Illinois

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

Acquisitions Illinois Midwest Office

Millennium Properties Brokers Sale of 51,230 SF Office Building in Elgin, Illinois

by Kristin Harlow April 10, 2018

ELGIN, ILL. — Millennium Properties Real Estate has brokered the $1.1 million sale of a 51,230-square-foot office building in Elgin, about 35 miles northwest of Chicago. The property, located at 164 Division St., is 83 percent occupied by a variety of doctor offices, law firms and design firms. Brad Thompson and Daniel Hyman of Millennium brokered the sale. A partnership sold the property to a private investor.

April 10, 2018

Development Illinois Industrial Midwest

Principle Completes Industrial Tenant Improvements for Magick Woods in Aurora, Illinois

by Kristin Harlow April 9, 2018

AURORA, ILL. — Principle Construction Corp. has completed tenant improvements for Magick Woods in Aurora, located about 40 miles west of Chicago. The manufacturer and distributor of bathroom vanities, sinks and vessels occupies a 375,000-square-foot industrial space at 1600 Sequoia Drive. Improvements included the addition of a new 3,501-square-foot office space, a 94,276-square-foot racking area, a 7,800-square-foot assembly area, 58 trailer storage spaces, battery charging stations and LED lighting. Magick Woods also plans to expand its warehouse into the remaining 161,301 square feet of the building. Seefried Properties and LIT Industrial Limited Partnership own the building, which Principle constructed in 2016. Darrin Dehmlow and Tom Sterbenz of Principle oversaw the project. Harris Architects provided design services.

April 9, 2018

Acquisitions Illinois Industrial Midwest

NKF Negotiates Sale of 186,000 SF Industrial Facility in Bartlett, Illinois

by Kristin Harlow April 9, 2018

BARTLETT, ILL. — Newmark Knight Frank (NKF) has negotiated the sale of a 186,000-square-foot industrial facility in Bartlett for an undisclosed price. The speculative building is located at 1365-1395 Brewster Creek Blvd. within the Brewster Creek Business Park. The property features a clear height of 32 feet, 35 exterior docks, two grade-level doors and parking for 224 cars. Adam Marshall of NKF represented the seller and developer, Ridge Development. Elise Couston and Mark Deady of NKF represented the buyer, Barings Real Estate, which was acting on behalf of an institutional investor.

April 9, 2018

Development Illinois Midwest Multifamily

Opus Breaks Ground on 164-Unit Apartment Project in Suburban Chicago

by Kristin Harlow April 6, 2018

ELMHURST, ILL. — The Opus Group has broken ground on a luxury apartment property in Elmhurst, a suburb of Chicago. The project will feature 164 residential units and more than 7,600 square feet of retail space. The transit-oriented development is located at 100 N. Addison St. Amenities will include a fitness center, yoga room, clubroom, pool, pet spa and work-from-home suites. Completion is slated for spring 2019. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer. Hartshorne Plunkard Architecture is the design architect and ESG Architects is the interior designer. The project is a joint venture with Principal Real Estate Investors.

April 6, 2018

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