Illinois

Premier Design + Build Breaks Ground on Two-Building Industrial Project in Wood Dale, Illinois

by Kristin Harlow September 27, 2019

WOOD DALE, ILL. — Premier Design + Build Group has broken ground on a two-building industrial development in Wood Dale. Bridge Development Partners is the developer and the facility will be known as Bridge Point Wood Dale. The first building will serve as a 100,738-square-foot build-to-suit for Forward Space LLC, a provider of office furniture and workplace solutions. The second building will be a 241,888-square-foot speculative warehouse. Completion of both buildings is slated for spring 2020. Cornerstone Architects Ltd., Swift Structural Design LLC and Manhard Consulting make up the project team.

September 27, 2019

Illinois Loans Midwest Retail

JLL Secures $9.4M Refinancing for Chicago Recreational Facility

by Kristin Harlow September 27, 2019

CHICAGO — JLL has secured a $9.4 million loan for the refinancing of The Armoury, a 46,040-square-foot industrial facility repurposed as an entertainment trampoline park and athletic training facility in Chicago. The property is fully leased to Altitude Trampoline Park and Performance Training Systems. Christopher Carroll, Jason Bond and Lucas Borges of JLL arranged the fixed-rate loan with a financial holding company. A partnership between Clear Height Properties and Diamond Realty Holdings was the borrower.

September 27, 2019

Acquisitions Illinois Midwest Retail

Quantum Brokers Sale of Studio Movie Grill-Occupied Property in Chicago

by Kristin Harlow September 27, 2019

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant building net leased to Studio Movie Grill in Chicago for an undisclosed price. The property is located at 210 W. 87th St. Studio Movie Grill has 14 screens as well as a full bar and restaurant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Michigan-based private real estate investor.

September 27, 2019

Development Hospitality Illinois Midwest

Hyatt Launches New Hotel Brand Called Caption

by Kristin Harlow September 26, 2019

CHICAGO — Hyatt Hotels Corp. has launched a new brand within the select-service category called Caption. The brand is designed with communal spaces in mind. Union Square Hospitality Group consulted on the design of a food and beverage concept, which will include a café, market and bar. Guest rooms will average around 270 square feet. “We intend for the Caption by Hyatt brand to be a global growth driver domestically and internationally in dense urban markets, emerging neighborhoods and high foot-traffic areas,” says Jim Chu, global head of development for Hyatt.

September 26, 2019

Illinois Loans Midwest Multifamily

American Street Capital Arranges $9.6M Refinancing for Multifamily Portfolio in Oak Forest, Illinois

by Kristin Harlow September 26, 2019

OAK FOREST, ILL. — American Street Capital (ASC) has arranged $9.6 million in permanent debt for the refinancing of a 149-unit multifamily portfolio in Oak Forest, a suburb of Chicago. The portfolio comprises three separate properties, each with one-, two- and three-bedroom units. Igor Zhizhin of ASC arranged three nonrecourse loans with a correspondent agency lender. The borrower was not disclosed.

September 26, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $5.8M Sale of Apartment Building in Blue Island, Illinois

by Kristin Harlow September 26, 2019

BLUE ISLAND, ILL. — Marcus & Millichap has brokered the $5.8 million sale of Islander Apartments in Blue Island, about 16 miles south of Chicago. The 84-unit apartment building is located at 1900 Broadway St. Randolph Taylor of Marcus & Millichap’s Oak Brook office marketed the property on behalf of the seller, an individual trust. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the buyer, also an individual trust.

September 26, 2019

Illinois Leasing Activity Midwest Office

Industrious Expands Office Space to 93,000 SF at Accenture Tower in Chicago

by Kristin Harlow September 25, 2019

CHICAGO — Industrious, a flexible workspace provider, has expanded its office space at Accenture Tower in Chicago. Industrious will now occupy more than 93,000 square feet, up from its original footprint of 46,500 square feet. The company says it signed the lease expansion due to overwhelming business demand. Industrious Ogilvie features shared workspaces, private offices and Canvas suites, its signature offering. Amenities include Wi-Fi, daily breakfast in a fully stocked café and networking events. The expanded space is expected to be open in the second quarter of 2020. KBS owns Accenture Tower, a 1.5 million-square-foot office tower. KBS spearheaded a multi-million-dollar renovation of the property in 2015. Wendy Katz and Matt Lerner of Cushman & Wakefield represented KBS in the lease transaction. Paul Reaumond, Mark Cassata and Ian Murphy of CBRE represented Industrious.

September 25, 2019

Acquisitions Georgia Illinois Midwest Restaurant Retail Southeast Top Stories

Arby’s Parent Company to Acquire Jimmy John’s

by Kristin Harlow September 25, 2019

ATLANTA AND CHAMPAIGN, ILL. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its first sandwich shop in 1983, and is known for fast delivery. Atlanta-based Inspire is a multi-brand restaurant company founded in 2018. Its current portfolio includes more than 8,300 Arby’s, Buffalo Wild Wings, Sonic and Rusty Taco locations worldwide. Following completion of the transaction, Inspire will be the fourth-largest restaurant company in the United States, according to a news release. Inspire expects to have more than $14 billion in annual sales and more than 11,200 restaurants across 16 countries. James North will serve as president of the Jimmy John’s brand, reporting to Paul Brown, co-founder and CEO of Inspire. Liautaud will step down as chairman and transition to an advisor …

September 25, 2019

Development Illinois Midwest Office

Franklin Partners Opens Redeveloped Office Building in Naperville, Illinois

by Kristin Harlow September 24, 2019

NAPERVILLE, ILL. — Franklin Partners has opened The Shuman, a redeveloped 350,000-square-foot office building in Naperville. The property, located at 263 Shuman Blvd., formerly served as the headquarters for OfficeMax. Designed by Wright Heerema Architects, the multi-tenant property now includes a five-story atrium with a custom light installation. A staircase that doubles as seating space leads to the amenity floor, which includes private meeting rooms, a lounge, game room, golf simulator and fitness center. Fiona’s Fare is a dining area while Manan is an in-house coffee bar. Francis Prock and David Florent of Colliers International are marketing the property for lease. Thus far, approximately 35,000 square feet of space has been leased. Franklin Partners acquired the property in April 2018 in a joint venture with Bixby Bridge Capital.

September 24, 2019

Development Illinois Midwest Multifamily Seniors Housing

Senior Lifestyle Corp. Breaks Ground on 200-Unit Community Near Chicago

by Kristin Harlow September 24, 2019

OAK BROOK, ILL. — Senior Lifestyle Corp., along with real estate investment firm Kaufman Jacobs, has broken ground on The Sheridan at Oak Brook, approximately 17 miles west of downtown Chicago. The five-story community will feature 127 independent living apartments, 59 assisted living apartments and 14 memory care residences. The 215,000-square-foot property will sit on 4.5 acres of land near shopping malls and dining options. The Sheridan at Oak Brook is the fourth joint venture development between Kaufman Jacobs and Senior Lifestyle, an owner, operator and developer. The community is scheduled for completion in early 2021.

September 24, 2019

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