CHICAGO — Law firm Barack Ferrazzano Kirschbaum & Nagelberg LLP has renewed its 99,756-square-foot office lease at 200 W. Madison in Chicago’s West Loop. The firm is the largest tenant within the 928,040-square-foot building and will occupy the space through 2032. Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corp. as the anchor tenant. Kyle Kamin, Cal Wessman and Mark Cassata of CBRE represented the tenant in the lease transaction. Jeff Dowdell, Katie Steele, Courtney Rosoff and Michael Lirtzman of Transwestern brokered the lease on behalf of the owner, Bentall Kennedy’s U.S. core fund. Transwestern has managed the property since 2011. A recent $5 million renovation included an updated lobby, modernized elevators, new tenant lounge and expanded fitness center with yoga room.
Illinois
CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.
MATTESON, ILL. — Namdar Realty Group has acquired Matteson Town Center in Matteson, approximately 35 miles south of Chicago. The purchase price was in excess of $1 million, but the exact price was not disclosed. Developed in 1982 and expanded in 1990, the 181,169-square-foot shopping center is located at 104 Town Center Road. OfficeMax and Chuck E. Cheese’s anchor the center. Other tenants include FootLocker, GameStop, Check ‘n Go, Cricket Wireless, Hibachi Grill & Buffet and Subway. At the time of sale, 91,143 square feet of the center was vacant. Joel J. Gorjian of Namdar completed the acquisition on the company’s behalf. Derrick Almassy of CBRE represented the undisclosed seller.
CHICAGO — Accesso Partners LLC has completed a pocket park with seating for 50 between the office towers at 200 and 230 W. Monroe St. in Chicago’s West Loop. The 1.2 million-square-foot property has been renamed Monroe Plaza and is entering a second phase of upgrades. The new 3,000-square-foot park is open to employees and the public. Phase II renovations of the property will include enhancements to the lobbies, entrances, corridors and common areas of both buildings. Accesso has also named Cushman & Wakefield as the leasing broker for the office property. The leasing team consists of Andrea Saewitz, Ben Cleveland and Mark Baby.
ROCKFORD, ILL. — SVN | Chicago Commercial has arranged the sale of two multifamily buildings in Rockford for $1.9 million. Totaling 41 units, the properties are located at 902 and 948 N. Main St. Reid Bennett of SVN represented the seller, Windsor Apartments Limited Partnerships, while Cody Doran represented the buyer, Illinois FZ Property LLC.
CHICAGO — The Obama Foundation released the conceptual vision and site map for the Obama Presidential Center (OPC) in Chicago at a community event hosted by Barack and Michelle Obama on Wednesday, May 3. The center will be integrated into Jackson Park, a historic park on the South Side of Chicago. The design concept includes three buildings: a museum, forum and library. The museum, the tallest of the three buildings, will hold exhibition space, public spaces, offices and education and meeting rooms. The forum will contain Obama Foundation offices, an auditorium, restaurant and public garden. The forum and library will be single-story structures with planted roof terraces and will serve as community resources. The total size of the center will range between 200,000 and 225,000 square feet, but the concept site plan imagines a reshaping of the park that will result in a total net increase in green space for Jackson Park. The center is slated to open in late 2021. The design team for the OPC is led by Tod Williams Billie Tsien Architects | Partners and Interactive Design Architects. The landscape design team is comprised of Michael Van Valkenburgh Associates, Site Design Group and Living Habitats. Ralph Appelbaum Associates …
CHICAGO — Kass Management Services has negotiated the sale of a 32-unit apartment building in Chicago for $2.4 million. The property is located at 1700 W. Juneway Terrace in the Rogers Park neighborhood. Built in 1924, the vintage three-story building includes a mix of one-, two-, three- and four-bedroom apartment units. The property was renovated in 2007 and was 90 percent occupied at the time of sale. Mark Durakovic and Andrew Gruesser of Kass represented the seller, CMHDC, a non-profit housing development corporation serving the Chicago metropolitan area. The buyer was not disclosed. Kass has managed the building since 2006.
SCHAUMBURG, ILL. — Square Mile has provided a $97.3 million loan for the acquisition of Schaumburg Corporate Center in Schaumburg. The office complex comprises over 1 million square feet, with two 14-story office towers and a four-story connecting atrium building. The property was built in phases in 1980, 1986 and 2002. John Hancock Life Insurance Co. developed, owned and leased the property, which is located across the street from the Woodfield Shopping Mall. A joint venture managed by GlenStar Properties acquired Schaumburg Corporate Center, with plans to renovate and reposition the property. Improvements will include the construction of a parking garage, a modernized eleveator, amenity upgrades and corridor updates. John Parrett of CBRE arranged the financing.
STREAMWOOD, ILL. — Entre Commerical Realty LLC has arranged the sale of two industrial buildings totaling 40,170 square feet in Streamwood, a northwest suburb of Chicago. The sales price was not disclosed. The buildings are located on 2.8 acres at 350-380 Roma Jean Parkway. The property includes a 15,000-square-foot office/warehouse building and a 25,000-square-foot warehouse building on two separate land parcels. Torque Parts, a truck parts distribution company, has purchased the buildings and will be relocating its operations from Mount Prospect, Ill. Dan Benassi, Mike DeSerto and Cory Kay of Entre represented the seller, Toryon Technologies, a supplier of wide format printers, laminators and routers.
BOLINGBROOK, ILL. — Principle Construction Corp. has broken ground on an 18,250-square-foot addition to the manufacturing facilities of Bay State Milling Co. in Bolingbrook. The property is located at 279 Beaudin Blvd. The new addition will include 32-foot clear heights and three new dock positions. Principle completed the original 80,500-square-foot building in 2008, when the company was known as TJ Harkins. Bay State Milling provides food ingredients, primarily grain and plant-based products. Michael Long of Principle will serve as the project executive, along with Darrin Dehmlow as project manager and Jack Grooms as onsite superintendent. Arête Design Studio is providing design services and V3 is providing civil engineering services.