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AcquisitionsIllinoisMidwestMultifamily

Essex Brokers $15M Sale of Multifamily Building in Suburban Chicago

by Kristin Harlow

PARK RIDGE, ILL. — Essex Realty Group Inc. has brokered the sale of The Parker in Park Ridge for $15 million. The 46-unit apartment building features two-bedroom floor plans. Amenities include a fitness center, car washing area, pet run and grilling area. A joint venture between CA Residential and Orchard Development Group developed the property in 2016. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex represented the developers in the sale. Doug Imber, Kate Verde and Clay Maxfield of Essex represented the buyer, a private investor completing a 1031 tax-deferred exchange.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of 50,080 SF Warehouse in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Colliers International has arranged the sale of a 50,080-square-foot warehouse in Bartlett for an undisclosed price. Located in Brewster Creek Business Park, the property sits on 2.8 acres at 1291 Humbracht Circle. Built in 2003, the facility features a clear height of 24 feet and 66 car parking spaces. Bremskerl, a Germany-based producer of abrasives for industrial applications, occupies the facility for its North American headquarters. John D’Orazio of Colliers represented the private seller in the transaction. Cabot Properties purchased the property.

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AcquisitionsHospitalityIllinoisMidwest

Syndicated Equities, Nath Cos. Acquire Two Hotels in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — Syndicated Equities Group, in a joint venture with Nath Cos., has acquired the Hilton DoubleTree and Embassy Suites hotels in Rosemont for an undisclosed price. The separate hotels are located along River Road approximately one mile from Chicago O’Hare International Airport. The DoubleTree has 369 rooms while the Embassy Suites has 294 rooms. As part of the acquisition, new franchise agreements were secured with Hilton. Nath will serve as the manager.

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AcquisitionsIllinoisMidwestMultifamily

Essex Brokers $6.3M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Essex Realty Group Inc. has brokered the sale of The Portage Park Theater Apartments in Chicago’s Portage Park neighborhood for $6.3 million. The property, located at 4044-4060 N. Milwaukee Ave., consists of 34 apartment units. It also features four fully leased commercial spaces totaling 5,460 square feet. All of the apartments and storefronts were fully renovated in 2017. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. The buyer and seller information was not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

TLC Management Acquires 250-Unit Townhome Community in St. Charles, Illinois

by Kristin Harlow

ST. CHARLES, ILL. — TLC Management Co. has acquired Prairie Winds of St. Charles, a 250-unit townhome community in suburban Chicago. The purchase price was not disclosed. Completed in 2018, the property includes a mix of one-, two- and three-bedroom rental units averaging 1,254 square feet. Community amenities include nature trails, a pool, bark park, playground, clubhouse, billiards room and fitness center. Sean Fogarty, Marty O’Connell, Wick Kirby, Kevin Girard and Kyle Butler of HFF marketed the property on behalf of the seller, Executive Capital Corp.

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DevelopmentIllinoisMidwestMultifamily

Opus Completes 164-Unit Apartment Project in Suburban Chicago

by Kristin Harlow

ELMHURST, ILL. — The Opus Group has completed construction of The Marke of Elmhurst, a 164-unit luxury apartment project in suburban Chicago. The six-story development includes one-, two- and three-bedroom units as well as 7,600 square feet of retail space. Previously an underutilized commercial site, the property is now home to amenities such as a fitness center, yoga room, pet spa and outdoor amenity deck. Hartshorne Plunkard Architecture and ESG Architects worked with Opus. The project was a joint venture with Principal Real Estate Investors. Greystar Property Management will manage the property.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 395-Unit Self-Storage Facility in Plano, Illinois

by Kristin Harlow

PLANO, ILL. — Marcus & Millichap has brokered the sale of Store More, a 395-unit self-storage facility in Plano, about 50 miles west of Chicago. The sales price was not disclosed. The 49,500-square-foot property is located at 3980 Turner Ave., along Route 34. The nine-building facility features 17 climate-controlled units and 280 drive-up units as well as 97 boat and recreational vehicle (RV) parking spaces. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller. The team also represented the buyer.

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AcquisitionsIllinoisIndustrialMidwestRetail

Premier Commercial Realty Arranges $4.3M Sale of Industrial, Retail Portfolio in Cary, Illinois

by Kristin Harlow

CARY, ILL. — Premier Commercial Realty has arranged the $4.3 million sale of an industrial and retail portfolio in Cary. The properties include a 32,000-square-foot, multi-tenant industrial building at 615 Industrial Drive; a 36,000-square-foot, multi-tenant industrial building at 700 Industrial Drive; and a 15,000-square-foot retail property at 395 Cary Algonquin Road. All of the properties were fully leased at the time of sale. Three individual investors purchased the assets. Bruce Kaplan and Kevin Kaplan of Premier represented the sellers on all three transactions.

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AcquisitionsIllinoisMidwestOffice

Entrepreneur John Paul DeJoria Acquires Former McDonald’s Headquarters Campus in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — Entrepreneur John Paul DeJoria has purchased the former McDonald’s global headquarters campus in Oak Brook for an undisclosed price. The co-founder of the Paul Mitchell line of hair products will assume ownership of the 80-acre site, which includes the McDonald’s former office building, Hamburger University training facility and the Hyatt-branded and managed hotel, The Hyatt Lodge. McDonald’s relocated its global headquarters to downtown Chicago last summer. McDonald’s had been the sole occupant of the campus since its completion in 1988. Designed by architect Dirk Lohan, the campus is situated in a wooded setting with two lakes. The property includes a 331,630-square-foot office building and a 130,484-square-foot training facility, which is connected by a covered passageway to The Hyatt Lodge. The 218-room hotel will remain open. Scott Miller and Lindsey Fahey of JLL represented McDonald’s in the sale. Perry Higa of NAI Hiffman represented the buyer. Future plans for the site have not been disclosed.

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

How to Repurpose Suburban Chicago’s Vacant Corporate Campuses

by Kristin Harlow

More than 50 years ago, I was witness to the birth of a new building type in Chicago’s suburbs — the great sprawling corporate campus. From Motorola and McDonald’s to Ameritech and Sears, some of the most influential brands in the world started taking root in Chicago’s bucolic suburbs as they looked to consolidate business divisions under one large roof and to provide a stimulating work environment away from the hustle and bustle of the inner city. Today, many of these corporate meccas sit vacant due to the rise in telecommuting and a shift in workforce demographics. The simple version of the narrative is that instead of people chasing the jobs, firms are now chasing the talent. And for the moment, many employees prefer to live and work in the city. While some suburbs are strongly associated with the companies who previously occupied those campuses, there is another story to tell in terms of the opportunities change can bring to these properties and their surrounding communities. As the architect who designed two of these campuses, the AT&T (né Ameritech) corporate campus in Hoffman Estates in 1989 and McDonald’s global headquarters in Oak Brook starting in 1978, I have repeatedly been …

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