CHICAGO — Essex Realty Group Inc. has brokered the sale of an eight-unit apartment building in Chicago for $1.1 million. The building is located at 2020 N. Spaulding Ave. in Logan Square. The property is comprised of six three-bedroom units and two two-bedroom units. The undisclosed buyer plans to completely renovate the building. Jim Darrow and Jordan Gottlieb of Essex brokered the transaction.
Solid employment growth and the attractiveness of an urban lifestyle led to improvements in the multifamily market across metro Chicago in 2016. Although there was positive movement in the performance of key indices in both the city and the suburbs, corporate migration from the suburbs to the city brought young professionals and high-paying job opportunities, especially to the core. Millennials overwhelmingly favored renting over homeownership in 2016 and sought residence in urban centers offering walkability and a live-work-play lifestyle. In 2017, these trends are expected to continue. Job growth acts as catalyst Last year, Chicago employers hired 65,000 workers, representing a 1.4 percent workforce expansion metrowide. This healthy job growth helped boost the median household income to around $67,168 per year at the end of 2016. In 2017, job growth is expected to continue at a similar rate, and it is anticipated that Chicagoland employers will hire 70,000 new workers for a 1.5 percent employment gain over the course of this year. Employment gains last year were led by the professional and business services sectors, which expanded headcount by 2.6 percent with the creation of nearly 21,200 positions over the yearlong period that ended in September 2016. During the same …
BARTLETT, ILL. — Meridian Design Build has completed construction of a 67,080-square-foot industrial facility for Traffic Control & Protection in Bartlett, about 35 miles west of Chicago. The 9.5-acre site is located within Abbott Land & Investment’s Blue Heron Business Park. The new facility includes 10,000 square feet of office/employee facilities space, a 13,000-square-foot sign shop/silk screen area, a barricade shop and seven vehicle maintenance bays. Additional features include a 24,000-square-foot covered exterior dock platform and a 7.5-acre outside storage yard. Dan Flanagan of Flanagan Realty represented Traffic Control & Protection in the selection and acquisition of the site, and coordinated overall planning/approval efforts for the project. Harris Architects served as project architect and Mackie Consultants provided civil engineering services for the project.
CHICAGO — NelsonHill has negotiated the sale of The Hudson Building, a historic auto showroom in Chicago, for $5.8 million. The three-story building, constructed in 1922 as part of Chicago’s Motor Row District, is located at 2222 S. Michigan Ave. The Hudson consists of 115,000 square feet, with the first floor serving as the original auto showroom with 19-foot clear heights. Echelon Capital purchased the building. Michael Nelson and Stevan Arandjelovic of NelsonHill represented ownership in the sale. Motor Row is listed on the National Registry of Historic Places.
WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of Cantera Commons in Warrenville, north of Naperville, for $3 million. The retail property is comprised of two multi-tenant buildings located at 28341-28361 Diehl Road. Potbelly Sandwich Shop occupies a 10,431-square-foot building, while Starbucks and Café Zupos occupy a 7,423-square-foot building. The building was approximately 25 percent occupied at the time of sale. The buyer was a private real estate investor based in Chicago. The seller was a special servicer on behalf of a CMBS trust. Chad Firsel of Quantum represented both the seller and purchaser in the transaction.
CHICAGO — Stan Johnson Co. has negotiated the sale of 400 S. Financial Place, a retail center in Chicago’s Loop, for $7.9 million. The property is one of only two one-story retail assets along West Van Buren Street in Chicago’s CBD. Brandon Duff, Brad Feller, Tom Fritz and Josh Pardue of Stan Johnson marketed the property on behalf of the seller, a local Chicago-based private investor group. The buyer, a partnership between North American Real Estate and Belgravia Group, purchased the property as part of a 1031 exchange.
CHICAGO — Blackstone and Equity Office have unveiled a $500 million investment plan to remake Willis Tower in downtown Chicago. The tower will be transformed with office, retail and entertainment space. This will be the first renovation for the tower, constructed in 1973. Approximately 460,000 square feet of existing space within the tower will be reconfigured. This includes 150,000 square feet of space for exclusive tenant use, including a full-service fitness center, expansive tenant lounges, private event space and concierge services. The plan also calls for more than 300,000 square feet of new retail, dining and entertainment space to be added to the base of the building, and a new 30,000-square-foot outdoor deck and garden space. Part of the investment will also focus on enhancing the tower’s 103rd floor Skydeck Chicago experience. Work to transform the tower is scheduled to begin this month, and will create an additional 2,500 jobs. San Francisco-based design firm Gensler designed the renovation. Gonzalez Architects designed the tenant-only office amenities, and Los Angeles-based Hetzel Design is overseeing the design concepts for the Skydeck enhancements. Design-build firm Turner Clayco will oversee the construction of the new Willis Tower.
AURORA, ILL. — Adelphia Properties has negotiated the sale of a multi-tenant retail building in Aurora for $5.2 million. The 11,810-square-foot building is located at 1480 N. Orchard Road. Tenants include Starbucks, Chipotle and Jimmy John’s. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Midwest-based private real estate investor. The seller was not disclosed.
WESTMONT, ILL. — Ryan Cos. U.S. Inc. has acquired 700 Oakmont Lane, an 18-acre office complex in Westmont, a suburb of Chicago. Ryan purchased the property from Lexington Group for an undisclosed price. The property currently consists of a three-story, 275,000-square-foot office building. Ryan will redevelop the property as Oakmont Point, a multi-building office complex that can accommodate up to five corporate users. The value of the new development, including land costs, could exceed $35 million. Oakmont Point will feature office spaces ranging from 25,000 to 75,000 square feet, along with 200 indoor parking stalls, a pond and large patios. Ryan A+E Inc. is the architect. Bill Elwood and Tara Torbik of CBRE are marketing the property on behalf of Ryan.
BOLINGBROOK, ILL. — The Opus Group has completed construction of 1325 Remington, a 112,049-square-foot warehouse and office building in Bolingbrook. The building is the last remaining site within the Carlow Corporate Center and is located within the I-55 industrial corridor of suburban Chicago. The building features three drive-in doors, 11 loading docks and 28-foot clear heights. Computershare, a global provider of financial and shareholder communication services, has signed a 44,357-square-foot lease as the building’s first tenant. Opus Development Co. was the developer, Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record for the building. Opus Design Build also completed tenant improvements for Computershare with Opus AE Group serving as the architect of record and interior designer. Dominic Derose and Vern Schultz of Colliers International marketed the property for lease, and Fred Reynolds of Ecker + Co. represented Computershare in the leasing.
