Illinois

Brown Commercial Negotiates Sale of 126,537 SF Industrial Facility in Elk Grove Village, Illinois

by Kristin Harlow February 5, 2018

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 126,537-square-foot industrial facility in Elk Grove Village for an undisclosed price. The 4.2-acre property is located at 2001 Arthur Ave. The buyer, Seefried Industrial Properties Inc., plans to build an 80,000-square-foot warehouse to replace the existing building. Mike Antonelli and Mason Hezner of Brown Commercial represented the seller, Spirit Realty Capital, in the transaction. Jonathan Kohn of Colliers International represented Seefried.

February 5, 2018

Illinois Loans Midwest Office Top Stories

ING Underwrites, Closes $235.1M Acquisition Loan for Office Tower in Downtown Chicago

by Taylor Williams February 5, 2018

CHICAGO — ING Capital LLC has underwritten and closed a $231.5 million senior loan for the acquisition of One South Dearborn, an 828,538-square-foot office tower located in downtown Chicago’s Central Loop. The borrower was Connecticut-based Starwood Capital Group. ING expects to syndicate a portion of the senior loan in the coming weeks. Deutsche Asset Management provided a $62.5 million mezzanine loan for the acquisition. Hines developed the 40-story, Class A property in 2005. Law firm Sidley Austin has served as its anchor tenant since completion and recently renewed its lease. According to Crain’s Chicago, California-based Olen Properties was the building’s most recent owner. The sale closed on Jan. 24. Designed by DeStefano Keating Partners Ltd., the property features amenities such as a fitness center, conference facilities, 8,000 square feet of retail space and a 170-space parking garage. A 16,000-square-foot plaza fronts Dearborn Street and provides entry into the three-story lobby. “The opportunity to finance One South Dearborn was welcome given the quality of the property and the strength of downtown Chicago’s office market,” says Craig Bender, head of capital markets at ING. “This market has seen a significant increase in demand in recent years due to urban migration from the …

February 5, 2018

Illinois Midwest Office

Skender Completes 176,000 SF Headquarters Relocation Project for GGP in Chicago

by Kristin Harlow February 2, 2018

CHICAGO — Skender Construction has completed interior construction of the 176,000-square-foot headquarters for retail real estate company GGP at River North Point in Chicago. GGP has relocated 700 employees to the new headquarters. The three-level space features an abundance of natural light and an open office format with exposed ceilings. The focal point of the space is the café, which opens to a 10,500-square-foot private deck overlooking the Chicago River. Skender worked with Archideas Inc., Environmental Systems Design and JLL to complete the project.

February 2, 2018

Illinois Industrial Midwest

Missner Group Acquires 45,000 SF Flex Industrial Building in Glenview, Illinois

by Kristin Harlow February 2, 2018

GLENVIEW, ILL. — The Missner Group has acquired a 45,000-square-foot flex industrial building in Glenview, about 20 miles northwest of Chicago. The purchase price was not disclosed. The single-story building, constructed in 1999, is located at 2323 Ravine Way in North Shore Corporate Park. The purchase is part of a sale-leaseback with the current owner, printing company DreamWorks Graphic Communications. DreamWorks acquired the building in 2014 and hired The Missner Group to complete building renovations at the time. The property features a clear height of 26 feet, four exterior truck docks, one drive-in door and 13,000 square feet of office space. Ed Adler of The Missner Group led the acquisition for the firm. Larry Much of NAI Hiffman represented both the buyer and the seller in the transaction.

February 2, 2018

Hospitality Illinois Loans Midwest

Mesa West Capital Provides $48M Refinancing for Talbott Hotel in Chicago

by Kristin Harlow February 1, 2018

CHICAGO — Mesa West Capital has provided a $48 million loan for the refinancing of the newly renovated Talbott Hotel in Chicago. The borrower, Sterling Bay, acquired the 16-story hotel in the fall of 2015. Sterling Bay completed a renovation of the lobby, common areas and guest rooms and added a restaurant, fitness center and 29 new rooms to rebrand the property into a 178-room boutique hotel. The hotel reopened in May 2017. The non-recourse loan will allow Sterling Bay to stabilize the hotel over the course of the five-year loan term, according to Matthew Snyder, vice president of Mesa West. Snyder and Brian Hirsh originated the loan.

February 1, 2018

Illinois Midwest Restaurant Retail

McDonald’s Reveals New Design for Chicago Flagship Restaurant

by Kristin Harlow February 1, 2018

CHICAGO — McDonald’s has unveiled exterior and interior designs for the brand’s flagship restaurant at Clark and Ontario streets in Chicago. The former rock ‘n’ roll-themed restaurant closed in late December. The new restaurant will feature self-order kiosks, table service and mobile order and payment. The nearly 19,000-square-foot restaurant, designed by Chicago-based Ross Barney Architects, will be constructed of steel and wood timber. The restaurant will feature green spaces and energy-saving features in efforts to become LEED certified. The redesigned restaurant is slated to reopen this spring. McDonald’s is also in the process of moving its headquarters to Chicago from Oak Brook, Ill.

February 1, 2018

Illinois Midwest Retail

PRCP, Clifton Realty Redevelop Portion of Yorktown Center in Lombard, Illinois

by Kristin Harlow February 1, 2018

LOMBARD, ILL. — Pacific Retail Capital Partners (PRCP) and Clifton Realty Management have redeveloped Yorktown Center in Lombard to include a 12,000-square-foot “self-care” component. The new section allows shoppers and nearby residents to conduct all their self-care needs in one place. Tenants include The Barre Code, CycleBar, Orangetheory Fitness, Amazing Lash Studio and European Wax Center. An additional 40,000-square-foot unnamed fitness concept is slated to open late this summer. Yorktown Center is a 1.5 million-square-foot shopping center.

February 1, 2018

Illinois Market Reports Midwest Midwest Market Reports Retail

How to Find the Formula for Success in Chicago’s Retail Market

by Kristin Harlow February 1, 2018

Successful retail development, especially in today’s evolving retail environment, needs constant re-evaluation by developers as well as municipalities. In some cases, the old rules are being rewritten to allow for more creative uses of otherwise stagnant — and sometimes historic — properties. The city of Chicago’s Industrial Corridor Modernization Initiative, designed to relax zoning in areas once reserved for manufacturing, is an excellent example of a notable shift that will allow developers to execute new strategies for retail development, often in combination with other uses. The recently adopted guidelines for the North Branch Industrial Corridor, the first of 26 such areas in Chicago to be evaluated, suggest the formula that will be needed to help realize the city’s ambitious vision. Neighborhood workforce With employers increasingly focused on attracting and retaining talent in a tight labor market, they are seeking locations with a mix of retail amenities that their employees can take advantage of before, during or after the workday. Increasingly, this mix is found in neighborhoods outside the downtown core that offer a relative value when it comes to office rents — another benefit for companies looking to make a move. In some cases, office and retail are located in …

February 1, 2018

Illinois Midwest Student Housing

Harrison Street Forms Joint Venture to Develop Student Housing Properties Across Europe

by Kristin Harlow January 31, 2018

CHICAGO — Harrison Street Real Estate Capital LLC, based in Chicago, has formed a joint venture with Crosslane Property Group UK Limited to develop a portfolio of four student housing properties totaling 1,267 beds. The properties will be located in Leeds, Coventry, Portsmouth and Swansea, which are cities in the United Kingdom that have a combined enrollment of more than 131,000 students. Gross development value for the four properties is approximately $175 million. Harrison Street’s European student housing portfolio comprises more than 7,000 beds in ownership or under construction across Ireland, France, Germany and the United Kingdom.

January 31, 2018

Illinois Industrial Midwest

CBRE Fund Acquires 1.4 MSF Industrial Portfolio in Chicago Area

by Kristin Harlow January 31, 2018

CHICAGO — CBRE Strategic Partners US Value 8 has acquired a six-building industrial portfolio totaling over 1.4 million square feet in the Chicago area. The purchase price was not disclosed. The portfolio is 95 percent leased to six tenants. The properties include: 2700 Ellis Road in Joliet; 2101 W. Haven Road in New Lenox; 2201 W. Haven Road in New Lenox; 2200 W. Haven Road in New Lenox; 2520 Diehl Road in Aurora; and 494 E. Lies Road in Carol Stream. The buildings range in size from 90,000 to 690,000 square feet and feature clear heights of 24 to 32 feet.

January 31, 2018

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