Illinois

Ricketts Family to Open Park at Wrigley Development in Chicago

by Kristin Harlow March 31, 2017

CHICAGO — The Park at Wrigley is set to open next week in Chicago. Hickory Street Capital, a real estate development company owned by the Ricketts family, designed and built the Park at Wrigley as well as the office and retail building adjacent to Wrigley Field to provide a year-round, family-friendly gathering place for neighbors, Cubs fans and visitors. Slated as Wrigleyville’s true town square, the area will play host to community festivals, farmers markets, music and dining throughout the year. Several retail tenants will anchor the Park at Wrigley development, including a Starbucks store with a Reserve coffee bar, a two-story tavern-style restaurant, a new flagship Cubs Store, a Jostens retail jewelry concept and a viewing area presented by Motorola for the Chicago Cubs’ 2016 World Championship Trophy. A ribbon-cutting ceremony will take place on Monday, April 10. The Ricketts family owns the Chicago Cubs.

March 31, 2017

Illinois Industrial Loans Midwest

Associated Bank Provides $13.6M Loan for Acquisition of Distribution Center in University Park, Illinois

by Kristin Harlow March 30, 2017

UNIVERSITY PARK, ILL. — Associated Bank has provided a $13.6 million loan for the acquisition of a 455,870-square-foot distribution center in University Park. The building, developed by Dermody Properties, is located at 425 University Crossing Drive. Edward Notz of Associated Bank managed the loan for the borrower, DPIF IL 3 University Park LLC.

March 30, 2017

Illinois Industrial Midwest

CBRE Arranges Two Industrial Lease Renewals for Salco Products in Lemont, Illinois

by Kristin Harlow March 30, 2017

LEMONT, ILL. — CBRE has arranged two industrial lease renewals for Salco Products Inc. totaling 128,339 square feet in Lemont, about 28 miles southwest of Chicago. The manufacturer of railcar parts renewed a lease for 96,360 square feet at 1385 101st St. and a lease for 31,979 square feet at 20W267 101st St. The smaller facility will allow for overflow space for the projected growth of Salco’s tank and hopper car parts business. David Prioletti of CBRE represented Salco in the lease transactions.

March 30, 2017

Hospitality Illinois Market Reports Midwest Midwest Market Reports

Hotel Sector is on ‘Glidepath to Oversupply,’ But Chicago Could See a Soft Landing

by Kristin Harlow March 30, 2017

I am heartened to see that my projections for 2016 in the Midwest hotel marketplace — particularly Chicago, my home market — held up fairly well. In a column that I authored for Heartland Real Estate Business this time last year, I pointed out “the question of whether supply will outpace demand is changing from if to when in many of these markets.” That trend line has continued, although the momentum of it in some markets has, to some extent, delayed the inevitable. The demand side of the equation exceeded expectations in the fourth quarter of 2016 and so far in the first quarter of 2017. This has helped markets absorb the additional supply. I also wrote in last year’s column that “perhaps the single most important factor to watch with regard to the Chicago hotel market in 2016 is whether and to what extent strong leisure demand will continue to offset the influx of new hotel properties.” Sure enough, we saw strong leisure demand during the traditionally busy part of the year, and Chicago welcomed a record number of visitors during the first three quarters of 2016. Strong leisure and group segment performance during this period helped overall demand …

March 30, 2017

Illinois Industrial Midwest

Bridge Completes Phase I Expansion of Freezer Facility in Northlake, Illinois

by Kristin Harlow March 29, 2017

NORTHLAKE, ILL. — Bridge Development Partners LLC has completed the Phase I expansion of the freezer facility at Bridge Point Northlake, a 55-acre business park on the site of a former distribution facility for Dominick’s grocery chain in Northlake. Phase II of the expansion, a 61,469-square-foot build-to-suit for candy maker Fannie May, is currently underway. Located at 555 Northwest Ave., Phase I is now available for lease and features a 162,000-square-foot cooler facility and a 256,752-square-foot freezer facility. Each property features clear ceiling heights of 32 to 40 feet. Bridge Development Partners acquired the site in partnership with Hunt Realty Investments and Akard Street Partners. John Suerth and Jason Lev of CBRE, who represented the previous owner in the sale, have been retained to market all three properties at Bridge Point Northlake.

March 29, 2017

Illinois Midwest Multifamily

McShane Completes Construction of 181-Unit Luxury Apartment Complex in Lombard, Illinois

by Kristin Harlow March 28, 2017

LOMBARD, ILL. — McShane Construction Co. has completed Apex 41, a 181-unit luxury apartment complex in Lombard, for developer GlenStar Properties LLC. The three-acre property is located at 2760 S. Highland Ave. across from Yorktown Shopping Center. The apartments were constructed atop a two-story parking deck. The complex incorporates a mix of studio, one- and two-bedroom units. Amenities include a community clubhouse, fitness center, yoga studio, business center and resort-style swimming pool. Stephen Rankin Associates provided architectural services, and Greystar will manage and lease the property.

March 28, 2017

Illinois Midwest Multifamily

Waterton Acquires 81-Unit Apartment Property in Chicago

by Kristin Harlow March 28, 2017

CHICAGO — Waterton has acquired an 81-unit apartment property in Chicago’s West Loop for an undisclosed price. Formerly known as Aberdeen Place, the property has been rebranded as The Aberdeen West Loop. Located at 20 N. Aberdeen St., the property is situated near Randolph Street’s Restaurant Row, Google’s Midwest headquarters and McDonald’s future global headquarters. The four-building property features a mix of studio, one-, two- and three-bedroom units. All units feature bamboo hardwood flooring, granite countertops and private patios.

March 28, 2017

Illinois Midwest Retail

Adelphia Arranges Sale of 4,765 SF Retail Building in Chicago Suburb

by Kristin Harlow March 28, 2017

NORTH RIVERSIDE, ILL. — Adelphia Properties has arranged the sale of a 4,765-square-foot retail building in North Riverside, a suburb of Chicago. The sales price was not disclosed. The building is located at 8409 W. Cermak Road. Tenants include Sliccily Pizza Pub, Lacey’s Place and a law office. Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. A Chicago-based investment group purchased the property.

March 28, 2017

Illinois Midwest Multifamily

Essex Brokers $5.3M Sale of 32-Unit Apartment Community in Chicago Suburb

by Kristin Harlow March 23, 2017

DOWNERS GROVE, ILL. — Essex Realty Group Inc. has brokered the sale of a 32-unit apartment property in the Chicago suburb of Downers Grove for $5.3 million. Comprised of four buildings, the complex is located at 1200-1224 71st St. All units are two-bedroom units and measure approximately 1,200 square feet. Doug Imber and Brian Kochendorfer of Essex brokered the transaction. Neither the buyer nor the seller were disclosed.

March 23, 2017

Illinois Industrial Midwest

Clarius Partners to Develop 99,000 SF Industrial Building in Franklin Park, Illinois

by Kristin Harlow March 23, 2017

FRANKLIN PARK, ILL. — Clarius Partners LLC has unveiled plans for a 99,000-square-foot industrial building in Franklin Park, approximately 18 miles northwest of Chicago. The 6.2-acre property is located at 9300 King Ave. A joint venture between Clarius Partners and Wanxiang America Real Estate Group LLC purchased the site earlier this month. An existing 154,800-square-foot building will be demolished in order to construct the new speculative facility, which is scheduled for completion by the end of the year. The facility will feature 32-foot clear heights, 10 exterior docks, four drive-in doors and office space. Thomas Gath, Adam Marshall and Mark Deady of Newmark Grubb Knight Frank will market and pre-lease the property.

March 23, 2017

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