Illinois

Associated Bank Provides $17.5M Loan for Self-Storage Project in Chicago’s Wicker Park

by Kristin Harlow August 23, 2017

CHICAGO — Associated Bank has provided a $17.5 million acquisition and construction loan for a self-storage project in Chicago’s Wicker Park. A joint venture between JSM Ventures Inc. and CEDARst Cos. plans to renovate the non-retail floors of two former office buildings located at 1279 N. Milwaukee Ave. and 1300 N. Ashland Ave. Upon completion later this summer, the self-storage facility will total 86,660 square feet and 1,273 units. The two buildings, originally constructed in 1928, are part of the 325,000-square-foot Wicker Park Commons shopping center. Centrum Properties sold the office portion of the buildings, totaling approximately 156,000 square feet, to the joint venture. RREEF will continue to own the ground-floor retail space as a separate condominium. Additionally, Neighborhood Housing Services of Chicago Inc. will remain in place on the fourth floor. Daniel Barrins of Associated Bank originated the loan.

August 23, 2017

Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 143-Acre Land Site in Channahon, Illinois

by Kristin Harlow August 23, 2017

CHANNAHON, ILL. — Cawley Chicago has brokered the sale of a 143-acre land site in Channahon, a southwest suburb of Chicago. The sales price was not disclosed. A joint venture partnership led by Venture One Real Estate acquired the land, which is part of a phased acquisition that will ultimately total 292 acres. Venture One also unveiled plans for the groundbreaking of Crossroads 55 Business Park and the commencement of a 1 million-square-foot speculative warehouse facility. The site is situated in the I-80/Joliet Corridor submarket with immediate access to the Route 6 and Bluff Road interchanges on I-55. Joshua Hearne of Cawley Chicago represented the buyer in the transaction. Marquette Properties represented the undisclosed seller.

August 23, 2017

Illinois Midwest Multifamily

29th Street Capital Acquires 75-Unit Multifamily Property in Chicago

by Kristin Harlow August 23, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Wooded Isle Apartments in Chicago’s Hyde Park for an undisclosed price. The 75-unit multifamily community features studios, one- and two-bedroom units. 29SC has allocated approximately $1 million for capital improvements at the property, including interior upgrades such as granite countertops and stainless steel appliances. Exterior renovations will include roof repairs, lighting, signage and landscaping. A family-owned enterprise was the seller.

August 23, 2017

Illinois Midwest Retail

Adelphia Brokers $2.6M Sale of Retail Building in Plainfield, Illinois

by Kristin Harlow August 22, 2017

PLAINFIELD, ILL. — Adelphia Properties has brokered the sale of a 5,550-square-foot retail building in Plainfield for $2.6 million. The newly constructed property is located at 12750 S. Route 59, about 38 miles southwest of Chicago. Tenants include Potbelly and T-Mobile, with one vacant unit. George Spirrison and Simeon Spirrison of Adelphia Properties represented the buyer, a private investor. A Chicago-based developer was the seller.

August 22, 2017

Hospitality Illinois Midwest Top Stories

Natixis Provides $270M Refinancing for JW Marriott Chicago

by Katie Sloan August 22, 2017

CHICAGO — Natixis has provided a $270 million refinancing for the JW Marriott Chicago, a luxury hotel located within The Loop in downtown Chicago. Daniel Burnham designed the property in the early 1900s. It served as the Continental and Commercial National Bank Building for many years. In 2010, the first 12 floors of the building were transformed into a 610-room hotel. Architectural firm Lucien Lagrange & Associates led the $396 million restoration. The hotel offers amenities including a 20,000-square-foot spa; 38 meeting rooms totaling 45,000 square feet; a fitness center; barber and beauty shop; The Florentine, a full service Italian restaurant; lobby lounge; and 24-hour room service. Danny Kaufman and Jeff Bucaro of HFF placed the five-year, fixed-rate refinancing loan on behalf of UST XIX 208 S LaSalle, a German real estate investment fund managed by affiliates of Orlando, Fla.-based Estein USA. Natixis is the international corporate, asset management, insurance and financial services arm of Groupe BPCE, the second largest banking group in France. The firm is a full-service, direct lender for commercial real estate clients across the United States. Groupe BPCE has 31.2 million clients spread over two retail-banking networks — Banque Populaire and Caisse d’Epargne. — Katie Sloan

August 22, 2017

Illinois Midwest Multifamily

47-Unit Luxury Apartment Building Opens in Evanston, Illinois

by Kristin Harlow August 21, 2017

EVANSTON, ILL. — Real Capital Solutions Inc. and RMK Management Corp. have opened 1620 Central, a 47-unit luxury apartment building in Evanston. The four-story property, located at 1620 Central St., is 40 percent leased. Floor plans include one-, two- and three-bedroom units ranging from 601 to 1,297 square feet. Monthly rents range from $2,020 to $3,287. Amenities include a bike storage room, electronic package management system and dry cleaning drop-off and pick-up. TJM Development Inc. and Real Capital Solutions developed the property. First National Bank provided project financing, while McHugh Homes was the general contractor.

August 21, 2017

Illinois Midwest Restaurant Retail

Joe & The Juice to Open First Three Locations in Chicago

by Kristin Harlow August 21, 2017

CHICAGO — Joe & The Juice has signed three leases to open its first locations in Chicago. The properties are located at 10 E. Delaware Place, 412 N. Wells St. and 8 E. Huron St. The Denmark-based company is known for its natural and organic ingredients in freshly prepared juices, coffee, shakes and sandwiches. The locations, the company’s first in the Midwest, are slated to open later this year and in 2018. Phil Golding, Todd Siegel and Amira Yunis of CBRE represented Joe & The Juice in the lease transactions.

August 21, 2017

Illinois Industrial Midwest

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

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