Illinois

Brown Commercial Brokers Sale of 31,440 SF Industrial Building in West Chicago

by Kristin Harlow June 8, 2018

WEST CHICAGO, ILL. — Brown Commercial Group has brokered the sale of a 31,440-square-foot industrial building in West Chicago for an undisclosed price. The property, constructed in 2008, is located at 310-330 Charles Court. The buyer, Tag Fitness, plans to occupy a portion of the building while generating rental income from the remainder of the property. The company warehouses and distributes fitness equipment to health clubs and home gyms. Mike Antonelli represented both the buyer and the seller, a private investor.

June 8, 2018

Development Illinois Midwest Mixed-Use

Structured Development, Carly Partners Plan 37-Acre Mixed-Use Development in North Chicago

by Kristin Harlow June 7, 2018

NORTH CHICAGO, ILL. — Structured Development and Carly Partners have planned Sheridan Crossing, a 37-acre mixed-use development in North Chicago. CBRE has been retained to market for lease more than 76,000 square feet of retail space at the 260,000-square-foot project, which will be located across from the Naval Station Great Lakes. A 107-room hotel and a 10-screen movie theater will anchor the property. KTGY Architecture + Planning is the project architect. Mary Bresnahan and Kim McGuire of CBRE will lead marketing efforts for the project. A timeline for completion was not disclosed.

June 7, 2018

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Deconversions, Adaptive Reuse Drive Chicago Multifamily Investment

by Kristin Harlow June 7, 2018

Resilience in the Chicago apartment market amid a historic construction boom is creating opportunities for multifamily investors, particularly those who are willing to go the extra mile — sometimes literally — to capitalize on rent growth outside the downtown core. Across the city in outlying neighborhoods like Uptown, Rogers Park and Pilsen, value is being discovered in vintage buildings due to their high appreciation potential. In addition to circumventing rising material and labor costs, buyers of existing buildings are benefiting from their ability to collect rents now, while there’s still room for growth, rather than going through the time-consuming development process that has cast a shadow over some pipeline projects. Wave of deconversions Condo deconversions have been a popular choice among investors in recent years, with nearly 2,000 units deconverted at a combined market value of approximately $437 million since late 2016 in Chicago, according to data from CoStar Group and Interra Realty. When executed well, these transactions create a win-win for both parties involved. Condo owners, some of whom are still trying to recover value lost during the recession, can usually sell their units at a higher price than they would have achieved on their own, particularly in older …

June 7, 2018

Development Illinois Industrial Midwest

PREMIER Completes 197,000 SF Industrial Build-to-Suit in Waukegan, Illinois

by Kristin Harlow June 6, 2018

WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed an industrial build-to-suit for Visual Pak Cos. in Waukegan. The 197,000-square-foot facility features a clear height of 32 feet, 9,500 square feet of office space, 30 exterior truck docks and 244 car parking spaces. Visual Pak provides solutions in the contract packaging industry. The project team also included Cornerstone Architects Ltd., Manhard Consulting Ltd., Swift Structural Design, MVP Plumbing, MK Industries and Connelly Electric.

June 6, 2018

Acquisitions Illinois Midwest Office

NAI Hiffman Arranges Sale of 165,000 SF Office Complex in Chicago

by Kristin Harlow June 6, 2018

CHICAGO — NAI Hiffman has arranged the sale of InterPark Corporate Center in Chicago for an undisclosed price. The 12-building, 165,000-square-foot office complex is situated on seven acres. Jonathan Berger of Berger Asset Management LLC purchased the property from AREI (InterPark) LLC with plans to revitalize and reposition the asset. Plans call for a new fitness center, conference and lounge space and bike share program. The property will be renamed Concourse Chicago and is expected to reopen this fall. John Cash, Art Burrows, David Haigh and Steve Chrastka of NAI Hiffman brokered the transaction.

June 6, 2018

Acquisitions Illinois Midwest Office

Retail Properties of America Sells Office Complex in Schaumburg, Illinois for $86.6M

by Kristin Harlow June 5, 2018

SCHAUMBURG, ILL. — Retail Properties of America Inc. (NYSE: RPAI) has sold Schaumburg Towers in suburban Chicago for $86.6 million. The former Zurich headquarters was the company’s one remaining office complex. American Landmark Properties purchased the 882,071-square-foot asset, which spans two buildings. The property is currently 48 percent leased. Dan Rosenberg and Matt Terpstra of Cohen Financial, a division of SunTrust Bank, secured a $110 million acquisition loan from a dual partnership of lenders, including Prime Finance Partners and Pearlmark Real Estate Partners. Cohen Financial partnered with Steve Roth of CBRE to secure the financing, which closed on June 1. American Landmark will utilize the financing to acquire the asset as well as complete capital improvements and expand tenancy.

June 5, 2018

Development Illinois Midwest Office

McDonald’s Opens New Global Headquarters in Chicago’s West Loop

by Kristin Harlow June 5, 2018

CHICAGO — McDonald’s Corp. has opened its new corporate headquarters in Chicago’s West Loop neighborhood. The move marks a return to Chicago where the company was headquartered from 1955 to 1971. McDonald’s was most recently headquartered in Oak Brook, Ill. In addition to the approximately 2,000 employees based there, the property will house the flagship Hamburger University location, providing state-of-the-art learning for the company’s employees and future leaders. The new headquarters features open floor plans, a 700-person conference center, work cafe, fitness center and outdoor terraces. The ground floor is home to a one-of-a-kind McDonald’s restaurant that features a rotating menu of favorites from around the globe. Sterling Bay developed the building, while Gensler served as architect of record. IA Interior Architects and Studio O+A designed the interiors. McHugh & ECI Executive Construction Inc. were the general contractors.

June 5, 2018

Acquisitions Illinois Midwest Multifamily

Avison Young Brokers $78M Condo Deconversion Sale in Chicago

by Kristin Harlow June 5, 2018

CHICAGO — Avison Young has brokered the sale of Kennelly Square in Chicago’s Old Town neighborhood for $78 million. The buyer, Strategic Properties of North America, plans to convert the 268-unit condominium building into rental apartment units. James Hanson, Richard Hanson and Paul Cohen of Avison Young represented the seller, Kennelly Square Condominium Association. Meridian Capital Group arranged the financing. More than 75 percent of the owners at Kennelly Square voted to approve the sale, a threshold required by the Illinois Condominium Property Act. This strategy reflects a growing trend in Chicago’s multifamily market as investors and developers identify opportunities to meet strong demand for rental units, according to Avison Young.

June 5, 2018

Illinois Loans Midwest Multifamily

Wells Fargo Provides $56.5M Acquisition Loan for Multifamily Property in Suburban Chicago

by Kristin Harlow June 1, 2018

ELK GROVE VILLAGE, ILL. — Wells Fargo has provided a $56.5 million loan for the acquisition of Willow Crossing in the northwest Chicago suburb of Elk Grove Village. The 579-unit multifamily property consists of 14 buildings. Amenities include two swimming pools, two playgrounds, a fitness center, clubhouse and business center. Matthew Schoenfeldt of HFF arranged the five-year loan on behalf of the borrower, The Marquette Companies. In addition to using the loan proceeds to acquire the property, the borrower plans to renovate the asset. Renovated units will feature new countertops, stainless steel appliances, walk-in closets and private balconies.

June 1, 2018

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $18.6M Sale of Apartment Property in Blue Island, Illinois

by Kristin Harlow June 1, 2018

BLUE ISLAND, ILL. — Kiser Group has brokered the $18.6 million sale of Blue Station Apartments in Blue Island, about 16 miles south of Chicago. The 345-unit apartment complex is located at 2130 W. 122nd St. The buyer, an undisclosed national portfolio owner, purchased the property from Kinzie Realty Corp. Kinzie assembled the apartments through multiple acquisitions. Community amenities include an on-site convenience store and daycare center. Lee Kiser and Matt Halper of Kiser brokered the transaction.

June 1, 2018

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