Illinois

Belmont Village Breaks Ground on 149-Unit Seniors Housing Community in Chicago’s Lincoln Park

by Kristin Harlow September 26, 2017

CHICAGO — Belmont Village Senior Living has broken ground on a 149-unit seniors housing community in Chicago’s Lincoln Park. Belmont Village Lincoln Park will feature 120,500 square feet of assisted living and memory care units. The property is being developed on a parcel of land that was originally part of the Children’s Memorial Hospital campus. The building was demolished earlier this year. The project, slated to open in summer 2019, is Belmont Village’s first property in the Chicago proper. The developer has previously completed properties in Buffalo Grove, Carol Stream, Glenview and Oak Park.

September 26, 2017

Illinois Loans Midwest Multifamily

Associated Bank Provides $13M for Apartment Property Renovation in Chicago

by Kristin Harlow September 25, 2017

CHICAGO — Associated Bank has partnered with National Equity Fund Inc. to provide $13 million of Low Income Housing Tax Credit (LIHTC) equity for the rehabilitation of West Town Crossing Preservation. The apartment community spans 318 units and 68 buildings in several Chicago neighborhoods. The buildings scheduled for rehabilitation include 60 townhomes constructed between 1982 and 1991, and eight three-story buildings constructed between 1889 and 1948. The project, expected to take 24 months, will help preserve quality affordable housing. Bickerdike Redevelopment Corp. was the borrower.

September 25, 2017

Illinois Midwest Office

Tucker Development Completes Lease-Up of Office Building in Chicago’s Fulton Market

by Kristin Harlow September 25, 2017

CHICAGO — Tucker Development has completed the lease-up of the Offices at 900 West in Chicago. The property, which includes 45,000 square feet of retail space, is located in the heart of the Fulton Market neighborhood. Spaces, an Amsterdam-based co-working space provider, signed a 40,000-square-foot lease. Bill Rogers and Kerry Gilar of JLL represented Spaces in the deal. The firm will occupy its space in early 2018. In a separate transaction, private investment firm ParkerGale leased 6,146 square feet. Jud Henry of EnTrust Realty Advisors represented the firm in the lease transaction. Ron Lakin, Jessica O’Hara and Ellen Zalatoris of CBRE represented Tucker Development in both leases.

September 25, 2017

Illinois Midwest Multifamily

Marcus & Millichap Brokers $9M Condo Deconversion in Chicago

by Kristin Harlow September 25, 2017

LAKEVIEW, ILL. — Marcus & Millichap has brokered the sale of 3244 N. Clifton Ave. in Chicago’s Lakeview neighborhood for $9 million. The condominium building features 32 units. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the condo owners. Stengle also secured the buyer, Beal Properties. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

September 25, 2017

Illinois Midwest Multifamily

Essex Brokers $2M Condo Deconversion in Oak Park, Illinois

by Kristin Harlow September 22, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of a condominium building in Oak Park, a suburb of Chicago, for $2 million. The property, located at 922-924 Ontario St., features 13 one-bedroom units. Ontario Association purchased all of the units in what is known as a condo deconversion. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback from the new owner. Jim Darrow and Jordan Gottlieb of Essex arranged the sale on behalf of the buyer.

September 22, 2017

Healthcare Illinois Midwest

Missner Group Completes Two Facility Renovations for Illinois Bone & Joint Institute in Chicago

by Kristin Harlow September 22, 2017

CHICAGO AND LAKE BLUFF, ILL. — The Missner Group has completed renovations for the Illinois Bone & Joint Institute (IBJI) in Chicago and Lake Bluff, Ill. At 111 N. Canal St. in Chicago, renovations included the addition of a 2,900-square-foot physical therapy space, private consultation suite and a new reception and waiting lounge. At 101 Waukegan Road in Lake Bluff, a 6,000-square-foot renovation featured the build-out of both physical therapy and clinic space. The facility now consists of a renovated reception area, private examination rooms and 2,800 square feet of space for physical therapy. Heath Yarger and Steve Bulger of Missner Group led the project team. Stephen Rankin & Associates provided architectural services. With more than 20 locations, IBJI specializes in the diagnosis, treatment and management of injuries and diseases of the musculoskeletal system.

September 22, 2017

Hospitality Illinois Midwest Top Stories

NKF Arranges $74.8M Loan to Reposition Chicago’s Hard Rock Hotel

by Kristin Harlow September 22, 2017

CHICAGO — Newmark Knight Frank (NKF) has arranged a $74.8 million loan for the repositioning of the Hard Rock Hotel located at 230 N. Michigan Ave. in Chicago. Property owner Becker Ventures and manager Aparium Hotel Group plan to reposition the property as the St. Jane Chicago hotel following the closing of the Hard Rock Hotel on Dec.1. The newly branded property is scheduled to reopen in spring 2018. The new name is a nod to social worker Jane Addams, who co-founded Chicago’s Hull House in 1889. The settlement house opened to European immigrants and provided social and educational programs. Built in 1929 and designed by the Burnham Brothers, the historic Carbide & Carbon building features 37 stories. Renovations will consist of updated interiors with the addition of a rooftop bar and lounge, full-service restaurant, market café, cocktail bar and 11,000 square feet of meeting and event space. In addition to 363 guest rooms, St. Jane Chicago will feature luxury suites on floors 25 and above known as The Tower at St. Jane. A reason for the repositioning was not provided, but Crain’s Chicago Business reports that competition in the neighborhood was the catalyst for the makeover. Ben Greazel of …

September 22, 2017

Illinois Midwest Retail

CBRE Arranges $13.6M Sale of Retail Property in Chicago

by Kristin Harlow September 21, 2017

CHICAGO — CBRE has arranged the sale of Block Y in Chicago for $13.6 million. The 24,863-square-foot retail property is located at 1301 W. Madison St. The property is 100 percent leased to three tenants. Keely Polczynski of CBRE represented the seller, 1940 Y Century Associates LLC, which is an entity controlled by Los Angeles-based Blatteis & Schnur Inc. An affiliate of Renaissance Capital LLC purchased the asset.

September 21, 2017

Illinois Midwest

Harold E. Eisenberg Foundation Dinner Set for Sept. 26 to Benefit Cancer Research

by Kristin Harlow September 21, 2017

CHICAGO — The Harold E. Eisenberg Foundation will hold its 19th annual dinner on Tuesday, Sept. 26. The fundraiser hosts commercial real estate professionals for an evening of cocktails, dinner and networking. Proceeds from the event — held the evening before the ICSC Chicago Deal Making show — will benefit the foundation’s real estate education programs and gastrointestinal cancer research. The event takes place from 5:30 p.m. to 10 p.m. at the Hilton Chicago, located at 720 S. Michigan Ave. Tickets are still available for purchase. For more information, visit eisenbergfoundation.org.

September 21, 2017

Illinois Industrial Midwest

Barnett Capital Sells 20-Building Industrial Portfolio in Midwest for $84M

by Kristin Harlow September 19, 2017

NORTHBROOK, ILL. — Barnett Capital has sold a 20-property industrial portfolio to Brennan Investment Group for $84 million. Approximately 75 percent of the roughly 2.1 million-square-foot portfolio is in the Midwest. Five properties totaling 535,800 square feet are in Illinois. The largest property is a 378,325-square-foot building located at 1100 Corporate Drive in McHenry, Ill., a northwest suburb of Chicago. Developed in 1999, the property is leased to Brake Parts. Three of the properties are located in Missouri, three in Ohio, two in Indiana and one in Wisconsin. Other properties are located in Tennessee, Pennsylvania, South Carolina and Texas. The portfolio was 100 percent leased at the time of sale. Ryan Bain and Zach Graham of CBRE represented both parties in the sales transaction. Northbrook, Ill.-based Barnett Capital is the investment arm of the Barnett Family Office. Chicago-based Brennan Investment Group is an industrial property owner with nearly 29 million square feet in its portfolio.

September 19, 2017

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