Illinois

Fifield to Break Ground on 188-Unit Transit-Oriented Development in Chicago’s River West

by Kristin Harlow July 12, 2019

CHICAGO — Developer Fifield Cos. will break ground on 740 Aberdeen on Tuesday, July 16. The 11-story, transit-oriented development will offer 188 luxury apartment units in Chicago’s River West neighborhood. The project is scheduled to open in fall 2020. The building will be located less than a block from the CTA Chicago Blue Line station and includes a public park designed by Hitchcock Design Group. Units will range from 540 to 1,513 square feet. Amenities will include a party room, coffee bar, coworking space, fitness center, bike storage, sun terrace, pool and grilling stations. Plans also call for an 80-space parking garage and 2,400 square feet of ground-floor retail space. FitzGerald Associates Architects is the project architect with interiors designed by Morgante Wilson Associates. McHugh Construction is the general contractor.

July 12, 2019

Illinois Leasing Activity Midwest Office

Accenture Expands Office Lease in Chicago, Becomes Namesake Tenant

by Kristin Harlow July 11, 2019

CHICAGO — Accenture, the giant global business and information technology consulting services firm, has expanded its lease at 500 West Madison in Chicago by 152,454 square feet. In conjunction with the lease, the building will be rebranded as Accenture Tower. The company now occupies a total of 226,486 square feet at the 40-story office tower, which is owned by KBS Real Estate Investment Trust III. The first two levels of the property comprise 80,000 square feet of retail space. KBS intends to reposition the lobby and amenity areas to reflect the new partnership with Accenture. The building was constructed in 1987 and renovated in 2015 to include a fitness center and tenant lounge. Kyle Kamin, Todd Lippman and Michael Dash of CBRE represented Accenture in the lease transaction. Wendy Katz and Matt Lerner of Cushman & Wakefield represented KBS. Accenture employs 482,000 people serving clients in more than 120 countries.

July 11, 2019

Acquisitions Illinois Midwest Office

NKF Arranges Sale of Three-Property Office Portfolio in Chicago’s Fulton Market

by Kristin Harlow July 11, 2019

CHICAGO — Newmark Knight Frank (NKF) has arranged the sale of a three-property office portfolio in Chicago’s Fulton Market District. Totaling 77,155 square feet, the portfolio comprises 939 W. Fulton St., 936 W. Fulton St. and 312 N. Carpenter St. Major tenants include Vital Proteins and iCrossing. Andy Gallas and Gino Tabbi of NKF represented the seller, a joint venture between Madison Capital and ASB Real Estate Investments. NKF also represented the joint venture when it originally purchased the portfolio in 2015. At that time, the buildings were utilized as meatpacking facilities.

July 11, 2019

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 117,472 SF Industrial Building in Suburban Chicago

by Kristin Harlow July 11, 2019

BATAVIA, ILL. — Avison Young has negotiated the sale of a 117,472-square-foot industrial building in Batavia for an undisclosed price. The property is located at 1020 Olympic Drive in Chicago’s Fox Valley submarket. The Class B building was constructed in 1977 and expanded in 1983. The property, situated on a seven-acre site, features clear heights ranging from 24 to 28 feet as well as three rail doors that enable connection to the nearby Burlington Northern Santa Fe rail spur. Tom Curtis and John Moysey of Avison Young represented the seller, a national manufacturing company, which used the facility as a single-tenant building for many years. The building was vacant at the time of sale. Midwest Industrial Funds purchased the asset and has retained Avison Young to market the repositioned property, which will undergo major renovations, including a new roof, installation of modern HVAC systems and an office renovation.

July 11, 2019

Acquisitions Illinois Midwest Retail

Matanky Brokers Sale of 102,647 SF Shopping Center in Federal Opportunity Zone in Park Forest, Illinois

by Kristin Harlow July 10, 2019

PARK FOREST, ILL. — Matanky Realty Group has brokered the sale of a 102,647-square-foot shopping center located at 80-138 S. Orchard Drive in Park Forest, south of Chicago. Freedom Development Group purchased the three-building property for an undisclosed price. The Family Dollar-anchored center includes a grocery store and auto repair center. The buyer was attracted to the site due to its location within a federal Opportunity Zone, according to Matanky. Terri Cox and Don Wagener of Matanky brokered the transaction.

July 10, 2019

Affordable Housing Illinois Loans Midwest Multifamily

Greystone Provides $70.4M in Fannie Mae Financing for Affordable Housing Property in Chicago

by Kristin Harlow July 9, 2019

CHICAGO — Greystone has provided $70.4 million in permanent financing through Fannie Mae for Morningside North Apartments in Chicago. Under a 20-year Section 8 Housing Assistance Payments (HAP) contract, all of the units at the 256-unit community are reserved for very-low income families making up to 60 percent of the area median income. The Fannie Mae refinancing has a 17-year term. Financed under the Fannie Mae MBS (Mortgage-Backed Securities) as Tax-Exempt Bond program, the borrower received tax-exempt financing from the Illinois Housing Development Authority in the form of long-term bonds. Additionally, Aegon is providing $30.5 million in tax credit equity that will be utilized for planned renovations. The transaction qualifies for the Fannie Mae Green Rewards Program, as the borrower plans to reduce water usage by 30 percent and energy use by greater than 15 percent. Built in 1981, Morningside North Apartments is an 18-story community made of primarily one-bedroom units. Amenities include a library, clubroom, community room, laundry room and storage space.

July 9, 2019

Illinois Midwest Retail

Old Second Bank Awards NAI Hiffman Property Management of All Chicagoland Bank Branches

by Kristin Harlow July 9, 2019

CHICAGO — Old Second Bank has awarded NAI Hiffman the management of 28 branches spanning 18 suburbs and the city of Chicago. Old Second Bank is a full-service banking business that provides customary consumer and commercial banking products. Its flagship bank, Old Second National Bank, was founded in 1871. The parent entity, Old Second Bancorp Holding Co., was founded in 1982 and is headquartered in Aurora, Ill.

July 9, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.8M Sale of Retail Center in Willowbrook, Illinois

by Kristin Harlow July 5, 2019

WILLOWBROOK, ILL. — Marcus & Millichap has brokered the $5.8 million sale of Willow Commons in Willowbrook, about 25 miles southwest of Chicago. The 58,497-square-foot retail center is situated on 75th Street. At the time of sale, the property was 98 percent leased to a mix of tenants, a majority of which have occupied space at the shopping center for more than 15 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer.

July 5, 2019

Illinois Loans Midwest Multifamily

NorthMarq Arranges $5.6M Loan for Acquisition of Apartment Building in Chicago

by Kristin Harlow July 5, 2019

CHICAGO — NorthMarq has arranged a $5.6 million loan for the acquisition of 607 West Oakdale, an 18-unit apartment building in Chicago. The property also features street-level commercial space. Jeff Frankel of NorthMarq arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan.

July 5, 2019

Development Illinois Industrial Midwest

Conor Commercial Completes Development of 265,550 SF Spec Industrial Facility in Winfield, Illinois

by Kristin Harlow July 3, 2019

WINFIELD, ILL. — Conor Commercial Real Estate has completed development of the North Avenue Commerce Center in Winfield, about 35 miles west of Chicago. The 265,550-square-foot, Class A industrial facility is the largest commercial development in Winfield’s history, according to Conor. The speculative project sits on 17 acres and features a clear height of 32 feet, 56 exterior docks, four drive-in doors, 12 trailer parking stalls and 228 vehicle parking stalls. McShane Construction Co. served as general contractor and Ware Malcomb provided architectural services.

July 3, 2019

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