Illinois

Monument Capital Management Acquires 176-Unit Multifamily Property in Woodbridge, Illinois

by Kristin Harlow July 16, 2019

WOODBRIDGE, ILL. — Monument Capital Management, an A-Rod Corp. company, has acquired Townhomes at Highcrest in Woodbridge for an undisclosed price. Monument plans to make approximately $1.5 million in capital improvements, including the installation of new flooring, modern appliances, new landscaping and the addition of a fitness center. Built in 1968, the property includes a pool and laundry facilities. This is Monument’s third property in the Chicago area and is part of Monument Opportunity Fund IV, which was launched earlier this year. Highcrest Apartments LLC was the seller.

July 16, 2019

Illinois Industrial Leasing Activity Midwest

LTD Commodities Renews 694,367 SF Lease at Distribution Facility in Aurora, Illinois

by Kristin Harlow July 16, 2019

AURORA, ILL. — LTD Commodities has signed a 10-year lease renewal at its 694,367-square-foot distribution facility located at 1000 Bilter Road in Aurora. Acquired by e-commerce giant Amerimark Holdings in December 2017, LTD Commodities is a catalog and online merchandiser. Jason West and Chris Cummins of Cushman & Wakefield represented the tenant. Matt Neumann of Cushman & Wakefield represented the landlord, Liberty Property Trust.

July 16, 2019

Illinois Leasing Activity Midwest Office

Glassdoor Signs Two-Floor Office Lease in Chicago

by Kristin Harlow July 15, 2019

CHICAGO — Glassdoor has unveiled plans to further expand its presence in Chicago. The technology company, which operates a recruiting and job review website, has signed a long-term lease for two floors of a new office building, West End on Fulton. Glassdoor will maintain its existing space and operations at 1330 West Fulton. The new space will support up to 400 employees and the company plans to create up to 500 new jobs in Chicago over the next several years. Glassdoor expects to move into its new 52,000-square-foot space in summer 2020. Kyle Kamin and Dan Persa of CBRE represented Glassdoor in the lease transaction. Sara Spicklemire and Kelsey Scheive of CBRE represented the developer, Trammell Crow Co.

July 15, 2019

Affordable Housing Illinois Midwest Multifamily

Habitat Co. Assumes Management of 18 Affordable Housing Communities in Chicago

by Kristin Harlow July 15, 2019

CHICAGO — The Habitat Co. has assumed management of 18 affordable housing communities owned by the Chicago Housing Authority (CHA). The properties total 4,479 units and are scattered throughout Chicago’s West and South sides. Habitat Affordable Group, the company’s affordable housing division, now operates more than 12,000 units across three states. Of those, 8,215 units are owned by the CHA.

July 15, 2019

Development Illinois Midwest Mixed-Use

Wight & Co. to Lead Design of Former AT&T Headquarters Redevelopment in Suburban Chicago

by Kristin Harlow July 12, 2019

HOFFMAN ESTATES, ILL. — Somerset Development has selected Wight & Co. to provide design services for Bell Works Chicagoland, a redevelopment project transforming the former 1.6 million-square-foot AT&T corporate campus in Hoffman Estates into a mixed-use complex. Plans call for office, coworking, retail and community space. Wight & Co. will serve as the project’s master architect, redesigning its shell and core, public spaces and individual tenant spaces. Wight plans to transform the 67,000-square-foot solarium that served as the AT&T food service area into an event center. Other plans include an 80,000-square-foot conference center and a 29,000-square-foot fitness center. Somerset refers to the project as a “metroburb” and has completed one such project in Monmouth, N.J. The AT&T headquarters, built as the Ameritech Center in 1990, was originally designed by Wight & Co. principal Dirk Lohan.

July 12, 2019

Development Illinois Midwest Multifamily

Fifield to Break Ground on 188-Unit Transit-Oriented Development in Chicago’s River West

by Kristin Harlow July 12, 2019

CHICAGO — Developer Fifield Cos. will break ground on 740 Aberdeen on Tuesday, July 16. The 11-story, transit-oriented development will offer 188 luxury apartment units in Chicago’s River West neighborhood. The project is scheduled to open in fall 2020. The building will be located less than a block from the CTA Chicago Blue Line station and includes a public park designed by Hitchcock Design Group. Units will range from 540 to 1,513 square feet. Amenities will include a party room, coffee bar, coworking space, fitness center, bike storage, sun terrace, pool and grilling stations. Plans also call for an 80-space parking garage and 2,400 square feet of ground-floor retail space. FitzGerald Associates Architects is the project architect with interiors designed by Morgante Wilson Associates. McHugh Construction is the general contractor.

July 12, 2019

Illinois Leasing Activity Midwest Office

Accenture Expands Office Lease in Chicago, Becomes Namesake Tenant

by Kristin Harlow July 11, 2019

CHICAGO — Accenture, the giant global business and information technology consulting services firm, has expanded its lease at 500 West Madison in Chicago by 152,454 square feet. In conjunction with the lease, the building will be rebranded as Accenture Tower. The company now occupies a total of 226,486 square feet at the 40-story office tower, which is owned by KBS Real Estate Investment Trust III. The first two levels of the property comprise 80,000 square feet of retail space. KBS intends to reposition the lobby and amenity areas to reflect the new partnership with Accenture. The building was constructed in 1987 and renovated in 2015 to include a fitness center and tenant lounge. Kyle Kamin, Todd Lippman and Michael Dash of CBRE represented Accenture in the lease transaction. Wendy Katz and Matt Lerner of Cushman & Wakefield represented KBS. Accenture employs 482,000 people serving clients in more than 120 countries.

July 11, 2019

Acquisitions Illinois Midwest Office

NKF Arranges Sale of Three-Property Office Portfolio in Chicago’s Fulton Market

by Kristin Harlow July 11, 2019

CHICAGO — Newmark Knight Frank (NKF) has arranged the sale of a three-property office portfolio in Chicago’s Fulton Market District. Totaling 77,155 square feet, the portfolio comprises 939 W. Fulton St., 936 W. Fulton St. and 312 N. Carpenter St. Major tenants include Vital Proteins and iCrossing. Andy Gallas and Gino Tabbi of NKF represented the seller, a joint venture between Madison Capital and ASB Real Estate Investments. NKF also represented the joint venture when it originally purchased the portfolio in 2015. At that time, the buildings were utilized as meatpacking facilities.

July 11, 2019

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 117,472 SF Industrial Building in Suburban Chicago

by Kristin Harlow July 11, 2019

BATAVIA, ILL. — Avison Young has negotiated the sale of a 117,472-square-foot industrial building in Batavia for an undisclosed price. The property is located at 1020 Olympic Drive in Chicago’s Fox Valley submarket. The Class B building was constructed in 1977 and expanded in 1983. The property, situated on a seven-acre site, features clear heights ranging from 24 to 28 feet as well as three rail doors that enable connection to the nearby Burlington Northern Santa Fe rail spur. Tom Curtis and John Moysey of Avison Young represented the seller, a national manufacturing company, which used the facility as a single-tenant building for many years. The building was vacant at the time of sale. Midwest Industrial Funds purchased the asset and has retained Avison Young to market the repositioned property, which will undergo major renovations, including a new roof, installation of modern HVAC systems and an office renovation.

July 11, 2019

Acquisitions Illinois Midwest Retail

Matanky Brokers Sale of 102,647 SF Shopping Center in Federal Opportunity Zone in Park Forest, Illinois

by Kristin Harlow July 10, 2019

PARK FOREST, ILL. — Matanky Realty Group has brokered the sale of a 102,647-square-foot shopping center located at 80-138 S. Orchard Drive in Park Forest, south of Chicago. Freedom Development Group purchased the three-building property for an undisclosed price. The Family Dollar-anchored center includes a grocery store and auto repair center. The buyer was attracted to the site due to its location within a federal Opportunity Zone, according to Matanky. Terri Cox and Don Wagener of Matanky brokered the transaction.

July 10, 2019

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