Illinois

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.

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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.

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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.

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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 …

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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.

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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.

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CHICAGO — SVN | Chicago Commercial has negotiated the sale of a 42,000-square-foot loft office building in Chicago’s West Loop for $12.9 million. The property, located at 117-121 N. Jefferson Ave., is known as the Haymarket Building. The building was over 90 percent leased at the time of sale. Wayne Caplan and Lee Ffrench of SVN represented the seller, an affiliate of St. Louis-based Hoffmann Commercial Real Estate. In-Commercial Group, based in Chicago, led the purchasing group, which was an investor completing a 1031 exchange.

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CHICAGO — Westwood Financial has acquired Kingsbury Center in Chicago’s North and Clybourn retail corridor for an undisclosed price. The 53,079-square-foot shopping center is located at 1415-1435 N. Kingsbury St. Completed in 2012, the center is 100 percent leased to Buy Buy Baby, PetSmart, Road Runner Sports and Jimmy John’s. Amy Sands and Clinton Mitchell of HFF represented the undisclosed seller.

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DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 54-acre infill site in Downers Grove. The developer plans to build three industrial buildings totaling 680,420 square feet. The development will be known as Bridge Point Downers Grove. The buildings will feature clear heights of 32 and 36 feet and offer immediate access to I-88 and I-355. Completion is slated for the fourth quarter of 2018. Jason West, Sean Henrick, Michael Magliano, Doug Pilcher and David Friedland of Cushman & Wakefield will represent Bridge in the lease-up of the properties. No brokers were involved in the sale of the land site, as it was conducted off-market. An undisclosed national developer sold the land. Daniel Barrins of Associated Bank originated a $20 million acquisition loan, with $21.16 million syndicated to Byline Bank and Inland Bank.

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ITASCA, ILL. — Raging Wire Data Centers has purchased 19 acres of land at Hamilton Lakes Business Park in Itasca. Patrick McKillen of Hamilton Partners represented ownership in the transaction. Recent development activity at the business park includes the 183,000-square-foot headquarters for American Academy of Pediatrics. Hamilton Lakes has approximately 3.5 million square feet of office space and 35 acres of additional development land remaining.

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