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.
Illinois
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.
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.
CHICAGO — Hubbard Street Group is nearing completion of the second phase of Wicker Park Connection in Chicago’s Wicker Park neighborhood. Phase II consists of a 15-story, 146-unit apartment building and is expected to open this June. Phase I, a 60-unit apartment building, was completed in 2016. A small-format Target store, totaling 12,800 square feet, is slated to open in the retail portion of Phase I this summer after recently receiving formal approval from the area community group. Hubbard Street is dedicating nearly one-third of the development’s 2.5 acres for open space, featuring a public plaza.
CHICAGO — Summit Design + Build LLC has completed two office build-outs for Level Office, a company that rents private offices, co-working desks and meeting space. Summit renovated and expanded two of the company’s four Chicago locations. The 21,348-square-foot Level Office River North features private offices, office suites, co-working desks, reception, event space and conference rooms. This location also features a unique space off the first floor where a loading dock was converted to open office and lounge space. Summit’s scope of work also included building out a new floor plan for all four floors. Private offices feature a custom glass storefront, and a first-floor community kitchen includes bamboo and tile flooring and custom millwork. For the second project, Level Office West Loop, Summit built out amenity spaces and perimeter offices similar to the River North location. Summit also added two conference rooms and five phone booths. A 7,200-square-foot space on the 17th floor now serves as the primary amenity floor for all Level Office tenants within the building. Warren Johnson Architects Inc. served as the architect for both projects.
CHICAGO — The Boulder Group has arranged the sale of a PNC Bank ground lease in Chicago for $4 million. The single-tenant property is located at 8700 S. Cottage Grove Ave. near I-94. There are 22 years remaining on the original 30-year PNC Bank ground lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an East Coast-based real estate partnership. Jon Busse of Colliers International represented the buyer, Burlingame Midland LLC. The new owner completed a 1031 exchange for the recent sale of a retail property occupied by Home Depot in Midland, Mich.
GREEN OAKS, ILL. — Colliers International has brokered the sale of Green Oaks Business Center in Green Oaks, about 40 miles north of Chicago. The sales price was not disclosed. The three-building industrial portfolio totals 462,300 square feet. The facilities feature clear heights of 24 to 28 feet, ESFR sprinkler systems, 48 docks and parking for 270 autos. At the time of sale, the portfolio was 86 percent occupied by five tenants. Jeff Devine and Steve Disse of Colliers represented the seller, New York Life Investment. A comingled fund managed by Dermody Properties was the buyer.
CHICAGO — Newmark Knight Frank has been tasked with completing the lease-up of 625 West Adams, a new 438,184-square-foot speculative office building in Chicago’s West Loop. A joint venture between White Oak Realty Partners, Vanderbilt Partners, CA Office and USAA Real Estate Co. owns the property, which is slated to open in April. Amenities include a fitness center, 1,000-person auditorium, tenant lounge, conference center and 400-car parking garage. Jon Cordell, Bill Rolander and Jason Houze of NKF will lead the brokerage team. Martin Wolf of Solomon Cordwell Buenz & Associates designed the property. Power Construction was the general contractor.
DOWNERS GROVE, ILL. — Bianco Properties has acquired Main Street Square in Downers Grove for an undisclosed price. The 56,000-square-foot shopping center is located at the intersection of Butterfield and Finley roads near I-355. Tenants include Duluth Trading Co., H&R Block and Subway. This is Bianco’s fifth acquisition in the Chicago metro. Mid-America Real Estate Corp. brokered the sale on behalf of a Denver-based private investor, according to the Daily Herald.
ITASCA, ILL. — The Opus Group has completed a new corporate headquarters for the American Academy of Pediatrics (AAP) in Itasca. The 183,000-square-foot building will be home to 455 employees and serve as a national hub for the organization’s 66,000 primary care pediatricians, pediatric medical sub-specialists and pediatric surgical specialists. The build-to-suit property is located within the Hamilton Lakes Business Park and features 81 rooms for meeting space. Eric Kunkel and Schott Ohlander of JLL began assisting AAP with locating property for the project in 2014. Opus Design Build was the design-builder for the project, while Stantec was the architect of record. Opus Development Co. provided development support services.