CHICAGO — Aries Conlon Capital has rebranded to Mag Mile Capital and is relocating its Chicago headquarter offices from River North to the 84th floor of Willis Tower. Rushi Shah will continue to serve as principal and CEO and retain the same sales team, pipeline and national commercial mortgage and investment banking platform. Shah bought out his partners’ interest in the company to become majority owner. Previous partners include Neil Freeman and Sean Conlon of Aries Capital LLC and Conlon and Co., respectively. The name change is a nod to Chicago’s Magnificent Mile on North Michigan Avenue.
DOWNERS GROVE, ILL. — JLL has arranged a $63 million loan for the acquisition of Executive Towers West, a three-building office campus totaling 682,502 square feet in Downers Grove. Developed between 1983 and 1987, the buildings are located at 1431, 1411 and 1400 Opus Place, approximately 23 miles west of Chicago. Adam Schwartz, Brett Rosenberg and Patrick Heitmann of JLL arranged the loan on behalf of the borrower, Group RMC. Morgan Stanley provided the loan.
CHICAGO — Spaces Real Estate has opened a new 4,000-square-foot office in Chicago’s West Loop. This is the second and largest office for the full-service real estate brokerage firm, which specializes in apartment leasing. The company, which also assists in buying and selling single-family homes, will maintain its 2,000-square-foot office in Lakeview. Spaces worked with Rieke Office Interiors on the design of the West Loop location, which is a loft office with open lounge areas and a central kitchen. The new office will serve as the headquarters for the Elevated Spaces division, which was launched nearly two years ago to serve the high-end downtown rental market.
CHICAGO — RMK Management Corp. has begun pre-leasing at The Residences at Addison & Clark, a 148-unit luxury rental development across the street from Chicago’s Wrigley Field. The Residences occupies the upper floors of the mixed-use development known as Addison & Clark. Floor plans, including a mix of studios through two-bedroom units, range from 501 to 1,409 square feet. Monthly rental rates range from $1,980 to $4,510. In keeping with the sports history of the neighborhood, The Residences at Addison & Clark features baseball-themed amenities such as the Upper Deck, an 8,746-square-foot outdoor rooftop space featuring a pool, hot tub and grilling stations; the Training Zone, a cardio and strength training facility; the Dugout, a conference room and shared technology space; the Bullpen, an outdoor dog park on the fifth floor; and the Diamond Lounge, a community kitchen and event space. Additional amenities include a concierge, dry cleaning and pick-up service and a package delivery system. The building will also have a separate space for oversized deliveries, as well as a refrigerator and freezer for perishable items. New retail leases at the property include: Beerhead Bar & Eatery, a craft beer bar franchise slated to open in spring 2019; and Do-Rite Donuts & Chicken, a …
CHICAGO — CIM Group and Golub & Co. have sold a 40-story apartment tower located at 1001 S. State St. in Chicago’s South Loop neighborhood. The companies jointly developed the 397-unit building, which was completed in August 2016. Amenities include a communal workspace, game room, outdoor pool, fitness center, yoga studio, dog run and services such as dry cleaning. Neither the sales price nor the buyer was disclosed, but Crain’s Chicago Business reports that an investment arm of the Mormon church was the buyer.
OAK PARK, ILL. — SRS Real Estate Partners has negotiated the sale of a 22,000-square-foot retail real estate property occupied by Target in Chicago’s Oak Park. The small-format Target features a full-service CVS Pharmacy and a Starbucks. Built in 2017, the store is the ground-floor retail component of The Emerson, a mixed-use development that includes 271 residential units. Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant of SRS represented the New York-based buyer, who completed a 1031 tax-deferred exchange. Ben Wineman and Wes Koontz of Mid-America represented the seller, a Chicago-based developer. Target launched its new small-format concept three years ago and now has eight stores open in Chicago, with two more slated to open this year and four scheduled to open in 2019.
CHICAGO — Hilton (NYSE: HLT) has opened its first tri-branded hotel featuring a Hilton Garden Inn, Hampton Inn and Home2 Suites at Chicago’s McCormick Place convention center. First Hospitality Group Inc. is the developer and manager. The 23-story property includes 184 Hilton Garden Inn rooms, 187 Hampton Inn rooms and 95 suites within the Home2 Suites. A sky bridge provides guests convenient access to the convention center. Amenities include an exercise room, indoor pool, 24-hour business center and 7,000 square feet of event space. Food and beverage offerings open to the public include VU Skyward Bev & Eat, a rooftop restaurant from Concentrics Restaurants scheduled to open this fall; Fatpour Tapworks, a street-level pub and grill operated by Big Onion Tavern Group slated to open this fall; and Starbucks, which is currently open and accessible from Cermak Road. The project team included James McHugh Construction Co., UJAMAA Construction Inc., Merritt Development Group, building architect Antunovich Associates, hotel architect Todd Halamka + Partners and interior designer Looney Associates.
CHICAGO — Jupiter Realty Co. has completed development of 465 North Park in Chicago’s Streeterville neighborhood. MetLife Investment Management and Allstate own the 48-story luxury apartment tower, which is managed by Bozzuto. Designed by Pappageorge Haymes Partners, the property features 444 rental units, more than 10,000 square feet of retail space and 181 parking spaces. Luxury amenity spaces include a pool with cabanas, 38th-floor skydeck, clubroom with billiards, fitness center with yoga room, demonstration kitchen and multiple gathering areas. Floor plans include a mix of studios, one-, two-, three- and penthouse units. Monthly rents start at $1,925 for studios.
BENSENVILLE, ILL. — ML Realty Partners has purchased a 66,939-square-foot industrial building in Bensenville for an undisclosed price. The multi-tenant property is located at 300-330 County Line Road. Three units are occupied by longstanding tenants, while the last available space for lease totals 16,396 square feet and features two docks and 1,397 square feet of office space. Jeffrey Devine and Steven Disse of Colliers International represented the undisclosed seller. Adam Stokes and Sean Bostrom of Nicolson Porter & List represented ML Realty and will market for lease the remaining available unit.
MOUNT PROSPECT, ILL. — Monument Capital Management has acquired The Residences at 1450 in Mount Prospect for $24.1 million. Located at 1450 Busse Road, the nine-building property comprises 222 garden-style units. Some units feature private entrances and patios. Amenities include a clubhouse, pool, grill area, playground, dog park, volleyball court, fitness center and business center. The seller was not disclosed. The buyer plans to implement a value-add program and update the unit interiors.