Illinois

NewMark Merrill Acquires 159,785 SF Shopping Center in Chicago for $17.3M

by Kristin Harlow September 30, 2019

CHICAGO — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. represented the institutional seller. Sandy Sigal and Jim Patton of NewMark Merrill negotiated the purchase on behalf of NewMark Merrill. Kostas Kavayiotidis of Pacific Southwest Realty arranged acquisition financing with John Hancock Life Insurance. Jeffery Packard, Tom Treacy and Chris Bingham of John Hancock originated the financing.

September 30, 2019

Acquisitions Illinois Midwest Multifamily

JVM Purchases 146-Unit, Townhouse-Style Apartment Property in North Aurora, Illinois

by Kristin Harlow September 30, 2019

NORTH AURORA, ILL. — JVM Realty Corp. has purchased Randall Highlands in North Aurora for an undisclosed price. JVM Management Inc. will manage the community. Built in 2013, the property is comprised of 146 rental townhome units. Amenities include a pool, clubhouse, business center, playground and fitness center. The seller was not disclosed. JVM owns and operates three other rental communities in the Chicago metro area and is set to close on the acquisition of a fifth property in the market later this year.

September 30, 2019

Illinois Leasing Activity Michigan Midwest Missouri Retail

Metro Commercial Brokers New Midwest Locations for Edge Fitness Clubs

by Kristin Harlow September 30, 2019

ILLINOIS, MICHIGAN AND MISSOURI — Metro Commercial Real Estate has brokered several leases on behalf of The Edge Fitness Clubs for new locations across the Midwest. The properties include: Windmill Plaza in in Sterling Heights, Mich.; West River Centre in Farmington Hills, Mich.; an unnamed center at Avon and Rochester roads in Westland, Mich.; Cave Springs in St. Peters, Mo.; Mackenzie Point in Shrewsbury, Mo.; and Westridge Court in Naperville, Ill. There are also three new locations in Pennsylvania. The fitness centers are all expected to open later this year or in 2020. Brandon Anapol and Scott Benson of Metro led the leasing team. With these new leases, Metro has brokered 16 locations totaling approximately 640,000 square feet for Connecticut-based Edge over the last 12 months. Edge currently operates 25 locations across Connecticut, Delaware, Pennsylvania and New Jersey.

September 30, 2019

Development Illinois Industrial Midwest

Premier Design + Build Breaks Ground on Two-Building Industrial Project in Wood Dale, Illinois

by Kristin Harlow September 27, 2019

WOOD DALE, ILL. — Premier Design + Build Group has broken ground on a two-building industrial development in Wood Dale. Bridge Development Partners is the developer and the facility will be known as Bridge Point Wood Dale. The first building will serve as a 100,738-square-foot build-to-suit for Forward Space LLC, a provider of office furniture and workplace solutions. The second building will be a 241,888-square-foot speculative warehouse. Completion of both buildings is slated for spring 2020. Cornerstone Architects Ltd., Swift Structural Design LLC and Manhard Consulting make up the project team.

September 27, 2019

Illinois Loans Midwest Retail

JLL Secures $9.4M Refinancing for Chicago Recreational Facility

by Kristin Harlow September 27, 2019

CHICAGO — JLL has secured a $9.4 million loan for the refinancing of The Armoury, a 46,040-square-foot industrial facility repurposed as an entertainment trampoline park and athletic training facility in Chicago. The property is fully leased to Altitude Trampoline Park and Performance Training Systems. Christopher Carroll, Jason Bond and Lucas Borges of JLL arranged the fixed-rate loan with a financial holding company. A partnership between Clear Height Properties and Diamond Realty Holdings was the borrower.

September 27, 2019

Acquisitions Illinois Midwest Retail

Quantum Brokers Sale of Studio Movie Grill-Occupied Property in Chicago

by Kristin Harlow September 27, 2019

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant building net leased to Studio Movie Grill in Chicago for an undisclosed price. The property is located at 210 W. 87th St. Studio Movie Grill has 14 screens as well as a full bar and restaurant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Michigan-based private real estate investor.

September 27, 2019

Development Hospitality Illinois Midwest

Hyatt Launches New Hotel Brand Called Caption

by Kristin Harlow September 26, 2019

CHICAGO — Hyatt Hotels Corp. has launched a new brand within the select-service category called Caption. The brand is designed with communal spaces in mind. Union Square Hospitality Group consulted on the design of a food and beverage concept, which will include a café, market and bar. Guest rooms will average around 270 square feet. “We intend for the Caption by Hyatt brand to be a global growth driver domestically and internationally in dense urban markets, emerging neighborhoods and high foot-traffic areas,” says Jim Chu, global head of development for Hyatt.

September 26, 2019

Illinois Loans Midwest Multifamily

American Street Capital Arranges $9.6M Refinancing for Multifamily Portfolio in Oak Forest, Illinois

by Kristin Harlow September 26, 2019

OAK FOREST, ILL. — American Street Capital (ASC) has arranged $9.6 million in permanent debt for the refinancing of a 149-unit multifamily portfolio in Oak Forest, a suburb of Chicago. The portfolio comprises three separate properties, each with one-, two- and three-bedroom units. Igor Zhizhin of ASC arranged three nonrecourse loans with a correspondent agency lender. The borrower was not disclosed.

September 26, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $5.8M Sale of Apartment Building in Blue Island, Illinois

by Kristin Harlow September 26, 2019

BLUE ISLAND, ILL. — Marcus & Millichap has brokered the $5.8 million sale of Islander Apartments in Blue Island, about 16 miles south of Chicago. The 84-unit apartment building is located at 1900 Broadway St. Randolph Taylor of Marcus & Millichap’s Oak Brook office marketed the property on behalf of the seller, an individual trust. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the buyer, also an individual trust.

September 26, 2019

Illinois Leasing Activity Midwest Office

Industrious Expands Office Space to 93,000 SF at Accenture Tower in Chicago

by Kristin Harlow September 25, 2019

CHICAGO — Industrious, a flexible workspace provider, has expanded its office space at Accenture Tower in Chicago. Industrious will now occupy more than 93,000 square feet, up from its original footprint of 46,500 square feet. The company says it signed the lease expansion due to overwhelming business demand. Industrious Ogilvie features shared workspaces, private offices and Canvas suites, its signature offering. Amenities include Wi-Fi, daily breakfast in a fully stocked café and networking events. The expanded space is expected to be open in the second quarter of 2020. KBS owns Accenture Tower, a 1.5 million-square-foot office tower. KBS spearheaded a multi-million-dollar renovation of the property in 2015. Wendy Katz and Matt Lerner of Cushman & Wakefield represented KBS in the lease transaction. Paul Reaumond, Mark Cassata and Ian Murphy of CBRE represented Industrious.

September 25, 2019

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