Illinois

Entre Commercial Brokers Sale-Leaseback of 122,048 SF Industrial Facility in Lake Zurich, Illinois

by Kristin Harlow October 1, 2018

LAKE ZURICH, ILL. — Entre Commercial Realty has brokered the sale-leaseback of a 122,048-square-foot industrial facility in Lake Zurich. Brian Bocci of Entre represented the buyer, Exeter Property Group. Kris Keller of Keller Williams represented the seller, 1300 Rose Road LLC. The seller plans to lease back approximately 65 percent of the building on a long-term lease. The remaining portion of the property has another tenant in place. Built in 2005, the property features a clear height of 28 feet.

October 1, 2018

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $3.7M Condo Deconversion Sale in Evanston, Illinois

by Kristin Harlow October 1, 2018

EVANSTON, ILL. — Interra Realty has negotiated the $3.7 million deconversion sale of 122-130 Callan Ave. in Evanston. The undisclosed buyer plans to convert the building’s 25 condominiums back into apartment rental units. Built in 1923, the building includes 13 two-bedroom units and 12 one-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented both the buyer and the sellers, Evanstonian 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.

October 1, 2018

Illinois Loans Midwest Multifamily

Associated Bank Arranges $50M Syndicated Loan for Multifamily Project in Chicago’s South Loop

by Kristin Harlow September 28, 2018

CHICAGO — Associated Bank has arranged a $50 million syndicated loan for the construction of a 261-unit multifamily project in Chicago’s South Loop. The project, under development by CMK Cos., will consist of two connected buildings located at 51 E. 14th St. and 1419 S. Wabash Ave. The complex will also include 10,410 square feet of retail space and 95 parking spaces. Construction is slated for completion in August 2019. As lead arranger, Associated Bank is holding $20 million of the loan, with the remainder syndicated to Great Southern Bank, United Community Bank and First Community Bank. Elizabeth Hozian of Associated Bank managed the loan.

September 28, 2018

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $10.9M Sale of Property Net Leased to Jewel-Osco in Illinois

by Kristin Harlow September 28, 2018

SUGAR GROVE, ILL. — The Boulder Group has arranged the $10.9 million sale of a single-tenant property net leased to Jewel-Osco in Sugar Grove, a western suburb of Chicago. The 61,301-square-foot building is located on 7.9 acres at 465 N. Illinois Route 47. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate investment company based in the Southwest. A California-based private investor was the buyer.

September 28, 2018

Acquisitions Illinois Midwest Office Top Stories

Beacon Capital Partners Buys Trophy Office Building in Chicago’s East Loop for $182M

by Jeff Shaw September 28, 2018

CHICAGO — An affiliate of Beacon Capital Partners has acquired 303 East Wacker, a 944,000-square-foot riverfront office tower in Chicago’s East Loop, for $182 million. Completed in 1980 by Metropolitan Structures, the 30-story tower has two penthouse levels and floor-to-ceiling windows offering unobstructed, 360-degree views of the Chicago River, Lake Michigan and the city skyline. A lower-level retail concourse at the property connects it directly to the Swissotel and Hyatt Regency Chicago hotels. The building also features a 294-space parking lot. The JLL Capital Markets team of Bruce Miller and Nooshin Felsenthal brokered the sale on behalf of the seller, Franklin Street Properties, while Keith Largay and Heather Brown arranged acquisition financing for the buyer. Previous owners of the trophy office building include a joint venture between Hines and J.P. Morgan Fleming Asset Management. The companies held the property from 1997 to 2007, implementing a renovation program before selling to Franklin Street Properties. Hines was still managing the leasing of the property at the time of sale to Beacon. Fujikawa Johnson & Associates was the original architect of the property. Notable tenants include AECOM, Hewlett-Packard, Kelly Scott Madison, Maximus Inc., Northwestern University, Senior Lifestyle Management LLC and XPO Logistics. Beacon …

September 28, 2018

Development Illinois Midwest Multifamily

Lendlease Opens 452-Unit Apartment Tower in Chicago’s South Loop

by Kristin Harlow September 27, 2018

CHICAGO — Lendlease has opened The Cooper at Southbank, a 29-story, 452-unit apartment tower in Chicago’s South Loop. It is the first project both built and developed by the firm in the Chicago market. The Cooper is one of five residential buildings planned for Southbank, a seven-acre neighborhood development along the South Branch of the Chicago River. Floor plans range in size from 451 to 1,104 square feet. Monthly rents start at $1,710. In addition to apartment units, six penthouses and 26 townhomes will be available for rent starting in January. Amenities span more than 35,000 square feet on the sixth floor and include a terrace, pool, pizza oven, bocce ball court, fitness center with Peloton bikes, virtual sports simulator, musical instrument lounge and reading room. Pet amenities, including a dog run and grooming station, are located on the fifth floor. Southbank’s central amenity will be a two-acre park. Perkins+Will serves as the principal architect for Southbank. Hoerr Schaudt is the landscape architect. The Cooper is named after several Chicago creative pioneers, including the artistry of Frederick Cooper’s lighting, the craftsmanship of Oswald Cooper’s lettering and typefaces, the ingenuity of Martin Cooper’s inventions and the spirit of Jack L. Cooper’s early radio …

September 27, 2018

Acquisitions Illinois Midwest Retail

Sterling Acquires Two-Property Retail Portfolio in Metro Chicago

by Kristin Harlow September 25, 2018

HILLSIDE AND OSWEGO, ILL. — Sterling Organization has acquired a two-property retail portfolio in metro Chicago for an undisclosed price. The portfolio includes the 164,837-square-foot Hillside Town Center in Hillside and the 101,466-square-foot Prairie Market in Oswego. Developed in 2009, Hillside Town Center is home to tenants such as Ross Dress for Less, HomeGoods, Michaels and Petco. Aldi and PetSmart anchor Prairie Market, which was developed between 2007 and 2009. The properties were purchased on behalf of Sterling’s institutional fund, Sterling Value Add Partners III LP. The seller was not disclosed.

September 25, 2018

Development Illinois Industrial Midwest

Morgan/Harbour Completes Two Spec Warehouses Totaling 560,000 SF in Illinois Industrial Park

by Kristin Harlow September 25, 2018

FRANKLIN PARK, ILL. — Morgan/Harbour Construction has completed two speculative warehouses on behalf of CenterPoint Properties at CenterPoint Logistics Center O’Hare in Franklin Park. One of the buildings totals 225,891 square feet and features a clear height of 32 feet, 50 exterior docks and parking for 68 trailers. The other building totals 333,696 square feet and features a clear height of 36 feet, 92 exterior docks and parking for 76 trailers. Cornerstone Architects provided architectural services, while Spaceco Inc. was the civil engineer. James Estus of Colliers International is marketing the properties for lease.

September 25, 2018

Acquisitions Illinois Midwest Retail

Kensington Development, IM Properties Acquire 310,000 SF Retail Center in Metro Chicago, Plan Redevelopment

by Kristin Harlow September 24, 2018

MORTON GROVE, ILL. — Kensington Development Partners and IM Properties have acquired Prairie View Plaza, a 310,000-square-foot retail center in Morton Grove. Edgemark Properties arranged the transaction on behalf of the seller, Federal Construction Inc. The asset sold for $11.3 million, according to local media reports. Kensington Development and IM Partners plan to reposition and redevelop the 26-acre property, located 16 miles northwest of Chicago, with new retail, restaurant and entertainment options. The site also has development potential for residential, hotel and medical office uses, according to the project developers. Kensington and IM plan to maintain the existing 3,120-square-foot Bank of America outparcel, as well as the 10,500-square-foot strip center currently anchored by Starbucks Coffee. Additional tenants at the center include LA Fitness, Dollar Tree and The Room Place. A development timeline for the project was not disclosed.

September 24, 2018

Development Illinois Midwest Multifamily

McShane Completes Construction of 45-Unit Apartment Project in Arlington Heights, Illinois

by Kristin Harlow September 24, 2018

ARLINGTON HEIGHTS, ILL. — McShane Construction Co. has completed Parkview Apartments in downtown Arlington Heights, a northwest suburb of Chicago. The seven-story, 45-unit apartment project is situated at the southwest corner of Dunton Avenue and Eastman Street. Residences are located on the upper five floors of the property, while the second floor and a portion of the first floor consist of secured parking for 58 vehicles. The remaining 1,314 square feet on the first floor serve as retail space. Tinaglia Architects designed the property and UP Development was the developer.

September 24, 2018

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