Illinois

Alliant Provides $15M Refinancing for 10-Property Portfolio in Chicago

by Kristin Harlow November 2, 2018

CHICAGO — Alliant Credit Union has provided a $15 million loan for the refinancing of a 10-property portfolio in Chicago. Located on the north side of Chicago, the portfolio includes a mix of apartment, retail and office buildings. The properties, which were fully occupied at the time of the loan closing, range in size from a two-unit commercial building to a 48-unit multifamily development. Gershon Friedman of Meridian Capital arranged the 15-year, fixed-rate loan. The borrower was not disclosed.

November 2, 2018

Development Illinois Midwest Multifamily

Construction Underway for 153-Unit Apartment Project in Skokie, Illinois

by Kristin Harlow November 1, 2018

SKOKIE, ILL. — W.E. O’Neil Construction is underway on the construction of 8000 North, a 153-unit apartment project in Skokie. The 12-story, 318,000-square-foot property will include 15,000 square feet of retail space as well as a top-floor amenity space and rooftop garden. Units will range in size from 535 square feet for studios to 1,614 square feet for penthouse units. Monthly rents are projected to start at $1,400. The development team, including architect Lucien Lagrange Studio, worked with the village of Skokie to utilize $5.9 million in tax-increment financing for environmental remediation and site preparation of the property. The first residents are expected to move into the property by December 2019.

November 1, 2018

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Legal Considerations for Condominium Deconversions in Chicago

by Kristin Harlow November 1, 2018

With the demand for apartments in Chicago rising, many real estate developers have discovered a previously untapped supply of potential acquisition targets — residential condominium buildings. This includes older condominium properties plagued by large deferred maintenance obligations and stagnating or declining unit sales prices. While the process for converting condominium buildings into rental properties can be more time consuming and labor-intensive than acquiring an existing apartment building, patient investors often see hidden value opportunities. They are able to capitalize on the spread between a building’s higher value as a rental property versus its lower value as an owner-occupied condominium building. Purchasing all of the condominium units in an existing building is not your typical real estate purchase. Because of the unique issues involved and the potential voluminous amount of documents involved, both the condominium association (the Association) and the buyer should be represented by experienced counsel with the bandwidth to handle the simultaneous closing of potentially hundreds of units. The counsel should also have a deep familiarity with condominium law, and in particular, Section 15 of the Illinois Condominium Property Act (the Act). Statutory overview Deconversion is the term that has become widely used in the real estate industry to …

November 1, 2018

Illinois Midwest Mixed-Use Top Stories

Tribune Media to Start Construction of 8 MSF River District in Chicago

by Katie Sloan November 1, 2018

CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co. (NYSE: TRCO), has received approval from the City of Chicago to begin an 8 million-square-foot mixed-use development at 700 and 777 W. Chicago Ave. The approval was the last step before construction could begin. The development — named The River District — will include 4,100 residential units and 2,000 feet of riverfront pedestrian walkways upon completion. Phase I of development will include 1,250 to 1,500 residential units, a 1.8-acre public park and 560 feet of pedestrian walkways along the river. The remaining phases will be built out based on market demand. The property supports an additional 7 million square feet of development. Chicago-based architectural firm Solomon Cordwell Buenz designed the master plan for the property. “The River District will be a dynamic new neighborhood that will transform the face of the North Branch and serve as a natural extension of Chicago’s downtown, connecting neighborhoods and people,” says Murray McQueen, president of Tribune Real Estate Holdings.“With today’s approval, we can take the next steps to build an in-demand neighborhood that will help the city continue to attract and retain new jobs and talent.” A timeline for development has yet to be …

November 1, 2018

Illinois Loans Midwest Retail

Marcus & Millichap Arranges $13.7M Acquisition Loan for Retail Center in Peoria, Illinois

by Kristin Harlow October 31, 2018

PEORIA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.7 million non-recourse loan for the acquisition of an 82,229-square-foot retail center in Peoria. Schnucks grocery store anchors the property with a 20-year lease. Robert Bhat of MMCC arranged the loan that features a 75 percent loan-to-value and two years of interest-only payments followed by a 30-year amortization schedule. Brett Chetek, Chris Garavaglia and Alex Perez of Marcus & Millichap represented the seller and procured the buyer. The sales price was $18.2 million.

October 31, 2018

Development Illinois Midwest Office

Summit Breaks Ground on Five-Story Boutique Office Building in Chicago

by Kristin Harlow October 31, 2018

CHICAGO — Summit Design + Build LLC has broken ground on 1040 West Fulton, a five-story, 29,000-square-foot boutique office building in Chicago. Summit plans to occupy the top two floors of the property following its completion next fall. This leaves roughly 14,000 square feet of office space and 2,800 square feet of retail space for lease. The property will include 17 indoor parking spaces, a fifth-floor outdoor terrace and a sixth-floor rooftop. The project team includes architect Hartshorne Plunkard Architecture, owner’s representative Carr Realty Advisors, structural engineer IMEG Corporation, civil engineer Weaver Consultants Group and MEP engineer WT Engineering. Chad Schroedl, Scott Maesel and Drew Dillon of SVN Commercial Chicago will market the available space for lease. First Bank of Highland Park is providing construction financing.

October 31, 2018

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Negotiates $7M Sale of Industrial Building in Tinley Park, Illinois

by Kristin Harlow October 31, 2018

TINLEY PARK, ILL. — Lee & Associates has negotiated the $7 million sale of an 84,388-square-foot industrial building in Tinley Park, about 30 miles south of Chicago. The property is located at 8201 W. 183rd St. Terry Grapenthin, Jeff Galanteand Ryan Earley of Lee & Associates represented the buyer, 7600 Grant BR LLC. The seller was not disclosed. The property was 80 percent leased at the time of sale.

October 31, 2018

Acquisitions Illinois Industrial Midwest

Green Door Capital, Citimark Purchase 447,059 SF Industrial Portfolio in Metro Chicago for $38M

by Kristin Harlow October 30, 2018

CHICAGO — A partnership between Green Door Capital and Citimark Inc. has purchased a seven-property industrial portfolio in metro Chicago for $38 million. The properties, totaling 447,059 square feet, include: 5120 Prairie Stone Parkway in Hoffman Estates; 1124 Tower Road and 1555-1559 Brasswood Road in Schaumburg; 3225 Corporate Drive and 3301-3301 Corporate Drive in Joliet; 454 Scott Drive in Bloomingdale; and 3720 Prairie Lake Court in Aurora. At the time of sale, the portfolio was 93 percent leased to 10 different tenants. Kurt Sarbaugh, Robin Stolberg, Stephen Skok and Sam Berry of HFF marketed the portfolio on behalf of the seller, Globe Corp.

October 30, 2018

Illinois Leasing Activity Midwest Retail

It’Sugar Opens 2,000 SF Store at Chicago’s Navy Pier

by Kristin Harlow October 30, 2018

CHICAGO — It’Sugar has opened a 2,000-square-foot store at Chicago’s Navy Pier. Founded in 2006, the candy retailer has approximately 100 locations across the country and worldwide. The store at Navy Pier offers a “Taste of Chicago Box,” which features products that originated in Chicago including Tootsie Rolls, Razzles, Baby Ruth, Juicy Fruit, Charleston Chew, Sugar Daddy and Chuckles. Other current tenants at Navy Pier include Build-A-Bear Workshop, Garrett Popcorn Shops, Giordano’s, Harry Caray’s Tavern, Bubba Gump Shrimp Co., McDonald’s and Starbucks. Gregory Kirsch, Corey Black and Larry Kling of Newmark Knight Frank represented It’Sugar in the lease.

October 30, 2018

Acquisitions Illinois Midwest Multifamily

Redwood Capital Group Acquires 231-Unit Luxury Apartment Complex in Orland Park, Illinois

by Kristin Harlow October 29, 2018

ORLAND PARK, ILL. — Redwood Capital Group LLC has acquired The Residences of Orland Park Crossing, a 231-unit apartment complex in the southwest Chicago suburb of Orland Park. The purchase price was $70 million, according to Crain’s Chicago Business. Constructed in 2016, the property consists of four mid-rise buildings and 63 townhomes. Units average 980 square feet and townhomes range from 1,487 to 1,994 square feet. Amenities include a clubhouse, pool and fitness center. REVA Development Partners was the seller.

October 29, 2018

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