Illinois

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

Illinois Industrial Loans Midwest

Continental Partners Arranges $7M Acquisition Loan for Industrial Property in Chicago

by Kristin Harlow February 22, 2018

CHICAGO — Continental Partners has arranged a $7 million bridge loan for the buyer of a 115,000-square-foot Motor Row industrial building in Chicago’s South Loop. The building’s new owner, a private investor, plans to convert the asset into a Class A mixed-use property with retail, entertainment and office space. The former auto showroom, located at 2222 S. Michigan Ave., is currently vacant. The lender was not disclosed.

February 22, 2018

Illinois Midwest Multifamily

Interra Brokers $3.2M Sale of Multifamily Building in Chicago

by Kristin Harlow February 22, 2018

CHICAGO — Interra Realty has brokered the sale of a 33-unit multifamily building in Chicago for $3.2 million. The property, located at 5001 S. Drexel Blvd., features a mix of one-, two-, three- and four-bedroom units. The buyer, EquityBuild, plans to rehab the property, which was built in 1906. Brad Feldman and Adam Saxon of Interra represented the buyer. Brian DiBasilio, along with Feldman and Saxon, represented the seller, Cedar Street.

February 22, 2018

Hospitality Illinois Loans Midwest

Sterling Bay Receives $64M Refinancing for Ace Hotel Chicago

by Kristin Harlow February 21, 2018

CHICAGO — Developer Sterling Bay has received a $64 million bridge loan to refinance construction financing for the Ace Hotel Chicago. Opened in 2017, the 159-room hotel is located at 311 N. Morgan St. in Chicago’s Fulton Market district. The boutique property features a lobby restaurant and bar, outdoor terrace, rooftop bar, private dining area, fitness center and nearly 4,000 square feet of retail space. Timothy Joyce, Tony Malk, Jeff Bucaro and Nicole Aguiar of HFF arranged the five-year loan through LoanCore Capital and Ohana Real Estate Investors.

February 21, 2018

Illinois Midwest Multifamily

Magnolia Capital Purchases 270-Unit Apartment Building in Oak Park, Illinois

by Kristin Harlow February 20, 2018

OAK PARK, ILL. — Magnolia Capital has purchased Vantage Oak Park in Oak Park for an undisclosed price. Built in 2016, the 270-unit apartment building features a mix of studio, one- and two-bedroom units. Brian Eisendrath and Mike Bryant of CBRE arranged a 10-year Freddie Mac loan on behalf of Magnolia Capital for the acquisition. CBRE also brokered the sales transaction.

February 20, 2018

Illinois Midwest Office

RedShelf Inks 16,201 SF Office Lease in Chicago

by Kristin Harlow February 20, 2018

CHICAGO — RedShelf, a Chicago-based educational software company, has signed a 16,201-square-foot office lease at 500 N. Dearborn St. in Chicago. The firm had previously been subleasing 13,201 square feet on floors 12 and 13 at the same location. The new office space fosters a collaborative work environment for RedShelf. Christine Torres of Colliers International represented RedShelf in the lease transaction. Bob Zimmerman of Friedman Properties represented ownership.

February 20, 2018

Illinois Industrial Midwest

NKF Brokers Sale of 74,613 SF Industrial Property in Elgin, Illinois

by Kristin Harlow February 19, 2018

ELGIN, ILL. — NKF Capital Markets has brokered the sale of a 74,613-square-foot industrial property in Elgin, about 35 miles northwest of Chicago. The sales price was not disclosed. The building is located at 440 S. McLean Blvd. Advance Engineering Corp. (AEC) has fully occupied the property since 2006. AEC provides the natural gas industry with fabricated meter sets and piping. Adam Marshall and Boris Shraybman of NKF represented the seller, a private ownership group. Bryan Bartlett of Newmark Grubb Phoenix Realty Group represented the buyer, Plymouth Industrial REIT Inc.

February 19, 2018

Illinois Midwest Office

Aetna Affiliate Signs 3,470 SF Office Lease in Lincolnshire, Illinois

by Kristin Harlow February 19, 2018

LINCOLNSHIRE, ILL. — bswift, an Aetna company that provides healthcare technology and benefits administration outsourcing services, has signed a 3,470-square-foot office lease in Lincolnshire. The company is expanding its Chicago office and will occupy new space at 1 Overlook Point in Lincolnshire Corporate Center. bSwift chose the space because of the location, amenities and available workforce nearby, according to a news release. New amenities currently under construction at the office property include a deli, Wi-Fi lounge, conference facility, fitness center and bike room. Jonathan Metzl of Cushman & Wakefield represented bswift in the lease transaction, while Nicholas Panarese of Van Vlissingen and Co. represented ownership.

February 19, 2018

Data Centers Illinois Midwest

CoreSite to Build 175,000 SF Data Center in Downtown Chicago

by Kristin Harlow February 16, 2018

CHICAGO — CoreSite Realty Corp. has acquired a two-acre land parcel in downtown Chicago to build CH2, a 175,000-square-foot data center. The four-story facility will support 18 megawatts of power capacity. CoreSite expects to begin construction on the project at the end of 2018 or the beginning of 2019. The company plans to construct the building in three phases, consisting of six megawatts of capacity per phase, with a total estimated cost of $190 million to $210 million. CH2 will be located one mile from CoreSite’s existing CH1 facility and network node. CoreSite plans to connect the two sites via fiber.

February 16, 2018

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