CHICAGO — SVN | Chicago Commercial has arranged the sale of an entire city block located at 400 N. May St. in Chicago’s Fulton Market. The block is comprised of a 75,000-square-foot timber and beam office building and 43,000 square feet of land currently being used as a parking lot. Stephen Cusano, Chad Schroedl, Drew Dillon and James Mead of SVN represented the seller, May St. Investments LLC, which owned the property for over 30 years. MCZ Development purchased the property.
CHICAGO — Summit Design + Build LLC has completed the conversion of an 18-story mixed-use building into apartments in Chicago’s Uptown neighborhood. Montrose Apartments, formerly known as Pensacola Place, underwent a phased conversion and renovation of floors one through three, which were vacant offices and retail space. Developer Waterton Associates purchased the property in 2015 with plans to modernize and refresh the building. Summit started construction in the summer of 2016, beginning with the conversion and new construction of 23 studio and one-bedroom apartments. Summit also renovated the lobby and first-floor leasing center, and added new tenant amenity spaces including a fitness center and third-floor urban lounge. Summit completed construction while the building was fully operational and occupied. Chicago-based Brininstool + Lynch provided architectural services for the project.
MUNDELEIN, ILL. — Merit Partners LLC has brokered the sale-leaseback of a 38,543-square-foot industrial building in Mundelein. Venture One Real Estate acquired the property through its acquisition fund, VK Industrial IV LP, which is a partnership between Venture One and Kovitz Investment Group. The building is situated on three acres at 939 Tower Road. The sale-leaseback was completed with American Marketing Services & Consultants Inc. (AMSC) David Liebman of Merit Partners brokered the sale-leaseback. He also represented AMSC in the original site acquisition and build-to-suit transaction. The property features a clear height of 24 feet, four exterior docks, one drive-in door and 6,281 square feet of office space.
CHICAGO and PHILADELPHIA — Equity Commonwealth (NYSE: EQC) has agreed to sell a two-property office portfolio for $670 million. The properties feature a total of 2.4 million square feet and are located in Chicago and Philadelphia. One of the properties included in the transaction is a 1.5 million-square-foot office building located at 600 W. Chicago Ave. in Chicago. Sterling Bay acquired the property for $510 million. The space serves as the headquarters for Groupon. It formerly served as a Montgomery Ward catalog warehouse. The sale marks a full departure from the Chicago office market for Sam Zell, chairman of Equity Commonwealth. Equity Commonwealth also sold an 826,000-square-foot property at 1600 Market St. in Philadelphia for $160 million. The 40-story building was built in 1983 just a block away from City Hall. The asset is 84 percent leased. The buyer was not disclosed. Equity Commonwealth sold off a bundle of assets in the last quarter of 2017. This included a two-property, 15-building office portfolio in Moon Township and Pittsburgh, Pa., for $71 million; a 131,000-square-foot office building at 789 E. Eisenhower Parkway in Ann Arbor, Mich., for $24.9 million; a 175,000-square-foot industrial property in North Haven, Conn., for $10.5 million; and a …
FOX LAKE, ILL. — Adelphia Properties has arranged the sale of a 4,800-square-foot mixed-use property in Fox Lake, about 56 miles north of Chicago. The sales price was not disclosed. The property, located at 1 Nippersink Blvd., was 100 percent leased at the time of sale. In addition to three apartment units on the second floor, the ground floor is home to one tenant, Lucky Bernies Gaming. Simeon Spirrison and George Spirrison of Adelphia represented both the buyer, a local investor, and the undisclosed seller.
DES PLAINES, ILL. — Podolsky Circle CORFAC International has arranged the sale of Rand Center in Des Plaines for $6.2 million. The 136,533-square-foot industrial facility consists of four buildings and is located at 1221-1311 Rand Road. The property is currently 94 percent occupied by 43 tenants. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Ameritus Real Estate Investment. Clear Height Properties purchased the asset.
ROSEMONT, ILL. — Meridian Design Build has relocated its corporate headquarters from Deerfield to Rosemont. The design build general contracting firm will occupy 11,500 square feet at Pointe O’Hare, an 11-story office building located at 9550 W. Higgins Road. The new space features collaborative work areas, a café, wall-mounted TVs and LED lighting. Partners in Design Architects provided architectural services. Michael Flynn, Jason Wurtz and Larry Much of NAI Hiffman represented Meridian in the lease transaction. Equity Office owns and manages the office building.
CHICAGO — GlenStar Properties LLC has acquired 10 acres of land at the Cumberland Avenue interchange in Chicago for an undisclosed price. Chesapeake Hotel Limited Partnership and Host Hotels & Resorts LP sold the land. Upon closing, GlenStar subdivided the property into three parcels. The largest parcel, totaling 3.6 acres, is available immediately for build-to-suit opportunities. The smallest parcel, approximately 2.4 acres, is in the process of being rezoned. An undisclosed buyer purchased the remaining 2.8-acre parcel and subsequently retained the developer to build a new, 150,000-square-foot office building on its behalf.
MUNDELEIN, ILL. — SVN | Chicago Commercial has brokered the sale of Orchard Technology Center in Mundelein, a northern suburb of Chicago, for $1.9 million. The 60,000-square-foot flex office building features pharmaceutical research space that was built by Baxter Travenol. The building consists of three separate laboratory blocks that total 30,000 square feet and three office/flex blocks that also total 30,000 square feet. Michael Rudman, John Guill and John McDermott of SVN | Chicago Commercial represented the buyer in the transaction. Neither the buyer nor the seller was disclosed.
CHICAGO — Ware Malcomb has completed interior architecture and design services for the corporate headquarters of Purohit Navigation at Willis Tower in Chicago. The healthcare communications and advertising agency now occupies 10,000 square feet on the 62nd floor of the office tower. The design emphasizes a central collaborative area with open space. All millwork was custom designed to fit Purohit’s needs. Bear Construction was the general contractor for the project.
