Illinois

SVN Negotiates $12.9M Sale of Office Building in Chicago’s West Loop

by Kristin Harlow January 30, 2018

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.

January 30, 2018

Illinois Midwest Retail

Westwood Financial Acquires 53,079 SF Shopping Center in Chicago

by Kristin Harlow January 29, 2018

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.

January 29, 2018

Illinois Industrial Midwest

Bridge Development Acquires 54-Acre Site, Plans 680,420 SF Industrial Development in Downers Grove, Illinois

by Kristin Harlow January 26, 2018

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.

January 26, 2018

Illinois Industrial Midwest

Raging Wire Purchases 19 Acres at Business Park in Itasca, Illinois

by Kristin Harlow January 26, 2018

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.

January 26, 2018

Illinois Industrial Midwest

NAI Hiffman Arranges Sale of 17,600 SF Industrial Building in Schiller Park, Illinois

by Kristin Harlow January 26, 2018

SCHILLER PARK, ILL. — NAI Hiffman has arranged the sale of a 17,600-square-foot industrial park in Schiller Park near the Chicago O’Hare International Airport. The sales price was not disclosed. The property, located at 9525 River St., includes 3,000 square feet of office space. Murat Cable LLC, an independent manufacturer of automotive and battery cables based in Turkey, purchased the property in an effort to expand its North American customer base. Joe Bronson, Jay Maher and Josh Will of NAI Hiffman represented the seller, Spell Capital Partners LLC. Thomas Gath of Newmark Knight Frank represented the buyer.

January 26, 2018

Illinois Midwest Office

Marcus & Millichap Brokers $4.5M Sale of Loft Office Building in Chicago’s Lincoln Park

by Kristin Harlow January 25, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a four-story loft office building in Chicago’s Lincoln Park neighborhood for $4.5 million. The 24,000-square-foot property is located at 1525 W. Homer St. Built in 1990 and renovated in 2017, the building is situated within the North Branch Industrial Corridor. Six tenants fully occupied the property at the time of sale. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the seller, a local developer. A private Chicago-based investor was the buyer.

January 25, 2018

Illinois Midwest Office

SVN Arranges $15.2M Sale of City Block in Chicago’s Fulton Market

by Kristin Harlow January 24, 2018

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.

January 24, 2018

Illinois Midwest Multifamily

Summit Design + Build Completes Conversion and Renovation of Apartment Building in Chicago

by Kristin Harlow January 24, 2018

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.

January 24, 2018

Illinois Industrial Midwest

Merit Partners Brokers Sale-Leaseback of 38,543 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow January 24, 2018

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.

January 24, 2018

Illinois Midwest Office Top Stories

Equity Commonwealth to Sell 2.4 MSF Office Portfolio in Chicago, Philadelphia for $670M

by Nellie Day January 24, 2018

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 …

January 24, 2018

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