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IllinoisLoansMidwestOffice

Cohen Financial Secures $22M Acquisition Loan for Loft Office Building in Chicago

by Kristin Harlow

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $22 million loan for the acquisition of Lacuna Lofts in Chicago’s Pilsen neighborhood. The 220,000-square-foot property includes office, retail and event space. The loft building once served as a macaroni factory. Michael Hart and Ryan Morris of Cohen arranged the bridge loan, which provides capital for enhancing the base building, tenant improvements and expanding the event space. The borrower was a partnership between Ameritus and JBG Property. John Scuras of Jameson Commercial represented the seller.

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AcquisitionsIllinoisMidwestOffice

Fairbridge Properties Buys Class A Office Building in Suburban Chicago for $42.8M

by Kristin Harlow

OAK BROOK, ILL. — Fairbridge Properties has acquired Oak Brook Gateway in suburban Chicago for $42.8 million. The eight-story, 233,166-square-foot office building is located at 1111 W. 22nd St. The Class A property is 93 percent occupied. Tenants include Lewis University, U.S. Census Bureau, Oxford Bank and Aerotek. Designed by Holabird & Root and developed by New York Life Insurance Co. in 1984, Oak Brook Gateway includes a conference center, fitness center, full-service café, outdoor patio and covered parking. Brent Jacob of Colliers International handles leasing for the property.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 9,586 SF Industrial Building in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — Entre Commercial Realty LLC has brokered the sale of a 9,586-square-foot industrial building in Alsip, a southern suburb of Chicago. The sales price was not disclosed. The property is located at 5901 W. 115th St. AA Restoration, a masonry restoration services company, purchased the facility and will relocate from a smaller building in Alsip. Jeffrey Locascio of Entre represented both the buyer and the seller, Granite Place.

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DevelopmentIllinoisMidwestOffice

McShane Completes Construction of 150,000 SF Office Building in Chicago

by Kristin Harlow

CHICAGO — McShane Construction Co. has completed the O’Hare Office Building in Chicago on behalf of developer GlenStar Properties. The 150,000-square-foot building sits on a 3.5-acre site near the Chicago O’Hare International Airport. The first three floors and part of the fourth encompass structured parking. Floors five through eight feature open-office areas. The total parking count is 628 spaces. Wright Heerema Architects designed the property.

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IllinoisIndustrialLoansMidwest

Associated Bank Provides $19.1M Construction Financing for Illinois Distribution Facilities

by Kristin Harlow

BARTLETT, ILL. — Associated Bank has provided a $19.1 million loan to developer Logistics Property Co. LLC for the construction of additional facilities at Brewster Creek Logistics Park in Bartlett. Plans call for the development of two Class A distribution facilities totaling 414,000 square feet. The properties will be located on the northeast corner of Stearns and Munger roads at the entrance to the 670-acre park. Formerly a gravel quarry, the village of Bartlett worked with Elmhurst-Chicago Stone Co. in 1999 to redevelop the site into a business park. Andy Roberts of Associated Bank handled the loan arrangements and closing.

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DevelopmentIllinoisIndustrialMidwest

FCL Breaks Ground on 150,838 SF Spec Industrial Building in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — FCL Builders has broken ground on a 150,838-square-foot speculative industrial building located at 1850 Fabyan Parkway in Batavia, a western suburb of Chicago. KRC Holdings LLC is the developer. Construction is expected to be completed before the second quarter of 2020. Kate Foxworth of Morken & Associates will market the property for lease.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges Sale, Financing of Retail Center in Illinois

by Kristin Harlow

GURNEE, ILL. — Marcus & Millichap has arranged the $10.8 million sale of a 15,577-square-foot retail center in Gurnee. Located at 6440 Grand Ave., about 40 miles north of downtown Chicago, the center was fully leased at the time of sale. Tenants include Panera Bread, Mission BBQ and Comcast. The property serves as an out parcel to Gurnee Mills Mall. Austin Weisenbeck and Sean Sharko Marcus & Millichap represented the undisclosed seller in the transaction. Robert Bhat of Marcus & Millichap arranged $6.9 million in acquisition financing for the undisclosed buyer. The nonrecourse loan offers a 65 percent loan-to-value ratio with a fixed rate of 4.64 percent and 10 years of interest-only payments.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Logistics Property Co. Acquires Infill Site in DuPage County, Plans 274,855 SF Industrial Development

by Kristin Harlow

ADDISON, ILL. — Logistics Property Co. (LPC) has acquired a 15-acre infill site in Addison within DuPage County. LPC plans to develop two industrial facilities totaling 274,855 square feet. Known as Swift & Lake, the site is situated on the southeast corner of Swift Road and Lake Street. Construction will commence immediately with delivery slated for the second quarter of 2020. Doug Pilcher of Cushman & Wakefield will market the properties for lease.

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DevelopmentIllinoisIndustrialMidwest

Meridian Design Build Breaks Ground on 358,879 SF Spec Industrial Building in Chicago

by Kristin Harlow

CHICAGO — Meridian Design Build has broken ground on a 358,879-square-foot speculative industrial building on behalf of NorthPoint Development in Chicago. The new facility will be situated on a 31.1-acre site at 12144 S. Ave. O on the city’s southeast side. Plans call for a clear height of 36 feet, four drive-in doors, 257 auto parking stalls, 106 trailer parking stalls and up to 92 loading docks. The project will be the first building in NorthPoint’s 200-acre Avenue O Industrial Park, a 2.3 million-square-foot master-planned development. The site was previously home to the Republic Steel mill. The project team includes StudioNorth Architecture and Jacob & Hefner Associates.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $4.9M Sale of Retail Property in Woodstock, Illinois

by Kristin Harlow

WOODSTOCK, ILL. — Marcus & Millichap has brokered the sale of a 10,336-square-foot, newly constructed retail property in Woodstock in northern Illinois for $4.9 million. Starbucks and Aspen Dental anchor the building. All of the tenants operate on a net-lease basis. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A local buyer completing a 1031 tax-deferred exchange purchased the asset.

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