Illinois

Meridian Breaks Ground on 84,000 SF Meat Processing Facility in Chicago

by Kristin Harlow April 11, 2019

CHICAGO — Meridian Design Build has broken ground on an 84,000-square-foot USDA meat processing plant for Amylu Foods in Chicago’s Stockyards Industrial Park. The new sausage processing facility will include 56,000 square feet of production and cold-storage space and a freezer. The property will also include 16,500 square feet of corporate office space, including separate raw and cooked facilities, test kitchens and a laboratory. An expandable ammonia refrigeration plant will accommodate plant cooling and production loads. Harris Architects and Kimley-Horn make up the project team.

April 11, 2019

Development Illinois Midwest Retail

Woodmont Co. to Develop 15,000 SF Retail Center in Grayslake, Illinois

by Kristin Harlow April 11, 2019

GRAYSLAKE, ILL. — The Woodmont Company has unveiled plans to develop a 15,000-square-foot retail center in Grayslake, about 50 miles north of downtown Chicago. Known as Washington & Barron Commons, the four-building property will be situated at the corner of Washington Street and Barron Boulevard. Construction on Phase I is expected to begin this summer. Phase I will include a 9,000-square-foot building for Kiddie Academy and a 4,500-square-foot single-tenant building. Phase II will include an 8,000-square-foot multi-tenant building as well as a 3,000-square-foot single-tenant building. Grant Gary and Robert Snider of Woodmont will market the property for lease.

April 11, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $1.9M Sale of Bank Ground Lease in Des Plaines, Illinois

by Kristin Harlow April 10, 2019

DES PLAINES, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Fifth Third Bank ground lease in Des Plaines. The 4,224-square-foot building is located at 510 Metropolitan Way. Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller. An outside broker represented the out-of-state, 1031 exchange buyer.

April 10, 2019

Illinois Industrial Leasing Activity Midwest

Old World Industries Signs 354,400 SF Industrial Lease in Bolingbrook, Illinois

by Kristin Harlow April 9, 2019

BOLINGBROOK, ILL. — Old World Industries has signed a 354,400-square-foot industrial lease to fully occupy Crossroads Parkway 605 in Bolingbrook. Duke Realty owns the building, which is located at 605 West Crossroads Parkway. Old World Industries is an automotive and chemical company. Britt Casey of Cushman & Wakefield represented the tenant in the lease transaction. Jeff Fischer and John Whitehead of NAI Hiffman represented Duke.

April 9, 2019

Illinois Industrial Midwest Multifamily

Decennial Group Launches Targeted $1B Opportunity Zones Fund

by Kristin Harlow April 5, 2019

CHICAGO — Farpoint Development, Clayco and CRG have launched Decennial Group, a national Opportunity Zones (OZ) real estate and energy investment and development fund based in Chicago. The joint venture is targeting investment of $1 billion in development projects and is designed to leverage the OZ tax incentives created through the 2017 tax reform legislation. A formal fundraising campaign will be announced soon. The OZ marketplace is generating interest around the country for its potential to positively transform economically distressed communities. Decennial Group derived its name from its 10-year approach to investment and development, which positions neighborhoods for transformative, long-term and inclusive growth. The platform focuses on commercial, industrial, multifamily and energy projects located in OZs throughout America’s heartland. A differentiator from other OZ funds is Decennial’s renewable energy strategy, led by David Pavlik of 11 Million Acres, which has structured over $2 billion in renewable energy and infrastructure projects. Decennial includes Scott Goodman of Farpoint, Bob Clark of Clayco and Shawn Clark of CRG, Clayco’s real estate development and investment company. Steve Glickman of Develop LLC will serve as senior advisor to the management team. Decennial’s team also includes Dan Gilman, a private equity veteran who heads investments for …

April 5, 2019

Illinois Leasing Activity Midwest Retail

Tide Cleaners to Open Seventh Chicagoland Location

by Kristin Harlow April 5, 2019

LIBERTYVILLE, ILL. — Tide Cleaners will open its seventh Chicagoland location at Red Top Plaza in Libertyville. The property is situated at the southeast corner of Milwaukee Avenue and Red Top Drive. Allen Joffe of Baum Realty Group represented Tide in the lease transaction with the landlord, IRC. Tide offers 24-hour drop-off and pickup and has more than 128 locations nationwide.

April 5, 2019

Illinois Loans Midwest Multifamily Seniors Housing

Love Funding Provides $4.7M Refinancing for Age-Restricted Community in Bartlett, Illinois

by Kristin Harlow April 5, 2019

BARTLETT, ILL. — Love Funding has provided a $4.7 million HUD loan for the refinancing of Victory Centre of Bartlett Senior Apartments. Built in 2007, the 104-unit property is dedicated to residents 55 and older. Amenities include a library, dining area, clinic, salon and fitness center. Ken Charbauski of Love Funding secured the loan through HUD’s 223(f) loan insurance program. The nonrecourse loan will be used to pay off the existing loan and fund some minor repairs to the property.

April 5, 2019

Illinois Loans Midwest Multifamily

ASC Arranges $5.3M Bridge Loan for Multifamily Complex in Oak Forest, Illinois

by Kristin Harlow April 4, 2019

OAK FOREST, ILL. — American Street Capital (ASC) has arranged a $5.3 million bridge loan for a 72-unit multifamily complex in Oak Forest, about 24 miles south of Chicago. The garden-style property is comprised of two buildings and 98 parking spaces situated on 2.1 acres. Floor plans average 850 square feet. Igor Zhizhin of ASC arranged the 12-month, nonrecourse loan with an agency lender.

April 4, 2019

Illinois Leasing Activity Midwest Office

Ulta Beauty Expands Headquarters in Bolingbrook, Illinois

by Kristin Harlow April 3, 2019

BOLINGBROOK, ILL. — Ulta Beauty has expanded its corporate headquarters in Bolingbrook by 70,720 square feet. The company now leases nearly 379,000 square feet at Tallgrass Corporate Center, which is a 533,365-square-foot Class A office building. Middleton Partners, the landlord, is adding a new tenant lounge in the building. Existing amenities include a fitness center, conference center, cafeteria and outdoor walking path. Ulta Beauty has maintained its headquarters at Tallgrass Corporate Center since 2008. Francis Prock, Dave Florent and Brent Jacob of Colliers International represented Middleton Partners in the lease expansion.

April 3, 2019

Development Illinois Midwest Multifamily

Hines, McCaffery Interests Open 538-Unit Apartment Property in Chicago

by Kristin Harlow April 2, 2019

CHICAGO — Hines and McCaffery Interests have opened The Apartments at Lincoln Common, a 538-unit apartment property on Lincoln Avenue in Chicago. Skidmore, Owings and Merrill and Antunovich Associates designed the two-tower property, which features one-, two- and three-bedroom units as well as penthouses. Amenities include a coworking lounge, game room, clubroom, fitness center, yoga studio, 20th-floor rooftop lounges and concierge services. Monthly rents start at $1,814 for studios.

April 2, 2019

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