Illinois

ZWL Properties Purchases 138,000 SF Warehouse in Chicago

by Kristin Harlow March 10, 2017

CHICAGO — ZWL Properties has purchased a 138,000-square-foot office and warehouse property in Chicago. The two-story building is situated on 5.1 acres at 5000 W. Bloomingdale Ave. ZWL plans to convert the building for multi-tenant use. Exterior remodeling will include new roofing, gutters, fencing and window replacement. Interior remodeling will involve the construction of new tenant spaces and restrooms in addition to new plumbing, heating and electrical systems. An adjacent 31,250-square-foot land parcel will be resurfaced for parking. Shai Romirowsky of Eastern Union Funding arranged $2.2 million in acquisition and renovation financing for the purchase.

March 10, 2017

Illinois Industrial Midwest

Molto Properties Acquires 79-Acre Land Site in Minooka, Illinois

by Kristin Harlow March 8, 2017

MINOOKA, ILL. — Molto Properties has acquired a 79-acre land site in Minooka, about 28 miles south of Naperville. The site is situated along the I-80 corridor at McLindon Road. Oakbrook Terrace, Ill.-based Molto Properties plans to develop a 1.3 million-square-foot industrial building at the site. Jim Estus of Colliers International represented Molto Properties in the transaction, while Lynn Reich of Colliers International represented the undisclosed seller.

March 8, 2017

Illinois Midwest Office

Entre Commercial Brokers Sale of 30,745 SF Office Building in Mount Prospect, Illinois

by Kristin Harlow March 7, 2017

MOUNT PROSPECT, ILL. — Entre Commercial Realty LLC has brokered the sale of a 30,745-square-foot office building in Mount Prospect, about 22 miles northwest of Chicago. The sales price was not disclosed. Nicholas & Associates, a construction management company based in Mount Prospect, acquired the building along with 5.2 acres of land. The property is located at 1401 Feehanville Drive within Mount Prospect’s Kensington Business Center. Dan Benassi and Mike DeSerto of Entre Commercial represented the buyer in the transaction. Michael Magliano of Cushman & Wakefield represented the undisclosed seller.

March 7, 2017

Illinois Midwest Office

City Capital Advisors Renews 9,148 SF Office Lease in Chicago

by Kristin Harlow March 6, 2017

CHICAGO — City Capital Advisors has renewed its 9,148-square-foot office lease at 444 N. Michigan Ave. in Chicago. As part of the lease, the investment bank will undertake a significant renovation to its current space to improve layout and include the firm’s separate practice group, City Capital Ventures. Jon Milonas and Kyle Kamin of CBRE represented City Capital Advisors in the transaction. Emily Marquardt of The Telos Group represented the landlord.

March 6, 2017

Illinois Loans Midwest Multifamily

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

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