EDWARDSVILLE, ILL. — HDA Architects has been selected by Panattoni Development to design Lakeview Commerce Center 5, a 768,678-square-foot industrial building in Edwardsville near St. Louis. The speculative distribution center will be located in Lakeview Commerce Center and accommodate four tenants. The building will feature two-story office space at each corner. Some of the design components include a two-tone paint scheme and accent lighting. Construction is slated to begin later this summer. HDA Architects previously designed Lakeview Commerce Center 4, which consists of 769,500 square feet and is occupied by Amazon.
Illinois
MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the sale of Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The sales price was not disclosed. The 42-unit apartment building is located at 1050-1110 N. Wheeling Road. The unit mix is comprised of 18 one-bedroom units and 24 two-bedroom units measuring approximately 650 and 850 square feet, respectively. Ryan D. Engle and Andrean Angelov of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a limited liability company.
CHICAGO — Hines has broken ground on Wolf Point East, a 60-story, 698-unit luxury apartment tower in Chicago. Wolf Point East is the second phase of the three-phase development designed by Pelli Clarke Pelli. The tower is located on one of the last remaining riverfront sites in downtown Chicago. Hines is developing the property in partnership with the property’s longtime landowner, the Joseph P. Kennedy Family, and the AFL-CIO Building Investment Trust, advised by PNC Realty Investors. Bank of America Merrill Lynch led the construction loan financing for the project in conjunction with ULLICO, Citizens Bank and ING Real Estate Finance. Walsh Construction is serving as the general contractor and Pappageorge Haymes Partners is the architect of record. Completion is slated for 2019.
It seems like politics watchers and the news media like to establish a veil of mystery around Cook County tax assessments. And although it sells papers and conjures an atmosphere of the unknown, the most important thing to know about tax relief in Cook County is the role of market value in assessments and how taxes are calculated. On June 13, taxing entities announced that tax rates in the City of Chicago would be going up approximately 10 percent. The second installment 2016 tax bills were scheduled to be published around July 1 with a very short payment deadline of Aug. 1, 2017. Those bills will reflect all changes to assessments, as well as the new tax rates. Tax increases make good headlines, but the increases were not a real surprise. The large anticipated property tax increases arise from a local ordinance designed to recapture a portion of the City of Chicago’s and Chicago Public Schools’ large budget deficits and pension plan deficits. This local real estate tax increase resulted from the absence any current resolution of the continuing budgetary stalemate between the general assembly and the governor’s office in Springfield, Illinois. The table below illustrates the potential real estate …
WESTMONT, ILL. — Associated Bank has provided a $25 million loan for the refinancing of a single-tenant building occupied by Mariano’s Fresh Market in Westmont, about 20 miles west of Chicago. The 73,023-square-foot grocery store is located at 150 W. 63rd St. The store opened in March 2016. Daniel Barrins of Associated Bank originated the loan. An affiliate of IM Properties PLC was the borrower.
BUFFALO GROVE, ILL. — Principle Construction Corp. has completed a 157,000-square-foot industrial building in Buffalo Grove. The property is situated on an 11.8-acre site at 850 Asbury Drive. Principle demolished a 55,000-square-foot vacant building onsite in order to build the new facility, which features 32-foot clear heights, 36 truck docks, four drive-in doors and parking for 173 cars. To accommodate storm water, Principle built landscaped retaining walls and two detention ponds. Michael Long, Rick Grabowski and Mark and Matt Frane of Principle served as the project team. Harris Architects provided architectural services and Jamie Putnam of Kimley-Horn and Associates served as project engineer. Ridgeline Property Group’s Pete Harmon marketed the building for its owner, USRLP Asbury Drive LLC.
ELK GROVE VILLAGE, ILL. — Darwin Realty has negotiated a 103,987-square-foot industrial lease for Marketplace Brands LLC in Elk Grove Village. The seasonal food gifts distributor will occupy the entire building located at 951 Fargo Ave. The property was recently renovated and features 22-foot clear heights, 11,000 square feet of office space, 10 dock positions and one drive-in door. Richard G. Daly and Adam Haefner of Darwin Realty represented the landlord, a private institutional investor. Joe Bronson and Josh Will of NAI Hiffman represented the tenant in the lease transaction.
DEERFIELD, ILL. — The merger between Walgreens Boots Alliance Inc. (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) has been terminated. Instead, Walgreens will purchase 2,186 stores and three distribution centers from Rite Aid for $5.2 billion. The previous merger agreement was unveiled in October 2015. In December 2016, Fred’s Pharmacy signed an agreement with Walgreens and Rite Aid to purchase 865 stores. Both of these agreements have been terminated, and Walgreens will pay Rite Aid the $325 million termination fee. Deerfield-based Walgreens will begin acquiring stores and related assets on a phased basis over a period of approximately six months, and intends to convert acquired stores to the Walgreens brand over time. Walgreens expects synergies from the new transaction to be in excess of $400 million.
WOODRIDGE, ILL. — Conor Commercial Real Estate has completed development of a 145,200-square-foot industrial building in Woodridge, a suburb of Chicago. The building, located in the Union Pointe industrial business park, was developed as a build-to-suit for AMS Mechanical Systems Inc. (AMS). The new corporate headquarters features a 31,000-square-foot, two-story office component with a lobby, conference rooms and an employee break room. The remainder of the building supports the firm’s warehouse and manufacturing requirements with 32-foot clear heights, five dock doors, seven drive-in doors and an ESFR sprinkler system. AMS is a full-service mechanical contracting firm serving the chemical, food, process, manufacturing and power industries. McShane Construction Co. and Ware Malcomb served as the design/build construction team for the project. Chris Gary of NAI Hiffman represented AMS in the pre-sale agreement. Brian Carroll and Jim Cummings of Newmark Knight Frank represented Conor Commercial.
CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio in Chicago’s Chatham neighborhood for $4.7 million. The portfolio consists of five buildings located at 8016 S. Evans Ave.; 7942 S. Champlain Ave.; 7953 S. Saint Lawrence Ave.; 7851 S. Indiana Ave.; and 8157 S. Martin Luther King Drive. The buildings feature a unit mix of 13 studios, 59 one-bedroom and 21 two-bedroom units, as well as four retail spaces. Noah Birk and Aaron Sklar of Kiser Group brokered the transaction. An out-of-state investor purchased the portfolio from a local owner that managed the properties over the last 15 years.