Illinois

Bridge Investment Group Acquires 517,640 SF Office Complex in Rosemont, Illinois

by Kristin Harlow September 21, 2018

ROSEMONT, ILL. — Bridge Investment Group’s office division has acquired O’Hare International Center, a pair of nine-story office buildings adjacent to O’Hare International Airport in Rosemont. The purchase price was not disclosed. The buildings total 517,640 square feet. Bridge plans more than $5 million in capital improvements, including the renovation of both lobbies, a new tenant lounge and conference center. Renovations are expected to begin in mid-October. Originally built between 1984 and 1987, O’Hare International Center is currently 83 percent occupied. Rob Lundin, John Clark and John Norris of Newmark Knight Frank will market the property for lease. The seller was not disclosed.

September 21, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $3M Sale of Apartment Building in Chicago

by Kristin Harlow September 21, 2018

CHICAGO — Essex Realty Group has brokered the sale of a 32-unit apartment building in Chicago’s West Ridge neighborhood for $3 million. The property, located at 2349 W. Devon Ave., also features 8,097 square feet of street-level commercial space that is fully leased. Abe Eilian and Doug Fisher of Essex represented the seller, while Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the buyer.

September 21, 2018

Acquisitions Illinois Midwest New York Northeast Office Top Stories

Ivanhoé Cambridge Acquires Callahan Capital Properties in Investment Firm Merger

by Kristin Harlow September 21, 2018

CHICAGO AND NEW YORK CITY — Ivanhoé Cambridge has acquired Callahan Capital Properties (CCP) for an undisclosed price. The transaction will internalize all investment and asset management responsibilities. In 2012, Ivanhoé Cambridge partnered with CCP to expand its U.S. office properties platform. At the time of closing, the platform’s assets under management were in excess of $10 billion. Some prominent office properties that the partnership owns in New York include 85 Broad St., 1411 Broadway and Three Bryant Park. In Chicago, the duo owns 125 S. Wacker Drive and 180 North LaSalle. Canada-based Ivanhoé Cambridge, which has an office in New York, develops and invests in real estate properties, projects and companies. The company is the real estate investment arm of Quebec’s public pension fund manager. Through subsidiaries and partnerships, the company holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors. Chicago-based CCP is a real estate private equity firm founded in 2006 by Tim Callahan, the former CEO of Trizec Properties, an office real estate investment trust. Eastdil Secured advised on the transaction. — Kristin Hiller

September 21, 2018

Development Illinois Midwest Office

Bystronic Breaks Ground on 162,875 SF Headquarters in Hoffman Estates, Illinois

by Kristin Harlow September 20, 2018

HOFFMAN ESTATES, ILL. — Bystronic has broken ground on its new experience center and U.S. corporate headquarters in Hoffman Estates. The 162,875-square-foot facility will feature a showroom as well as serve as the hub for the company’s U.S. business operations, including sales, service, spare parts and the refurbishing of used machines. Completion is slated for summer 2019. Bystronic, a provider of solutions for the sheet metal processing business, currently operates out of Elgin. Jeff Janda and Mike Plumb of Lee & Associates represented Bystronic in the build-to-suit transaction. Conor Commercial Real Estate is the developer, McShane Construction Co. is the general contractor and Heitman Architects is the architect. Mike Sedjo and Jack Brennan of CBRE represented the developer.

September 20, 2018

Healthcare Illinois Loans Midwest

CBRE Arranges $96M Non-Recourse Acquisition Financing for Medical Office Portfolio in Suburban Chicago

by Kristin Harlow September 19, 2018

CHICAGO — CBRE U.S. Healthcare Capital Markets has arranged a $96 million permanent loan to finance the acquisition of an eight-building medical office portfolio in the Chicago suburbs. The Class A buildings total 490,000 square feet. The 10-year loan features a fixed rate of 1.15 percent over 10-year Treasury. Shane Seitz, James Millon and Thomas Traynor of CBRE served as advisors for the loan transaction. A commercial bank provided the loan. The borrower was not disclosed.

September 19, 2018

Acquisitions Illinois Midwest Multifamily

TGM Acquires 347-Unit Apartment Community in Northbrook, Illinois

by Kristin Harlow September 19, 2018

NORTHBROOK, ILL. — TGM has acquired TGM NorthShore, a 347-unit, mid-rise apartment community in suburban Chicago. The purchase price was not disclosed. Constructed in 2016, the property features a mix of one- and two-bedroom units. Luxury amenities include a doorman and concierge service, golf simulator, landscaped courtyards, community room, catering kitchen, dog park and media center. John Jaeger and Dan Cohen of CBRE brokered the sale. The seller was not disclosed.

September 19, 2018

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Negotiates $12.3M Sale of Property Net Leased to Jewel-Osco in Bourbonnais, Illinois

by Kristin Harlow September 19, 2018

BOURBONNAIS, ILL. — The Boulder Group has negotiated the $12.3 million sale of a single-tenant property net leased to Jewel-Osco in Bourbonnais, about 50 miles south of Chicago. The 62,000-square-foot property is located at 655 Main St. Renovated in 2016, the property features a drive-thru pharmacy. The lease, guaranteed by parent company Albertsons, has 20 years remaining. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the sale. A private real estate company based in the Southwest was the seller, while an Australia-based investor was the buyer.

September 19, 2018

Illinois Leasing Activity Midwest Office

Triumph Higher Education Group to Move Headquarters to Schaumburg, Illinois

by Kristin Harlow September 18, 2018

SCHAUMBURG, ILL. — Triumph Higher Education Group has signed a 21,000-square-foot lease to move its headquarters to 150 N. Martingale Road in Schaumburg. The education provider, which owns Auguste Escoffier School of Culinary Arts, plans to move from Hoffman Estates in October. Triumph will backfill some of the office space formerly occupied by The Nielsen Company, which moved its operations to downtown Chicago last year. Andy Strand, Mark Kolar and Adam Pines of JLL negotiated the lease transaction on behalf of Triumph.

September 18, 2018

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Buys 42,000 SF Industrial Property in Chicago for $2.8M

by Kristin Harlow September 18, 2018

CHICAGO — Dayton Street Partners has acquired a 42,000-square-foot industrial property in Chicago for $2.8 million. The vacant building is situated on 1.7 acres at 2501 West Fulton St. Constructed in the 1960s, the property features a clear height of 16 feet, two loading docks, one drive-in door, parking for 50 cars and 8,000 square feet of office space. Dayton Street plans to renovate the property with new LED lighting and parking lot improvements. Scott Duerkop and Dominic Carbonari of JLL represented the seller, Keystone.

September 18, 2018

Acquisitions Illinois Midwest Multifamily Seniors Housing

Cushman & Wakefield Arranges Sale of 101-Unit Assisted Living Community in Prospect Heights, Illinois

by Kristin Harlow September 17, 2018

PROSPECT HEIGHTS, ILL. — Cushman & Wakefield has arranged the sale of The Grandbrier at Prospect Heights, a 101-unit assisted living and memory care community in suburban Chicago. The sales price was not disclosed. A joint venture between Virtus Real Estate Capital and Pathway to Living acquired the asset. Built in 2017, the property features 69 assisted living units and 32 memory care units. Amenities include an outdoor terrace, theater, living rooms and lifestyle programming. Oz Real Estate was the seller.

September 17, 2018

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