Illinois

NexGen Hotels to Develop 107-Room Home2 Suites by Hilton Near O’Hare International Airport

by Amy Works August 19, 2020

DES PLAINES, ILL. — NexGen Hotels, serving as general contractor and developer, has unveiled plans for a $16 million Home2 Suites by Hilton, with a scheduled groundbreaking in April 2021. The 63,000-square-foot hotel will be located at 1700 S. Higgins Road in Des Plaines, approximately four miles from O’Hare International Airport. Slated for completion in summer 2022, the five-story hotel will feature 107 suites with fully equipped kitchens, designed for both short-term and extended-stay guests. The property will include outdoor lounge and patio areas, an indoor saltwater pool and Spin2 Cycle, a combination fitness and laundry facility. Alpharetta, Ga.-based Origination Design is serving as architect and St. Louis-based Genuine Hospitality Group will manage the hotel. The hotel is NexGen’s first Home2 Suites by Hilton-branded property.

August 19, 2020

Development Illinois Midwest Multifamily Office

Optima Signature Luxury Apartment Tower in Chicago Converts Office Suites to Student E-Learning Space

by Amy Works August 19, 2020

CHICAGO — Optima Signature, a luxury office tower in Chicago, is now offering its on-site office suites as e-learning spaces for residents and non-residents alike. Designed by David Hovey Sr. and completed in 2017, Optima Signature is a 490-unit Class A residential tower located at 220 E. Illinois St. Located on the 57-story building’s second and seventh floors, the study suites are furnished with five to seven workstations, a mini-fridge, built-in cabinetry and window treatments, Wi-Fi access, professional cleaning and a curated selected of building amenities, including outdoor lounge areas. The suites are available for rent, ranging from $1,800 to $2,400 per month.

August 19, 2020

Acquisitions Illinois Midwest Multifamily

TLC Management Acquires Ravenswood Terrace Apartments on Chicago’s North Side for $46M

by Amy Works August 18, 2020

CHICAGO — TLC Management has purchased Ravenswood Terrace Apartments, a multifamily property located at 1801 W. Argyle St. on Chicago’s North Side, for $46 million. Built in 2014 by Chicago-based Belgravia Group, the 150-unit property was recapitalized in 2016 when Washington, D.C.-based The Carlyle Group acquired a majority interest in the asset. The community features a clubhouse, fitness center, rooftop deck, community garden and courtyards. The property is 7.5 miles north of downtown Chicago and approximately 2.5 miles north of Wrigley Field. Bill Baumann of Monarch Realty Partners represented the buyer in the deal, which represents the highest value multifamily transaction in the Ravenswood neighborhood, according to CoStar.

August 18, 2020

Development Illinois Midwest Retail

Design Construction Concepts Underway on Brightmont Academy Buildout in Northfield, Illinois

by Kristin Harlow August 17, 2020

NORTHFIELD, ILL. — Design Construction Concepts, a subsidiary of Mosaic Construction, has begun building out a new location for Brightmont Academy in Northfield, about 20 miles north of Chicago. The project will be located within a former showroom at 1799 Willow Road and adjacent to a Starbucks. The 3,500-square-foot buildout will retain many of the existing ceiling features and wall treatments. OKW Architects is designing the space to meet the needs of Brightmont’s educational model, which pairs one student with one teacher.

August 17, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $2.7M Sale of Retail Property in Chicago

by Kristin Harlow August 17, 2020

CHICAGO — Marcus & Millichap has brokered the sale of Galewood Plaza in Chicago for $2.7 million. The 14,071-square-foot retail property is located at 6600 W. North Ave. It was fully leased at the time of sale to tenants such as Jackson Hewitt, CD One Price Cleaners and Cricket Wireless. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. The buyer was undisclosed.

August 17, 2020

Development Illinois Midwest Office

J.C. Anderson Renovates 53,111 SF Office for ReaderLink in Oak Brook, Illinois

by Kristin Harlow August 14, 2020

OAK BROOK, ILL. — J.C. Anderson has completed office renovations totaling 53,111 square feet for ReaderLink at The Crossings in Oak Brook. J.C. Anderson added private offices, open office cubicles, coffee stations, private restrooms, conference rooms and a meeting space. The work was completed in phases. ReaderLink distributes hardcover, trade and paperback books to booksellers in North America. Ware Malcomb served as architect. JLL oversaw construction management. The office is located at 1420 Kensington Road.

August 14, 2020

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 125,000 SF Industrial Building in Mokena, Illinois

by Kristin Harlow August 13, 2020

MOKENA, ILL. — Avison Young has negotiated the sale of a 125,000-square-foot industrial building in Mokena, about 35 miles southwest of Chicago. Located at 9000 W. 192nd St., the facility serves as a Midwest distribution center for Dunkin’. The seller, DCP Real Estate Group LLC, is a supply chain management company serving the franchisees of Dunkin’. Exeter Property Group was the buyer. Erik Foster and Mike Wilson of Avison Young represented the seller in a partial sale-leaseback of the facility. The duo worked in conjunction with Chris Lydon and Brian Pomorski of Avison Young.

August 13, 2020

Development Illinois Midwest Office

Skender Completes Interior Construction of American Library Association Headquarters in Chicago

by Kristin Harlow August 13, 2020

CHICAGO — Skender has completed interior construction of the 55,000-square-foot headquarters for the American Library Association in Chicago. Located on a single floor at 225 N. Michigan Ave., the office features a mix of private and open workspaces, meeting and focus spaces, podcasting and video conferencing rooms and a library. Skender collaborated with architect Nelson Worldwide, engineer Environmental Systems Design and owner’s representative Cushman & Wakefield.

August 13, 2020

Acquisitions Illinois Midwest Office Top Stories

SHVO, Deutsche Finance Acquire Iconic ‘Big Red’ Office Tower in Chicago for $376M

by Alex Tostado August 13, 2020

CHICAGO — A joint venture between SHVO and Deutsche Finance Bank has acquired the CNA Center, more commonly known as “Big Red” due to the bold color of the 45-story office tower, for $376 million. The 1.2 million-square-foot property is situated at 333 S. Wabash Ave. in Chicago’s East Loop district. At the time of sale, the property was leased to CNA Insurance, financial services company Northern Trust and the Chicago Housing Authority. Graham, Anderson, Probst & White originally designed the tower in 1973, and it underwent renovations in 2019. Amenities include a new food hall open to the public, a fitness center and childcare facilities. “Big Red is among the most recognizable towers in the Windy City’s skyline — the birthplace of the skyscraper and home to so much rich architectural history,” says Michael Shvo, chairman and CEO of SHVO. “We’re proud to now be a part of that Chicago tradition with this addition to our national portfolio of super-prime core properties. We look forward to not just maintaining Big Red’s stature but elevating it in the years to come.” The joint venture entered into a contract agreement with the sellers, Morgan Stanley and The Morgon Cos., in the …

August 13, 2020

Acquisitions Illinois Industrial Midwest

Colliers Brokers $98M Sale of 1.3 MSF Industrial Development in Romeoville, Illinois

by Kristin Harlow August 11, 2020

ROMEOVILLE, ILL. — Colliers International has brokered the sale of Interchange 55 Logistics Park in Romeoville for $98 million. Located near I-55, the two-building industrial development spans 1.3 million square feet. Completed in late 2019, the project was 30 percent occupied at the time of sale. Both buildings feature clear heights of 36 feet. Jeff Devine and Steve Disse of Colliers International represented the seller, Macquarie Real Estate. Prologis purchased the asset.

August 11, 2020

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