Illinois

Strong Tenant Demand Continues to Propel Chicago’s Office Market

by Kristin Harlow June 15, 2017

In spite of the ongoing fiscal woes of the State of Illinois and City of Chicago, the downtown office market in the Windy City continues to experience solid growth in demand for quality office space. The first quarter of 2017 saw net absorption of 374,000 square feet, a 54 percent increase from the 243,000 square feet of net absorption recorded during the first quarter of 2016. This comes on the heels of a spike in supply in the central business district (CBD) of Chicago, with the opening of two new Class A office towers during the past two quarters: 150 North Riverside Plaza and 444 West Lake Street, developed by Riverside Investment & Development Co. and Hines Interests, respectively. These trophy assets added 2.4 million square feet of office space to the CBD. With these additions, Chicago’s office inventory in the CBD expanded from 132.6 million square feet in the first quarter of 2016 to 135 million square feet in the first quarter of 2017. Two additional towers under construction now at 151 N. Franklin Street and 625 W. Adams Street will open in the next 12 months, adding an additional 1.3 million square feet to the supply and bringing …

June 15, 2017

Illinois Midwest Office

Reed Construction to Complete 32,000 SF Interior Renovation at Office Building in Chicago

by Kristin Harlow June 14, 2017

CHICAGO — Reed Construction has been selected to complete a 32,000-square-foot interior renovation of six new tenant suites at 123 North Wacker in Chicago. Built in 1986, 123 North Wacker is a 30-story Class A office tower located in the West Loop. LaSalle Investment Management’s Income and Growth Fund VII acquired the building for $147 million last year, according to Crain’s Chicago. JLL selected Reed Construction to complete the project, which will include the construction of six new suites. Interiors will include open offices, exposed ceilings, polished concrete and conference rooms. The project is slated for completion next month. Erik Gunderson of Reed Construction is leading the project team, along with Paul Jennrich and Mike Detlefsen. Earles Architect Associates is providing architectural services.

June 14, 2017

Illinois Industrial Midwest

Missner Group Acquires 121,000 SF Industrial Property in Buffalo Grove, Illinois

by Kristin Harlow June 12, 2017

BUFFALO GROVE, ILL. — The Missner Group has acquired a 121,000-square-foot industrial property in Buffalo Grove. The purchase price was not disclosed. The property is located at 900-950 Busch Parkway within the Corporate Grove Business Park. Originally built in 1985 as a 50,000-square-foot corporate headquarters property, 900-950 Busch Parkway is situated on 8.8 acres and was expanded by 71,000 square feet in 1999. Today, the building is primarily occupied by two tenants, Rockin’ Jump Indoor Trampoline Park and The Pillow Factory. A 6,000-square-foot executive office suites area, located on the second floor of the building, is fully leased to three office tenants. The property features 26-foot clear heights, five truck docks and two drive-in doors. Barry Missner and Ed Adler of The Missner Group led the acquisition on behalf of the company. Brett Kroner of Cushman & Wakefield represented the seller. Developed by Van Vlissingen and Co., Corporate Grove Business Park is a 200-acre business park consisting of over three million square feet of office and industrial space.

June 12, 2017

Affordable Housing Illinois Midwest Multifamily

McShane Completes Construction of 78-Unit Affordable Housing Property in Chicago

by Kristin Harlow June 9, 2017

CHICAGO — McShane Construction Co. has completed construction of Park Place in Chicago for Brinshore Development. The 78-unit affordable housing property is situated on 4.6 acres at the intersection of 50th Street and Lawndale Avenue. The property features 14 buildings with a mix of one-, two- and three-bedroom floor plans. Amenities include a community room, computer lab, fitness center and on-site management. Landon Bone Baker Architect designed the project. Multiple sources provided funding for Park Place, including the City of Chicago.

June 9, 2017

Illinois Midwest Multifamily

Essex Brokers $6.4M Sale of Multifamily Property in Evanston, Illinois

by Kristin Harlow June 9, 2017

EVANSTON, ILL. — Essex Realty Group Inc. has brokered the sale of Churchview Apartments in Evanston for $6.4 million. The property is located at 1450-56 Oak Ave. near Northwestern University. The 28-unit building features a mix of one-, two- and three-bedroom units. The Baird family of Chicago has owned the property for more than 50 years. Matt Welke, Doug Imber and Kate Varde of Essex represented the seller, while Doug Fisher represented the undisclosed buyer in the transaction. Additionally, the legal team of Austin Hirsch and Steve Miller of Reed Smith LLP represented the seller.

June 9, 2017

Illinois Midwest Multifamily

29th Street Capital Acquires 42-Unit Apartment Property in Mount Prospect, Illinois

by Kristin Harlow June 9, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 42-unit apartment community consists of one- and two-bedroom units. 29SC plans to invest $500,000 in capital improvements to the property, which was under family ownership. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements will include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas. This is the fifth Chicagoland multifamily property acquisition for 29SC.

June 9, 2017

Illinois Industrial Midwest

Opus Builds Two Headquarters Facilities at Oakview Corporate Park in West Dundee, Illinois

by Kristin Harlow June 8, 2017

WEST DUNDEE, ILL. — The Opus Group has built two warehouse headquarters facilities for Renishaw Inc. and oelheld U.S. Inc. in the Oakview Corporate Park in West Dundee, a western suburb of Chicago. A new 134,000-square-foot facility will serve as the North American headquarters for Renishaw. The two-story building will allow the measurement and motion control company to consolidate and house all of its divisions in one location. The facility consists of approximately 69,000 square feet of office space, 38,000 square feet of warehouse space and 27,000 square feet of space designed for fabrication, demonstrations and trainings. The building also features custom areas for the company’s 3D metal printing. The new 23,400-square-foot headquarters for oelheld U.S., a machine-based lubricants and packaged oil products producer, consists of 7,600 square feet of office space and 15,800 square feet of warehouse space. Unique features of the building include a recessed warehouse floor and drainage barriers designed to contain spilled lubricants during the loading and unloading process in the warehouse. Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record, as well as the interior designer for both projects.

June 8, 2017

Illinois Midwest Office

CA Ventures to Redevelop State Street Office Buildings in Chicago

by Kristin Harlow June 7, 2017

CHICAGO — CA Ventures has agreed to buy two State Street office buildings in Chicago and redevelop the properties into apartment units as part of a $141 million residential and retail project. Located at 202 and 220 S. State St. and currently owned by the federal government, the vacant buildings were made available through a request for proposals process. The plan calls for the 22-story Consumers Building, designed by Jenny, Mundie & Jensen and completed in 1913, to be rehabilitated as 270 micro-apartments. The 16-story Century Building, designed by Holabird & Roche and completed in 1915, would be rehabilitated and expanded as 159 studio and one-bedroom apartments. The current building at 212 S. State St. would be demolished, and a 15-story structure built in its place. CA Ventures’ proposal to acquire the buildings for $10.4 million involves a simultaneous, three-way transaction involving the General Services Administration (GSA) and the City of Chicago. The offer price and sale terms, expected to be finalized this summer, require review and approval by the GSA and Chicago City Council.

June 7, 2017

Illinois Midwest Multifamily

JRK Acquires 504-Unit Apartment Community in Lombard, Illinois

by Kristin Harlow June 6, 2017

LOMBARD, ILL. — JRK Property Holdings has acquired the Clover Creek apartment complex in Lombard, a suburb of Chicago. The purchase price was not disclosed. The 504-unit community was built in 1986. Clover Creek features a variety of one-, two- and three-bedroom floor plans on a 34-acre site. Common area amenities include a swimming pool, playground, soccer field, volleyball court, bark park and clubhouse with Internet café, fitness center and business center. JRK MF Opportunities II LP fund was used to purchase the property. Sean Fogarty, Marty O’Connell and Amanda Friant of HFF represented both JRK and the undisclosed seller in the transaction.

June 6, 2017

Illinois Midwest Office

Snapsheet Signs 52,000 SF Office Lease in Chicago

by Kristin Harlow June 6, 2017

CHICAGO — Snapsheet has signed a 52,000-square-foot office lease at 1 N. Dearborn St. in Chicago. The company provides auto insurance carriers with a virtual claims technology that streamlines the claims process for customers. Snapsheet will be moving from 55 W. Monroe St., where it currently occupies 21,000 square feet. Snapsheet will occupy the new facility starting in January 2018. Brad Serot, Paul Reaumond and Todd Lippman of CBRE represented Snapsheet in the lease transaction. Jack O’Brien and Caroline Colnon of Telos Group represented the landlord, Beacon Capital Partners.

June 6, 2017

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