Illinois

DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), a global pharmacy-led enterprise comprising brands such as Walgreens and Duane Reade, plans to shutter 600 of its stores as part of its $4.38 billion purchase of rival Rite Aid Corp. During a conference call on Wednesday, Oct. 25, Walgreens spokesman Michael Polzin said the 600 shuttered stores will mostly be Rite Aid locations within close proximity to existing Walgreens stores as the company looks to optimize its retail store footprint. On Sept. 19, Walgreens announced it had secured regulatory clearance for its acquisition of 1,932 stores, three distribution centers and related inventory from Rite Aid. According to Walgreens’ earnings report released yesterday, the first few Rite Aid stores were acquired in the past week. Walgreens plans to transfer ownership of the remaining stores in phases as it aims to complete the store transfers by spring 2018. Walgreens has reviewed its combined U.S. store portfolio to determine the affected stores. The company expects to start closings between spring 2018 and mid-2019. As a result of the store closures, Walgreens expects to realize $300 million in annual savings through Aug. 31, 2020. The savings will be derived primarily from procurement, cost savings …

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CHICAGO — Carter Validus Mission Critical REIT Inc. has entered into a definitive agreement in two separate transactions to sell data centers for a combined $1 billion. The REIT will sell a 251,141-square-foot data center in metro Chicago for $315 million. An affiliate of Digital Realty Trust LP has purchased the property, which is situated on 19 acres of land. Carter Validus has also entered into a definitive agreement to sell a 14-property data center portfolio to Singapore-based Mapletree Industrial Trust for $750 million. The transactions are expected to close in the fourth quarter. Moelis & Co. LLC served as lead financial advisor, along with KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey Inc. serving as co-advisors. Morris, Manning & Martin LLP served as legal counsel.

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LINCOLNSHIRE, ILL. — Associated Bank has arranged a $66.8 million syndicated loan for the construction of 444 Social, a 302-unit luxury apartment property in Lincolnshire, a northern suburb of Chicago. The Class A property will be located at 444 Parkway Drive. The property will feature 127 one-bedroom units, 126 two-bedroom units and 15 three-bedroom units. Completion is slated for spring 2019. Associated Bank, which served as the lead arranger on the deal, provided $20 million of the loan package. Krista Casper of Associated Bank originated the loan for the borrower, SMASH Residential Chicago LLC, an affiliate of ECD Co.

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CHICAGO — Apartment Investment Advisers (AIA) has brokered the sale of a 67-unit apartment building in Chicago’s Uptown neighborhood for $8.2 million. The eight-story property is located at 940 W. Winona St. A Chicago-based multifamily investment and management firm acquired the building with plans to complete a modernization and repositioning program. Bill Cassin of AIA represented the seller, a private investor that had owned and operated the building since the mid-1990s.

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HILLSIDE, ILL. — Interra Realty has negotiated the sale of Hillside Park Apartments in Hillside, about 15 miles west of Chicago, for $4.3 million. The 71-unit apartment property is located at 600 Wolf Road. The seven-building property consists of 27 one-bedroom units and 44 two-bedroom units. James Clough of Interra represented the undisclosed seller and procured the buyer, R&R Luxury Apartments.

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SCHAUMBURG, ILL. — J.C. Anderson Inc. has completed an 11,000-square-foot office renovation for Athenex in Schaumburg, a northwest suburb of Chicago. New York-based Athenex is a biopharmaceutical company. The property is located at 10 N. Martingale Road. J.C. Anderson added conference rooms, a videoconference boardroom, open offices and a pantry. Matt Kantro and Bob Hickey of J.C. Anderson led the project team, while Whitney Architects provided architectural services.

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LAKE ZURICH, ILL. — PREMIER Design + Build Group LLC has completed a 51,000-square-foot office headquarters for Echo Inc. in Lake Zurich, about 40 miles northwest of Chicago. The manufacturer of power equipment already occupies an existing industrial facility at the site. In addition to a two-story lobby, the property features 14 private offices on the first floor and 27 offices on the second floor. A new training and conference area can accommodate more than 100 people. Mark Melone, Samantha Skopek and Tom Johnson led the project team on behalf of PREMIER. The project team also included architect Stephen Rankin Associates, structural engineer Structurelogic Inc. and civil engineer Kimley-Horn.

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SKOKIE, ILL. — The Missner Group has completed a 38,000-square-foot office headquarters renovation for Generation Brands in Skokie, about 15 miles northwest of Chicago. The two-phase project included 19,000 square feet of office renovations and the build-out of a 19,000-square-foot showroom for the lighting and ceiling fan company. Phase I included the construction of private offices, conference areas, a corporate training room, kitchen area and employee lounge area. The showroom features lighting and fan fixtures with ceilings and floors that complement the lighting. Kent Nepras and Scott Nomellini led the project team on behalf of the Missner Group. Dearborn Architects provided architectural services.

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CHICAGO — Essex Realty Group has brokered the sale of the Sunnyside Lane Condominiums in Chicago’s Lincoln Square neighborhood for $4.5 million. All 18 condominium units were sold to one buyer in what is known as a condo deconversion. The property, located at 4459 N. Campbell Ave., consists of 17 two-bedroom units and one one-bedroom unit. Brian Kochendorfer & Brian Karmowski of Essex represented the condo owners, while Steve Livaditis & Joe Scheck represented the undisclosed buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

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CHICAGO — The University of Illinois has unveiled plans to develop an interdisciplinary public-private research and innovation center known as the Discovery Partners Institute (DPI) in Chicago. The $1.2 billion project will be situated at The 78, a mixed-use development by Related Midwest. DPI will be developed on a donated portion of the 62-acre site bordered by Roosevelt Road, Clark Street, 16th Street and the Chicago River. The facility is the first step in the development of the Illinois Innovation Network (IIN), which will join businesses, public sector partners and research universities to focus on the study of computing and big data, food and agriculture and health and wellness. Led by the University of Illinois system, with its campuses in Champaign, Springfield and Chicago, DPI will bring together students, faculty and businesses. DPI will be operated through private donations, government support and partnerships with industry business. The size of the institute’s site at The 78 is still to be determined. A timetable for the opening is slated to be complete next year. At full operation, DPI is expected to have as many as 90 faculty members — sourced from the University of Illinois system’s three universities as well as partner …

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