Illinois

Marcus & Millichap to Expand Chicago Offices

by Kristin Harlow September 11, 2017

CHICAGO — Marcus & Millichap will expand its downtown Chicago office by 6,000 square feet. Located at 333 W. Wacker Drive, the downtown office will support more than 80 sales professionals, originators and staff with three managers. Previously, the downtown location had 47 agents and staff members. The firm is also expanding personnel in its Oak Brook office, located at One Mid-America Plaza. The Oak Brook office is expanding from 34 agents and staff to approximately 45 employees in order to support more rapid suburban market penetration, according to Marcus & Millichap.

September 11, 2017

Illinois Midwest Multifamily

Interra Brokers $6.5M Sale of Multifamily Property in Chicago’s Hyde Park

by Kristin Harlow September 11, 2017

CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.

September 11, 2017

Alabama Florida Illinois Industrial Michigan Midwest Minnesota Southeast Top Stories

Brennan Investment, Arch Street Acquire $100M Industrial Portfolio in Midwest, Southeast

by Taylor Williams September 11, 2017

CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …

September 11, 2017

Illinois Midwest Office

CBRE Arranges $18.9M Sale of Two Office Properties in Westmont, Illinois

by Kristin Harlow September 8, 2017

WESTMONT, ILL. — CBRE has arranged the sale of Oakmont Corporate Center and One Oakmont Plaza in Westmont, located about 23 miles west of Chicago, for $18.9 million. Oakmont Corporate Center is a four-story, 74,279-square-foot office building that is currently 95 percent leased. One Oakmont Plaza is a six-story, 117,841-square-foot office building that is currently 100 percent leased. Both properties are situated on five-acre sites and feature recently renovated lobbies. Bill Novelli, Derek Fohl and Pete Adamo of CBRE represented the undisclosed seller. Valley Equity Group purchased the portfolio.

September 8, 2017

Illinois Industrial Midwest

Rexnord to Build 248,000 SF Aerospace Facility in Downers Grove, Illinois

by Kristin Harlow September 8, 2017

DOWNERS GROVE, ILL. — Rexnord Corp. will build a new manufacturing facility and aerospace headquarters in Downers Grove, about 20 miles west of Chicago. Rexnord will replace its existing 200,000-square-foot facility, built in 1956 and located at 2400 Curtiss St. within the Ellsworth Business Park. The 248,000-square-foot facility is slated for completion by 2019. The Downers Grove Economic Development Corp. worked closely with the project’s consulting firm, Cushman & Wakefield. Milwaukee-based Rexnord manufactures motion control, aerospace and water management products.

September 8, 2017

Illinois Midwest Office

Draper and Kramer Mortgage Corp. Opens New Headquarters in Downers Grove, Illinois

by Kristin Harlow September 7, 2017

DOWNERS GROVE, ILL. — Draper and Kramer Mortgage Corp. has opened a new 23,000-square-foot headquarters in Downers Grove, about 20 miles west of Chicago. Over 125 employees, area business professionals and government officials were in attendance for the grand opening and ribbon-cutting ceremony on Aug. 22. Draper and Kramer Mortgage Corp. has moved to the office, located at 1431 Opus Place, from nearby Lombard, Ill. Staffed by over 100 employees, the Downers Grove headquarters features private and team offices, an open-concept kitchen and dining/gathering area, two conference rooms and a dedicated training room. Occupying the new office are the company’s loan processing, underwriting, closing, training, information technology, secondary shipping, accounting and human resources departments. Staff members were transitioned into the new space from the company’s previous location beginning this spring. Draper and Kramer Mortgage Corp. is a division of Draper and Kramer Inc., which is still based in Chicago.

September 7, 2017

Illinois Loans Midwest Retail

Aries/Conlon Capital Arranges $3.4M Bridge Loan for Shopping Center in Hoffman Estates, Illinois

by Kristin Harlow September 7, 2017

HOFFMAN ESTATES, ILL. — Aries/Conlon Capital has arranged a $3.4 million bridge loan for the refinancing of Golf Higgins Center in Hoffman Estates. Formerly anchored by Tiger Direct, the 28,308-square-foot retail strip mall is located at 675 W. Golf Road. Rushi Shah of Aries/Conlon Capital arranged the loan and is also a co-owner of the new Ace Hardware store, which will anchor the property. The store will officially open on Friday, Sept. 15. The non-recourse loan paid off the borrower’s existing loan and enabled the funding of the necessary tenant improvements to open the Ace Hardware store. The loan will be refinanced to permanent debt in the future. Jagmohan Jayara is the property owner and borrower.

September 7, 2017

Illinois Market Reports Midwest Midwest Market Reports Multifamily

The Middle Ground: The Next Great Opportunity for Chicago Multifamily

by Kristin Harlow September 7, 2017

Like other metros, Chicago is in the midst of an apartment boom where the hum of multifamily construction has become commonplace. In fact, approximately 8,000 new rental units are slated to deliver by the end of next year, according to Appraisal Research Counselors. Nearly 4,000 units are expected to deliver in 2019. The majority of this multifamily construction is concentrated on Class A rental high-rises. SixForty (640 N. Wells St.) by JDL Development and 8 E. Huron by CA Ventures — both of which The Habitat Co. will be managing — aim to meet the demand of those looking to be closer to the influx of new businesses moving downtown, as well as an urban lifestyle with robust dining and entertainment options. Like its metro counterparts, Chicago has become a city of renters. According to Harvard University’s Joint Center for Housing Studies, the U.S. homeownership rate hovered at just 64 percent at the start of 2017, following 12 years of decline, while the number of renters continued its upswing. In the past five years, an average of 1 million new renter households were formed every year, per the National Multifamily Housing Council. Indeed, these have been good years for those …

September 7, 2017

Illinois Industrial Midwest

Ryan Cos. to Develop 50-Acre Industrial Park in Chicago

by Kristin Harlow September 6, 2017

CHICAGO — In partnership with Chicago Neighborhood Initiatives (CNI), Ryan Cos. Inc. has unveiled plans to develop Pullman Crossings, a 50-acre industrial park in Chicago’s Pullman neighborhood. The development will support as many as 1,000 jobs and generate more than $100 million of investment, according to Ryan. The new business park, located at the intersection of I-94 and 103rd Street, will accommodate multiple industrial facilities totaling up to 1.2 million square feet. Ryan is constructing a 140,000-square-foot Whole Foods Market distribution center, slated for completion in January 2018, at the south end of the park. Pullman Crossings is part of Pullman Park, a 180-acre, mixed-use development being master developed by CNI. Walmart, Ross Dress for Less, Planet Fitness and Advocate Health Care anchor the property. Todd Heine and Brendan Kelly of Avison Young are marketing Pullman Crossings for lease. U.S. Bank owns the land site.

September 6, 2017

Illinois Midwest Retail

Realty Metrix Negotiates Four New Leases at Shopping Center in Carpentersville, Illinois

by Kristin Harlow September 6, 2017

CARPENTERSVILLE, ILL. — Realty Metrix Commercial has negotiated four new leases at Spring Hill Market Place in Carpentersville, about 40 miles northwest of Chicago. MAACO Collision Repair, Pizza Hut, Tyke Play Kids Gym and Gyradikos have all signed leases at the 95,259-square-foot strip center. Built in 1990, the center is undergoing renovations to coincide with new tenant leases. Linda Kost and Dave Schmidt of Realty Metrix arranged the lease transactions.

September 6, 2017

Newer Posts

Older Posts