Illinois

Skender Begins Interior Construction of 207,000 SF Office Space for C.H. Robinson in Chicago

by Kristin Harlow May 4, 2018

CHICAGO — Skender has begun interior construction of a new, 207,000-square-foot office space for C.H. Robinson in Chicago’s Lincoln Park. The office is located within Sterling Bay’s Lincoln Yards development. The third-party logistics and supply chain management provider is relocating from its current office at 1840 N. Marcey St. The new space will feature open office workstation areas, private offices, conference rooms, two reception areas, a café, 5,000-square-foot roof terrace and an open atrium. Skender is working with designers Vocon and SOM for the project. Completion is slated for this July.

May 4, 2018

Illinois Loans Midwest Multifamily Seniors Housing

ASC Secures $5.8M Refinancing for Skilled Nursing Facility in Sterling, Illinois

by Kristin Harlow May 4, 2018

STERLING, ILL. — American Street Capital (ASC) has secured a $5.8 million loan for the refinancing of Sterling Healthcare, a 121-bed skilled nursing facility in northwest Illinois. Services at the property include short-term rehabilitation, memory, post-surgical and long-term care. Igor Zhizhin of ASC arranged the five-year loan, which features a 25-year amortization schedule. The lender was not disclosed.

May 4, 2018

Acquisitions Hospitality Illinois Midwest

HREC Arranges Sale of Embassy Suites Hotel in Schaumburg, Illinois

by Kristin Harlow May 4, 2018

SCHAUMBURG, ILL. — HREC Investment Advisors has arranged the sale of the 209-room Embassy Suites by Hilton Chicago in Schaumburg. The sales price was not disclosed. The hotel is located nine miles from Chicago O’Hare International Airport. Scott Kaniewski of HREC represented the seller, a joint venture between Hotel Capital and ORIX Real Estate Americas. Pearlshire Capital Group purchased the asset.

May 4, 2018

Development Illinois Midwest Retail

Global Builders Breaks Ground on 42,000 SF Retail Development in Chicago

by Kristin Harlow May 3, 2018

CHICAGO — Global Builders Inc. has broken ground on a 42,000-square-foot retail development located at 637-647 W. Roosevelt Road in Chicago. The project developer is 635-647 W. Roosevelt Road LLC. Bob’s Discount Furniture will anchor the property and lease two of the three floors. Completion is slated for this fall. James Schutter, Terry Alexa and Luke Sementa of Newmark Knight Frank will handle lease-up of the remaining 10,000 square feet of space on the first floor.

May 3, 2018

Acquisitions Illinois Midwest Mixed-Use

CBRE Arranges $12.2M Sale of Property in Chicago’s Fulton Market

by Kristin Harlow May 2, 2018

CHICAGO — CBRE has arranged the sale of 800-810 Fulton Market in Chicago for $12.2 million. The 25,952-square-foot property is located in the Fulton Market district and has flexible zoning options. The buyer, Thor Equities, has purchased several buildings in the neighborhood. Keely Polczynski of CBRE represented the seller, R2 Cos.

May 2, 2018

Illinois Industrial Leasing Activity Midwest

King Solutions Signs 160,669 SF Industrial Lease in Glendale Heights, Illinois

by Kristin Harlow May 2, 2018

GLENDALE HEIGHTS, ILL. — King Solutions Inc. has signed a 160,669-square-foot industrial lease in Glendale Heights, about 30 miles west of Chicago. The property is located at 500 Regency Drive. This is the first location in the Chicago area for the asset-based 3PL provider of freight transportation management, retail project logistics, order fulfillment and warehousing services. Built on 9.4 acres in 1989, the warehouse features a clear height of 25 feet, seven exterior docks, one interior dock and two drive-in doors. The property can accommodate parking for 200 cars. Michael Morgan, Jim Herbst and Brian Netzky of Colliers International represented King Solutions in the lease transaction. Jeff Janda of Lee & Associates represented the landlord, Gateway.

May 2, 2018

Illinois Industrial Loans Midwest

Cohen Financial Secures $5.8M Refinancing for Industrial Property in Chicago

by Kristin Harlow May 2, 2018

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $5.8 million loan for the refinancing of Workshop 4200 located at 4200 W. Diversey Ave. in Chicago. The 153,000-square-foot industrial property has been renovated into a workshop for creative and artisan tenants such as photographers, visual and sculptural artists, candle makers, coffee roasters and furniture makers. Workshop 4200 features a gallery space in the common area that hosts events, meetings, happy hours and showcases tenant artwork. Many of the artist tenants have relocated to the building from other properties in the city. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the loan with Morgan Stanley.

May 2, 2018

Development Illinois Midwest Mixed-Use

Summit Breaks Ground on 15,000 SF Mixed-Use Development in Chicago’s Clybourn Corridor

by Kristin Harlow May 2, 2018

CHICAGO — Summit Design + Build LLC has broken ground on a 15,000-square-foot office and retail development in Chicago’s Clybourn corridor. Developer R.A. Zweig Inc. owned the site and purchased the neighboring lot to expand the new building’s footprint. A former retail building that had sat vacant for over four years was demolished in the summer of 2017 to make way for the new addition to the Clybourn corridor. The property, located at 2300 N. Clybourn Ave., will feature first-floor retail space and second-floor creative office space. Completion is slated for the end of this year. Amstadter Architects is the project architect.

May 2, 2018

Acquisitions Illinois Midwest Office Property Type Top Stories

Brookfield Purchases 22-Story Office Tower in Downtown Chicago for $305M

by John Nelson May 1, 2018

CHICAGO — A private fund sponsored by Brookfield Asset Management (NYSE: BAM) has purchased 175 West Jackson, a 22-story office tower in downtown Chicago’s Central Loop district, for $305 million. JLL Capital Markets represented the seller, a high-net-worth European family advised by Extell Development. Built in 1912 and designed by Chicago-based architect Daniel H. Burnham, the Class A office tower spans 1.4 million square feet, encompassing a full city block. The property features rooftop decks, conference facilities and a recently renovated, 7,500-square-foot athletic club. The building also features retail and dining space, including Starbucks Coffee, Fifth Third Bank and CVS on the street level. The office tower provides tenants access to public transit and is one block from the Brown, Red, Blue, Pink and Purple El lines. The building is also within walking distance to Chicago Union Station and Ogilvie Transportation Center. Extell Development invested heavily in the redevelopment of 175 West Jackson after purchasing the neo-classical building in the late 1990s, according to Crain’s Chicago. The redevelopment included the addition of a two-story atrium lobby, exterior restoration and common area upgrades, according to Extell’s website. Lucien Lagrange Architects Studio designed the upgrades to include wood, granite, marble and metal …

May 1, 2018

Acquisitions Illinois Midwest Net Lease Retail

The Boulder Group Arranges $12.7M Sale of Property Net Leased to Jewel-Osco in Orland Park, Illinois

by Kristin Harlow April 30, 2018

ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 63,400-square-foot property occupied by Jewel-Osco on a net-lease basis in Orland Park for $12.7 million. The property is located at 17930 Wolf Road. Renovated in 2009, the asset features a drive-thru pharmacy. Jewel-Osco has 20 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate investment company based in the Southwest. A West Coast-based investor was the buyer.

April 30, 2018

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