Illinois

Contegra Breaks Ground on $26M Apartment Complex in Shiloh, Illinois

by Kristin Harlow June 12, 2018

SHILOH, ILL. — Contegra Construction Co. has broken ground on a $26 million apartment development in Shiloh, about 20 miles east of St. Louis. Known as Thirteen01 at Hartman Lakes, the property will include 216 units on 17 acres. The first of nine apartment buildings in Phase I is scheduled to be available for lease by November. The entire community is slated for completion in July 2019. Community amenities will include a fitness room, pool, fire pit, walking trail and two lakes. One-bedroom apartment rents will start at $950 per month and two-bedroom units at $1,250 per month. Greenmount Retail Center LLC is the developer.

June 12, 2018

Acquisitions Illinois Midwest Office

Investcorp Sells Ownership Stake in Suburban Chicago Office Tower

by Kristin Harlow June 8, 2018

EVANSTON, ILL. — Investcorp has sold its ownership stake in Orrington Plaza, a 20-story office tower in downtown Evanston. The sales price was not disclosed. Golub & Co., which purchased the asset with Investcorp in 2013, will maintain an ownership stake in the building by co-investing with a new institutional capital partner and will continue to operate, manage and lease the property. Located at 1603 Orrington Ave., the property features 309,000 square feet of office space and 30,000 square feet of retail space. Next of Kinship restaurant and café as well as a full-service JP Morgan Chase branch occupy the retail portion. Paul Lundstedt and Dan Deuter of CBRE represented the sellers. The new capital partner is GEM Realty, according to local media reports.

June 8, 2018

Illinois Industrial Loans Midwest

Wintrust Bank Provides $21M Acquisition Loan for Industrial Portfolio in Metro Chicago

by Kristin Harlow June 8, 2018

CHICAGO — Wintrust Bank has provided a $21 million loan for the acquisition of a five-property industrial portfolio totaling 665,903 square feet in metro Chicago. The portfolio includes: 550-600 North Commons in Aurora; 710-854 Foster Ave. in Bensenville; 1400-1538 Elmhurst Road in Elk Grove Village; 3456 North Ridge Ave. in Arlington Heights; and 8220 North Austin Ave. in Morton Grove. Christopher Carroll and Jason Bond of HFF arranged the financing on behalf of the borrower, Clear Height Properties. The seller was not disclosed.

June 8, 2018

Acquisitions Illinois Industrial Midwest

Brown Commercial Brokers Sale of 31,440 SF Industrial Building in West Chicago

by Kristin Harlow June 8, 2018

WEST CHICAGO, ILL. — Brown Commercial Group has brokered the sale of a 31,440-square-foot industrial building in West Chicago for an undisclosed price. The property, constructed in 2008, is located at 310-330 Charles Court. The buyer, Tag Fitness, plans to occupy a portion of the building while generating rental income from the remainder of the property. The company warehouses and distributes fitness equipment to health clubs and home gyms. Mike Antonelli represented both the buyer and the seller, a private investor.

June 8, 2018

Development Illinois Midwest Mixed-Use

Structured Development, Carly Partners Plan 37-Acre Mixed-Use Development in North Chicago

by Kristin Harlow June 7, 2018

NORTH CHICAGO, ILL. — Structured Development and Carly Partners have planned Sheridan Crossing, a 37-acre mixed-use development in North Chicago. CBRE has been retained to market for lease more than 76,000 square feet of retail space at the 260,000-square-foot project, which will be located across from the Naval Station Great Lakes. A 107-room hotel and a 10-screen movie theater will anchor the property. KTGY Architecture + Planning is the project architect. Mary Bresnahan and Kim McGuire of CBRE will lead marketing efforts for the project. A timeline for completion was not disclosed.

June 7, 2018

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Deconversions, Adaptive Reuse Drive Chicago Multifamily Investment

by Kristin Harlow June 7, 2018

Resilience in the Chicago apartment market amid a historic construction boom is creating opportunities for multifamily investors, particularly those who are willing to go the extra mile — sometimes literally — to capitalize on rent growth outside the downtown core. Across the city in outlying neighborhoods like Uptown, Rogers Park and Pilsen, value is being discovered in vintage buildings due to their high appreciation potential. In addition to circumventing rising material and labor costs, buyers of existing buildings are benefiting from their ability to collect rents now, while there’s still room for growth, rather than going through the time-consuming development process that has cast a shadow over some pipeline projects. Wave of deconversions Condo deconversions have been a popular choice among investors in recent years, with nearly 2,000 units deconverted at a combined market value of approximately $437 million since late 2016 in Chicago, according to data from CoStar Group and Interra Realty. When executed well, these transactions create a win-win for both parties involved. Condo owners, some of whom are still trying to recover value lost during the recession, can usually sell their units at a higher price than they would have achieved on their own, particularly in older …

June 7, 2018

Development Illinois Industrial Midwest

PREMIER Completes 197,000 SF Industrial Build-to-Suit in Waukegan, Illinois

by Kristin Harlow June 6, 2018

WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed an industrial build-to-suit for Visual Pak Cos. in Waukegan. The 197,000-square-foot facility features a clear height of 32 feet, 9,500 square feet of office space, 30 exterior truck docks and 244 car parking spaces. Visual Pak provides solutions in the contract packaging industry. The project team also included Cornerstone Architects Ltd., Manhard Consulting Ltd., Swift Structural Design, MVP Plumbing, MK Industries and Connelly Electric.

June 6, 2018

Acquisitions Illinois Midwest Office

NAI Hiffman Arranges Sale of 165,000 SF Office Complex in Chicago

by Kristin Harlow June 6, 2018

CHICAGO — NAI Hiffman has arranged the sale of InterPark Corporate Center in Chicago for an undisclosed price. The 12-building, 165,000-square-foot office complex is situated on seven acres. Jonathan Berger of Berger Asset Management LLC purchased the property from AREI (InterPark) LLC with plans to revitalize and reposition the asset. Plans call for a new fitness center, conference and lounge space and bike share program. The property will be renamed Concourse Chicago and is expected to reopen this fall. John Cash, Art Burrows, David Haigh and Steve Chrastka of NAI Hiffman brokered the transaction.

June 6, 2018

Acquisitions Illinois Midwest Office

Retail Properties of America Sells Office Complex in Schaumburg, Illinois for $86.6M

by Kristin Harlow June 5, 2018

SCHAUMBURG, ILL. — Retail Properties of America Inc. (NYSE: RPAI) has sold Schaumburg Towers in suburban Chicago for $86.6 million. The former Zurich headquarters was the company’s one remaining office complex. American Landmark Properties purchased the 882,071-square-foot asset, which spans two buildings. The property is currently 48 percent leased. Dan Rosenberg and Matt Terpstra of Cohen Financial, a division of SunTrust Bank, secured a $110 million acquisition loan from a dual partnership of lenders, including Prime Finance Partners and Pearlmark Real Estate Partners. Cohen Financial partnered with Steve Roth of CBRE to secure the financing, which closed on June 1. American Landmark will utilize the financing to acquire the asset as well as complete capital improvements and expand tenancy.

June 5, 2018

Development Illinois Midwest Office

McDonald’s Opens New Global Headquarters in Chicago’s West Loop

by Kristin Harlow June 5, 2018

CHICAGO — McDonald’s Corp. has opened its new corporate headquarters in Chicago’s West Loop neighborhood. The move marks a return to Chicago where the company was headquartered from 1955 to 1971. McDonald’s was most recently headquartered in Oak Brook, Ill. In addition to the approximately 2,000 employees based there, the property will house the flagship Hamburger University location, providing state-of-the-art learning for the company’s employees and future leaders. The new headquarters features open floor plans, a 700-person conference center, work cafe, fitness center and outdoor terraces. The ground floor is home to a one-of-a-kind McDonald’s restaurant that features a rotating menu of favorites from around the globe. Sterling Bay developed the building, while Gensler served as architect of record. IA Interior Architects and Studio O+A designed the interiors. McHugh & ECI Executive Construction Inc. were the general contractors.

June 5, 2018

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