Illinois

King Solutions Signs 160,669 SF Industrial Lease in Glendale Heights, Illinois

by Kristin Harlow May 2, 2018

GLENDALE HEIGHTS, ILL. — King Solutions Inc. has signed a 160,669-square-foot industrial lease in Glendale Heights, about 30 miles west of Chicago. The property is located at 500 Regency Drive. This is the first location in the Chicago area for the asset-based 3PL provider of freight transportation management, retail project logistics, order fulfillment and warehousing services. Built on 9.4 acres in 1989, the warehouse features a clear height of 25 feet, seven exterior docks, one interior dock and two drive-in doors. The property can accommodate parking for 200 cars. Michael Morgan, Jim Herbst and Brian Netzky of Colliers International represented King Solutions in the lease transaction. Jeff Janda of Lee & Associates represented the landlord, Gateway.

May 2, 2018

Illinois Industrial Loans Midwest

Cohen Financial Secures $5.8M Refinancing for Industrial Property in Chicago

by Kristin Harlow May 2, 2018

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $5.8 million loan for the refinancing of Workshop 4200 located at 4200 W. Diversey Ave. in Chicago. The 153,000-square-foot industrial property has been renovated into a workshop for creative and artisan tenants such as photographers, visual and sculptural artists, candle makers, coffee roasters and furniture makers. Workshop 4200 features a gallery space in the common area that hosts events, meetings, happy hours and showcases tenant artwork. Many of the artist tenants have relocated to the building from other properties in the city. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the loan with Morgan Stanley.

May 2, 2018

Development Illinois Midwest Mixed-Use

Summit Breaks Ground on 15,000 SF Mixed-Use Development in Chicago’s Clybourn Corridor

by Kristin Harlow May 2, 2018

CHICAGO — Summit Design + Build LLC has broken ground on a 15,000-square-foot office and retail development in Chicago’s Clybourn corridor. Developer R.A. Zweig Inc. owned the site and purchased the neighboring lot to expand the new building’s footprint. A former retail building that had sat vacant for over four years was demolished in the summer of 2017 to make way for the new addition to the Clybourn corridor. The property, located at 2300 N. Clybourn Ave., will feature first-floor retail space and second-floor creative office space. Completion is slated for the end of this year. Amstadter Architects is the project architect.

May 2, 2018

Acquisitions Illinois Midwest Office Property Type Top Stories

Brookfield Purchases 22-Story Office Tower in Downtown Chicago for $305M

by John Nelson May 1, 2018

CHICAGO — A private fund sponsored by Brookfield Asset Management (NYSE: BAM) has purchased 175 West Jackson, a 22-story office tower in downtown Chicago’s Central Loop district, for $305 million. JLL Capital Markets represented the seller, a high-net-worth European family advised by Extell Development. Built in 1912 and designed by Chicago-based architect Daniel H. Burnham, the Class A office tower spans 1.4 million square feet, encompassing a full city block. The property features rooftop decks, conference facilities and a recently renovated, 7,500-square-foot athletic club. The building also features retail and dining space, including Starbucks Coffee, Fifth Third Bank and CVS on the street level. The office tower provides tenants access to public transit and is one block from the Brown, Red, Blue, Pink and Purple El lines. The building is also within walking distance to Chicago Union Station and Ogilvie Transportation Center. Extell Development invested heavily in the redevelopment of 175 West Jackson after purchasing the neo-classical building in the late 1990s, according to Crain’s Chicago. The redevelopment included the addition of a two-story atrium lobby, exterior restoration and common area upgrades, according to Extell’s website. Lucien Lagrange Architects Studio designed the upgrades to include wood, granite, marble and metal …

May 1, 2018

Acquisitions Illinois Midwest Net Lease Retail

The Boulder Group Arranges $12.7M Sale of Property Net Leased to Jewel-Osco in Orland Park, Illinois

by Kristin Harlow April 30, 2018

ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 63,400-square-foot property occupied by Jewel-Osco on a net-lease basis in Orland Park for $12.7 million. The property is located at 17930 Wolf Road. Renovated in 2009, the asset features a drive-thru pharmacy. Jewel-Osco has 20 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate investment company based in the Southwest. A West Coast-based investor was the buyer.

April 30, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $7.2M Sale of Two Apartment Properties in Crystal Lake, Illinois

by Kristin Harlow April 30, 2018

CRYSTAL LAKE, ILL. — Essex Realty Group Inc. has brokered the $7.2 million sale of two apartment properties in Crystal Lake, about 45 miles northwest of Chicago. One of the properties, located at 431-455 Brandy Drive, is an 18-unit townhome property that consists of six buildings. The asset sold for $2.4 million. The other, located at 223-265 Uteg St., is a 48-unit garden-style complex comprised of six buildings. The property sold for $4.8 million. Doug Fisher and Brian Kochendorfer of Essex brokered the transaction. Neither the buyers nor the sellers were disclosed.

April 30, 2018

Acquisitions Illinois Midwest Multifamily

29th Street Capital Purchases 32-Unit Apartment Property in Westmont, Illinois

by Kristin Harlow April 30, 2018

WESTMONT, ILL. — 29th Street Capital (29SC) has purchased Warwick Apartments in Westmont, a western suburb of Chicago, for an undisclosed price. The company plans to make approximately $500,000 in capital improvements to the 32-unit apartment property. Planned interior upgrades include stainless steel appliances, new paint, countertops and cabinets. Exterior improvements will include roof repairs, window replacement, paint and new lighting. The seller was not disclosed.

April 30, 2018

Illinois Leasing Activity Midwest Office

Publicis Signs 681,545 SF Office Lease Renewal, Expansion in Chicago

by Kristin Harlow April 27, 2018

CHICAGO — Publicis has signed an office lease renewal and expansion at 35 W. Wacker Drive in Chicago. The new lease for 681,545 square feet represents a 50,000-square-foot expansion for Publicis, which is an advertising and public relations company. The firm is consolidating three other Chicago-area offices into this location. Also known as the Leo Burnett Building, 35 W. Wacker is a 1 million-square-foot, Class A building that is now fully leased. Drew Nieman and Christy Domin of CBRE represented the landlord, UBS Asset Management, in the lease transaction. Mike Christian and Steve Schneider of Cushman & Wakefield represented Publicis.

April 27, 2018

Development Illinois Midwest Office Top Stories

Sterling Bay Receives $181.5M Construction Loan for Office Tower in Chicago’s Fulton Market

by Kristin Harlow April 27, 2018

CHICAGO — Sterling Bay has received a $181.5 million loan for the construction of 333 N. Green St., a 548,932-square-foot office tower in Chicago’s Fulton Market district. The Class A office tower will rise 19 stories, with floor plates ranging from 13,634 to 40,589 square feet. The property will feature 31,521 square feet of street-level retail space and a four-floor parking garage. Amenities will include a fitness center, conference area, tenant lounge and private rooftop. The LEED Silver-certified building is 47.2 percent preleased to GroupM and will serve as the advertising media company’s North American headquarters. The building will also serve as the regional headquarters for GroupM’s parent company, WPP. Other big-name companies that have chosen to open offices in the bustling Fulton Market district include Google, McDonald’s and Dyson. Timothy Joyce, Danny Kaufman and Christopher Knight of HFF arranged the floating-rate loan through Wells Fargo. Sterling Bay is a real estate investment and development firm with over 10 million square feet in its portfolio. The Chicago-based company currently has a pipeline of over $10 billion in development. — Kristin Hiller

April 27, 2018

Illinois Industrial Leasing Activity Midwest

K2 Express Signs 91,859 SF Industrial Lease Renewal and Expansion in Franklin Park, Illinois

by Kristin Harlow April 26, 2018

FRANKLIN PARK, ILL. — Freight shipping and trucking company K2 Express has signed a 91,859-square-foot industrial lease renewal and expansion at 10800-10900 Belmont Ave. in Franklin Park. The company previously occupied 67,337 square feet at the 600,000-square-foot property, which is owned by Prologis. Brian Carroll of Newmark Knight Frank (NKF) represented K2 Express in the lease transaction. Scott Gibbel of Cushman & Wakefield represented Prologis. In addition, K2 Express signed a long-term lease at a neighboring four-acre trailer yard. Carroll represented the tenant, while Steve Levitas and Bob Chodos of NKF represented the landlord, Hill Mechanical.

April 26, 2018

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