Illinois

Colliers Brokers Sale of 93-Unit Apartment Building in Chicago

by Kristin Harlow November 7, 2019

CHICAGO — Colliers International has brokered the sale of Jackson Throop Place in Chicago’s West Loop neighborhood for an undisclosed price. The 93-unit luxury apartment building is located on West Jackson Boulevard. Built in 2016, the property includes 18 one-bedroom units, 72 two-bedroom units and three three-bedroom units. The apartments feature hardwood floors, quartz countertops and stainless-steel appliances. Tyler Hague and Lauren Stoliar of Colliers represented the buyer, Newcastle Limited. Michigan Avenue Real Estate Partners was the seller.

November 7, 2019

Development Illinois Industrial Midwest

Conor Commercial Completes Development of Two-Building Industrial Property in Elgin, Illinois

by Kristin Harlow November 7, 2019

ELGIN, ILL. — Conor Commercial Real Estate and partner Globe Corp. have completed development of Northwest Pointe III in Elgin. The project consists of two buildings spanning a combined 349,080 square feet. The property marks Conor’s third development within the Northwest Corporate Park. The site is located 1.5 miles from the Randall Road four-way interchange, which provides access to I-90. The buildings each feature a clear height of 32 feet, 20 dock doors and two drive-in doors. McShane Construction Co. was the general contractor and Ware Malcomb was the architect.

November 7, 2019

Acquisitions Illinois Midwest Retail

JLL Brokers Sale of 18,000 SF Retail Asset Leased to Goodwill in Glenview, Illinois

by Kristin Harlow November 6, 2019

GLENVIEW, ILL. — JLL has brokered the sale of a newly constructed, 18,000-square-foot retail property that is triple net leased to Goodwill in the Chicago suburb of Glenview. The sales price was not disclosed. The building is situated on 1.7 acres at 2740 Old Willow Road. JLL marketed the property on behalf of the seller, a Chicago-based developer. Florida-based Best Properties LLC purchased the asset while completing a 1031 tax-deferred exchange. Goodwill Industrials of Southeastern Wisconsin Inc., which is the largest of the more than 165 Goodwill organizations worldwide, began store operations at the property in February with a 10-year lease.

November 6, 2019

Acquisitions Illinois Midwest Multifamily Top Stories

Golub & Co., Farpoint Acquire 1,675-Unit Prairie Shores Workforce Housing Community in Chicago

by Kristin Harlow November 6, 2019

CHICAGO — Chicago-based real estate development firms Golub & Co. and Farpoint Development have acquired Prairie Shores, a large-scale workforce housing apartment community in Chicago’s Bronzeville neighborhood. The purchase price was not disclosed, but Crain’s Chicago Business reported earlier this year that the buyers were slated to pay $180 million for the property. The Goldman Sachs Urban Investment Group was the largest equity investor in the acquisition. The 20-acre Prairie Shores campus, located between 26th and 31st streets on Martin Luther King Drive, includes five 19-story buildings totaling 1,675 units. Originally developed between 1957 and 1961, the buildings include several fitness centers and resident lounges. “Prairie Shores has been a mainstay in the Bronzeville neighborhood since the late 1950s, and we plan to build on its solid reputation while continuing to serve the hard-working families and individuals who currently live there,” says Michael Newman, principal, president and CEO of Golub. The community is part of a Near South Side section of the city that is flourishing from new development and destinations such as the Wintrust Arena, Historic Motor Row and McCormick Place, according to the buyers. Collin McKenna and Michael Goldman of Golub and Rami Peltz and Eric Helfand of …

November 6, 2019

Features Illinois Midwest Office

CBRE: Chicago Remains Most Green U.S. Office Market

by John Nelson November 5, 2019

LOS ANGELES — Chicago’s office market maintains its top status in the 2019 edition of CBRE’s Green Building Adoption Index, an annual report that measures the energy sustainability of the top 30 office markets in the United States. The index (GBAI) reviews the various office markets’ adoption of two green building certifications — the EPA’s Energy Star rating and the U.S. Green Building Council’s LEED certification. The GBAI is tracked in terms of both square footage and number of buildings. More than 167 million square feet of Chicago’s office space is certified green, or approximately 71.1 percent of the metro’s total office inventory (235 rentable million square feet). Coming in behind the City of Broad Shoulders is San Francisco (67.5 percent), Atlanta (59.3 percent), Minneapolis/St. Paul (57.1 percent) and Los Angeles (56.6 percent). Chicago is a growing and thriving office market. Tech firms such as Uber, Amazon and LinkedIn, as well as coworking concepts Spaces, Industrious and WeWork, have all taken down large swaths of office space in the metro area. According to third-quarter data from CBRE Research, more than 5 million square feet of office space is under construction in metro Chicago. “Going green is one key to any …

November 5, 2019

Acquisitions Illinois Industrial Midwest

Westmount Realty Capital, Stockbridge Acquire 1.7 MSF Industrial Portfolio in Chicagoland

by Kristin Harlow November 4, 2019

CHICAGO — Westmount Realty Capital and Stockbridge have partnered to acquire a 1.7 million-square-foot light industrial portfolio in metro Chicago. Stockbridge acquired the portfolio on behalf of the firm’s Value Fund III. The portfolio includes 38 buildings in submarkets such as O’Hare, Lake County and Elgin. The mix of properties are 95 percent leased to more than 280 tenants. The buildings were constructed between the 1970s and 2000s. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group arranged a nonrecourse acquisition loan with a national bank. Loan terms were undisclosed.

November 4, 2019

Acquisitions Illinois Industrial Midwest

NAI Hiffman Arranges Sale of 254,425 SF Industrial Building in Bridgeview, Illinois

by Kristin Harlow November 4, 2019

BRIDGEVIEW, ILL. — NAI Hiffman has arranged the sale of a 254,425-square-foot industrial building in Bridgeview, about 16 miles from Chicago’s Loop. The sales price was not disclosed. Located at 7557-7575 S. 78th Ave., the property includes 37 exterior loading docks, one drive-in door, 113 trailer positions and a clear height of 20 feet. It was built in 1970. Lawrence Much, Steve Connolly and Drew Bulson of NAI Hiffman marketed the property on behalf of the seller, Heller Industrial Parks. The team also procured the buyer, TradeLane Properties, an Oak Brook-based private investment group. The new owner intends to immediately begin extensive renovations to modernize the building.

November 4, 2019

Illinois Industrial Leasing Activity Midwest

Target Corp. Leases 1.2 MSF Industrial Center in Joliet, Illinois

by Kristin Harlow November 1, 2019

JOLIET, ILL. — Target Corp. has leased the entire 1.2 million-square-foot Rock Creek Logistics Center in Joliet, a southwestern suburb of Chicago. The Minneapolis-based retailer expects to fully occupy the building this month. Located at 3300 Channahon Road, the facility features a clear height of 36 feet, 350 trailer positions, four drive-in doors, 92 exterior dock doors and more than 400 car parking stalls. The building is less than one mile from I-80 and will provide easy access to the interstate via the Houbolt Road interchange. Traci Payette and Paige Rickert of CBRE represented Target in the lease transaction. Steve Connolly and Eric Tresslar of NAI Hiffman represented the landlord, The Opus Group. Opus served as the developer, design-builder, architect and structural engineer of record. The project was a joint venture partnership with AEW Capital Management LP.

November 1, 2019

Development Illinois Midwest Multifamily Seniors Housing

Smith Senior Living Begins $22.3M Expansion at CCRC in Chicago

by Kristin Harlow October 31, 2019

CHICAGO — Smith Senior Living has broken ground on an expansion project at Smith Village, a continuing care retirement community in Chicago’s Beverly neighborhood. The project will modernize the community’s Johanson Wing, which offers short-term rehabilitation, skilled nursing care and therapy rooms. The expansion will feature a three-story, 10,204-square-foot structure upon completion. Construction will actually reduce the number of licensed beds in Johanson Wing from 100 to 78, as most double-occupancy rooms will be replaced by private suites. Development costs for the project are estimated at $22.3 million.

October 31, 2019

Development Illinois Midwest Office

Thor Equities, QuadReal Break Ground on 450,000 SF Office Tower in Chicago’s Fulton Market

by Kristin Harlow October 30, 2019

CHICAGO — Thor Equities and QuadReal have broken ground on 800 W. Fulton, a 19-story, 450,000-square-foot office tower in Chicago’s Fulton Market district. The project will be situated at the southeast entrance to the historic neighborhood and occupy a full city block. The property, which features a stepped terrace design, will also include retail space and public amenities. The developers have yet to announce any tenants. Completion is slated for spring 2021. Skidmore, Owings & Merrill is the architect and Cushman & Wakefield will market the property for lease. A groundbreaking ceremony took place on Tuesday, Oct. 29.

October 30, 2019

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