Illinois

Podolsky Circle Arranges Sale of 288,000 SF Industrial Property in McHenry, Illinois

by Kristin Harlow November 6, 2017

MCHENRY, ILL. — Podolsky Circle has arranged the sale of a 288,00-square-foot industrial property in McHenry, about 50 miles northwest of Chicago. Brake Parts Inc. (BPI) occupies the property, located at 4400 Prime Parkway, for its global headquarters. Built in 1990, the two-story building features 30-foot clear heights. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Centurion Investments. Brennan Investment Group purchased the property and now owns the entire BPI campus, which also includes a property on Corporate Drive.

November 6, 2017

Illinois Loans Midwest Retail

ECA Capital Receives $77M Loan for Refinancing of Two Retail Properties in Chicago

by Kristin Harlow November 3, 2017

CHICAGO — ECA Capital Ltd., an Irish partnership, has received a $77 million loan for the refinancing of two adjacent retail properties along Chicago’s Magnificent Mile. The properties, located at 545 and 555 N. Michigan Ave., total 61,909 square feet. Completed in 1998, the 45,904-square-foot, three-story 555 North Michigan building is home to The Gap. Ugg boots recently leased the five-story 545 North Michigan building, which includes 16,005 square feet. Christopher Knight and Timothy Joyce of HFF arranged the 10-year loan with a fund managed by Apollo Global Management.

November 3, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $4.9M Sale of Multifamily Property in Chicago

by Kristin Harlow November 3, 2017

CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Uptown neighborhood for $4.8 million. The property is located at 4866 N. Magnolia Ave. The building, constructed in the 1920s, consists of mostly studio apartment units. Ben Smith, Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Local private investor Sandy Kahn purchased the asset from another local investor.

November 3, 2017

Illinois Michigan Midwest Multifamily Top Stories

CCA Sells Three Apartment Properties in Illinois, Michigan for $125M

by Kristin Harlow November 3, 2017

ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units and is located in the northwest suburb of Chicago. The 221-unit Village of Hoffman Estates is also located northwest of Chicago. These three communities no longer fit the vision of the company, which has shifted to developing and managing midrise, high-rise and historic mixed-use apartment and penthouse communities, according to CEO Jonathan Holtzman. Prior to launching CCA in early 2016, Holtzman served as chairman, CEO and 50 percent owner of Village Green Holdings. CCA began transferring the management of its entire portfolio from Village Green to City Club management in June of this year. With offices in Detroit, Chicago and Toronto, CCA has a portfolio of approximately 10,000 apartments in 30 communities, $2 billion in real estate assets and …

November 3, 2017

Illinois Midwest Office

Principal Real Estate Investors Sells 559,204 SF Office Property in Lincolnshire, Illinois

by Kristin Harlow November 2, 2017

LINCOLNSHIRE, ILL. — Principal Real Estate Investors has sold Tri-State International Office Center in Lincolnshire, a northern suburb of Chicago. The sales price was $75 million, according to local media reports. The Class A office park spans five buildings and 559,204 square feet. The buildings are 79.3 percent leased to tenants such as CDW Corp., LTD Commodities, Solo Cup and Wells Fargo Bank NA. CDW, a computer hardware and software company, occupies two buildings at the property for its corporate headquarters. Amenities include a conference center, 135-seat auditorium, fitness center and deli. Patrick Shields, Bryan Rosenberg, Jaime Fink, Jeff Bramson and Mark Katz of HFF represented Principal Real Estate Investors. Bradford Allen Investment Advisors represented the undisclosed buyer.

November 2, 2017

Illinois Midwest Multifamily

Related Midwest Opens 300-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow November 2, 2017

CHICAGO — Developer Related Midwest has opened Landmark West Loop in Chicago’s West Loop. The 31-story, 300-unit apartment tower is located at 1035 W. Van Buren St. Designed by Morris Adjimi Architects, Landmark West Loop features a mix of studio, convertible, one-, and two-bedroom apartments, along with two- and three-bedroom penthouses. Residences range in size from 500 to 1,960 square feet. Rents start at $1,740 per month. The nearly 12,000 square feet of amenity space features a sun deck with pool, spa, cabanas, lounge areas, fire pit, outdoor kitchens and dog run. Indoor amenities include ping-pong, shuffleboard and arcade games, a 3,500-square-foot fitness center, lounge and library. This is the developer’s third luxury rental property in downtown Chicago.

November 2, 2017

Illinois Midwest Office

Jewel-Osco Renews 69,000 SF Office Lease for Corporate Headquarters in Itasca, Illinois

by Kristin Harlow November 1, 2017

ITASCA, ILL. — Jewel-Osco has renewed its 69,000-square-foot office lease for 10 years at Hamilton Lakes Business Park in Itasca. The grocery and drug retailer has maintained its corporate headquarters at the property, located at 150 Pierce Road, for the past 10 years. Hamilton Partners Inc. is the property landlord. Jewel-Osco has 187 locations across Illinois, Indiana and Iowa, and employs 31,000 associates.

November 1, 2017

Hospitality Illinois Loans Midwest Missouri Wisconsin

Aries Conlon Capital Arranges $62.4M Refinancing for Hotel Portfolio

by Kristin Harlow October 31, 2017

CHICAGO — Chicago-based Aries Conlon Capital has arranged a $62.4 million non-recourse loan for the refinancing of a seven-hotel portfolio in seven states. The portfolio, owned by Inner Circle Investments, includes six Radisson hotels, which are located in Cromwell, Conn.; Billings, Mont.; Highpoint, N.C.; Albany, N.Y.; Appleton, Wis.; and Cheyenne, Wyo; as well as one independent, boutique hotel in St. Louis. Rushi Shah of Aries Conlon arranged the interest-only loan with an international investment bank. Instead of refinancing its assets as fee-simple properties, Inner Circle split ownership of the land parcels and the hotels into leased-fee and leasehold entities respectively, entered into 99-year leases with its hotels as tenants and then refinanced the land/leased-fee portions at a higher loan-to-value ratio and more attractive terms. Aries Conlon is now refinancing the corresponding leaseholds to effectively close the loop.

October 31, 2017

Illinois Midwest Retail

Interra Negotiates $4.8M Sale of CVS Ground Lease in Highland Park, Illinois

by Kristin Harlow October 31, 2017

HIGHLAND PARK, ILL. — Interra Realty has negotiated the sale of a CVS ground lease in Highland Park for $4.8 million. The 13,225-square-foot building is located at 2000 Skokie Valley Road, approximately 25 miles north of Chicago. Craig Martin and Colin O’Malley of Interra represented both parties in the transaction. The seller, a local real estate development firm, developed the property in 2011. The buyer, a local family, was completing a 1031 exchange. CVS has approximately 20 years remaining on its lease.

October 31, 2017

Illinois Loans Midwest Mixed-Use

Walker & Dunlop Arranges $9.7M Refinancing for Mixed-Use Center in Chicago

by Kristin Harlow October 30, 2017

CHICAGO — Walker & Dunlop Inc. has arranged a $9.7 million loan for the refinancing of Portage Park in Chicago. Formerly a bank building, the mixed-use property now incorporates office and retail space. Situated on seven acres, the property features 60,500 square feet of rentable space and a 180-space parking lot. Tenants include Binny’s Beverage Depot, Retro Fitness and Immigration Lawyers PC. A portion of the vacant space is a historic theater that was formerly home to the Northwest Chicago Film Society, and will be preserved as a performing arts facility. Luke Erlandson, Jeff Robbins and Matt Ewig arranged the 10-year loan, which features a 30-year amortization schedule. Loan proceeds will be used to pay off an existing construction loan. Cui Properties was the borrower.

October 30, 2017

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