BOURBONNAIS, ILL. — Nucor Corp. (NYSE: NUE) has acquired a 160-acre industrial land parcel in Bourbonnais, about 55 miles south of Chicago. The site is located at the corner of I-57 and 5000 North Road. Nucor’s planned expansion will allow the steel manufacturer to add a full-range merchant bar quality (MBQ) mill to its current bar steel mill operation. MBQ refers to a lower quality type of carbon steel. The $180 million project will take approximately two years to complete. Greg Leutloff and Jeff Bennett of McColly Bennett Commercial represented the seller, NRG, in the transaction.
CHICAGO — GlenStar has acquired Bannockburn Lakes V in Chicago from Ameritus for an undisclosed price. The 103,471-square-foot office building is located at 2121 Waukegan Road. GlenStar now owns all the buildings in the Bannockburn Lakes office complex, acquiring the previous four in late 2015. GlenStar plans to update the common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots at the fifth building. In the past 24 months, GlenStar has invested more than $10 million in the complex, which was built in stages since the 1980s.
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Harbor Group Affiliate Acquires 9,677-Unit Multifamily Portfolio for $1.8B
NORFOLK, VA. — An affiliate of Harbor Group International (HGI) has acquired a portfolio of 25 multifamily properties totaling 9,677 units across five major metropolitan areas for $1.8 billion. The sellers were affiliates of Lone Star Funds. The transaction, which closed on Nov. 30, is HGI’s largest to date and increases the value of its investment portfolio from approximately $5.2 billion to $7.1 billion. The properties, which boast a collective occupancy rate of 95 percent, are located in the metro areas of Baltimore, Boston, Chicago, Philadelphia and Washington, D.C. HGI plans to invest roughly $80 million in capital improvements to the unit interiors and communal amenities of the properties. Berkadia and New York-based Meridian Capital Group secured approximately $1.4 billion in acquisition financing for the deal. Berkadia secured roughly $927 million in fixed- and floating-rate debt through Freddie Mac, while Meridian Capital secured approximately $512 million in fixed-rate debt through New York Community Bank. Among the portion of the financing arranged by Berkadia, 11 of the properties totaling $789 million were financed at a fixed interest rate. The remaining five assets totaling $138 million were financed with a floating-rate vehicle. Laura Cathlina and Sharon Plattner of Berkadia led the loan …
CHICAGO — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a 15-building, 3 million-square-foot industrial portfolio in the Chicago area for $99.7 million. The Class B portfolio consists of 10 single-tenant buildings spanning approximately 2 million square feet and five multi-tenant buildings totaling approximately 1 million square feet. The buildings are collectively 96 percent leased to various manufacturing and distribution tenants. The portfolio has a weighted average lease term of 4.1 years remaining, with an average of less than 14 percent of the leases expiring each year during the next five years. BIGS Holdings LLC, a subsidiary of Goldman Sachs, sold the portfolio. The purchase price includes $19.9 million in cash and a $79.8 million loan from an affiliate of the seller. The acquisition is projected to provide an initial yield of 8.1 percent.
CHICAGO — J.P. Morgan Chase & Co. has provided a $64 million loan for the refinancing of the Radisson Blu Aqua Hotel in downtown Chicago. The 334-room luxury hotel occupies floors four through 18 of the Aqua Tower, an 82-story building. The hotel features a 12,000-square-foot ballroom, 28,500 square feet of meeting space, an 8,000-square-foot fitness center, swimming pools, yoga space and Filini’s restaurant. The location at 221 North Columbus Drive is proximate to the Loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a partnership between Al Rayyan Tourism Investment Co., Magellan Development Group and Carlson Rezidor Hotel Group.
LOMBARD, ILL. — Metropolitan Capital Advisors Ltd. (MCA), in partnership with AMA Financial LLC, has arranged a $15.2 million loan for the acquisition of a 174,098-square-foot office building in Lombard. The property, located at 701 E. 22nd St., is 97 percent occupied. A partnership between Red River Asset Management and Lincoln Property Co. has acquired the building with plans to further upgrade amenities. Scott Lynn of MCA and Gregg Wallace of AMA arranged the fixed-rate loan with Benefit Street Partners.
CHICAGO — Spoke, a 363-unit apartment building, has opened in Chicago’s River West neighborhood. Morgan Bond. Co., a venture between Bond Cos. and Morgan Holdings, developed the property, which is located at 728 Morgan St. The transit-oriented development consists of a 15-story tower and a 12-story tower connected by nearly one acre of rooftop outdoor amenity space. Studio, convertible, one- and two-bedroom apartments range from 417 to 1,180 square feet with rents from $1,795 to $3,830. For renters seeking more space, a two-bedroom penthouse with a terrace offers 1,273 square feet of space, while three street-level townhomes range from 2,233 to 2,360 square feet. Rents for the penthouse and townhomes start at $6,490 and $6,600, respectively. Indoor amenities, encompassing 18,000 square feet, include a demonstration kitchen and party room, music performance lounge, gaming lounge, cycling room, fitness studio and yoga room. Outdoor amenities span the fourth floor of both buildings and include a pool and hot tub, cabanas, hammocks, grills and bocce ball court. A bridge connects Spoke’s two buildings with a covered dog run and dog spa. The property also features 45,000 square feet of retail space. Chicago-based FitzGerald Associates Architects designed the property. Bozzuto is handling lease-up of …
ELGIN, ILL. — Darwin Realty has brokered the sale of a 100,000-square-foot industrial building in Elgin, located about 35 miles northwest of Chicago. The sales price was not disclosed. St. Charles Trading purchased the property, located at 1400 Madeline Lane within Randall Point Business Park. The global supplier of food ingredients will use the facility to consolidate and expand multiple warehousing and production operations in the western suburbs. Brendan Sheahan and Noel Liston of Darwin represented St. Charles Trading in the transaction. Mike Sedjo and Jack Brennan of CBRE represented the seller, Pancor Construction & Development.
CHICAGO — The Macerich Co. (NYSE: MAC) has sold a 326,000-square-foot office tower in Chicago for $86.4 million. The building, located at 500 N. Michigan Ave., is adjacent to the company’s The Shops at North Bridge. The sale aligns with Macerich’s strategy of recycling capital out of non-core assets and into its core portfolio of retail assets, according to the company. The real estate investment trust currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
ITASCA, ILL. — KIG CRE has negotiated the sale of Two Itasca Place in Itasca, approximately 27 miles northwest of Chicago, to Waypoint Residential. The sales price was not disclosed. The five-story, 70-unit apartment building is located at 2 Itsaca Road. One- and two-bedroom floor plans average 1,694 square feet. Community amenities include concierge services, package receiving, a bike room and additional storage. Susan Tjarksen, Todd Stofflet and Jason Stevens of KIG represented the seller, Marquette Cos.