Illinois

Bridge Sells 491,010 SF Industrial Portfolio in Chicago Area for $69M, Acquires 48-Acre Land Site for $27M

by Kristin Harlow August 18, 2017

CHICAGO — Bridge Development Partners LLC has sold four industrial buildings totaling 491,010 square feet in Chicago’s O’Hare market for $69 million. The properties include: 1701 Nicholas Blvd. in Elk Grove Village; 11600 Grand Ave. in Northlake; and 9555 and 9655 Soreng Ave. in Schiller Park. With buildings constructed between 2014 and 2017, the property was 78 percent leased at the time of sale. Tenants include Pilot Air Freight Corp., NNR Global Logistics USA Inc. and Fujitrans USA Inc. The buyer was an institutional investor. Bridge has also acquired a 48-acre land site located at 10601 Franklin Ave. in Franklin Park, Ill. Bridge purchased the property from Magellan Pipeline Co., a division of Magellan Midstream Partners, which is an oil pipeline, storage and transportation company. Currently, the site houses 14 storage tanks and multiple smaller buildings associated with the seller’s use of the site. Within the next few weeks, Bridge will begin demolition activities and other site remediation work on the 48-acre site. The development plans call for 656,189 square feet of industrial space spanning three buildings of 174,625 square feet, 277,762 square feet and 203,802 square feet, respectively. All three buildings will be delivered in the third quarter of 2018, and …

August 18, 2017

Illinois Midwest Mixed-Use

Structured Development Acquires Office Building in Chicago, Plans 200,000 SF Mixed-Use Development

by Kristin Harlow August 17, 2017

CHICAGO — Structured Development has acquired a 40,000-square-foot loft office building in Chicago’s Lincoln Park for an undisclosed price. The property is located at 855 W. Blackhawk St., adjacent to another property that Structured Development purchased in 2015. Together, the sites will be redeveloped as The Shops at Big Deahl, a 200,000-square-foot mixed-use property. Demolition of the building located at 1450 N. Dayton St. is underway, with construction of The Shops slated to begin in early 2018. Callison RTKL is the project architect.

August 17, 2017

Illinois Loans Midwest Office

Aries/Conlon Capital Arranges $31.5M Refinancing Loan for Office Property in Buffalo Grove, Illinois

by Kristin Harlow August 17, 2017

BUFFALO GROVE, ILL. — Aries/Conlon Capital has arranged a $31.5 million loan for the refinancing of Riverwalk Phase II in Buffalo Grove, a northern suburb of Chicago. The 258,995-square-foot office property, located at 2100 E. Lake Cook Road, serves as the corporate headquarters for CVS Caremark. The Class A building is 75 percent leased, with PrimeSource Healthcare serving as the other anchor tenant. Amenities include a fitness center, conference room and deli. Accesso Partners was the borrower.

August 17, 2017

Illinois Loans Midwest Multifamily

Quadrant Provides $150M Loan for Refinancing of Luxury Apartment Tower in Chicago

by Kristin Harlow August 16, 2017

CHICAGO — Quadrant Real Estate Advisors has provided a $150 million loan for the refinancing of MILA, a 402-unit luxury apartment tower located along Chicago’s Michigan Avenue. Designed by bKL Architecture, the property also consists of 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel. Completed in May 2016, the tower features amenities such as a rooftop pool, garden, game room, fitness center and pet salon. Danny Kaufman and Jimmy Conley of HFF arranged the loan for the borrower, a joint venture between The John Buck Co. and Becker Ventures LLC. Loan proceeds will refinance the original construction financing.

August 16, 2017

Illinois Midwest Multifamily

Lowe Enterprises Acquires 239-Unit Apartment Property in Glenview, Illinois

by Kristin Harlow August 16, 2017

GLENVIEW, ILL. — Lowe Enterprises Investors, in a joint venture with an institutional investor, has acquired The Reserve Glenview in suburban Chicago. The purchase price was not disclosed. The 239-unit apartment property is located on 7.6 acres at 195 Waukegan Road. The property features three-story buildings that wrap around a central parking structure. Floor plans range from studio to three-bedroom units. Amenities include a pool, outdoor kitchen and picnic area, courtyard, resident lounge and coffee bar, fitness center and business center. Greystar will manage the property.

August 16, 2017

Illinois Industrial Midwest

Ridge Breaks Ground on 186,000 SF Industrial Development in Bartlett, Illinois

by Kristin Harlow August 16, 2017

BARTLETT, ILL. — Ridge, the industrial development arm of Transwestern Development Co., has broken ground on a 186,000-square-foot industrial spec development in Bartlett’s Brewster Creek Business Park. The project, called Ridge Brewster Creek II, is slated for delivery in December. Ridge previously developed Ridge Brewster Creek I, a 271,000-square-foot building that is 50 percent leased to Winhere Brake Parts. Located at 1331-1337 Schiferl Road, Ridge Brewster Creek II will feature 32-foot clear heights, an ESFR sprinkler system, 35 dock doors, two drive-in doors and 224 car parking spaces. Triumph Construction Services Corp. is the general contractor. Harris Architects Inc. is providing architectural services, while Eriksson Engineering Associate Ltd. is performing civil engineering work. Newmark Knight Frank will oversee leasing at the property.

August 16, 2017

Illinois Midwest Office

Spaces Signs 27,110 SF Office Lease in Chicago

by Kristin Harlow August 15, 2017

CHICAGO — Spaces has signed a 27,110-square-foot office lease in Chicago’s Lincoln Park. The creative workspace company will occupy the second through fourth floors of the building, located at 1500 N. Halsted St. Spaces Lincoln Park is slated to open in early 2018 and will offer tenants a contemporary loft-style design with large windows. This will be the 14th location in North America for the Amsterdam-based company. Chad Schroedl of SVN | Chicago Commercial represented the landlord, Newcastle Limited, in the lease transaction. Bill Rogers and Kerry Gilar of JLL represented Spaces.

August 15, 2017

Illinois Midwest Multifamily

Essex Brokers $11M Sale of Apartment Buildings in Chicago

by Kristin Harlow August 14, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of two apartment buildings located at 1521 & 1608 W. Sherwin Ave. in Chicago for $11 million. The vintage corridor-style buildings are within one block of each other in the Rogers Park neighborhood. Vintage corridor buildings were built primarily in the 1920s or 1930s and feature layouts with one main hallway per floor. The properties total 138 units. Matt Welke of Essex represented the undisclosed buyer, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed seller.

August 14, 2017

Illinois Midwest Office

J.C. Anderson Completes 40,000 SF Office Renovation in Schaumburg, Illinois

by Kristin Harlow August 14, 2017

SCHAUMBURG, ILL. — J.C. Anderson Inc. has completed a 40,000-square-foot office expansion and renovation for Sagent Pharmaceuticals Inc. in Schaumburg. The property, used for the biopharmaceutical company’s corporate headquarters, is located at 1901 N. Roselle Road. The project included a full rehab of existing workspaces, new conference and meeting rooms, private offices, workstations and boardrooms. New office fronts, ceilings, wall and flooring upgrades/replacements were made to the renovated space. Joe Maguire and Joe Rojas of J.C. Anderson led the project team. Partners by Design provided architectural services.

August 14, 2017

Illinois Loans Michigan Midwest Multifamily

Love Funding Secures $97M in FHA Financing for Multifamily Properties in Michigan

by Kristin Harlow August 11, 2017

NOVI, UTICA AND SUPERIOR TOWNSHIP, MICH. — Love Funding has secured $97 million in FHA financing for five multifamily properties in Michigan and Illinois. The five loans will be used for the construction, rehabilitation or refinancing of the properties. Bruce Gerhart of Love Funding secured a $33.3 million FHA 221(d)(4) new construction loan for Manchester, a market-rate apartment community in the Detroit suburb of Novi adding 172 units. A $22.5 million FHA 221(d)(4) new construction loan will be used for Encore Townhomes, a market-rate townhouse community being developed in Utica, Mich. An $11.2 million FHA (223)(f) loan will refinance Danbury Park Manor, an existing 151-unit Section 8 multifamily community in Superior Township, Mich. The two remaining FHA (223)(f) loans will be used for the refinancing of two seniors housing Section 8 communities in Illinois. The borrower was not disclosed.

August 11, 2017

Newer Posts

Older Posts