Illinois

Franklin Partners Unveils Redevelopment Plans for Office Building in Downtown Chicago

by Kristin Harlow March 8, 2019

CHICAGO — Franklin Partners has unveiled the redevelopment plans for One Mag Mile, an office property located at 980 N. Michigan Ave. This includes significant lobby renovations and the recent opening of international juice chain Joe & the Juice. The upgraded lobby will have a hospitality influence with new finishes and modern lighting. Wright Heerema Architects is working with Franklin Partners on the design. One Mag Mile offers 400,000 square feet of office and retail space. Tenants Berkshire Hathaway Home Services, Singerman Real Estate and The Realreal recently expanded their office leases within the property. Phil Golding and Todd Siegel of CBRE brokered the lease transaction with Joe & the Juice.

March 8, 2019

Acquisitions Illinois Midwest Retail

Quantum Brokers $5.4M Sale of Retail Building in Warrenville, Illinois

by Kristin Harlow March 7, 2019

WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Warrenville for $5.4 million. At the time of sale, the 18,000-square-foot property was 93 percent leased to Starbucks, Potbelly Sandwich Works, T-Mobile, Spotted Paw and Jazza Nails. Chad Firsel and Daniel Waszak of Quantum brokered the transaction. A Chicago-based private investor purchased the asset from a Chicago-based investment group.

March 7, 2019

Acquisitions Illinois Midwest Multifamily

SVN Arranges $2.7M Sale of Multifamily Portfolio in Rockford, Illinois

by Kristin Harlow March 7, 2019

ROCKFORD, ILL. — SVN Chicago Commercial has arranged the sale of a two-property multifamily portfolio in Rockford for $2.7 million. The properties, which total 79 units, include the neighboring Orchard Hills and Forest View. Cody Doran and Reid Bennett of SVN brokered the transaction. Buyer and seller information was not disclosed.

March 7, 2019

Acquisitions California Illinois Industrial Kentucky Nevada Oregon Pennsylvania Washington Western

Colony Capital Acquires National Industrial Real Estate Portfolio for $1.2B

by Amy Works March 6, 2019

DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased. A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest. Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies. CBRE National Partners represented the undisclosed seller in the deal.

March 6, 2019

Acquisitions Illinois Midwest Multifamily

Essex Brokers $5.7M Sale of Apartment Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow March 6, 2019

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 43-unit apartment building in Chicago’s Edgewater neighborhood for $5.7 million. The property, located at 6031-6043 N. Paulina St., has been owned by the same family for more than 50 years. The building includes 37 one-bedroom units and six two-bedroom units. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. Brad Desent and his siblings sold the asset to a private investor completing a 1031 tax-deferred exchange. Records indicate the property was purchased in 1965 for $260,000.

March 6, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Negotiates $6.3M Sale of Comfort Inn & Suites Hotel in Geneva, Illinois

by Kristin Harlow March 5, 2019

GENEVA, ILL. — Marcus & Millichap has negotiated the sale of the Comfort Inn & Suites in Geneva for $6.3 million. The 90-room hotel, built in 2000, is located at 1555 E. Fabyan Parkway in Kane County. Ebrahim Valliani, Michael Klar, Scott Harris, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller. Valliani, Klar, Miller and Gomes represented the buyer.

March 5, 2019

Illinois Leasing Activity Midwest Retail

Rumble Selects Gold Coast Neighborhood for its First Chicago Location

by Kristin Harlow March 5, 2019

CHICAGO — Rumble, a boxing-inspired workout concept, has selected its first Chicago location at 1139 N. State St. in the Gold Coast neighborhood. Nicole Cardot and Adam Secher of Baum Realty Group assisted Rumble in selecting the location. Expected to open in late summer, the 8,000-square-foot facility will be Rumble’s sixth location nationwide. Rumble classes are 45 minutes and feature full-body strength training and conditioning workouts. The company is known for its aqua training bags, which are tear drop-shaped, water-filled punching bags. Baum represented Rumble in negotiations with the landlord, Newcastle Limited. Danny Jacobson, Luke Molloy and Stephen Ansani of CBRE represented Newcastle.

March 5, 2019

Illinois Industrial Leasing Activity Midwest

Pepperidge Farm Signs 87,602 SF Industrial Lease in Lockport, Illinois

by Kristin Harlow March 5, 2019

LOCKPORT, ILL. — Pepperidge Farm Inc. has leased 87,602 square feet of industrial space at Heritage Crossing in Lockport. The property is located at 15901 W. 147th St. Heritage Crossing, a 228-acre business park, is now 94 percent leased. Jason West and Brian Borget of Cushman & Wakefield represented Pepperidge Farm, a cookie, cracker and bread company, in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners.

March 5, 2019

Acquisitions Illinois Midwest Retail

Hanley, Greenstone Arrange Sale of 28,600 SF Retail Property in Metro Chicago

by Kristin Harlow March 5, 2019

CREST HILL, ILL. — Hanley Investment Group Real Estate Advisors and Greenstone Partners have arranged the sale of South Weber Plaza, a 28,600-square-foot retail property in Will County’s Crest Hill. The sales price was not disclosed. The center is fully leased by The Southern Café, Fire Water BBQ, 12 Handles Ale House, Sammy’s Gaming Parlor, Motivation Fitness, Serenity Wellness Center, Grandeur Salon & Spa, The Awesome A’s Activities Club, Natasha’s Clothing Boutique and Cambium Realty. In 2018, the property underwent a major renovation, which included a new façade, storefronts, signage, parking lot, HVAC and landscaping. The sale also included a 2.1-acre pad site in front of the center and a 7,400-square-foot pad site in the parking lot. Jeff Lefko and Bill Asher of Hanley and Johnny Lefko of Greenstone represented the seller, a private partnership. The team also represented the buyer, a Southern California-based 1031 exchange buyer.

March 5, 2019

Development Illinois Midwest Restaurant Retail

Original Pancake House to Open 3,800 SF Restaurant in Peoria

by Taylor Williams March 1, 2019

PEORIA, ILL. — Portland, Ore.-based breakfast chain Original Pancake House will open a 3,800-square-foot restaurant within Grand Prairie Developments, a 200-acre mixed-use development by Cullinan Properties Ltd., in Peoria. The landlord will break ground on a new space for the restaurant this spring, with the opening slated for October. Major anchors at Grand Prairie Developments include AMC Theatre, Hy-Vee and Dick’s Sporting Goods in addition to numerous restaurants, retail stores and five hotels. Adjacent to the development is the $18 million Louisville Slugger Sports Complex estimated to draw 450,000 visitors each year.

March 1, 2019

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