Illinois

Castle Lanterra Sells 424-Unit Multifamily Property in Chicago for $49.5M

by Kristin Harlow March 1, 2018

CHICAGO — Castle Lanterra Properties (CLP) has sold Midpointe Apartments in Chicago to an unnamed fund manager for $49.5 million. CLP acquired the 424-unit multifamily property in 2014 for $28.5 million. The company invested millions in upgrades to the property that included the construction of a new leasing office, resident lounge and fitness center. Other improvements included the installation of energy-efficient roofs, LED lighting, new elevators, parking lot resurfacing and renovations to 30 percent of the units. CLP refinanced the property for $40 million in June 2017.

March 1, 2018

Hospitality Illinois Loans Midwest

Ladder Capital Provides $38.7M Acquisition Loan for Chicago Marriott Schaumburg

by Kristin Harlow March 1, 2018

SCHAUMBURG, ILL. — Ladder Capital has provided a $38.7 million loan for the acquisition and renovation of Chicago Marriott Schaumburg. The 398-room hotel is located at 50 N. Martingale Road in suburban Chicago. The 13-story property is situated within the Woodfield Corporate Center, an office complex spanning more than 3 million square feet. Completed in 1983 and renovated in 2007, the hotel features a fitness center, business center, indoor and outdoor pools, two restaurants and 18,536 square feet of meeting space. Jeff Bucaro, Nicole Aguiar, Tony Malk, Matt Enright and Bryan Rosenberg of HFF arranged the three-year loan on behalf of the borrower, Arbor Lodging Partners. The Chicago-based company is planning significant upgrades to the property, including a full renovation of the lobby, meeting space, common areas and guest rooms. Arbor Lodging Management manages the hotel.

March 1, 2018

Illinois Midwest Office

American Landmark Properties Completes Lease-Up of Office Park in Skokie, Illinois

by Kristin Harlow February 28, 2018

SKOKIE, ILL. — American Landmark Properties has completed the lease-up of its Illinois Science + Technology Park (ISTP) in Skokie, a northern suburb of Chicago. Vetter Pharma International USA and Charles River Laboratories International recently signed lease expansions. Vetter now occupies a total of 49,000 square feet, and Charles River has expanded to 34,056 square feet. American Landmark acquired the 24-acre research, lab and office campus one year ago when it was 86 percent leased. The real estate investment group plans to redevelop an existing 130,000-square-foot building located within ISTP at 8030 Lamon Ave. Five other build-to-suit sites provide a total development capacity of an additional 1.3 million square feet, according to John Roeser, executive vice president of American Landmark. Scott Brandwein and David Saad of CBRE are the leasing agents for ISTP.

February 28, 2018

Illinois Midwest Retail

Baum Realty Arranges $6.3M Sale of 29,764 SF Retail Center in Chicago

by Kristin Harlow February 27, 2018

CHICAGO — Baum Realty Group LLC has arranged the sale of Albany Square in Chicago for $6.3 million. The 29,764-square-foot retail center is located at 4415-4453 N. Pulaski Road in Chicago’s Albany Park neighborhood. Some of the tenants at the property include Subway, Wingstop and Little Caesars. Greg Dietz, Brad Teitelbaum and Danny Spitz of Baum represented the undisclosed seller in the transaction. A local investor acquired the asset.

February 27, 2018

Illinois Midwest Retail

Marcus & Millichap Arranges $8.2M Sale of Retail Property in Mount Vernon, Illinois

by Kristin Harlow February 26, 2018

MOUNT VERNON, ILL. — Marcus & Millichap has arranged the sale of Times Square Marketplace in Mount Vernon for $8.2 million. The 263,459-square-foot retail property is located at the southeast corner of Broadway and 42nd streets in southern Illinois. Originally developed in 1974, the property was expanded in 1998 and received $12 million in upgrades to the parking lots, façade and signage in 2013. The center is situated on a 24-acre lot and is surrounded by six anchors including Hobby Lobby, Ross Dress for Less, Big Lots, Peebles, J.C. Penney and Dunham Sports. The property was 92 percent occupied at the time of sale. Sean Sharko, Austin Weisenbeck, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a private investor.

February 26, 2018

Illinois Industrial Midwest

Holly Hunt Enterprises Signs 210,315 SF Industrial Lease in McCook, Illinois

by Kristin Harlow February 26, 2018

MCCOOK, ILL. — Holly Hunt Enterprises Inc. has signed a 210,315-square-foot industrial lease in McCook, a western suburb of Chicago. The designer and manufacturer of furniture, lighting products, textiles and leather products will occupy the space at 9450 Sergo Drive. Vern Schultz and Mike Senner of Colliers International represented Holly Hunt Enterprises in the lease transaction. Jason West, Sean Henrick and Larry Goldwasser of Cushman & Wakefield represented ownership, ML Realty Partners.

February 26, 2018

Illinois Midwest Retail

SVN Brokers $1.7M Sale of Retail Building in Chicago’s Fulton Market

by Kristin Harlow February 26, 2018

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 4,200-square-foot retail building in Chicago’s Fulton Market for $1.7 million. The two-story property is located at 1039 W. Lake St. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, Sterling Bay Co. Lee French and Tim Rasmussen represented the undisclosed buyer.

February 26, 2018

Illinois Industrial Midwest

Midwest Industrial Funds Acquires 49,000 SF Multi-Tenant Building in Plainfield, Illinois

by Kristin Harlow February 23, 2018

PLAINFIELD, ILL. — Midwest Industrial Funds has acquired a 49,000-square-foot industrial building in Plainfield, located 38 miles southwest of Chicago, for an undisclosed price. The multi-tenant property is situated on 3.7 acres at 24317 W. 143rd St. Constructed in 2007, the building features a clear height of 26 feet, eight exterior loading docks, eight grade-level doors, parking for 71 cars and an ESFR fire suppression system. The property was 88 percent leased to five tenants at the time of sale. Midwest Industrial Funds plans to enhance the exterior and landscaping as well as perform interior improvements to the vacant portion. Cory Ramey of John Greene Industrial represented Midwest Industrial Funds in the transaction. Mark Masino and Madison O’Connor of Marcus & Millichap represented the seller, a private investor.

February 23, 2018

Illinois Midwest Retail

Marcus & Millichap Brokers $1.8M Sale of Retail Property in Chicago

by Kristin Harlow February 23, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a 6,141-square-foot retail property in Chicago for $1.8 million. The ground-floor retail space is located at 2142-2144 W. Roscoe St in the Roscoe Village neighborhood. Tenants include Pure Motion Chiropractic, Pilates + Coffee, XO Studio salon and Roscoe Books. Sean Sharko, Austin Weisenbeck and Brewster Hague of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the private investor buyer.

February 23, 2018

California Florida Hawaii Hospitality Illinois Midwest Southeast Top Stories Western

Hyatt to Sell Three-Property Hotel Portfolio for $1B

by Kristin Harlow February 23, 2018

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to sell a three-property hotel portfolio to Host Hotels & Resorts Inc. (NYSE: HST) for approximately $1 billion. The transaction includes the Andaz Maui at Wailea Resort in Wailea, Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla. Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close at the end of March. The 301-room Andaz Maui features a 15-acre beachfront setting, four infinity pools, 15,000 square feet of event space, five dining options, a spa and a fitness center. Featuring 668 rooms, the Grand Hyatt San Francisco includes a 24-hour fitness center, as well as restaurant, lounge and event space on the 36th floor. Located in southwest Florida, the 454-room Hyatt Regency Coconut Point features several pools, waterslides, a golf course, rock climbing wall, five restaurants and over 82,500 square feet of flexible space. The sale reflects a recently announced initiative from Hyatt to reduce real estate ownership, according to Mark Hoplamazian, president and CEO of Hyatt. Andaz Maui and Grand Hyatt San Francisco reflect a combined attributed sale value of approximately …

February 23, 2018

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