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DevelopmentIllinoisMidwestMixed-Use

Fifield, Terraco Begin Development of Logan’s Crossing Mixed-Use Project in Chicago

by Kristin Harlow

CHICAGO — Fifield Realty Corp. and Terraco Real Estate have begun development of Logan’s Crossing, a mixed-use project in Chicago’s Logan Square neighborhood. Located at 2500 N. Milwaukee Ave., the development will include 220 apartment units and 62,000 square feet of retail space, including a 27,000-square-foot Target store. The property will span two buildings connected by a sky bridge. Amenities for apartment residents will include a sun terrace, pool, dog run, bocce ball court, fitness center, coffee bar and conference center. The project is being constructed on the site of the former Mega Mall indoor flea market, which was demolished in January 2017. Move-ins are slated for November 2019, with Target’s opening expected in summer 2020. Antunovich Associates is the project architect and Focus Construction is the general contractor.

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IllinoisLoansMidwestMultifamily

Pembrook Provides $20.3M Bridge Loan for Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Pembrook Capital Management LLC has provided a $20.3 million bridge loan for the acquisition and renovation of a 325-unit multifamily portfolio in southwest Chicago. Icarus Investment Group was the borrower. The portfolio, formerly owned by Cano Properties, consists of 23 Naturally Occurring Affordable Rental Housing (NOAH) properties. NOAH properties are generally considered to be affordable to families earning less than 80 percent of the area median income. HUD deems rents to be affordable if they are at or below 30 percent of a household’s median income. Icarus intends to complete improvements at the buildings and has agreed to continue to operate the properties as NOAH throughout the term of Pembrook’s loan. The properties feature ground-floor retail spaces. Currently the residential portion is 94.2 percent occupied.

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AcquisitionsIllinoisMidwestMixed-Use

Interra Arranges $16.5M Sale of Adjacent Mixed-Use Buildings in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sale of two adjacent mixed-use buildings in Chicago’s Edgewater neighborhood for $16.5 million. Located on North Broadway Avenue, a 95,000-square-foot building is comprised of 42 apartment units and two street-level retail spaces, one of which is leased to a daycare center. The asset sold for $15.8 million. An adjacent mixed-use building includes two apartment units and 1,800 square feet of ground-floor retail space. The asset sold for $745,000. A private buyer purchased both of the properties. The seller was not disclosed. Craig Martin and Brian DiBasilio of Interra represented both parties in the sale.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 486,062 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO — Colliers International has brokered the sale of a three-building, 486,062-square-foot industrial portfolio in metro Chicago for an undisclosed price. Built between 1972 and 1984, the properties have been updated with truck docking, trailer parking and new lighting. The facilities include a 212,728-square-foot warehouse in Batavia, a 204,586-square-foot warehouse in Alsip, and a 68,728-square-foot property in St. Charles. The buildings are fully leased to four tenants. Jeff Devine and Steve Disse of Colliers represented the seller, DCT Industrial Trust (NYSE: DCT). Cabot Properties was the buyer.

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Company NewsIllinoisMidwestTop Stories

Cushman & Wakefield Files for IPO

by Kristin Harlow

CHICAGO — Cushman & Wakefield has filed registration with the SEC for an initial public offering (IPO). The number of shares to be offered and the price range for the proposed offering have yet to be determined. Chicago-based Cushman & Wakefield is among the largest real estate services firms in the world with 48,000 employees in approximately 400 offices and 70 countries. The 101-year-old firm, which reported revenues of $6.9 billion last year, manages approximately 3.5 billion square feet of commercial real estate space on behalf of institutional, corporate and private clients. The company could seek to raise about $1 billion in the IPO and seek a valuation in excess of $5 billion, according to The Wall Street Journal. In its filing, Cushman & Wakefield states five strategies for growing revenue and profitability: hiring top talent; expanding margins; leveraging breadth of services; deploying capital around its infill M&A strategy; and utilizing technology. The decision is likely a move to better compete with CBRE and JLL, both of which are publicly traded entities. CBRE’s revenue for 2017 was $14.2 billion while JLL’s was $7.9 billion. Cushman & Wakefield ranked No. 3 on Lipsey’s 2017 Top 25 Commercial Real Estate Brand Survey. Cushman & …

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DevelopmentIllinoisMidwestMultifamily

CRG Breaks Ground on 12-Story Apartment Building in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — CRG, Clayco’s real estate development group, has broken ground on a 12-story apartment building in Chicago’s Uptown neighborhood. The development, located at the intersection of Sheridan Road and Wilson Avenue, will feature 149 units, 5,000 square feet of retail space and 29 parking spots. Amenities will include a 2,000-square-foot rooftop deck, coffee bar, exercise facility, business center and dog salon. Completion is slated for July 2019. Clayco is serving as the design-builder and its subsidiary, BatesForum, is the project architect. Capital partners include POB Capital and Principal Real Estate Investors.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

U-Haul to Acquire, Repurpose Former Kmart Building in Alton, Illinois

by Kristin Harlow

ALTON, ILL. — U-Haul plans to acquire an 84,180-square-foot building formerly occupied by Kmart in Alton, about 25 miles north of St. Louis, in August. U-Haul, which currently leases the property, will transform the space into 700 climate-controlled, self-storage units with truck and trailer sharing and towing equipment onsite. The building, which had previously been vacant for eight months, is located within the Seminary Plaza shopping center. Madison Plaza Associates was the seller. U-Haul’s acquisition of the property was driven by its corporate sustainability initiative. The company says the adaptive reuse of existing buildings reduces the amount of energy and resources required for new-building materials and helps cities reduce their unwanted inventory of unused buildings.

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DevelopmentIllinoisIndustrialMidwest

Timber Hill Completes $2.8M Renovation of Industrial Property in Stickney, Illinois

by Kristin Harlow

STICKNEY, ILL. — Timber Hill Group has completed a $2.8 million renovation of a two-building industrial property in Stickney, about 10 miles west of Chicago. Delta Logistics Inc. will fully occupy the property. A 25,000-square-foot building features 54 doors, 5,000 square feet of office space and two drive-through repair bays. A 13,000-square-foot maintenance facility features 12 drive-in doors and six repair bays. Renovations included new lighting, roofs, drive-in doors, windows and a new concrete floor at the maintenance building. Timber Hill, a private equity firm specializing in the acquisition and development of logistics-related industrial real estate, acquired the property early last year.

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DevelopmentIllinoisMidwestRetail

Summit Design + Build Completes Renovation of 13,000 SF Retail Building in Chicago

by Kristin Harlow

CHICAGO — Summit Design + Build LLC has completed the renovation of a 13,000-square-foot retail building located at 1504 N. Fremont St. in Chicago. The project added space for up to three retail tenants and the creation of 11 new openings for storefront windows. Summit also poured new concrete floors for a future retail tenant and completed landscaping with a new sidewalk. L3 Capital LLC is the property owner. OKW Architects served as project architect.

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AcquisitionsIllinoisIndustrialMidwest

Darwin Brokers Sale of Two Industrial Buildings in Illinois for $3M

by Kristin Harlow

ADDISON AND GLENDALE HEIGHTS, ILL. — Darwin Realty has brokered the sale of two industrial buildings in Illinois. Westwind Industrial, a general contractor specializing in medical, industrial and commercial property reutilization, purchased a 37,560-square-foot property in Addison for $2 million. The seller, AIM Inc., will leaseback the facility. Noel Liston and Nick Krejci of Darwin brokered the transaction. The duo also represented Comtelco Industries in its sale of a 13,500 square-foot facility in Glendale Heights. IVM Chemicals Inc. purchased the property for just under $1 million. G. Pat Ryan of Combined Commercial Realty represented IVM, which is a European-based distributor of industrial chemicals and pesticides.

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