Illinois

JLL Agrees to Acquire HFF for $2B in Massive Real Estate Brokerage Merger

by Alex Tostado March 19, 2019

CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial intermediary. Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. Based on the closing price of JLL stock of $163.02 on March 18, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share. When finalized, existing JLL shareholders are expected to represent 87 percent of shareholders, and existing HFF shareholders will make up the other 13 percent. The transaction has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the third quarter of this year. Two years ago, JLL unveiled Beyond, its global strategic vision to drive long-term and sustainable growth. As …

March 19, 2019

Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Development Open $11M Affordable Seniors Housing Community Near St. Louis

by Kristin Harlow March 18, 2019

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group, along with Bi-State Development and other key stakeholders, have opened Metro Landing of Swansea, a 62-unit affordable seniors housing community in Swansea. The $11 million, three-story development is a transit-oriented project connecting to St. Louis via the adjacent Swansea MetroLink Station. More than 40 of the 62 affordable one- and two-bedroom units have already been leased, with full occupancy expected by the end of March. Rents start at $565 per month for a one-bedroom apartment and $705 for a two-bedroom apartment. SWIDA and Bywater, which jointly developed the project, secured the majority of the financing from the Illinois Housing Development Authority (IHDA), with further construction financing provided by PNC Bank. Additional support came from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department. The Federal Transit Administration also played a role in the project, providing the necessary approval for Bi-State Development to sell the ground at the transit center to the developers for this project. St. Louis-based Altman Charter served as general contractor for the project. Chicago-based Worn Jerabek Wiltse Architects is the project architect, and the …

March 18, 2019

Acquisitions Illinois Midwest Multifamily

Timberland Partners Acquires 232-Unit Multifamily Property in O’Fallon, Illinois

by Kristin Harlow March 18, 2019

O’FALLON, ILL. — Timberland Partners has acquired Parkway Lakeside, a 232-unit multifamily property in O’Fallon near St. Louis. The purchase price was not disclosed. Built in 2011, the Class A property consists of one- and two-bedroom townhome-style floor plans. Amenities include a saltwater pool, fitness center, fire pit, clubhouse and two dog parks.

March 18, 2019

Acquisitions Illinois Industrial Midwest

Black Creek Group Purchases Three Industrial Buildings in Metro Chicago

by Kristin Harlow March 18, 2019

CHICAGO — Black Creek Group has purchased three industrial buildings in metro Chicago for an undisclosed price. The properties include 2770 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings Drive in Buffalo Grove. Each of the facilities is fully leased. Black Creek Group is a Denver-based real estate investment manager and development firm.

March 18, 2019

Illinois Midwest Retail

Meijer Launches ‘Shop & Scan’ in Chicagoland Area

by Kristin Harlow March 15, 2019

CHICAGO — Meijer continues to roll out its “shop & scan” mobile shopping checkout program, announcing 23 stores in Chicago and northwest Indiana following success in Michigan test markets. The technology is available through the Meijer mobile app. Users can scan bar codes on items as they shop. A running total of items is calculated and shoppers can scan their phones at a self-checkout lane to pay. The Meijer mobile app has been downloaded more than 1.1 million times since the pilot launch at 54 Michigan stores last year, according to Gerald Melville, regional vice president. More than 80 percent of Meijer customers have repeatedly used the app. Grand Rapids, Mich.-based Meijer will continue to roll out the program at stores throughout 2019. The grocer operates more than 240 stores throughout Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin.

March 15, 2019

Acquisitions Affordable Housing Illinois Midwest Multifamily

Interra Negotiates $7.8M Sale of Affordable Housing Portfolio in Chicago

by Kristin Harlow March 15, 2019

CHICAGO — Interra Realty has negotiated the $7.8 million sale of a two-property affordable housing portfolio in Chicago’s Washington Park neighborhood. The properties, spanning 99 units, include the two-building Michigan Corners and the six-building Michigan Plaza. The buildings were constructed in the late 1990s. David Goss, Jon Morgan and Lucas Fryman of Interra represented the buyer, Jarrell Housing Group, as well as the seller, St. Edmund’s Redevelopment Corp. Jarrell Housing Group plans to improve the properties and maintain the units as affordable for renters earning up to 60 percent of the area median income. Jarrell agreed to assume the seller’s existing city of Chicago and Illinois Housing Development Authority loans when it purchased the property. The buyer also obtained tax credits from CREA LLC, an Indianapolis-based full-service tax syndicator that specializes in affordable housing, for the planned renovations.

March 15, 2019

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 46,920 SF Industrial Facility in Arlington Heights, Illinois

by Kristin Harlow March 15, 2019

ARLINGTON HEIGHTS, ILL. — Colliers International has brokered the sale of a 46,920-square-foot industrial facility in Arlington Heights for an undisclosed price. The sales price was not disclosed, but the asking price was $2.4 million. Situated on 1.1 acres at 2605 Clearbrook Drive, the property features a clear height of 16 feet, 3,000 square feet of office space, two interior docks and LED lighting. The buyer, Misa Imports, is a wine distributor. Misa currently operates two separate buildings in Elk Grove Village, but plans to consolidate both at the Arlington Heights property. Kelly Joyce and Suzanne Serino of Colliers represented the seller, a private investor. Karla Thomas and Lina Zoraikat of Urb & Burb Realty represented the buyer.

March 15, 2019

Development Illinois Midwest Mixed-Use Top Stories

JDL Development to Break Ground on $850M Mixed-Use Tower in Chicago

by Kristin Harlow March 15, 2019

CHICAGO — JDL Development Corp. has received construction financing for One Chicago Square, an $850 million mixed-use tower in Chicago. The 76-story, 1.5 million-square-foot development will be located in the city’s River North submarket. The project’s senior construction lender is Bank OZK. Other sources of financing for this project include an investment from equity partner Wanxiang America Real Estate Group, as well as $260 million in preferred equity and mezzanine financing from Square Mile Capital Management LLC. One Chicago Square will include 735 apartment units and 77 condominium units. The project’s 193,000 square feet of retail space is largely pre-leased to Whole Foods Market and Life Time Athletic. Plans also call for office space, event space and 1,000 parking spaces. The property will occupy a full city block on the site of a former parking lot that JDL purchased from the Archdiocese of Chicago. Construction is expected to take three years, with completion slated for year-end 2022. Project architects include Goettsch Partners and Hartshorne Plunkard Architecture. JDL is a Chicago-based residential developer founded by Jim Letchinger. Wanxiang America Real Estate Group is a unit of a Chinese auto-parts company. New York-based Square Mile Capital is an integrated institutional real estate …

March 15, 2019

Illinois Leasing Activity Midwest Office

United Airlines Opts to Keep Headquarters at Chicago’s Willis Tower

by Kristin Harlow March 14, 2019

CHICAGO — United Airlines has decided to keep its headquarters at Willis Tower in Chicago. The airline will partner with the building’s owner, Blackstone, to make major investments in transforming the workspace over the coming months and years. United plans to redesign workspaces to enable employees to better collaborate and use the latest technology. The investments are also part of an initiative to recruit and retain top talent from Chicagoland. The new agreement extends United’s existing 850,000-square-foot lease to March 31, 2033. Molly Carroll, Andrea Van Gelder, Kevin Rogers and Alexa Jennings of JLL represented United in the lease transaction. Blackstone is already in the midst of a $500 million renovation at Willis Tower for all tenants.

March 14, 2019

Development Hospitality Illinois Midwest

Akara Partners Completes Home2 Suites Hotel in Chicago

by Kristin Harlow March 13, 2019

CHICAGO — Akara Partners has completed the Home2 Suites by Hilton Chicago River North. The 17-story extended-stay hotel is located at 110 W. Huron St. The 206-suite property features complimentary Wi-Fi, sleeper sofas, full kitchens and dishwashers. On-site amenities include a business center, snack bar, outdoor fire pit and combined fitness and laundry facility. The development also includes 5,000 square feet of retail space on two levels. David Goldberg of GoldStreet Partners is marketing the retail space for lease. A grand opening celebration for the property will take place on Tuesday, March 19.

March 13, 2019

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