Illinois

CBRE Brokers $51.5M Sale of 207-Unit Condominium Property in Chicago

by Kristin Harlow June 1, 2017

CHICAGO — CBRE has brokered the sale of Bel-Harbour in Chicago for $51.5 million. The sale of the 207-unit condominium property is a deconversion to rental units. The 30-story property is located at 420 W. Belmont Ave. in the Lakeview neighborhood. The building features a mix of studio, one- and two-bedroom units. Amenities include a heated indoor pool, sun deck and on-site maintenance and management. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, Bel-Harbour Condo Association. Strategic Properties of North America purchased the property. “This is the largest condo deconversion transaction we have seen in Chicago in a long time,” says Jaeger. “Investors are capitalizing on these opportunities to enter the multifamily market in excellent locations. You can’t build a rental building of this size at this location. As the multifamily market continues to perform at such a high-level, this will be one of the most effective ways investors can bring new rental product to the market.” Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement.

June 1, 2017

Illinois Loans Midwest Multifamily

Tremont Arranges $5.5M Loan for Refinancing of Manufactured Home Community in O’Fallon, Illinois

by Kristin Harlow June 1, 2017

O’FALLON, ILL. — Tremont Realty Capital, a division of The RMR Group, has arranged a $5.5 million loan for the refinancing of Valley View Estates in O’Fallon, about 17 miles east of St. Louis. Tremont arranged the 10-year loan for the 223-unit manufactured home community through a lending relationship.

June 1, 2017

Illinois Industrial Midwest

Bridge Development Unveils Plans for 323,343 SF Industrial Facility in Cicero, Illinois

by Kristin Harlow May 31, 2017

CICERO, ILL. — Bridge Development Partners LLC has unveiled plans to develop Bridge Point 290, a 323,343-square-foot industrial facility in Cicero near Chicago. The 18.5-acre site is located at 1531 S. 54th Ave., less than one mile from I-290. The site was formerly home to a General Electric manufacturing facility. George Maragos and Nicole Mentone of CBRE represented GE in the land sale. Bridge Point 290 is scheduled for completion in February 2018. The property will feature 36-foot clear heights, 50 docks, 77 trailer positions, parking for 273 cars and an ESFR sprinkler system. Premier Design + Build Group will serve as general contractor, and Cornerstone Architects will serve as architect. George Maragos, Mitch Adams and Nicole Mentone of CBRE will represent Bridge in lease-up of the building.

May 31, 2017

Illinois Midwest Office

Running Away Enterprises Extends 72,600 SF Office Lease in Buffalo Grove, Illinois

by Kristin Harlow May 31, 2017

BUFFALO GROVE, ILL. — Running Away Enterprises LLC has extended and expanded its office lease at 901 Corporate Grove Road in Buffalo Grove. Starting June 1, the race event management and multisport retail company will occupy the entire 72,600-square-foot building. Matthew Lewandowski and Mandy Lewandowski of Darwin Realty represented the undisclosed landlord in the lease transaction.

May 31, 2017

Illinois Midwest Retail

Missner Group Completes Phase I Renovation for Toyota in Northbrook, Illinois

by Kristin Harlow May 31, 2017

NORTHBROOK, ILL. — The Missner Group has completed the first phase of renovations at Northbrook Toyota, located about 25 miles north of Chicago. The building is situated at 1550 Frontage Road. The first phase of the project included a renovation to the 25,500-square-foot service area. The Missner Group remodeled the entire building by adding new electrical, mechanical and plumbing systems. Additionally, the Missner Group installed new HVAC systems, a new air filtration system and compressor system designed to generate power for the dealership. Improvements also included the addition of a new car delivery area, an oil containment room, expanded service lanes, remodeled service bays and new bathrooms and offices. Phase II at Northbrook Toyota will include the demolition of an existing building and the construction of a new building, which will serve as a showroom for the dealership. Additional improvements to be completed in this phase include landscaping, site work and the installation of an underground storm trap system. Heath Yarger and Angelo Christopher of the Missner Group comprised the project team for the first phase, while Ron Cinkus will oversee Phase II of the project. Eckenhoff Saunders Architects provided architectural services.

May 31, 2017

Illinois Midwest Restaurant Retail

Maillard Tavern to Open in Chicago This Summer

by Kristin Harlow May 31, 2017

CHICAGO — Maillard Tavern has signed a 1,600-square-foot lease to open a restaurant in Chicago. The burger restaurant, which will also offer ice cream and cocktails, will occupy the space at the southern apex of the Milwaukee Avenue and Halsted Street intersection. The restaurant is slated to open late this summer and will be the third operation for Tony Priolo and Ciro Longobardo. The duo opened their second venture, Nonnina, in 2012 in River North. Danny Spitz, Greg Dietz and Jacqueline Brito of Baum Realty Group LLC brokered the lease transaction on behalf of the landlord, the owners of the adjacent Piccolo Sogno building.

May 31, 2017

Hospitality Illinois Midwest

Home2 Suites by Hilton Opens in Schaumburg, Illinois

by Kristin Harlow May 30, 2017

SCHAUMBURG, ILL. — Home2 Suites by Hilton Chicago/Schaumburg has opened in Schaumburg’s business district. The 107-suite hotel features amenities such as a combined laundry and fitness area, complimentary breakfast, indoor pool and barbecue grills. Located at 1300 E. American Lane, the hotel offers convenient access to Woodfield Mall. Superhost Hospitality will manage the hotel. Schaumburg Meacham Pointe LLC owns the hotel. The Delaware-based limited liability company retained the services of Inland National Development Corp. as its developer to oversee the construction of the hotel.

May 30, 2017

Illinois Loans Midwest Retail

Associated Bank Provides $25M Refinance Loan for Mariano’s-Occupied Building in Orland Park, Illinois

by Kristin Harlow May 26, 2017

ORLAND PARK, ILL. — Associated Bank has provided a $25 million loan for the refinancing of a 73,180-square-foot retail building occupied by Mariano’s Fresh Market in Orland Park, a suburb of Chicago. The grocery store, located at 9504 W. 142nd St., opened in January 2016. Daniel Barrins of Associated Bank originated the loan. A United Kingdom-based affiliate of IM Properties PLC was the borrower.

May 26, 2017

Illinois Industrial Midwest

Meridian Completes 226,616 SF Industrial Tenant Build-out in Romeoville, Illinois

by Kristin Harlow May 26, 2017

ROMEOVILLE, ILL. — Meridian Design Build has completed a 226,616-square-foot industrial tenant build-out for Molto Properties and LASCO Fittings Inc. in Romeoville. The property is located at 1881 Normantown Road. The new facility includes 4,486 square feet of office space and a 221,616-square-foot distribution warehouse with 35 loading docks, 205 auto parking stalls, 39 trailer stalls and two drive-in doors. Additional work consisted of a shipping office, dock upgrades and modifications to the overhead lighting. Ware Malcomb served as project architect and V3 Cos. provided civil engineering services for the project.

May 26, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $29M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow May 25, 2017

CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio on Chicago’s south side for $29 million. The portfolio consists of 21 buildings and 370 units. The properties, which include studios, one-, two-, three- and four-bedroom units, are largely located in Washington Park, East Woodlawn and South Shore. WPD Management sold the portfolio in order to take advantage of high demand and growing interest in the South Side neighborhoods. Noah Birk and Broker Aaron Sklar of Kiser brokered the transaction.

May 25, 2017

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