Illinois

Marcus & Millichap Brokers $13M Sale of Mixed-Use Property in Des Plaines, Illinois

by Kristin Harlow November 13, 2017

DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of Metropolitan Square in Des Plaines, a northwest suburb of Chicago, for $13 million. The 120,983-square-foot mixed-use property is located at 518 Metropolitan Way. Completed in 2004, the property includes a 40,000-square-foot Shop & Save Market, a freestanding Fifth Third Bank, a 10,500-square-foot multi-tenant strip center and additional street-level retail space. Also included in the sale was a three-story, 22,000-square-foot medical office building. The property was 68 percent occupied at the time of sale. Other tenants include Tap House Grill, Panera Bread, Potbelly Sandwich Works, Giordano’s, Forever Yogurt, LA Tan, Elite Training & Fitness, Chiro One and Allstate Insurance. Sean Sharko and Austin Weisenbeck represented the undisclosed buyer and seller.

November 13, 2017

Illinois Midwest Retail Top Stories

Brookfield Property Partners Submits Unsolicited Proposal to Acquire GGP for $14.8B

by Kristin Harlow November 13, 2017

CHICAGO — Brookfield Property Partners LP (NYSE: BPY) has made an unsolicited proposal to acquire GGP Inc. (NYSE: GGP) for $14.8 billion. The offer is made up of $7.4 billion in direct share purchases at $23 per share, as well as $7.4 billion in shares in the combined company post-acquisition. Brookfield already owns approximately 34 percent of GGP. Existing GGP shareholders would own approximately 30 percent of the combined company. The transaction is subject to the negotiation and execution of transaction documents, as well as customary approvals. Citigroup Global Markets Inc. is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to GGP. The transaction would boost BPY’s portfolio to almost $100 billion of real estate assets globally and an annual net operating income of approximately $5 billion, according to BPY. “Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP’s high-quality retail asset base will allow us to maximize the value of these irreplaceable assets,” says Brian Kingston, CEO of Brookfield Property Group. “We are excited about the opportunity to leverage our expertise to grow, transform or reposition GGP’s shopping centers, creating long-term value in a way that would …

November 13, 2017

Illinois Midwest Retail

Miller Capital Advisory Sells 468,127 SF Shopping Center in Peoria, Illinois

by Kristin Harlow November 10, 2017

PEORIA, ILL. — Miller Capital Advisory Inc. has sold The Shoppes at Grand Prairie in Peoria for an undisclosed price. The 468,127-square-foot lifestyle center is situated on 30.3 acres at 5201 W. War Memorial Drive. Completed in 2003, the property includes six multi-tenant buildings and one single-tenant building. The property is 94 percent leased to more than 35 tenants such as Bergner’s, Dick’s Sporting Goods, Marshalls, HomeGoods, DSW, H&M, Old Navy, J. Crew Mercantile, Banana Republic Factory and J. Jill. Amy Sands, Clinton Mitchell, Barry Brown and Claudia Steeb of HFF marketed the property for Miller Capital. An affiliate of Singerman Real Estate LLC purchased the asset.

November 10, 2017

Illinois Loans Midwest Retail

Maverick Commercial Arranges $4M Refinancing for Automotive Dealership in Orland Park, Illinois

by Kristin Harlow November 10, 2017

ORLAND PARK, ILL. — Maverick Commercial Mortgage Inc. has arranged a $4 million loan for the refinancing of an automotive dealership in Orland Park, about 25 miles southwest of Chicago. CJ Wilson Mazda of Orland Park occupies the 22,000-square-foot dealership. Benjamin Kadish of Maverick arranged the five-year loan, which features a 20-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage and paid for closing costs. A local lender provided the loan.

November 10, 2017

Illinois Industrial Midwest

TriStar Sells Two Industrial Distribution Centers in Edwardsville, Illinois for $64M

by Kristin Harlow November 9, 2017

EDWARDSVILLE, ILL. — TriStar Properties has sold two industrial warehouse and distribution centers at Gateway Commerce Center in Edwardsville, about 25 miles northeast of St. Louis, for $64 million. Dallas-based L&B Realty Advisors purchased the buildings, which total 1.1 million square feet. The properties are 100 percent leased to GEODIS and DB Schenker, which are international third-party logistics firms. TriStar teamed up with PCCP to develop the buildings at Gateway Commerce Center, a 2,300-acre logistics and bulk distribution park. Cushman & Wakefield is the leasing agent for the park.

November 9, 2017

Illinois Industrial Midwest

Bridge Development Partners Sells 1 MSF Industrial Portfolio in Waukegan, Illinois

by Kristin Harlow November 8, 2017

WAUKEGAN, ILL. — Bridge Development Partners has sold two industrial buildings totaling 1 million square feet in Waukegan for an undisclosed price. An institutional entity represented by Bentall Kennedy purchased the portfolio. The buildings were the first two facilities completed as part of Bridge Point North, a master-planned 225-acre business park. Building I is a 626,848-square-foot facility located at 1750 Bridge Drive. Completed in the fourth quarter of 2016, the building features 36-foot clear heights and is fully leased to an e-commerce tenant. Building II is a 400,758-square-foot facility located at 3900 Bur Wood Drive. Completed in September, the building features 32-foot clear heights. Bridge acquired the master-planned development from Cardinal Health in early 2015.

November 8, 2017

Hospitality Illinois Loans Midwest

Aries Conlon Capital Arranges $12.5M Bridge Loan for Hotel Property in Burr Ridge, Illinois

by Kristin Harlow November 8, 2017

BURR RIDGE, ILL. — Aries Conlon Capital has arranged a $12.5 million bridge loan for the Crowne Plaza hotel near Chicago’s Midway International Airport in Burr Ridge, a southwest suburb of Chicago. The 123-room hotel, located at 300 S. Frontage Road and built in 1969, was previously a Quality Inn & Suites that had been fully renovated and reflagged recently as the IHG Crowne Plaza Hotels & Resorts brand. Managed by Chesapeake Hospitality, the property features meeting space, an indoor pool, restaurant, fitness center and business center. Rushi Shah of Aries Conlon arranged the 24-month, interest-only loan on behalf of the borrower, Vega Hospitality Group. Access Point Financial Inc. was the lender. Since the property’s cash flow was not yet at sufficient levels to cover the total debt, refinancing was almost impossible. Once the property is stabilized, the bridge loan will be refinanced to non-recourse permanent debt, according to Shah.

November 8, 2017

Illinois Midwest Multifamily

Interra Brokers $2M Sale of Apartment Building in Aurora, Illinois

by Kristin Harlow November 7, 2017

AURORA, ILL. — Interra Realty has brokered the sale of Downer Place Apartments in Aurora for $2 million. The 24-unit property is located at 449 W. Downer Place. The three-story building includes four one-bedroom units and 20 two-bedroom units with an average unit size of 1,150 square feet. James Clough of Interra represented the undisclosed buyer and seller.

November 7, 2017

Illinois Industrial Midwest

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

Newer Posts

Older Posts