Illinois

Blackstone to Invest $500M to Remake Willis Tower in Chicago

by Kristin Harlow February 13, 2017

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.

February 13, 2017

Illinois Midwest Retail

Adelphia Negotiates $5.2M Sale of Retail Building in Suburban Chicago

by Kristin Harlow February 13, 2017

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.

February 13, 2017

Illinois Midwest Office

Ryan to Redevelop 18-Acre Office Complex in Chicago Suburb

by Kristin Harlow February 10, 2017

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.

February 10, 2017

Illinois Industrial Midwest

Opus Completes Construction, Signs First Tenant for 112,049 SF Industrial Building in Bolingbrook, Illinois

by Kristin Harlow February 9, 2017

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.

February 9, 2017

Illinois Midwest Office

SVN Brokers $5M Sale of Office Building in Chicago

by Kristin Harlow February 9, 2017

CHICAGO — SVN has brokered the $5 million sale of a three-story office building located in Chicago’s Fulton Market district. The 18,000-square-foot building is located at 170 N. Halsted St. Scott R. Maesel of SVN represented the buyer, Shapack Partners and Focus Development. The site, along with an adjacent north parcel, will encompass a future 250,000-square-foot office building. The seller was an owner-user who operated Aaron’s Machinery at the location for more than 40 years.

February 9, 2017

Illinois Market Reports Midwest Midwest Market Reports Retail

Economic Incentives Combat Problem of ‘Grocery Deserts’ in South Suburban Chicago

by Kristin Harlow February 9, 2017

At a time when the development of new retail power centers across metro Chicago has been at a record low since chain store proliferation first started back in the early 1980s, south suburban Cook County has suddenly seen a turnaround with the addition of two new freestanding Walmart stores and one new Meijer store. These three openings occurred within months of each other in 2016 and represent approximately 560,000 square feet of the 1.36 million square feet of new retail construction that opened across the greater Chicago market last year. The historical challenges for retailers attempting to operate stores in south suburban Cook County are no secret: out of control property taxes, often double or triple that of locations in DuPage or Will counties; a high sales tax; a shrinking population base; and a shift in retail spending to other markets. The cumulative effect was the January of 2015 closure of the Lincoln Mall in Matteson, located about 30 miles south of downtown Chicago, and increased retail vacancy rates in the area. Full-service grocery stores in the Matteson area also have been on the decline following the closure of Jewel, Dominick’s, Cub Foods and Walmart all within five years starting …

February 9, 2017

Illinois Industrial Midwest

NGKF Brokers Sale of 95,000 SF Manufacturing Facility in East Moline, Illinois

by Kristin Harlow February 8, 2017

EAST MOLINE, ILL. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a 95,000-square-foot manufacturing facility in East Moline, part of the Quad Cities area. The Quad Cities includes Rock Island and Moline, Ill., and Davenport and Bettendorf, Iowa. The acquisition was valued at more than $5 million. The building is located at 500 36th St., and comprises 87,320 square feet of warehouse space and 7,680 square feet of office space. The property features eight dock doors, two drive-in doors and 16-foot clear heights. The facility is 100 percent leased to JMF Co., a subsidiary of Zheijiang Hailiang Co. LTD. Jeffrey Miller of NGKF and Ben Yeggy of Gomez May LLP represented the undisclosed buyer in the acquisition. Chris Wilkins of NAI Ruhl Commercial Co. and Dick Davidson of Lane & Waterman LLP represented the seller, Bears in Bettendorf LC.

February 8, 2017

Illinois Midwest Retail

Cushman & Wakefield Brokers $2M Sale of Retail Site in Chicago

by Kristin Harlow February 8, 2017

CHICAGO — Cushman & Wakefield has brokered the sale of a 1.2-acre retail site on Chicago’s southwest side for $2 million. The buyer, a private investor and developer, plans to redevelop the site into a retail shopping center. The property, located at 5501 S. Kedzie Ave. in Chicago’s Gage Park, was most recently home to a Bank of America branch. The area is traveled by more than 54,000 vehicles per day, and more than 62,000 people live within a mile of the site. Nicholas Kanich of Cushman & Wakefield represented both the buyer and the seller, 5501 S. Kedzie LLC. The buyer plans to break ground on the shopping center this spring.

February 8, 2017

Illinois Industrial Midwest

Opus to Construct 111,345 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow February 6, 2017

ROMEOVILLE, ILL. — The Opus Group has unveiled plans to construct a 111,345-square-foot, speculative industrial building in Romeoville. 101 Paragon will be the second and final phase of the company’s project at Paragon Business Park. Two other speculative industrial developments were constructed in 2016. 101 Paragon will feature 30-foot clear heights, 12 loading docks and 16 trailer parking positions. Completion is slated for August 2017. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and structural engineer. Jason West and Sean Henrick of Cushman & Wakefield will market the property for lease.

February 6, 2017

Illinois Midwest Office

Home Chef Signs 29,095 SF Office Lease at the Wrigley Building in Chicago

by Kristin Harlow February 3, 2017

CHICAGO — Home Chef has signed a 29,095-square-foot office lease at the Wrigley Building in Chicago. The site will serve as the weekly meal delivery service’s new headquarters. Home Chef previously occupied headquarters space at 225 West Ohio St. The company will occupy the 14th floor of both the North and South Wrigley Towers, which are connected by a sky bridge. John Skalla and Craig Nadborne of Bradford Allen competed the lease transaction on behalf of Home Chef. The transaction is a sublease between Home Chef and Extreme Reach, which was represented by John Ziesmer and Kevin Moore of Avison Young.

February 3, 2017

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