Illinois

Conor Commercial Begins Development of 349,080 SF Industrial Project in Elgin, Illinois

by Kristin Harlow February 13, 2019

ELGIN, ILL. — Conor Commercial Real Estate and Globe Corp. have begun development of Northwest Pointe III, a two-building industrial project in Elgin. The development will span 349,080 square feet and will be located within the Northwest Corporate Park. The project will feature a clear height of 32 feet, 20 dock doors and two drive-in doors per building. This is the third development by Conor within the park. Ken Franzese and John Cassidy of Lee & Associates will market the property for lease. McShane Construction Co. and Ware Malcomb are providing construction services.

February 13, 2019

Acquisitions Illinois Industrial Midwest

Clear Height Properties Acquires Two-Building Industrial Facility in Carol Stream, Illinois

by Kristin Harlow February 13, 2019

CAROL STREAM, ILL. — Clear Height Properties has acquired a two-building industrial facility in Carol Stream for an undisclosed price. The buildings total 64,285 square feet and are 22 percent leased. Building 130 features one exterior dock and two drive-in doors, while Building 150 offers two exterior docks and three drive-in doors. The buildings, constructed in 1987 and renovated in 2005, sit on 3.8 acres with 157 car parking spaces. Kelly Disser and Michael Freita of NAI Hiffman will market the property for lease.

February 13, 2019

Acquisitions Illinois Industrial Midwest

Brown Commercial Brokers Sale of 46,807 SF Industrial Building in Suburban Chicago

by Kristin Harlow February 13, 2019

ROLLING MEADOWS, ILL. — Brown Commercial Group has brokered the sale of a 46,807-square-foot industrial building in the northwest Chicago suburb of Rolling Meadows. The sales price was not disclosed. The transaction was a partial sale-leaseback, as the seller, HK&RP LLC will continue to occupy about 27,000 square feet of the building. The buyer, Alliance Moving and Storage, will occupy the remainder of the building and relocate from its space in Elk Grove Village. Dan Brown of Brown Commercial represented the seller, while Jim Pietrarosso of Brown Commercial represented the buyer.

February 13, 2019

Development Illinois Midwest Office

Skender Completes Construction of Aspen Dental Midwest Headquarters in Chicago

by Kristin Harlow February 12, 2019

CHICAGO — Skender has completed interior construction of Aspen Dental’s Midwest headquarters in Chicago. The company now occupies 50,000 square feet at 1040 W. Randolph St. Aspen Dental is a New York-based company that provides administrative and business support to branded dental practices. To accommodate a practice support center and 250 newly created jobs, Aspen Dental’s two-story buildout includes a training center, three large training rooms and an audiovisual media wall. Additional features include a coffee bar, café and catering kitchen space. Skender collaborated with architecture firm Perkins+Will.

February 12, 2019

Acquisitions Hospitality Illinois Midwest

MCR Acquires Hampton Inn & Suites Hotel Near Chicago

by Kristin Harlow February 12, 2019

WAUKEGAN, ILL. — MCR has acquired the 116-room Hampton Inn & Suites in Waukegan for an undisclosed price. The newly built hotel features Wi-Fi, complimentary breakfast, an on-site convenience store, indoor pool, fitness center and business center. The property is located at 438 Lakehurst Road near Highway 120.

February 12, 2019

Illinois Leasing Activity Midwest Office

Law Firm Signs Full-Floor Lease at Inland Steel Building in Chicago

by Kristin Harlow February 11, 2019

CHICAGO — Scopelitis, Garvin, Light, Hanson & Feary PC, a law firm representing clients in the transportation and logistics industry, has renewed and expanded its office lease at the Inland Steel Building in Chicago. The law firm will occupy the entire 16th floor. The office tower is located at 30 W. Monroe St. Tony Karmin and Corby Marx of Colliers International represented the tenant. Mark Buth and Kelsey Morgan of MB Real Estate represented the landlord, Capital Properties.

February 11, 2019

Affordable Housing Illinois Loans Midwest Multifamily

NHP Foundation Receives $53M Financing for Renovation of Affordable Housing Property in Chicago

by Kristin Harlow February 8, 2019

CHICAGO — The NHP Foundation has received $53 million for the renovation of the 90-year-old Mark Twain Hotel, a single-room occupancy property in Chicago that the organization acquired in 2016. Single-room occupancy is a form of housing that is typically aimed at residents with low incomes who rent small, furnished rooms. Upon renovation, the property will include 148 studio apartments and seven retail stores. The $53 million recapitalization was made possible by Bellwether Enterprise, Chicago Community Loan Fund, city of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority and NHP. The Mark Twain Hotel was originally built in 1932 and was added to the National Register of Historic Places in 2017. Renovation plans call for the addition of private kitchenettes, a new elevator, new plumbing and electrical work, a roof deck, handicap accessibility and restoration of the building’s façade and common areas. Upgrades will also be made to the building’s ground-floor retail space. Upon completion, the residential units will be income-restricted. The development team includes Weese Langley Weese Architects Ltd. and Linn-Mathes Inc. Heartland Housing Property Management is the property manager. Completion is slated for the end of this year.

February 8, 2019

Acquisitions Illinois Midwest Retail

Joint Venture Acquires Retail Center in Burr Ridge, Illinois for $15M, Plans Renovation

by Kristin Harlow February 7, 2019

BURR RIDGE, ILL. — Edwards Realty Co. and Core Acquisitions have acquired Burr Ridge Village Center in suburban Chicago for $15 million. The joint venture plans to renovate the 200,000-square-foot retail center. Originally constructed in 2007, the property is home to more than 30 national and local retail tenants. Renovation plans call for more entertainment and food options, according to Ramzi Hassan, president of Edwards Realty Co.

February 7, 2019

Development Illinois Industrial Midwest

HDA, Kadean Construction Complete 768,678 SF Distribution Center in Edwardsville, Illinois

by Kristin Harlow February 6, 2019

EDWARDSVILLE, ILL. — HDA Architects and Kadean Construction have completed a 768,678-square-foot speculative distribution center in Edwardsville near St. Louis. Known as Lakeview 5, the warehouse is designed for four tenants with office spaces at each corner of the building. This is the second distribution center that HDA has designed at Lakeview Commerce Center on behalf of Panattoni Development.

February 6, 2019

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Brokers Sale of 61,174 SF Medical Office Building in Rockford, Illinois

by Kristin Harlow February 6, 2019

ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of the Cornerstone Medical Building in Rockford for an undisclosed price. Constructed in 1988 and renovated in 2003, the 61,174-square-foot medical office building is 84 percent leased to a variety of healthcare providers, including pain management, retina care, dermatology, gynecology and orthopedics. Ben Tashakorian and David Benjamin of Marcus & Millichap marketed the property on behalf of the seller, Ephraim LLC. Cornerstone Cos. Inc. purchased the asset.

February 6, 2019

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