Illinois

Midwest Industrial Funds Acquires 600,000 SF Industrial Complex in Hodgkins, Illinois for $17M

by Kristin Harlow July 17, 2018

HODGKINS, ILL. — Midwest Industrial Funds has purchased a 600,000-square-foot, two-building industrial complex in Hodgkins, about 17 miles southwest of Chicago, for more than $17 million. The company plans to renovate and reposition both buildings at a total cost of $15 million. Midwest Industrial plans to tear down part of the building at 6600 River Road in order to modernize the property with 45 additional exterior docks, new glass façade, new office space, a new roof and HVAC. Once renovated, the 408,000-square-foot building will be named Hodgkins Center of Commerce and feature 62 dock doors, onsite trailer parking and a clear height of 26 feet. The smaller property at 6620 River Road will remain 110,000 square feet and undergo an exterior renovation. Walter Murphy of Lee & Associates represented the undisclosed seller. Steve Roth of CBRE secured construction financing for the project. Harris Architects will provide architectural services and Spaceco is the civil engineer.

July 17, 2018

Acquisitions Illinois Industrial Midwest

Amerco Purchases Two Industrial Buildings in Libertyville, Illinois

by Kristin Harlow July 17, 2018

LIBERTYVILLE, ILL. — Amerco Real Estate Co. has purchased two industrial buildings in Libertyville, about 40 miles northwest of Chicago. The purchase price was not disclosed. Amerco is the parent company of U-Haul and provides real estate and development services to U-Haul. The company purchased a 48,439-square-foot building at 14045 Rockland Road as well as a 12,000-square-foot building located next door. Both properties will serve as storage and truck rentals for U-Haul. Brian Bocci of Entre Commercial Realty represented the buyer in both transactions. John Hauser of Avison & Young represented the undisclosed seller of the larger building. The second building was not officially on the market, but JLL represented its seller.

July 17, 2018

Development Hospitality Illinois Midwest

Summit Begins Renovation of Swissôtel Chicago

by Kristin Harlow July 17, 2018

CHICAGO — Summit Design + Build has begun to renovate a portion of the Swissôtel Chicago, a 44-story hotel located at 323 E. Wacker Drive in Chicago. The company is renovating the amenity spaces on the 42nd and 43rd floors for a total project size of 13,200 square feet. The hotel will remain operational throughout renovations. Summit’s work includes relocating the fitness center, building a new ballroom and meeting space, installing new windows, replacing doors and renovating lobby bathrooms. The ballroom will feature a 150-foot chandelier. The fitness center will feature new bathrooms, a crossfit studio and juice bar. AccorHotels operates the hotel. JLL is the owner’s representative, while Design One Studio is the project architect and Gettys Group is the interior designer. Swissôtel Chicago was built in 1989.

July 17, 2018

Development Illinois Industrial Midwest

Meridian Completes 75,000 SF Industrial Build-to-Suit in Chicago

by Kristin Harlow July 16, 2018

CHICAGO — Meridian Design Build has completed construction of a 75,000-square-foot industrial build-to-suit for Banner Wholesale Grocers in Chicago. The new facility is located on the north bank of the Chicago River at 2639 S. Damen Ave. The property features a clear height of 36 feet, LED lighting, a fully air-conditioned sales floor, freezer space, eight loading docks and a covered van platform with 16 loading positions. Banner Wholesale Grocers has been servicing independent grocers since 1926. Schmidt Design Inc. provided architectural services while Kimley-Horn performed civil engineering work. Baker Development Corp. was the developer.

July 16, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $10.1M Sale of Three Multifamily Buildings in Chicago Area

by Kristin Harlow July 16, 2018

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered the sale of three multifamily buildings in the Chicago area for $10.1 million. Located in Evanston, 222-240 Asbury Ave. is a three-story, 34-unit condominium building. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra brokered the $4.8 million deconversion sale. An Illinois-based investor purchased the asset from 222-240 Asbury Condominium Association with the intent to convert the units into rentals. The second transaction was a 23-unit apartment building located at 3149 N. Springfield Ave. in Chicago’s Avondale community. The property, built in 1932, was 96 percent occupied at the time of sale. Smazal represented the buyer and the seller, both of which were Illinois-based investors. The asset sold for $3.1 million. A third building, a 19-unit multifamily building in Chicago’s Rogers Park neighborhood, sold for $2.2 million. Built in 1917 and located at 7735-57 N. Sheridan Road, the property features 16 studios and three one-bedroom units. The buyer plans to upgrade some of the units in the building, which is 95 percent occupied. Smazal represented the buyer and the seller, both of which were Illinois-based investors.

July 16, 2018

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Negotiates $5M Sale of Industrial Building in Bensenville, Illinois

by Kristin Harlow July 16, 2018

BENSENVILLE, ILL. — Lee & Associates has negotiated the $5 million sale of a 73,594-square-foot industrial building in Bensenville, about 20 miles northwest of Chicago. The multi-tenant property is located at 100-300 Devon Ave. At the time of sale, the property was 97 percent leased to 16 tenants. Jay Farnam and Terry Grapenthin of Lee & Associates represented the seller, VJW Investments LLC. A private buyer purchased the asset.

July 16, 2018

Illinois Leasing Activity Midwest Office

Snap36 Expands, Relocates Headquarters in Chicago’s Fulton Market

by Kristin Harlow July 16, 2018

CHICAGO — Snap36 has expanded and relocated its headquarters to more than 42,000 square feet at 219 N. Paulina St. in Chicago’s Fulton Market district. Snap36 specializes in product photography. The company’s new space is six times the size of its previous office in a different corner of Fulton Market. Adam McCostlin and Jordan Decker of Cushman & Wakefield represented Snap36 in the lease transaction. Mitch Adams of CBRE represented the undisclosed landlord.

July 16, 2018

Development Illinois Industrial Midwest

TriStar Properties Is Developing $115M Industrial Campus for WWT Near St. Louis

by Kristin Harlow July 13, 2018

EDWARDSVILLE, ILL. —TriStar Properties is developing a $115 million industrial campus for World Wide Technology (WWT) at Gateway Commerce Center in Edwardsville, just northeast of St. Louis. The 176-acre build-to-suit will include two buildings totaling 2 million square feet. St. Louis-based WWT is an international technology provider with 4,600 employees in more than 70 offices worldwide. WWT plans to use one building for the production and assembly of technology equipment. The other will be used for storage and distribution. The buildings are slated for completion in April and August 2019. The buildings will feature a clear height of 36 feet in addition to dock doors and truck courts. Contegra Construction is the general contractor. PCCP is TriStar’s equity partner in the deal.

July 13, 2018

Illinois Loans Midwest Multifamily

Associated Bank Completes $39.2M Syndicated Construction Loan for Apartment Project in Glenview, Illinois

by Kristin Harlow July 13, 2018

GLENVIEW, ILL. — Associated Bank has completed a $39.2 million syndicated construction loan for a 168-unit, age-restricted apartment project in Glenview, about 15 miles northwest of Chicago. As lead arranger for the loan, Associated Bank is holding $22.2 million while $17 million is syndicated to Great Southern Bank. High Street Residential, the residential subsidiary of Trammell Crow Co., is developing the project. Krusinski Construction Co. is the general contractor. The four-story property will include a mix of one- and two-bedroom units with an average unit size of 865 square feet. The project also includes a 168-space parking garage. Units are slated to be available for rent by winter 2019. Ted Notz of Associated Bank arranged the loan.

July 13, 2018

Acquisitions Illinois Midwest Office

Mansueto Properties Acquires Chicago’s Wrigley Building for $255M

by Kristin Harlow July 12, 2018

CHICAGO — Mansueto Properties LLC has acquired The Wrigley Building, which is located on North Michigan Avenue in Chicago. HFF arranged $150 million in acquisition financing, but the actual purchase price was $255 million, according to local media reports. The iconic Class A office and retail property totals 478,920 square feet. Originally built in 1921 and 1924, the property is listed on the National Register of Historic Places. The two-tower property, which has connecting walkways on the third and 14th floors, was renovated from 2012 to 2014 to create modern office and retail space, to further enhance the historic façade and to provide amenities such as a fitness center, tenant lounge and conference center. The towers are 90 percent leased. Tenants include American Medical Association, Leo Burnett, ABA, Nuveen, Walgreens and Perkins + Will. Stephen Skok of HFF arranged the 30-year, fixed-rate financing through a major life insurance company. The seller was BDT Capital Partners, according to local media.

July 12, 2018

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