Illinois

Baker Nears Completion of 62,000 SF Office Redevelopment in Chicago

by Kristin Harlow June 1, 2018

CHICAGO — Baker Development Corp. has completed the exterior construction of 2017 N. Mendell, a 62,000-square-foot office redevelopment in Chicago. The property was formerly an industrial building and will be the first Class A office project completed in the North Branch Industrial Corridor since the adoption of zoning changes last year. Customizable spaces at 2017 N. Mendell, a speculative office development, range from 3,800 to 17,000 square feet. The property will feature a 3,000-square-foot rooftop deck and a dedicated food truck court. Windows will automatically adjust to sunlight to reduce glare and improve temperature control. Baker expects to deliver the first spaces during this quarter. A streamlined interior build-out process, featuring pre-selected options for paint, lighting, flooring and wall partitions, will enable businesses to quickly occupy their space.

June 1, 2018

Acquisitions Illinois Industrial Midwest

Exeter Property Group Acquires Two-Building Industrial Portfolio in Buffalo Grove, Illinois

by Kristin Harlow May 31, 2018

BUFFALO GROVE, ILL. — Exeter Property Group has acquired a two-building industrial portfolio in Buffalo Grove, a suburb of Chicago. The properties, spanning a combined 180,766 square feet, are located in Covington Corporate Center. One of the buildings, 951 Commerce Court, is a 95,810-square-foot property fully leased to Veritas Document Solutions. The other is an 84,956-square-foot building fully leased to five tenants, including Sears, Midwest Sealing Products and Perfect Power. Robin Stolberg, Kurt Sarbaugh and Sam Berry of HFF represented the undisclosed seller.

May 31, 2018

Illinois Midwest Retail Top Stories

Sears to Close 72 More Stores

by Kristin Harlow May 31, 2018

HOFFMAN ESTATES, ILL. — In its first-quarter results released today, Sears Holdings Corp. says that it has identified approximately 100 non-profitable stores, 72 of which will begin store-closing sales in the near future. The Hoffman Estates-based retailer had already announced plans to close 103 Kmart and Sears stores nationwide at the beginning of this year. Sears says the closings are part of ongoing efforts to streamline the company’s operations and focus on its best stores. After the 72 store closings, Sears will have 822 Kmart and Sears stores in operation. A full list of store closures can be found here. Sears reported a net loss of $424 million for the first quarter of 2018. This compares to $245 million reported for the first quarter of 2017, which included a gain of $492 million from the sale of the Craftsman brand. Sears generated total revenues of approximately $2.9 billion during the first quarter of 2018, compared with $4.2 billion this time last year, with store closures contributing to nearly two-thirds of the decline. “In a challenging quarter, we continued to focus on our strategic transformation, identifying additional opportunities to streamline operations and adjust inventory and operating expenses,” says Edward Lampert, chairman …

May 31, 2018

Acquisitions Hospitality Illinois Midwest

MCR Acquires Three Hotels in Champaign, Illinois

by Kristin Harlow May 30, 2018

CHAMPAIGN, ILL. — MCR has acquired three Hilton-branded hotels in Champaign near the University of Illinois campus. The purchase price was not disclosed. The properties include the 104-suite Home2 Suites by Hilton, the 99-room Hilton Garden Inn and the 98-suite Homewood Suites by Hilton. All properties feature fitness centers, pools, convenience stores, meeting space and free Wi-Fi. The sellers were not disclosed. MCR is the seventh-largest hotel owner-operator in the country and has invested in and developed 103 hotels with more than 12,000 rooms in 27 states. MCR’s hotels operate under 11 brands. The company maintains offices in New York City and Dallas.

May 30, 2018

Acquisitions Illinois Midwest Office

Podolsky Circle Arranges $6.4M Sale of Office Property in Naperville, Illinois

by Kristin Harlow May 30, 2018

NAPERVILLE, ILL. — Podolsky Circle CORFAC International has arranged the sale of Naperville Financial Center for $6.4 million. The five-story, 57,969-square-foot office property is located at 400 E. Diehl Road. The multi-tenant building features covered parking, on-site storage, conference facilities and tenant balconies. The property is currently 97 percent leased to tenants that include Rhea+Kaiser, M/I Homes and Cargill. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, SARA Investment Real Estate. Gateway Investment Partners purchased the asset.

May 30, 2018

Acquisitions Illinois Industrial Midwest Self-Storage

SVN Brokers $1.2M Sale of 300-Unit Self-Storage Portfolio in Kewanee, Illinois

by Kristin Harlow May 29, 2018

KEWANEE, ILL. — SVN | Chicago Commercial has brokered the $1.2 million sale of a five-property self-storage portfolio in Kewanee in northwestern Illinois. The portfolio spans 300 units and 47,000 square feet. The properties are located at 1313 W 6th St., 817 Lake St., 604 N. Tremont St., 1103 N. Main St. and 514 N. Spring St. (Atkinson, Ill.) The property mix includes four MidState Mini Storage buildings and one Pay & Store Self Storage building. David Coupe of SVN represented the undisclosed seller. A regional self-storage operator completing a 1031 exchange was the buyer.

May 29, 2018

Illinois Industrial Leasing Activity Midwest

Entre Commercial Negotiates 30,000 SF Industrial Lease in Mundelein, Illinois

by Kristin Harlow May 25, 2018

MUNDELEIN, ILL. — Entre Commercial Realty has negotiated a 30,000-square-foot industrial lease on behalf of Ancient Graffiti Inc. in Mundelein, a northern suburb of Chicago. The 60,000-square-foot distribution facility is located at 1700 S. Butterfield Road. Ancient Graffiti develops handcrafted garden and home décor. The company will be relocating from its current facility in Lake Zurich. Brian Bocci of Entre Commercial represented the tenant in the lease transaction. CBRE represented the undisclosed landlord.

May 25, 2018

Illinois Industrial Leasing Activity Midwest

Concepts in Flooring Leases 13,191 SF of Industrial Space in Bensenville, Illinois

by Kristin Harlow May 24, 2018

BENSENVILLE, ILL. — Concepts in Flooring has signed a 13,191-square-foot industrial lease at 628 Thomas Drive in Bensenville near the Chicago O’Hare International Airport. The flooring installation company is based in Addison. Jay Farnam of Lee & Associates represented the tenant in the lease transaction. Venture One is the property landlord.

May 24, 2018

Illinois Loans Midwest Multifamily

Eyzenberg & Co. Arranges $28M Bridge Loan for 304-Unit Apartment Property in Suburban Chicago

by Kristin Harlow May 23, 2018

WOODRIDGE, ILL. — Eyzenberg & Co. has arranged a $28 million bridge loan for Woodland Ridge Apartments in Woodridge, a southwestern suburb of Chicago. The 304-unit apartment property, built in 1974, is located at 3421 Foxboro Drive. The financing enabled the borrower to pay off its initial acquisition loan and allocate additional funds for the continued renovation of the Class B property’s units and common areas. Clubhouse improvements include a full kitchen and game room, cyber café, grilling stations, laundry lounge and a 24-hour fitness center. David Eyzenberg, Jeff Conti and Diana Davidson of Eyzenberg arranged the loan with Hunt Mortgage Group. SSIL II LLC, a partnership comprising Auerbach Funds and Sinatra & Co. Real Estate, was the borrower.

May 23, 2018

Development Illinois Industrial Midwest

Bridge to Develop Three Industrial Buildings Totaling 926,947 SF in Waukegan, Illinois

by Kristin Harlow May 22, 2018

WAUKEGAN, ILL. — Bridge Development Partners LLC has unveiled plans to develop Bridge Point North Phase II, which consists of three industrial buildings totaling 926,947 square feet in Waukegan. Completion is slated for the end of this year. One of the buildings is nearly 60 percent pre-leased to Bolke-Miller Co., a contract packager headquartered in Waukegan. Bridge Point North is a 225-acre business park owned by a joint venture that includes Bridge Development Group, Banner Oak Capital Partners LP, Globe Corporate, Wanxiang America Real Estate Group and an undisclosed institutional investor. Whit Heitman, Sam Badger, Jared Paff and Brad Weiner of CBRE have been named as the leasing representatives for Bridge Point North.

May 22, 2018

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