Illinois

Puratos Signs 6,668 SF Lease at Office Development Under Construction in Chicago’s Pilsen Neighborhood

by Kristin Harlow November 8, 2018

CHICAGO — Puratos, a Belgium-based international food science company, has signed a 6,668-square-foot lease to occupy space at Mural Park. The office will operate as an innovation center to expand the company’s U.S. footprint and service its Midwest clients. Jeff Dowdell, Katie Steele and William Briggs of Transwestern represented the landlord, Condor Partners, in the lease transaction with Puratos. Mural Park is a 200,000-square-foot creative office project in Chicago’s Pilsen neighborhood that involves the transformation of two existing industrial buildings from the early 1900s. The project is now 18 percent pre-leased. Anchor tenant 5 Rabbit Cerveceria is slated to open in early 2019. Maverick Commercial Mortgage Inc. arranged $33.7 million in construction financing. An East Coast-based mortgage REIT provided the financing.

November 8, 2018

Illinois Loans Midwest Office

Meridian Capital Group Arranges $6.3M Refinancing for Office Building in Skokie, Illinois

by Kristin Harlow November 7, 2018

SKOKIE, ILL. — Meridian Capital Group has arranged a $6.3 million loan for the refinancing of Fairway Executive Building, a 64,000-square-foot office building in Skokie. Located at 8707 Skokie Blvd., the Class A property rises four stories. Features include an indoor parking garage, a redesigned lobby and a conference room. Weiss Properties purchased the asset as a distressed property in 2010 and invested significant funds to remodel and re-tenant the property. Gershon Friedman of Meridian arranged the 10-year CMBS loan, which features a 4.84 percent rate.

November 7, 2018

Acquisitions Illinois Midwest

Colliers Negotiates $4.9M Sale of Industrial Facility in Bensenville, Illinois

by Kristin Harlow November 7, 2018

BENSENVILLE, ILL. — Colliers International has negotiated the sale of United Business Mail’s industrial facility in Bensenville for $4.9 million. The 81,084-square-foot warehouse is situated on 3.2 acres at 1001 Foster Ave. The building features a clear height of 22 feet, parking for 68 cars, three interior docks and three exterior docks. Steve Kohn of Colliers represented United Business Mail in the transaction. Doug Pilcher of Cushman & Wakefield represented the buyer, Midwest Distribution, which plans to move its headquarters to the facility.

November 7, 2018

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $4.5M Condo Deconversion Sale in Chicago

by Kristin Harlow November 7, 2018

CHICAGO — Kiser Group has brokered the $4.5 million condo deconversion sale of a 20-unit property in Chicago’s East Lincoln Park neighborhood. Originally built in the late 1950s as a condominium development, the property features four studio, 14 one- and two two-bedroom units. The units range from 550 to 1,200 square feet. The property is located at 512 W. Wrightwood Ave. An affiliate of Horizon Realty Group purchased the property from 512 Wrightwood Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

November 7, 2018

Acquisitions Illinois Industrial Midwest

Bridge Development Purchases 741,586 SF Industrial Park in Bolingbrook, Illinois for $73.5M

by Kristin Harlow November 6, 2018

BOLINGBROOK, ILL. — Bridge Development Partners has purchased Fountain Square Commerce Center, a four-building industrial business park in Bolingbrook, for $73.5 million. Jeff Devine and Steve Disse of Colliers International represented the seller, Conor Commercial and partner LaSalle Investment Management. The buildings span 741,586 square feet. At the time of sale, two of the buildings were fully leased. The remaining 439,099 square feet are available for lease. Completed in 2016, the buildings feature a clear height of 32 feet. Bridge Development plans to develop a 216,320-square-foot speculative facility on the adjoining 12 vacant acres, which were also included in the sale.

November 6, 2018

Illinois Industrial Leasing Activity Midwest

Gruma Corp. Signs 61,163 SF Industrial Lease in Lockport, Illinois

by Kristin Harlow November 6, 2018

LOCKPORT, ILL. — Gruma Corp. has signed a 61,163-square-foot industrial lease at 14407 S. Gougar Road in Lockport, 30 miles southwest of Chicago. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners, in the lease transaction. Britt Casey and Al Caruana of Cushman & Wakefield represented the tenant. Gruma is a food company most known for the production of Mission tortillas.

November 6, 2018

Development Illinois Midwest Office

Franklin Partners Unveils Redevelopment Plans for Former OfficeMax Headquarters in Naperville, Illinois

by Kristin Harlow November 5, 2018

NAPERVILLE, ILL. — Franklin Partners has unveiled its redevelopment plans for the former OfficeMax headquarters in Naperville. Known as The Shuman, the five-story office building, located at 263 Shuman Blvd., will include a 30,000-square-foot amenity space. This includes a dining hall, in-house barista, game room, golf simulator and bike room. Franklin Partners acquired the 350,000-square-foot building in a joint venture with Bixby Bridge Capital in April. The building had been vacant since 2014 when OfficeMax, now a subsidiary of Office Depot, moved its headquarters to Boca Raton, Fla. Francis Prock and David Florent of Colliers International will market the renovated property for lease. Wright Heerema Architects is the project architect. Construction is underway, but a timeline for completion was not disclosed.

November 5, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $7.5M Sale of Apartment Property in Plainfield, Illinois

by Kristin Harlow November 5, 2018

PLAINFIELD, ILL. — Marcus & Millichap has brokered the sale of Lincolnshire Court Apartments in Plainfield for $7.5 million. The property consists of four buildings on South Wood Farm Road. Built in 2002, the property features balconies, in-unit washers and dryers, garage parking and off-street parking. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the California-based buyer.

November 5, 2018

Acquisitions Illinois Midwest

LaSalle to Acquire Majority Stake in Latitude Management Real Estate Investors

by Kristin Harlow November 2, 2018

CHICAGO — LaSalle Investment Management, an arm of Chicago-based JLL, has entered into an agreement to make a majority acquisition of the $1.2 billion debt fund business of Latitude Management Real Estate Investors. The transaction is expected to close during the first quarter of 2019. Latitude is a commercial real estate lender providing short-term, floating-rate loans against middle-market commercial real estate assets. Latitude’s primary focus has been originating new bridge loans for value-add and transitional properties in sustainable growth markets throughout the United States. Upon closing, the Latitude debt business will join LaSalle’s North America Private Equity platform, which comprises $21 billion of the company’s total $60 billion in assets under management and is led by Americas CEO Jason Kern. Nathaniel Marrs, Allen Ashley, Richard Ashley, Jason Veit and Amy Kluesner of DLA Piper represented LaSalle. Berkshire Capital served as financial advisor and Sheppard Mullin acted as legal advisor to Latitude.

November 2, 2018

Acquisitions Healthcare Illinois Midwest

Sterling Bay Purchases 119,415 SF Medical Research Center in Chicago

by Kristin Harlow November 2, 2018

CHICAGO — Sterling Bay has purchased the Stanley Manne Children’s Research Institute in Chicago for an undisclosed price. Ann & Robert H. Lurie Children’s Hospital of Chicago was the seller. The hospital will lease the 119,415-square-foot research center from Sterling Bay until its research operations are fully consolidated at the Simpson Querry Biomedical Research Center in Streeterville in summer 2019. Originally built in 1995, the research center was expanded in 2003. In recent years, Sterling Bay has been one of the most active developers and acquirers within the city. This purchase is the latest of several high-profile recent and pending acquisitions within Sterling Bay’s portfolio of Chicago properties, including Prudential Plaza, Lincoln Yards, the tech campus at 600 W. Chicago, and 875 N. Michigan, formerly known as the John Hancock building.

November 2, 2018

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