Illinois

CBRE Arranges $222.5M Sale of Luxury Apartment Tower in Chicago

by Kristin Harlow July 20, 2017

CHICAGO — CBRE has arranged the sale of Coast at Lakeshore East in Chicago for $222.5 million. The 515-unit luxury apartment tower is located at 345 E. Wacker Drive. The 45-story property offers studios, one-, two- and three-bedroom units. Amenities include a fitness center, outdoor heated pool, indoor spa and a sky garden lounge. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the sellers, Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management. Morguard Corp. purchased the property.

July 20, 2017

Illinois Midwest Mixed-Use

Lynmark Group Begins Development of $110M Wheeling Town Center in Wheeling, Illinois

by Kristin Harlow July 20, 2017

WHEELING, ILL. — The Lynmark Group has broken ground on Wheeling Town Center, a $110 million mixed-use project in the Village of Wheeling. The development will feature over 300 luxury apartments, 100,000 square feet of retail and entertainment space and a pedestrian-friendly plaza. CMX movie theater will anchor the retail space, along with City Works Eatery and Pour House. The development, located at 351 W. Dundee Road, is adjacent to the Wheeling Park District. Completion is slated for fall 2018. CallisonRTKL designed the project, and William A. Randolph is serving as general contractor.

July 20, 2017

Illinois Industrial Midwest Mixed-Use Top Stories

Brennan Investment Group to Develop $1B Technology Park Near O’Hare International Airport

by John Nelson July 20, 2017

ELK GROVE VILLAGE, ILL. — Brennan Investment Group, a private real estate investment and development firm based in Chicago, plans to develop Elk Grove Technology Park, a new 85-acre infill development situated roughly three miles from O’Hare International Airport. The project could cost nearly $1 billion to develop, according to the Daily Herald. “Opportunities to develop near airports, in major metropolitan areas — and in scale — are virtually non-existent,” says Michael Brennan, chairman and managing principal of Brennan Investment Group. “We are confident this will become the most desirable and significant industrial development in the Chicago region, and perhaps in the United States.” Brennan Investment plans for Elk Grove Technology Park to house data centers and industrial space for digital manufacturing and robotics uses. Upon completion, four speculative industrial facilities will be built with opportunities for an additional five buildings, including sites for data centers. Brennan Investment will initially build out the infrastructure of the park with ponds, water features, sculptures, bike paths and pedestrian walkways. The site for Elk Grove Technology Park is bounded by Higgins Road to the north, Lively Road to the east, Oakton Boulevard to the south and King Street to the west. “Elk Grove …

July 20, 2017

Illinois Midwest Net Lease Retail

Marcus & Millichap Arranges Sale of Retail Property Net Leased to PNC Bank in Chicago for $4M

by Kristin Harlow July 19, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 7,500-square foot retail property net leased to PNC Bank in Chicago for $4 million. The property is located at a three-way intersection at 6401 North Harlem Ave. Sean R. Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Joseph Sigal of Marcus & Millichap secured and represented the buyer, a Canadian investment group.

July 19, 2017

Illinois Midwest Multifamily

$151M Origin Investments’ Fund III Targets Value-Added Properties

by Kristin Harlow July 18, 2017

CHICAGO — Origin Investments has raised $151 million from 450 investors through its third private equity real estate fund, paving the way for it to acquire $600 million in value-added commercial and multifamily properties. Since July 2016, the now closed and fully subscribed Origin Investments’ Fund III has spent $38 million to acquire eight assets, including The Clayson, a 448-unit apartment complex in Palatine, Ill. The eight properties are valued in excess of $257 million. The investment strategy for the third fund mirrors Chicago-based Origin Investments’ first two funds, which are currently on track to generate more than a 24 percent annualized net return. When fully invested, Origin Investors’ Fund III is expected to own more than 15 multifamily and office properties in eight markets across the United States.

July 18, 2017

Illinois Midwest Retail

Missner Group to Renovate 40,000 SF Subaru Dealership in Chicago

by Kristin Harlow July 18, 2017

CHICAGO — The Missner Group has been selected to renovate the Berman Mid City Subaru car dealership, located at 4330 and 4444 Irving Park Road in Chicago. Renovations will be made to two buildings, and include improvements to both the office and service areas of the dealership. The project will encompass 40,000 square feet, and include a new, 22,000-square-foot service area. This new space will feature a customer lounge, café and service bays. The Missner Group will also install a new HVAC system. Robert Papineau will lead the project on behalf of The Missner Group with Steve Bulger serving as project superintendent. Becker Architects is providing the architectural services. The project is slated for completion late this fall.

July 18, 2017

Illinois Midwest Office

Ankura Consulting Signs 9,500 SF Office Lease in Chicago

by Kristin Harlow July 18, 2017

CHICAGO — Ankura Consulting has signed a 9,5000-square-foot office lease at 1 N. Wacker Drive in Chicago. The Washington, D.C.-based consulting firm provides advisory and expert services for corporate turnaround and restructurings, forensic investigations, compliance and regulatory government issues and cybersecurity. Ankura is building out its new office space on the 19th floor of the building while working out of temporary space on the 29th floor. The company is scheduled to occupy its new permanent space this fall. Kyle Kamin and Dan Persa of CBRE represented Ankura in the lease transaction, while Brad Despot of Avison Young represented the building owner, Irvine Cos.

July 18, 2017

Illinois Midwest Office

FMV Acquires 179,442 SF Office Building in Chicago

by Kristin Harlow July 17, 2017

CHICAGO — Free Market Ventures (FMV), in partnership with Second City Real Estate, has acquired a 179,442-square-foot office building in Chicago’s O’Hare submarket. The purchase price was not disclosed. The transit-oriented property is located at 6400 Shafer Court. Built in 1980, the eight-story building was renovated in 1991, 2006 and 2015. The property is currently 88 percent leased to 15 tenants, including Cap Gemini, Seasons Healthcare Management LLC and Haemonetics Corp. FMV plans to perform a series of improvements including a lobby renovation, addition of a fitness center and upgraded common areas. Cushman &Wakefield has been selected as the leasing agent, and Crossroads Partners will handle property management.

July 17, 2017

Illinois Midwest Retail

Chicago Harley-Davidson Signs 10,000 SF Retail Lease at Addison & Clark

by Kristin Harlow July 17, 2017

CHICAGO — Chicago Harley-Davidson has signed a 10,000-square-foot retail lease at Addison & Clark, a mixed-use project under development in Chicago’s Lakeview neighborhood. The retail and residential complex is located directly across from Wrigley Field. One of three Chicago-area Harley-Davidson stores owned by Grand Rapids, Mich.-based Fox Motors, Chicago Harley-Davidson will occupy 10,000 square feet of retail space at the development. The showroom will primarily be a retail outlet offering new and used sales, light maintenance services, Harley-Davidson parts and accessories and MotorClothes.

July 17, 2017

Illinois Industrial Midwest

NKF Arranges Sale of 30,864 SF Industrial Property in Elgin, Illinois

by Kristin Harlow July 17, 2017

ELGIN, ILL. — Newmark Knight Frank (NKF) has arranged the sale of a 30,864-square-foot industrial property in Elgin, 35 miles northwest of Chicago. The sales price was not disclosed. Situated on a two-acre site, the property is located at 1320 Holmes Road. Designated for light manufacturing and warehouse use, the property features one exterior dock, two drive-in doors, four existing cranes, and 18- to 24-foot clear heights. Adam Marshall and Mark Deady of NKF represented the seller, Reis Robotics USA Inc. The firm relocated to a nearby property earlier this year, which provided more space efficiency and functionality for its operations. Rick Anesi of Lee & Associates represented the buyer, Ultra Polishing Inc. The metal polishing company is based in Schaumburg.

July 17, 2017

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