Illinois

Essex Brokers Sale of Apartment Building in Chicago for $24.5M

by Kristin Harlow December 10, 2018

CHICAGO — Essex Realty Group Inc. has brokered the sale of The Northland Apartments in Chicago’s Old Town neighborhood for $24.5 million. The luxury apartment building comprises 60 units and one restaurant, Two Lights Seafood & Oyster. Amenities include a dog run and rooftop deck. Monthly rents start at $1,700. Jim Darrow and Jordan Gottlieb of Essex represented the seller, local developer JAB Real Estate. Kate Verde of Essex represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.

December 10, 2018

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Negotiates $3.7M Sale of Property Occupied by DaVita Dialysis in Northern Illinois

by Kristin Harlow December 10, 2018

SOUTH HOLLAND, ILL. — Marcus & Millichap has negotiated the $3.7 million sale of a 9,703-square-foot property occupied by DaVita Dialysis in South Holland, about 20 miles south of Chicago. The facility, located at 16110 LaSalle St., opened in 2016. DaVita operates under a 15-year, double net lease. Valerie Cook, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the asset.

December 10, 2018

Illinois Loans Midwest Office

CBRE | Capstone Arranges $180.5M Refinancing for Heartland Dental-Occupied Portfolio

by Kristin Harlow December 6, 2018

EFFINGHAM, ILL. — CBRE | Capstone has arranged a $180.5 million CMBS loan for the refinancing of a 169-property portfolio occupied by Heartland Dental across 24 states. Jon Faulkenberg, Shawn Givens, Chase Gambill and Ken Higgins of CBRE | Capstone arranged the fixed-rate loan on behalf of the borrowers, Professional Resource Development Inc. and WMG Development LLC. Jonathan Brumleve and Curt Frost of Professional Resource Development led the transaction on behalf of the borrowers. UBS provided the 10-year loan, which features a 30-year amortization schedule and a 57 percent loan-to-value ratio. Effingham, Ill.-based Heartland Dental provides comprehensive administrative support services for marketing, accounting and other aspects of a dentist’s business.

December 6, 2018

Acquisitions Illinois Industrial Midwest

High Street Realty, Angelo Gordon Purchase 713,555 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow December 5, 2018

CHICAGO — A joint venture between High Street Realty Co. and Angelo Gordon has purchased a four-property, 713,555-square-foot industrial portfolio in metro Chicago for an undisclosed price. The multi-tenant properties include: 1010-050 Sesame St. in Bensenville; 11241 Melrose Ave. in Franklin Park; 11939 S. Central Ave. in Alsip; and 6748-6750 S. Sayre Ave. in Bedford Park. Robin Stolberg, Kurt Sarbaugh and Sam Berry of HFF represented the seller, Hackman Capital Partners.

December 5, 2018

Acquisitions Illinois Midwest Office

Avison Young Brokers Sale of 123,944 SF Office Building in Arlington Heights, Illinois

by Kristin Harlow December 4, 2018

ARLINGTON HEIGHTS, ILL. — Avison Young has brokered the sale of a 123,944-square-foot office building in Arlington Heights for an undisclosed price. Northwest Community Healthcare (NCH) purchased the building, which is located at 3040 Salt Creek Lane. The company will relocate its non-clinical business operations and support services staff from a neighboring 50,000-square-foot property to fully occupy the new building. Mark Johnson of Avison Young represented NCH in the sale. The seller was not disclosed.

December 4, 2018

Development Healthcare Illinois Midwest

Ankura, Medicus Capital Break Ground on 50,000 SF Outpatient Care Center in Kildeer, Illinois

by Kristin Harlow December 3, 2018

KILDEER, ILL. — Ankura Healthcare Real Estate Solutions and Medicus Capital have broken ground on a 50,000-square-foot outpatient care center in Kildeer. The new facility will be located on a five-acre site at the corner of Rand and Cuba roads. Northwest Community Healthcare will occupy the facility. Slated for completion in late 2019, the building will be home to primary care, physical therapy and cardiac rehab and include an immediate care center, advanced imaging center and lab. Leopardo Cos. Inc. is the contractor and Jensen & Halstead Ltd. is the architect. Lake Forest Real Estate Capital LLC arranged $19.1 million in development financing through Wintrust Financial.

December 3, 2018

Illinois Leasing Activity Midwest Restaurant Retail

Adelphia Negotiates 3,608 SF Restaurant Lease in Park Ridge, Illinois

by Kristin Harlow December 3, 2018

PARK RIDGE, ILL. — Adelphia Properties has negotiated a 3,608-square-foot restaurant lease at the historic Pickwick Theater building in downtown Park Ridge, a suburb of Chicago. Pazzi di Pizza will occupy the space, which was formerly home to the Pickwick Restaurant. The property is located at 1 S. Prospect Ave. Simeon Spirrison and George Spirrison of Adelphia represented the undisclosed landlord.

December 3, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $2.4M Sale of Apartment Property in Rockford, Illinois

by Kristin Harlow December 3, 2018

ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of Riverside Apartments in Rockford for $2.4 million. The 72-unit apartment property is located at 3701 Trilling Ave. James Ziegler marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

December 3, 2018

Development Illinois Midwest Office Top Stories

Hines to Develop 57-Story Office Tower in Chicago for Salesforce’s Regional Headquarters

by Taylor Williams December 3, 2018

CHICAGO — A partnership led by national development firm Hines has released plans for Salesforce Tower Chicago, a 57-story office tower that will serve as the new regional headquarters for Salesforce (NYSE: CRM). The San Francisco-based software firm is expected to bring 1,000 jobs to Chicago in connection with the project. Salesforce Tower Chicago will be located in the city’s River North area at the site formerly known as Wolf Point South, which houses several other office skyscrapers. Designed by Pelli Clarke Pelli, the project is slated for completion by 2023. Salesforce, one of the nation’s fastest-growing software companies that employs more than 32,000 people, will occupy about 500,000 square feet at the property, according to The Chicago Tribune. Salesforce opened in Chicago in 2012 and currently employs about 1,400 people in the Windy City. The total price of the project was not disclosed, but the newspaper also reported that Salesforce could receive as much as $41.5 million in tax credits if the company meets certain job creation and capital investment criteria. “Chicago is the Midwest’s largest city with a global and economic force that attracts a wealth of talent and international business,” said Tyler Prince, executive vice president at Salesforce. “We …

December 3, 2018

Illinois Loans Midwest Multifamily

KeyBank Provides $24.3M Acquisition Loan for Multifamily Portfolio in Evanston, Illinois

by Kristin Harlow November 30, 2018

EVANSTON, ILL. — KeyBank Real Estate Capital has provided a $24.3 million Fannie Mae loan for the acquisition of a four-property multifamily portfolio in Evanston. The properties total 132 units and were built in the early 1920s. Erik Storz of KeyBank arranged the non-recourse, fixed-rate loan with a 10-year term. The borrower was not disclosed.

November 30, 2018

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