Illinois

Stan Johnson Co. Arranges $11.4M Sale of Industrial Building in Arlington Heights, Illinois

by Kristin Harlow August 14, 2018

ARLINGTON HEIGHTS, ILL. — Stan Johnson Co. has arranged the sale of a 111,667-square-foot industrial building in Arlington Heights for $11.4 million. The two-tenant property is located at 545 E. Algonquin Road. Quality assurance company Intertek leases 85 percent of the building and has self-funded a specialized interior build-out. A data center operator occupies the remaining 15 percent of the property. John Zimmerman and Craig Tomlinson of Stan Johnson represented the seller, a joint venture between Minneapolis-based Biynah Partners and Baltimore-based Alex Brown Realty. New York-based Crystal Acquisitions purchased the asset.

August 14, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $9.1M Sale of Apartment Building in Chicago’s Hyde Park

by Kristin Harlow August 14, 2018

CHICAGO — Essex Realty Group has brokered the sale of an 86-unit apartment building in Chicago’s Hyde Park for $9.1 million. The property, located at 6140 S. Drexel Ave., includes a fitness center, leasing office, party room and parking for 90 cars. Doug Fisher and Vic Ciancetta of Essex brokered the transaction. An out-of-state buyer purchased the asset.

August 14, 2018

Company News Illinois Midwest Office

Aries Conlon Capital Rebrands, Relocates to Willis Tower in Chicago

by Kristin Harlow August 14, 2018

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.

August 14, 2018

Illinois Loans Midwest Office

JLL Arranges $63M Loan for Acquisition of Office Campus in Downers Grove, Illinois

by Kristin Harlow August 13, 2018

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.

August 13, 2018

Illinois Leasing Activity Midwest Office

Spaces Real Estate Opens New Office in Chicago’s West Loop

by Kristin Harlow August 13, 2018

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.

August 13, 2018

Development Illinois Midwest Mixed-Use

RMK Begins Residential Pre-leasing at Development Near Wrigley Field, Signs New Retail Tenants

by Kristin Harlow August 10, 2018

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 …

August 10, 2018

Acquisitions Illinois Midwest Multifamily

CIM, Golub Sell 40-Story Apartment Tower in Chicago’s South Loop

by Kristin Harlow August 9, 2018

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.

August 9, 2018

Acquisitions Illinois Midwest Retail

SRS Negotiates Sale of Small-Format Target Store in Chicago’s Oak Park

by Kristin Harlow August 9, 2018

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.

August 9, 2018

Development Hospitality Illinois Midwest

Hilton Opens its First Tri-branded Hotel at Chicago’s Convention Center

by Kristin Harlow August 8, 2018

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.

August 8, 2018

Development Illinois Midwest Multifamily

48-Story Luxury Apartment Tower Opens in Chicago’s Streeterville Neighborhood

by Kristin Harlow August 6, 2018

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.

August 6, 2018

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