Illinois

Eldorado Resorts to Acquire Grand Victoria Casino in Illinois for $327.5M

by Taylor Williams April 16, 2018

ELGIN, ILL. — Eldorado Resorts Inc. (NASDAQ: ERI), a Nevada-based casino owner and operator, has agreed to acquire the Grand Victoria Casino for $327.5 million. The riverboat casino opened in 1994 and is moored on the Fox River in Elgin, approximately 40 miles northwest of Chicago. Eldorado Resorts will acquire the roughly 30,000-square-foot casino from a partnership between MGM Resorts International (NYSE: MGM) and RBG LLP, a subsidiary of Hyatt. Eldorado will use proceeds from recent asset sales, cash from ongoing operations and loans from its revolving credit facility to fund the transaction, which is expected to close during the fourth quarter. “The addition of Grand Victoria Casino will further diversify the geographic reach of our operations and includes excess contiguous acreage for potential future development,” says Gary Carano, CEO of Eldorado Resorts. “Grand Victoria is one of the leading casinos in the Chicagoland market and is extremely well maintained, which will allow us, upon closing, to focus on enhancing the guest experience and operating results without the need to undertake capital investments,” he adds. MGM acquired a 50 percent interest in Grand Victoria in 2005 when it acquired Mandalay Resort Group. As the seller, MGM will receive approximately $162 million …

April 16, 2018

Development Illinois Midwest Mixed-Use

1.6 MSF Mixed-Use Development Designed by Goettsch Partners Opens in Suzhou, China

by Kristin Harlow April 13, 2018

SUZHOU, CHINA — Designed by Chicago-based Goettsch Partners and developed by Tishman Speyer, a large mixed-use development known as The Summit has opened in Suzhou, China. The city is located in the southeastern Jiangsu Province of East China with a population of 4.3 million people. On the north parcel, a 16-story building features four floors of retail space and 12 floors of office space. On the south parcel, a 39-story building features four levels of retail space, 16 levels of office space and 17 levels of residential space. A bridge connects the two-building mixed-use complex, which spans 1.6 million square feet. The project is certified LEED Gold and features direct connection to mass transit. This is the 14th project that Goettsch Partners has completed in Suzhou.

April 13, 2018

Acquisitions Illinois Kansas Midwest Multifamily Ohio

Waypoint Residential Acquires Four Multifamily Properties in Midwest

by Kristin Harlow April 13, 2018

ILLINOIS, KANSAS AND OHIO — Waypoint Residential has acquired three multifamily properties and one student housing property in the Midwest. Neither the purchase price nor the sellers were disclosed. The properties include the 196-unit Legacy at Poplar Creek in Schaumburg, Ill.; the 70-unit Two Itasca Place in Itasca, Ill.; the 184-unit The Attleigh in Columbus, Ohio; and the 500-bed Rockland West near the University of Kansas in Lawrence. Dan Price leads Waypoint’s acquisitions in the Midwest, while Mike Hung leads the company’s student housing acquisitions.

April 13, 2018

Development Illinois Industrial Midwest

Meridian Constructs Truck Terminal for CenterPoint Properties in Joliet, Illinois

by Kristin Harlow April 13, 2018

JOLIET, ILL. — Meridian Design Build has completed construction of a 112,500-square-foot truck terminal for CenterPoint Properties in Joliet. The new facility is situated on a 46.4-acre site within the CenterPoint Business Center. The redevelopment project includes 17,930 square feet of office space, 169 loading positions and two drive-in doors. An adjacent 22,176-square-foot maintenance building features 17 fully equipped service bays. Cornerstone Architects provided architectural and structural design services, while Manhard Consulting completed civil engineering design.

April 13, 2018

Acquisitions Illinois Midwest Office Top Stories

Angelo, Gordon & Co. Acquires Pair of Office Buildings in Chicago for $147M

by Kristin Harlow April 13, 2018

CHICAGO — Angelo, Gordon & Co. has acquired Presidents Plaza in Chicago for $147 million. The pair of Class A office buildings, totaling 834,893 square feet, are located at 8600 and 8700 W. Bryn Mawr Ave. in the O’Hare submarket. Developed in 1980, the buildings are 92.4 percent leased to various tenants. The property, which is LEED Silver and EnergyStar certified, has undergone more than $15 million in capital renovations since 2016. The seller had made improvements to building systems, lobbies, entrances, canopies and landscaping. Property amenities include a 17,900-square-foot fitness center, conference center, café, hair salon/barber, convenience store, tenant lounge and full-service car wash. James Postweiler and Peter Harwood of JLL brokered the transaction. The seller, a partnership between Chicago-based GlenStar Properties LLC and a global real estate investment manager, has owned the property since 2006. GlenStar, the current leasing manager and operator of the property, will partner with the new owner to provide services and building upgrades. Angelo, Gordon & Co. is a $28 billion alternative investment firm focused on real estate and credit investing. — Kristin Hiller

April 13, 2018

Features Heartland Feature Archive Illinois Midwest Office

Six Critical Things to Get Right in an Office Renovation

by Kristin Harlow April 13, 2018

PLAINFIELD, ILL. — Buoyed by a strengthening economy, more companies have the resources to invest in office redesigns. That is good news — a well-designed office renovation can transform an existing workspace into a dynamic, energy-efficient nerve center for staff. If properly carried out by a skilled contractor, an office renovation can optimize employee productivity and craft an effective work environment. Here are six ideas that reflect today’s most influential office design trends, according to Plainfield, Ill.-based Cicero Development Corp., a general contractor specializing in commercial renovations. 1. Make a color splash The typical aesthetic of office design is being replaced by workplaces that integrate bold pops of color. This is not just to elevate the visuals, but also to code different sections, whether they are departments or desks. As a contrast to many offices’ neutral decors, jewel tones (resembling the colors of gemstones) and energetic patterns are becoming more popular in making a strong statement. Vibrant colors do more than show people that your business is creative and dynamic. Colors can have psychological effects on employees, as some tend to inspire creativity and productivity. 2. Improve the floor plan Open, fluid floor plans improve efficiency and mobility for your …

April 13, 2018

Development Illinois Midwest Multifamily Seniors Housing

Capitol Seniors Housing Opens $27M Community in Naperville, Illinois

by Kristin Harlow April 12, 2018

NAPERVILLE, ILL. — Capitol Seniors Housing has opened Arbor Terrace Naperville in Illinois. The $27 million assisted living and memory care community features 74,256 square feet and 95 residential units. The community is located at 2920 Leverenz Road in the Cantore Place development. Amenities include a library, theater, café, salon and spa and fitness center. Faulkner Design Group designed the property’s interiors.

April 12, 2018

Acquisitions Illinois Industrial Midwest

Plymouth Industrial REIT Buys Two Industrial Buildings in Chicago Area for $15.7M

by Kristin Harlow April 12, 2018

ELGIN AND ARLINGTON HEIGHTS, ILL. — Plymouth Industrial REIT Inc. has acquired two Class B industrial buildings in the Chicago area for $15.7 million. One of the properties is a 236,736-square-foot building located at 1600 Fleetwood Drive in Elgin. Stamar Packaging fully occupies the asset. The other property, 3 West College Drive in Arlington Heights, is 100 percent leased to Arrow Up, a provider of containerized bins for the oil fracking industry. Midwest Industrial Funds was the seller.

April 12, 2018

Development Illinois Midwest Multifamily

White Oak, Crayton to Develop 275-Unit Apartment Tower in Chicago’s West Loop

by Kristin Harlow April 11, 2018

CHICAGO — White Oak Realty Partners and Crayton Advisors are developing a 275-unit apartment property in Chicago’s West Loop. Known as Milieu, the 19-story development is scheduled for completion in the summer of 2019. The project will include a mix of studio, one- and two-bedroom units in addition to 13,000 square feet of retail space. The property will be built in partnership with Pacific Life Insurance Co., Power Construction and a design team including architect Fitzgerald Associates, interior designer Patina Collection|Design and engineering firms WSP, WMA and Eriksson Engineering.

April 11, 2018

Acquisitions Illinois Industrial Midwest

Lagestee-Mulder Acquires 47,000 SF Industrial Building in Naperville, Illinois

by Kristin Harlow April 11, 2018

NAPERVILLE, ILL. — Lagestee-Mulder has acquired a 47,000-square-foot industrial building in Naperville for an undisclosed price. The property is situated on 4.3 acres at 1600 Shore Road. Built in 1989, the property is fully leased to nine tenants that occupy spaces ranging in size from 3,118 to 9,429 square feet. Lagestee-Mulder’s investment fund, LM Value Investors II LLC, was used to acquire the newly renovated property. John Whitehead and Adam Johnson of NAI Hiffman represented the seller, Midwest Industrial Funds.

April 11, 2018

Newer Posts

Older Posts