Illinois

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

Acquisitions Illinois Midwest Office

Marcus & Millichap Negotiates $13.1M Sale of Loft Office Building in Chicago’s West Loop

by Kristin Harlow September 17, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a four-story loft office building in Chicago’s West Loop for $13.1 million. The 30,620-square-foot building is located at 1027-1031 W. Madison St. Schafer Condon Carter (SCC), an independent creative and technology agency, occupies floors two through four. CrossTown Fitness and Madison Bar + Kitchen occupy the first floor. Built in 1872, the historic property underwent a $4 million renovation in 2011 to restore the façade and modernize the interiors. Stephen Lieberman of Marcus & Millichap represented the seller, a private partnership including principals of SCC. The company will remain a tenant at the building as part of a sale-leaseback agreement. Lieberman also procured the New York-based buyer.

September 17, 2018

Acquisitions Delaware Illinois Industrial Midwest Minnesota Northeast Pennsylvania Texas Top Stories

Investcorp Acquires 56 Industrial Properties Across U.S. for $300M

by Taylor Williams September 17, 2018

NEW YORK CITY — The American investment team of Bahrain-based Investcorp has acquired 56 industrial properties totaling approximately 4.5 million square feet across seven major American markets. The purchase price was roughly $300 million. The portfolio includes nine warehouses in Minneapolis; 16 warehouse/flex buildings in Dallas; 14 warehouse/manufacturing buildings in Chicago; nine warehouse and flex buildings in Philadelphia and Delaware; five warehouse/manufacturing buildings in Phoenix; two industrial properties in Houston; and one industrial asset in San Antonio. All of the infill properties offer last-mile proximity to major population centers. The seller was not disclosed. “This acquisition gives us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the U.S.,” says Mohammed Alardhi, executive chairman of Investcorp. “This investment further reflects our commitment to growing Investcorp’s footprint in the U.S., which is a key driver of the firm’s overall growth strategy.” At the time of sale, the properties were collectively 90 percent occupied by tenants in the e-commerce, manufacturing, design, wholesaling and food services industries. The sale marks Investcorp’s ninth industrial portfolio acquisition in the last 36 months. Since 1996, Investcorp has purchased more than 550 properties with a total value in excess of $14 billion. …

September 17, 2018

Development Illinois Midwest Retail

EQ Office Unveils Plans for Dining, Retail Destination at Willis Tower in Chicago

by Kristin Harlow September 14, 2018

CHICAGO — Blackstone’s Equity Office, a large U.S. owner of office space, has unveiled plans for “Catalog,” a five-story dining, retail and entertainment destination located at the base of Willis Tower in downtown Chicago. Food hall operator Urbanspace will anchor Catalog’s food and beverage offerings, occupying more than 14,000 square feet and making the company one of the largest retailers in the building. The name Catalog is a nod to the Sears Roebuck Co., which originally developed and opened Willis Tower in 1973. Architecture firm Gensler is designing the space, which is scheduled to open in mid-2020. Willis Tower is undergoing $500 million in renovations, plans for which include more than 300,000 square feet of new retail, dining and entertainment space. Pre-leased tenants include Shake Shack, Sweetgreen, Luke’s Lobster and Taylor Gourmet.

September 14, 2018

Acquisitions Illinois Midwest Retail

Albanese Cormier Acquires 274,215 SF Retail Center in Centralia, Illinois

by Kristin Harlow September 14, 2018

CENTRALIA, ILL. — Albanese Cormier Holdings has acquired Fairview Park Plaza in Centralia in southern Illinois. The purchase price was not disclosed. The 274,215-square-foot retail center is located at 1001-1161 W. Broadway St. Anchor tenants include AMC Theaters, Big Lots, Goody’s and Schnucks. Chris LaBounty of May Real Estate represented the seller, Phillips Edison & Co. Albanese Cormier is based in Beaumont, Texas.

September 14, 2018

Development Illinois Midwest Mixed-Use

Developer Unveils Revised Plan for Union Station Project in Chicago

by Kristin Harlow September 13, 2018

CHICAGO — Riverside Investment & Development, with its development partner Convexity Properties, has unveiled a revised plan for the Union Station redevelopment project in Chicago. The biggest change is the elimination of a 404-unit apartment structure that the developers had initially proposed to place atop the historic Union Station building, according to local media reports. Instead, Riverside plans to develop a one-story addition with hotel rooms. The other change is a 1.5-acre plaza and park along Jackson Boulevard and Clinton Street at the base of a proposed 50-story office tower. BMO Harris Bank is in talks to anchor the office property, according to local media sources. The new proposal will still have to clear many hurdles, including approval from city officials. In June, the developer faced criticism for its initial proposal largely because of the glass apartment building. Last year, Amtrak, which owns the station, selected the development team for the $1 billion project. The train station originally opened in 1925. Today, it handles about 140,000 passengers on an average weekday.

September 13, 2018

Acquisitions Illinois Industrial Midwest

Conor Commercial, Globe Corp. Sell Industrial Building in Elgin, Illinois for $29.8M

by Kristin Harlow September 12, 2018

ELGIN, ILL. — Conor Commercial Real Estate and Globe Corp. have sold Northwest Pointe II in Elgin for $29.8 million. Cabot Properties purchased the 385,372-square-foot industrial building. The property, which is fully leased to Box Partners, is situated on a 22-acre parcel within the Northwest Corporate Park. Construction on a third building at the park is expected to begin in spring 2019. John Huguenard and Ed Halaburt of JLL and Ken Franzese and John Cassidy of Lee & Associates represented the seller in the transaction.

September 12, 2018

Illinois Loans Midwest Multifamily

Hunt Real Estate Capital Provides $6.2M Bridge Loan for Refinancing of Multifamily Property in Chicago

by Kristin Harlow September 12, 2018

CHICAGO — Hunt Real Estate Capital has provided a $6.2 million bridge loan for the refinancing of 5009 Ashland Avenue in Chicago. Built in 1918, the multifamily property consists of 31 units. The Greenwald Company was the borrower. Approximately $1 million of the loan will be allocated for future funding of capital improvements. Planned interior upgrades include refinishing and staining hardwood floors, replacing carpet in common areas and replacing appliances. Terms of the loan were not disclosed.

September 12, 2018

Acquisitions Illinois Industrial Midwest

Brown Commercial Brokers $2.6M Sale of Industrial Property in Lake Barrington, Illinois

by Kristin Harlow September 12, 2018

LAKE BARRINGTON, ILL. — Brown Commercial Group has brokered the $2.6 million sale of a 32,000-square-foot industrial property in Lake Barrington, about 40 miles northwest of Chicago. The buyer, PEGA LLC, will use 10,000 square feet of the building for its own industrial business while an existing tenant will lease the remaining 22,000 square feet. Freund Properties LLC was the seller. Jim Pietrarosso represented both the buyer and the seller in the transaction. The fully leased building features four docks and drive-in doors as well as 9,100 square feet of office space.

September 12, 2018

Newer Posts

Older Posts