridge, about 15 miles northwest of Chicago. The property, partially occupied by Dollar General, is located at 7510 W. Irving Park Road. It also features a showroom. Rick Scardino and John Cassidy of Lee & Associates represented the seller. A private investor purchased the asset.

July 24, 2019

Development Illinois Midwest Multifamily Student Housing

$100M Academic, Housing Complex Opens at University of Illinois Chicago Campus

by Kristin Harlow July 23, 2019

CHICAGO — A $100 million academic building and residence hall has opened at the University of Illinois at Chicago (UIC) known as the Academic and Residential Complex. The property is home to a two-story, 54,000-square-foot academic building as well as a 10-story residence hall featuring 548 beds. The complex features 16,000 square feet of shared spaces, including study lounges on each floor, a fitness center, laundry facility and 10th-floor sky lounge. A 1,600-square-foot retail area includes a Starbucks. The facility was the result of a public-private partnership with developer American Campus Communities. Most of the financing for the project came from a tax-exempt bond issuance with Collegiate Housing Foundation, a nonprofit organization. Chicago-based SCB Architects designed the facility. Thornton Tomasetti provided structural engineering services.

July 23, 2019

Illinois Loans Midwest Multifamily

KeyBank Provides $43M Refinancing for Multifamily Portfolio in Chicago

by Kristin Harlow July 22, 2019

CHICAGO — KeyBank Real Estate Capital has provided a $43 million Fannie Mae loan for the refinancing of a portfolio of nine multifamily buildings in Chicago known as Maynard at Elaine. The portfolio includes two adjacent parking lots comprising 101 spaces. The borrower, CLK Properties, purchased the portfolio in 2015 and completed a $9 million capital improvement plan. CLK’s management company manages the buildings. Erik Storz of KeyBank originated the loan. CLK is participating in the Fannie Green Rewards program, which provides financial incentives for owners that make water or energy conservation improvements to their properties within 12 months of the loan closing.

July 22, 2019

Development Illinois Industrial Midwest

Conor Commercial Begins Development of 150,000 SF Spec Industrial Building in Prospect Heights, Illinois

by Kristin Harlow July 22, 2019

PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate has begun development of Executive Commerce Center in Prospect Heights. The 150,000-square-foot speculative industrial building will sit on 10 acres and feature a 32-foot clear height, 25 truck docks, two drive-in doors and parking for 165 cars. Completion is slated for the end of this year. McShane Construction Co. is the general contractor and Ware Malcomb is the architect. Denise Chaimovitz and Sean Sloan of Paine Wetzel are marketing the property for lease on behalf of Conor.

July 22, 2019

Development Illinois Industrial Midwest

CHI Purchases 42-Acre Site in Elgin, Plans 638,000 SF Spec Industrial Development

by Kristin Harlow July 19, 2019

ELGIN, ILL. — Crow Holdings Industrial (CHI), in partnership with the California State Teachers’ Retirement System (CalSTRS), has purchased a 42-acre site at 2600 Mason Road in Elgin. The developer plans to break ground this month on Park 90 Elgin, a three-building speculative industrial development spanning 638,000 square feet. Building A will span 155,000 square feet, Building B will total 106,000 square feet and Building C will measure 377,000 square feet. Buildings A and B will include a clear height of 32 feet, while Building C will feature a clear height of 36 feet. Brian Kling and Reed Adler of Colliers International represented CHI in the land sale. The duo has also been retained to complete the lease-up of Park 90 Elgin.

July 19, 2019

Illinois Industrial Leasing Activity Midwest

NorthShore Care Signs 161,585 SF Industrial Lease in Green Oaks, Illinois

by Kristin Harlow July 18, 2019

GREEN OAKS, ILL. — NorthShore Care has signed a 161,585-square-foot, full-building industrial lease in Green Oaks, about 35 northwest of Chicago. The property, located at the intersection of Rockland Road and I-94, is currently under construction and slated for completion in January 2020. Situated on 7.6 acres, the building will include a clear height of 32 feet, 33 exterior docks, two drive-in doors and parking for up to 188 cars. NorthShore Care, a provider of incontinence products, will move from its existing facility at 1200 Barclay Blvd. in Buffalo Grove upon completion of the new facility. Christopher Volkert of Colliers represented the landlord and developer, Panattoni, in the lease transaction. Whit Heitman of CBRE represented the tenant.

July 18, 2019

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