Illinois

Draper and Kramer Breaks Ground on 58-Unit Luxury Apartment Building in Chicago

by Kristin Harlow January 10, 2018

CHICAGO — Draper and Kramer Inc. has broken ground on a boutique apartment building along Chicago’s lakefront. The eight-story rental property, which will be situated on the last undeveloped site on North Lake Shore Drive in the Gold Coast neighborhood and known as 61 Banks Street, will feature a mix of 58 two- and three-bedroom residences. Designed by Larry Booth of Booth Hansen, the building will be topped by a green roof with an outdoor terrace as well as an enclosed rooftop amenity space. Seven “maisonette” residences, which feature two-story units with street-level entrances and private terraces, will flank the ground floor of the property. Jacobs/Ryan Associates is designing the landscaped areas while Leopardo Cos. is serving as the project’s general contractor. Two-bedroom units will average 1,700 square feet while three-bedroom units will average 2,400 square feet. Monthly rents are expected to range from $5,500 to over $12,000. Residents will have access to a full-time concierge and 24-hour valet parking.

January 10, 2018

Illinois Midwest Mixed-Use

Marcus & Millichap Brokers $3.4M Sale of Mixed-Use Building in Chicago

by Kristin Harlow January 10, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a 6,100-square-foot mixed-use building in Chicago’s Lakeview neighborhood for $3.4 million. The property, located at 3452 N. Southport Ave., features three apartment units and one retail tenant on the ground floor. Hanna Andersson, a children’s retailer, occupies the ground-floor space. Kyle Stengle of Marcus & Millichap represented the seller, a local developer. An international private investor purchased the asset.

January 10, 2018

Illinois Loans Midwest Office

Cohen Financial Arranges $19M Acquisition Financing for Office Building in Northbrook, Illinois

by Kristin Harlow January 9, 2018

NORTHBROOK, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged a $19 million bridge loan for the acquisition of 400 Skokie in Northbrook, a northern suburb of Illinois. The 195,000-square-foot office building is currently 75 percent leased by tenants in various industries, including industrial manufacturing, financial services and healthcare. Michael Hart of Cohen Financial arranged the loan on behalf of the borrower, Ameritus. A Chicago-based bank provided the loan.

January 9, 2018

Illinois Midwest Office

BP Renews 240,000 SF Office Lease in Chicago’s West Loop

by Kristin Harlow January 9, 2018

CHICAGO — BP Products North America has renewed its 240,000-square-foot office lease at CME Center-10 & 30 South Wacker in Chicago’s West Loop. BP has leased space at the property since 2010 when it relocated from the western suburbs. CME Center is 90 percent leased. The 2.3 million-square-foot property consists of two 40-story towers connected by a 10-story center structure and a 500-car parking garage. Amenities include a car wash, valet parking, tenant lounge and fitness facility. Matt Carolan, Steve Steinmeyer and Bruce Renwick of JLL represented BP in the lease transaction. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership, Tishman Speyer.

January 9, 2018

Illinois Midwest Retail

Inland Completes Purchase of Four Properties Occupied by Jewel-Osco in Suburban Chicago

by Kristin Harlow January 8, 2018

CHICAGO — Inland Real Estate Acquisitions LLC has closed on the purchase of four retail properties occupied by Jewel-Osco in suburban Chicago. The properties total a combined 248,622 square feet and feature new 20-year leases. The assets include: 1860 S. Arlington Heights Road in Arlington Heights; 1340 Patriot Blvd. in Glenview; 1759 W. Odgen Ave. in Naperville; and 7122 W. 40th St. in Stickney. Joe Cosenza of Inland and Gina LaMantia, managing counsel for Charles J. Benvenuto PC, completed the transaction on behalf of an Inland affiliate. The seller was not disclosed.

January 8, 2018

Illinois Midwest Retail

CBL Begins Redevelopment of Mall Property in Bloomington, Illinois

by Kristin Harlow January 8, 2018

BLOOMINGTON, ILL. — CBL Properties has launched redevelopment of Eastland Mall in Bloomington. H&M and Planet Fitness will occupy the space formerly home to J.C. Penney. Outback Steakhouse is also slated to join the lineup of tenants. Construction of H&M, Planet Fitness and Outback Steakhouse is currently underway. Tenants are expected to open prior to the 2018 holiday season. The mall, originally built in 1967, has a gross leasable area of 760,833 square feet.

January 8, 2018

Illinois Industrial Midwest

Colliers Arranges $95M Sale of Industrial Portfolio in Metro Chicago

by Kristin Harlow January 5, 2018

AURORA, CAROL STREAM AND NEW LENOX, ILL. — Colliers International has arranged the sale of a 1.4 million-square-foot industrial portfolio in metro Chicago for $95 million. All six buildings in the portfolio are located in business parks with immediate access to interstate highways. The buildings include: 494 E. Lies Road, an 89,380-square-foot facility in the Carol Point Business Center in Carol Stream; 2520 Diehl Road, a 130,000-square-foot facility in the White Oak Business Park in Aurora; and 2700 Ellis Road, 2101 Haven Road, 2201 Haven Road and 2200 Haven Road within the Cherry Hill Business Park in New Lenox. Collectively, the buildings were 100 percent leased to seven tenants at the time of sale. Jeff Devine and Steve Disse of Colliers International represented the seller, institutional investors advised by J.P. Morgan Asset Management. A comingled fund managed by CBRE Investors purchased the portfolio.

January 5, 2018

Illinois Midwest Student Housing

Harrison Street to Acquire Six Student Housing Properties in Germany

by Kristin Harlow January 5, 2018

CHICAGO — Harrison Street Real Estate Capital LLC has agreed to acquire a portfolio of six student housing properties in Germany from MPC Capital AG. The portfolio consists of more than 1,000 beds and serves university students in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg. In addition, Harrison Street has formed a strategic joint venture with MPC Capital to acquire student housing properties across Europe. Headquartered in Germany, MPC Capital is a developer and operator of student accommodations. A press release announcing the transaction didn’t provide a purchase price or the expected closing date. Under the terms of the joint venture, the properties will continue to be managed under MPC Capital’s STAYTOO brand and existing property management teams. MPC Capital has identified several other properties as possible acquisitions for the joint venture, which will also be managed under the STAYTOO brand. Germany has Europe’s largest student population and a supply-constrained student accommodation market, according to Robert Mathias, senior managing director and head of international at Harrison Street. Those attributes plus strong user demand and enrollment growth present an attractive investment opportunity, adds Mathias. Chicago-based Harrison Street is one of the largest owners of student housing in the United States and Europe. Harrison …

January 5, 2018

Illinois Midwest Ohio Retail Top Stories

Sears, Kmart, Macy’s Unveil List of Store Closures for Early 2018

by Kristin Harlow January 5, 2018

HOFFMAN ESTATES, ILL. AND CINCINNATI — Sears Holdings Corp. has announced that 64 Kmart stores and 39 Sears stores will close nationwide between March and early April of this year. Sears had previously unveiled an effort to close unprofitable stores and “right size” store footprints. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. Liquidation sales will begin as early as Jan. 12 at the stores set to close. The company is closing three Kmart stores and three Sears stores in its home state of Illinois. For a full list of store closings, click here. Meanwhile, Cincinnati-based Macy’s has also announced the planned closure of 11 stores, four of which were previously disclosed. With these closures, the retailer will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sales transactions are completed. Including the newly announced stores, Macy’s has closed 124 stores since 2015. A majority of the Macy’s stores closing in early 2018 are located in California and Florida. A full list is available here. …

January 5, 2018

Illinois Loans Midwest Multifamily

NorthMarq Arranges $93M Refinancing of Multifamily Property in Downtown Chicago

by Kristin Harlow January 4, 2018

CHICAGO — NorthMarq Capital has arranged a $93 million Fannie Mae loan for the refinancing of Columbus Plaza in downtown Chicago. The 533-unit multifamily property will undergo extensive work in the lobby and outdoor amenity spaces, including a complete renovation and expansion of the building’s deck and grilling stations. Additionally, energy-saving appliances will be added to reduce water consumption and improve energy efficiencies. Sue Blumberg of NorthMarq arranged the seven-year loan. An entity controlled by the Habitat Co. owns the property.

January 4, 2018

Newer Posts

Older Posts