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Illinois

AcquisitionsIllinoisMidwestOffice

CIM Group, Golub & Co. Acquire 36-Story Office Tower in Chicago for $138M

by Kristin Harlow

CHICAGO — A joint venture between CIM Group and Golub & Co. has acquired 444 N. Michigan, a 36-story office tower along Chicago’s Magnificent Mile. Germany-based GLL Real Estate Investors sold the asset for $138 million, according to Crain’s Chicago Business. Built in 1976, the 517,000-square-foot building also includes ground-floor retail space. Technology, media, healthcare, law, real estate and professional services tenants occupy the office portion. CIM Group and Golub & Co. are in the midst of redeveloping the landmark Tribune Tower into luxury condos.

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AcquisitionsIllinoisIndustrialMidwest

IDI Logistics Acquires 57-Acre Industrial Development Site in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — IDI Logistics has acquired 57 acres of industrial land in Romeoville with plans to deliver a 351,870-square-foot speculative facility. The building will feature a clear height of 36 feet, 40 docks and 65 trailer spaces. Joshua Hearne and Daniel Cawley of Cawley Chicago will represent IDI Logistics in lease-up of the building. The project, known as Romeoville Gateway, is slated for completion in 2019.

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AcquisitionsIllinoisMidwestOffice

Fairbridge Properties Acquires Office Building in Warrenville, Illinois for $20.7M

by Kristin Harlow

WARRENVILLE, ILL. — Fairbridge Properties has acquired Cornerstone I at Cantera, a 152,520-square-foot office building in Warrenville, about 30 miles west of Chicago, for $20.7 million. The Class A building is part of the 650-acre mixed-use development known as Cantera. The seller, Northwestern Mutual, invested $540,000 in fitness center and conference room renovations. The building is currently 79.6 percent leased. Jim Postweiler, Peter Harwood and Derek Fohl of JLL represented Northwestern Mutual in the sale.

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IllinoisLeasing ActivityMidwestOffice

Chicago Office of Colliers International Moves Locations

by Kristin Harlow

CHICAGO — Colliers International | Chicago has moved its downtown operations to 71 S. Wacker Drive. The 17,000-square-foot space will house the company’s valuation and advisory services, Chicago office advisory group and corporate solutions teams. The firm will continue to have a strong presence in Rosemont, where its industrial advisory, supply chain logistics, investment services and office leasing groups reside. The downtown office has 83 workspaces, of which 55 are workstations and 28 are private offices. In addition, the new office includes client workspace, wellness rooms and a café-style break area. The Irvine Company owns the 48-story, 1.5 million-square-foot office tower.

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IllinoisLoansMidwestMultifamily

Allstate Provides $27.5M Acquisition Loan for Multifamily Property in Glenview, Illinois

by Kristin Harlow

GLENVIEW, ILL. — Allstate Investments has provided a $27.5 million acquisition loan for Valley Lo Tower II, a 112-unit, mid-rise multifamily property in the northern Chicago suburb of Glenview. Valley Lo offers a mix of one-, two- and three-bedroom floor plans. Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court. Matthew Schoenfeldt of HFF arranged the loan on behalf of the borrowers, The Marquette Companies and LEM Capital. The buyer plans to make upgrades to the amenities.

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AcquisitionsIllinoisMidwestRetail

Thor Equities Sells Retail Property in Chicago for $26M

by Kristin Harlow

CHICAGO — Thor Equities Group has sold its two-level retail property at 36 S. State St. in Chicago for $26 million. Jenel Management Corp. purchased the asset. Verizon, T-Mobile and Blick Art Materials fully occupy the 18,800-square-foot property. Thor Equities purchased the entire 19-story building for $10.3 million in 2004, before selling the upper floors to a developer for conversion to residential condominiums.

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AcquisitionsIllinoisMidwestNet LeaseRetail

Adelphia Properties Brokers $4.4M Sale of Property Net Leased to CVS in Taylorville, Illinois

by Kristin Harlow

TAYLORVILLE, ILL. — Adelphia Properties has brokered the $4.4 million sale of a single-tenant property net leased to CVS Pharmacy in Taylorville, about 25 miles southeast of Springfield. The 13,255-square-foot building is located at 401 N. Webster St. George Spirrison and Simeon Spirrison of Adelphia represented the buyer, a private investor. CVS has more than 22 years remaining on its lease.

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IllinoisIndustrialLeasing ActivityMidwest

Noel Transportation Signs 42,141 SF Industrial Lease in McCook, Illinois

by Kristin Harlow

MCCOOK, ILL. — Noel Transportation has signed a 42,141-square-foot industrial lease at 4800 S. Vernon Ave. in McCook. The third-party logistics company is more than doubling its square footage and will use the space as a regional distribution center for its Midwest operations. Chris Lydon and Chris Tecu of Avison Young represented the tenant in the lease transaction. Cushman & Wakefield represented the landlord. The 189,216-square-foot building is now fully leased. Constructed in 2007, the building has a clear height of 32 feet.

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AcquisitionsIllinoisMidwestMultifamily

Interra Brokers $3.2M Sale of Multifamily Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 61-unit multifamily building in Chicago’s South Shore neighborhood for $3.2 million. Located at 7131-7151 S. Bennett Ave., the property includes a mix of studios, one-, two- and three-bedroom units. The buyer plans to make capital improvements to the units. At the time of sale, the units were 80 percent leased. Lucas Fryman of Interra represented both parties.

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IllinoisLoansMidwestMixed-Use

JLL Arranges Construction Financing for $115M Mixed-Use Project in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged construction financing for The Draper at 5050 N. Broadway, a mixed-use development in Chicago’s Uptown neighborhood. The project involves the conversion of a former 400,000-square-foot office building into 342 residential units. The developer, CEDARst Cos., raised $41 million of project equity. Urbanite Capital provided a $13 million structured loan and Bank of the Ozarks provided a $61 million construction loan. Chuck Johanns and Dave Hendrickson of JLL arranged the financing. The recent closing enables CEDARst to complete Phase I of a planned two-phase development. Total project costs for the development of Phase I are estimated at $115 million. A timeline for completion was not disclosed.

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