Illinois

INEOS Styrolution Renews 22,000 SF Office Lease in Aurora, Illinois

by Kristin Harlow February 22, 2017

AURORA, ILL. — INEOS Styrolution has signed a long-term lease renewal for 22,000 square feet of office space at 4245 Meridian Parkway in Aurora. The global manufacturer of petrochemicals, specialty chemicals and oil products has occupied the first floor of the building since 2012. The Class A office property consists of 140,000 square feet and is owned by a private account advised by UBS Realty Investors LLC. Ryan Moen of Bradford Allen arranged the lease transaction on behalf of ownership. Hartford Fire Insurance Co. and Sedgwick Claims Management Service also maintain leases within the building.

February 22, 2017

Illinois Industrial Midwest

Premier Design + Build to Construct New 40,750 SF Distribution Facility in Chicago

by Kristin Harlow February 21, 2017

CHICAGO — Premier Design + Build Group LLC has been selected to construct a 40,750-square-foot distribution facility in Chicago’s Portage Park neighborhood. Dayton Street Partners and WBS Equities are the project developers. The speculative facility will sit on 1.6 acres at 4150 N. Knox Ave., a few miles south of O’Hare International Airport. The warehouse will feature 30-foot clear heights, two parking lots and four covered dock positions. Chris Kiziak of Premier Design + Build is the project manager and Scott Lebak is the field superintendent. Kimley-Horn will provide engineering services, while Cornerstone Architects Ltd. is providing architectural services. Mike Senner and Steve Kohn of Colliers International are handling the leasing.

February 21, 2017

Illinois Midwest Multifamily

Essex Brokers $7.4M Sale of 110-Unit Multifamily Portfolio in Suburban Chicago

by Kristin Harlow February 20, 2017

OAK LAWN AND WORTH, ILL. — Essex Realty Group Inc. has brokered the sale of a 110-unit multifamily portfolio in suburban Chicago for $7.4 million. The portfolio consists of three buildings in the southwest suburbs of Oak Lawn and Worth. The properties include 10409-35 S. Menard Ave. and 10300-20 S. Parkside Ave. in Oak Lawn, and 6615-19 W. Lloyd Drive in Worth. The buildings were converted to condos in the mid-2000s. The unit mix for the buildings includes 49 one-bedroom, 59 two-bedroom and two three-bedroom units. The purchaser plans to acquire the remaining 16 units. Brian Kochendorfer and Matt Welke of Essex represented the seller in the transaction. Doug Imber and Kate Varde represented the buyer.

February 20, 2017

Illinois Midwest Office

Nitel Relocates from Fulton Market to River North in Chicago

by Kristin Harlow February 20, 2017

CHICAGO — Nitel has relocated to a 32,115-square-foot office space in Chicago’s River North neighborhood. The building is located at 350 N. Orleans St. The space at River North Point is fully built-out and Nitel will make modest tenant improvements to its new space to accommodate density. The provider of telecommunications network services previously occupied 20,000 square feet at 1101 W. Lake St. in Fulton Market. Kyle Kamin, Jon Milonas and Dan Persa of CBRE represented Nitel in the transaction.

February 20, 2017

Illinois Midwest Multifamily

Essex Brokers Sale of Eight-Unit Apartment Building in Chicago

by Kristin Harlow February 17, 2017

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.

February 17, 2017

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Apartment Construction Boom Will Test the Resilience of the Chicago Market

by Kristin Harlow February 16, 2017

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 …

February 16, 2017

Illinois Industrial Midwest

Meridian Completes 67,080 SF Industrial Build-to-Suit in Bartlett, Illinois

by Kristin Harlow February 15, 2017

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.

February 15, 2017

Illinois Midwest Retail

NelsonHill Negotiates $5.8M Sale of Historic Auto Showroom in Chicago

by Kristin Harlow February 15, 2017

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.

February 15, 2017

Illinois Midwest Retail

Quantum Brokers $3M Sale of Shopping Center in Warrenville, Illinois

by Kristin Harlow February 15, 2017

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.

February 15, 2017

Illinois Midwest Retail

Stan Johnson Negotiates $7.9M Sale of Retail Center in Chicago

by Kristin Harlow February 14, 2017

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.

February 14, 2017

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