Illinois

$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

Illinois Midwest Office

Golub & Co., Alcion Ventures Acquire 536,000 SF Office Building in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Golub & Co., in partnership with Alcion Ventures, has acquired 300 South Wacker, a 536,000-square-foot office property in Chicago. The purchase price was not disclosed. Built in 1971, the 36-story building is located along the Chicago River. The new owners plan to expand on a 2014 renovation of the building with a focus on the lobby, indoor and outdoor common areas and a new tenant amenity lounge. JLL represented the seller, Beacon Partners, in the transaction. Keith Largay of JLL arranged the acquisition financing through Deutsche Bank.

July 14, 2017

Illinois Loans Midwest Multifamily

Cohen Financial Secures $20.7M Construction Loan for Apartment Property in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $20.7 million loan for the construction of a 138-unit apartment property in Chicago’s Logan Square neighborhood. The $36 million development will also feature 9,300 square feet of retail space. The urban infill project is close to transportation, restaurants and other lifestyle amenities. Michael Hart of Cohen Financial arranged the loan with Old Plank Trail Community Bank, a subsidiary of Chicago-based Wintrust. Savoy Development LLC is the project developer.

July 14, 2017

Hospitality Illinois Midwest

MDG Sells Hyatt Centric Hotel in Chicago for $110M

by Kristin Harlow July 13, 2017

CHICAGO — Murphy Development Group (MDG) has sold its Hyatt Centric the Loop Chicago Hotel to Germany-based Deka Immobilien for $110 million in a long-term sale-leaseback agreement. The four-star Hyatt Centric is a full-service lifestyle brand designed for business and leisure travelers. MDG developed the 257-room hotel in 2015, which includes French restaurant Cochon Volant and rooftop bar AIRE. Integrated Clark Monroe, an affiliate of MDG, will maintain a long-term franchise agreement with Hyatt Hotels Corp. Jaime Fink and Jeff Bramson of HFF brokered the transaction, which amounts to $428,000 per room.

July 13, 2017

Illinois Midwest Office

Marcus & Millichap Arranges $4M Sale of Office Building in Chicago

by Kristin Harlow July 13, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 14,400-square-foot office building in Chicago for $4 million. The property is located at 60 W. Superior St. in the River North neighborhood. The sale presents a redevelopment opportunity, according to Marcus & Millichap. Alper Services, the seller, currently occupies the building. Centrum Realty & Development purchased the property. Kyle A. Stengle and Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

July 13, 2017

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