LINCOLNSHIRE, ILL. — Manhard Consulting has signed a 17,989-square-foot office lease at 1 Overlook Point within Lincolnshire Corporate Center. Manhard Consulting is a full-service civil engineering and surveying firm. The company was previously based in Vernon Hills. The office property recently underwent a renovation with a new amenity center. Nicholas Panarese of Van Vlissingen and Co. represented the landlord, Van Vlissingen and Co.
CHICAGO — Summit Design + Build LLC has completed renovations at the House of Blues and the Aragon Ballroom, two Chicago music venues. Summit remodeled the VIP areas at each venue. At the Aragon Ballroom, Summit renovated the first-floor staff offices and expanded the restrooms. At the House of Blues, Summit remodeled the third-floor Foundation Dining Room. The project also included a new bar with custom windows, new flooring and lighting and the addition of a small stage. RLE Partners and Valerio Dewalt Train & Associates made up the project team. Live Nation owns both venues.
CHICAGO — TBI Inc. has signed a 27,484-square-foot, full-floor lease at International Tower in Chicago. The 300,000-square-foot office building is located at 8550 W. Bryn Mawr Ave. In conjunction with the lease, landlord Golub & Co. will begin a revitalization of the building with new amenities, including a fitness center, yoga room, conference center and tenant lounge. The renovations are expected to be completed this year. TBI, a technology distributor, is moving from its previous office at 8770 W. Bryn Mawr Ave. Steve Degodny of Golub represented Golub in the lease transaction. Alex Smith, Brad Frank and Jordan Rovito of Cushman & Wakefield represented TBI.
True to campaign promises, the new Cook County assessor has proposed sweeping legislation that borrows the most burdensome tax requirements and penalties from jurisdictions across the country. But will this enhance transparency or simply saddle taxpayers with inaccurate assessments and the need for costly appeals? The 2018 race for Cook County Assessor ended in Fritz Kaegi beating out incumbent and long-time political powerhouse Joseph Berrios. Kaegi’s campaign promises targeted the “insider” game of property tax appeals and proposed to bring fairness and transparency to the Illinois property tax appeal system. The proposed requirements would only be imposed on commercial or income-producing properties worth more than $400,000, or residential properties with seven or more units worth more than $1 million. Residential properties with six units or less, as well as mixed-use commercial/residential buildings with six or fewer apartment units and less than 20,000 square feet of commercial area, are exempt from reporting income data. In Cook County, these commercial properties will be required to submit income and expense data to the assessor prior to July 1 each year, and attest to the truthfulness of such information. Counties outside of Cook County may adopt the same requirement. Property owners who fail to …
CHICAGO — Associated Bank has secured a $7 million construction loan and $13 million in low-income housing tax credit equity for the acquisition and rehabilitation of the Johnson Butler-Lindon Apartments in Chicago’s Woodlawn neighborhood. The Illinois Housing Development Authority issued the tax credits for the project. Associated Bank partnered with Boston Capital to provide the equity portion. Preservation of Affordable Housing will complete the renovation in partnership with Powers and Sons Construction Co. and Johnson & Lee Architects Ltd. Built in the late 1920s, the buildings are located two-tenths of a mile from each other and total 106 units. Units and common areas will be modernized. Completion of the renovation project is slated for the second quarter of 2020. The units will be restricted to households earning 30, 50 or 60 percent of the area median income. Krista Casper of Associated Bank handled the loan arrangements and closing, while Teresa Rubio managed the equity investment.
CHICAGO — Oberg Medical Products Co. has signed a 60,126-square-foot lease to occupy the entire industrial building in Chicago. The company is consolidating its facilities in Elk Grove Village and Niles at the Chicago-based industrial property, located at 4311 N. Normandy Ave. The facility features a clear height of 25 feet, four exterior docks, one drive-in door and parking for approximately 100 cars. Venture One Real Estate purchased the property in October 2018 and has since conducted interior demolition and renovation work. Chris Volkert and Brendan Green of Colliers represented the tenant. Brett Kroner of Cushman & Wakefield represented the landlord.
FLOSSMOOR, ILL. — Marcus & Millichap has brokered the $3.7 million sale of a 7,098-square-foot retail building in Flossmoor, about 30 miles south of Chicago. AT&T, Jersey Mike’s, Starbucks and Captain Hooks occupy the property, which is located at 3820 Vollmer Road. Meijer shadow-anchors the property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. The asset sold to a local buyer completing a 1031 tax-deferred exchange.
CHICAGO — USG Corp. has extended its lease for an additional 10 years at 550 W. Adams St. in Chicago. The building materials manufacturer will remain in 220,000 square feet on floors 11 through 18. Chris Wood, David Stefancic and Brian Duffy of Cushman & Wakefield represented USG in the lease transaction. Joy Jordan and Emily Marquardt of Telos Group represented the landlord, GLL Real Estate Partners. Cushman & Wakefield will also provide project management services to USG as part of a renovation to the office space.
OAK PARK, ILL. — 33 Realty has brokered the sale of a 79-unit condo building located at 932 W. Pleasant St. in Orland Park for $15.2 million. The Pleasant Court Condominium Association was the seller. The buyer, a family office looking to increase its holdings in suburban infill markets, plans to convert the building into rental apartment units and complete renovations. 33 Realty’s sister company, Cubed Construction, will complete the renovations, which are estimated to cost $3 million. Completion of the renovation project is slated for spring 2020. Drew Millard and John Meyer of 33 Realty represented the buyer in the sale.
BEDFORD PARK, WOOD DALE AND ELK GROVE VILLAGE, ILL. — Marcus & Millichap has arranged the sales of three industrial buildings in suburban Chicago for $11.5 million. A 159,857-square-foot property in Bedford Park net leased to Packaging Corp. of America sold for $5 million. A 60,275-square-foot property in Wood Dale sold for $3.8 million. The facility was 51 percent occupied at the time of sale. The final property, a 49,360-square-foot building net leased to Wurth Baer Supply, is located in Elk Grove Village and sold for $2.6 million. Jordan Goodman, Matt Fitzgerald and Jeff Rowlett of Marcus & Millichap represented the seller, a special servicer. All three properties sold at auction to separate buyers.
