Illinois

Joint Venture Receives $117.8M in Construction Financing for Development of Apartment Property in Chicago

by Kristin Harlow March 3, 2017

CHICAGO — Fifield Cos. and F & F Realty, in a joint venture equity partnership with Ares Management LP, has received $117.8 million in construction financing for the development of 727 West Madison, a 46-story apartment project in Chicago’s West Loop. Upon completion in late 2018, the project will comprise 492 apartment units averaging 783 square feet and approximately 10,000 square feet of retail space. Units will feature a mix of studio to three-bedroom floor plans. Designed by FitzGerald Associates Architects, the building will include amenities such as a swimming pool, yoga room, game room, resident lounge with coffee bar, movie theater, dog park and car wash area. Matthew Lawton and Danny Kaufman of HFF represented the developer by arranging joint venture equity and securing the construction financing. Bank of the Ozarks provided the loan.

March 3, 2017

Illinois Midwest Office

Illinois Action for Children Renews 40,000 SF Office Lease in Chicago

by Kristin Harlow March 3, 2017

CHICAGO — Illinois Action for Children has renewed its 40,000-square-foot office lease at 1340 S. Damen Ave. in Chicago. The non-profit group will remain on the second floor of the building for an additional five years. The 193,000-square-foot, Class B office building is located in the Pilsen neighborhood. Other tenants include Vitas Healthcare and Lutheran Social Services of Illinois. Julie Lane of Bradford Allen negotiated the lease renewal on behalf of the tenant.

March 3, 2017

Illinois Midwest Retail

Mid-America Arranges $52.6M Sale of Shopping Center in Chicago

by Kristin Harlow March 2, 2017

CHICAGO — Mid-America Real Estate Corp. has arranged the sale of Webster Place in Chicago’s Lincoln Park. The 134,918-square-foot retail center is located at the southwest corner of North Clybourn and Webster avenues, and is anchored by Regal Cinemas, Webster Place Athletic Club, Barnes and Noble and Chase Bank. Ramco-Gershenson Properties Trust purchased the property from Chicago-based Syndicated Equities Group. Ben Wineman and Carly Gallagher of Mid-America arranged the transaction.

March 2, 2017

Illinois Midwest Multifamily Seniors Housing

McShane to Construct Final Phase of Senior Living Community in Northbrook, Illinois

by Kristin Harlow March 2, 2017

NORTHBROOK, ILL. — McShane Construction Co. has been selected to construct the final phase of The Lodge of Northbrook, a senior living community in Northbrook, about 25 miles northwest of Chicago. Essex Communities is the developer of the property, located at 2244 Founders Drive. The final phase of construction will include 60 independent living apartments and eight assisted living units. A total of 96 units were constructed in the first three phases. The new addition will be constructed on the north end of the property and will complement the existing building utilizing the same masonry. The 150,000-square-foot Phase IV will incorporate amenities such as an expanded fitness center and new dining room, commercial kitchen and salon. Omaha-based Avant Architects is providing the architectural services for this phase, which is scheduled for completion at the end of May 2018.

March 2, 2017

Illinois Industrial Midwest

Midwest Industrial Funds Purchases 106,000 SF Industrial Portfolio in Chicago Suburb

by Kristin Harlow March 2, 2017

BATAVIA, ILL. — Midwest Industrial Funds has purchased a four-building industrial portfolio from a private seller. The purchase price was not disclosed. The properties total 106,000 square feet and are all located in Batavia, a suburb of Chicago. The addresses are 1705-1775 Hubbard Ave., 900 Paramount Parkway, 902 Paramount Parkway and 950 Paramount Parkway in the Fox Valley Center for Industry Business Park. The properties range from 7,000 square feet to 18,000 square feet. The portfolio was approximately 75 percent leased to eight different tenants at the time of acquisition. Midwest Industrial plans to complete improvements to the parking lot, exterior façade and interior units.

March 2, 2017

Illinois Midwest Retail

Slumberland Furniture to Anchor Quincy Mall in Quincy, Illinois

by Kristin Harlow March 2, 2017

QUINCY, ILL. — Slumberland Furniture has unveiled plans to open a new store at Quincy Mall in the fall. The national furniture retailer will be the first furniture retailer to be a tenant in the mall, and will anchor the center in the space formerly home to JC Penney. Improvements totaling over $4 million are planned for the retail center, according to the mall owner and manager, Cullinan Properties Ltd. In addition to the opening of Slumberland, the mall will receive new signs and enhancements to the interior décor before the end of the year. Quincy Mall opened in 1978 and consists of 500,000 square feet.

March 2, 2017

Illinois Midwest Office

Reed Construction Completes Corporate Headquarters for Medline in Northfield, Illinois

by Kristin Harlow March 1, 2017

NORTHFIELD, ILL. — Reed Construction has completed construction of the new corporate headquarters for Medline Industries Inc. in Northfield, approximately 20 miles north of Chicago. Medline is a global medical supply manufacturer and distributor, providing products and clinical solutions to hospitals, physician offices, ambulatory surgery centers, nursing homes, home care and retail. Renovations encompassed more than 530,000 square feet in the space that formerly housed Kraft Food’s corporate headquarters. The property is located at 3 Lakes Drive. MB Real Estate and Medline selected Reed Construction to complete the project, which included an interior demolition and rebuild of the large existing space. The workspace areas include both open layouts and private offices. The space also features a large break area, cafeteria and various meeting and breakout rooms for employee use. More than half of the employees formerly located at One Medline Place in Mundelein, Ill. made the move to the new headquarters. The former campus will remain open. Jason Gunderson of Reed Construction led the project, along with Chris Ashman, Kari Hanson, Jay Crane and Michael Whited. Partners by Design provided architectural services. MB Real Estate served as the owner’s representative.

March 1, 2017

Illinois Industrial Midwest

Brennan Acquires 46,741 SF Distribution Facility in Elk Grove Village, Illinois

by Kristin Harlow March 1, 2017

ELK GROVE VILLAGE, ILL. — Brennan Investment Group has acquired a 46,741-square-foot distribution facility in Elk Grove Village in the O’Hare submarket of Chicago. The purchase price was not disclosed. The facility is located at 2395 Greenleaf Ave. The property serves as the corporate headquarters for National Metal Fabricators and is 100 percent leased to the company, which specializes in precision sheet metal fabrication, angle ring manufacturing and specialty custom rolling. Brennan owns and manages over 2 million square feet in the O’Hare submarket.

March 1, 2017

Illinois Midwest Mixed-Use

SVN Arranges $1.8M Sale of Mixed-Use Property Portfolio in Chicago

by Kristin Harlow March 1, 2017

CHICAGO — SVN has arranged the sale of a mixed-use property portfolio in Chicago’s Pilsen neighborhood for $1.8 million. The portfolio consists of two buildings at the corner of 18th Street and Carpenter Street. The properties include 15 apartment units and two retail storefronts. Angelo Labriola and Paul Cawthon of SVN arranged the sale. Neither the buyer nor the seller was disclosed.

March 1, 2017

Illinois Loans Midwest Multifamily

Dougherty Arranges $13M Apartment Refinancing through Fannie Mae in Crest Hill, Illinois

by Kristin Harlow February 28, 2017

CREST HILL, ILL. — Dougherty Mortgage LLC has arranged a $13 million Fannie Mae loan for the refinancing of Willow Run of Crest Hill, located just north of Joliet. The apartment property, built in 1972, consists of 211 units. The 10-year loan includes a 30-year amortization schedule. Dougherty’s office in Oak Brook, Ill. arranged the loan.

February 28, 2017

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