Illinois

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

Illinois Midwest Office

Reed Construction Completes Corporate Headquarters for Medline in Northfield, Illinois

by Kristin Harlow March 1, 2017

NORTHFIELD, ILL. — Reed Construction has completed construction of the new corporate headquarters for Medline Industries Inc. in Northfield, approximately 20 miles north of Chicago. Medline is a global medical supply manufacturer and distributor, providing products and clinical solutions to hospitals, physician offices, ambulatory surgery centers, nursing homes, home care and retail. Renovations encompassed more than 530,000 square feet in the space that formerly housed Kraft Food’s corporate headquarters. The property is located at 3 Lakes Drive. MB Real Estate and Medline selected Reed Construction to complete the project, which included an interior demolition and rebuild of the large existing space. The workspace areas include both open layouts and private offices. The space also features a large break area, cafeteria and various meeting and breakout rooms for employee use. More than half of the employees formerly located at One Medline Place in Mundelein, Ill. made the move to the new headquarters. The former campus will remain open. Jason Gunderson of Reed Construction led the project, along with Chris Ashman, Kari Hanson, Jay Crane and Michael Whited. Partners by Design provided architectural services. MB Real Estate served as the owner’s representative.

March 1, 2017

Illinois Industrial Midwest

Brennan Acquires 46,741 SF Distribution Facility in Elk Grove Village, Illinois

by Kristin Harlow March 1, 2017

ELK GROVE VILLAGE, ILL. — Brennan Investment Group has acquired a 46,741-square-foot distribution facility in Elk Grove Village in the O’Hare submarket of Chicago. The purchase price was not disclosed. The facility is located at 2395 Greenleaf Ave. The property serves as the corporate headquarters for National Metal Fabricators and is 100 percent leased to the company, which specializes in precision sheet metal fabrication, angle ring manufacturing and specialty custom rolling. Brennan owns and manages over 2 million square feet in the O’Hare submarket.

March 1, 2017

Illinois Midwest Mixed-Use

SVN Arranges $1.8M Sale of Mixed-Use Property Portfolio in Chicago

by Kristin Harlow March 1, 2017

CHICAGO — SVN has arranged the sale of a mixed-use property portfolio in Chicago’s Pilsen neighborhood for $1.8 million. The portfolio consists of two buildings at the corner of 18th Street and Carpenter Street. The properties include 15 apartment units and two retail storefronts. Angelo Labriola and Paul Cawthon of SVN arranged the sale. Neither the buyer nor the seller was disclosed.

March 1, 2017

Illinois Loans Midwest Multifamily

Dougherty Arranges $13M Apartment Refinancing through Fannie Mae in Crest Hill, Illinois

by Kristin Harlow February 28, 2017

CREST HILL, ILL. — Dougherty Mortgage LLC has arranged a $13 million Fannie Mae loan for the refinancing of Willow Run of Crest Hill, located just north of Joliet. The apartment property, built in 1972, consists of 211 units. The 10-year loan includes a 30-year amortization schedule. Dougherty’s office in Oak Brook, Ill. arranged the loan.

February 28, 2017

Illinois Industrial Midwest

CBRE Arranges Sale of 188,166 SF Freezer Warehouse in Romeoville, Illinois

by Kristin Harlow February 28, 2017

ROMEOVILLE, ILL. — CBRE has arranged the sale of a 188,166-square-foot freezer cooler facility in Romeoville. The sales price was not disclosed. The facility is located at 1020 W. Airport Road. Completed in August 2016, the building is made of reinforced concrete and features 72-foot clear heights. The property is fully leased to Aryzta LLC and supports the company’s adjacent baking facility. Lexington Realty Trust purchased the facility. CBRE’s Andrew Sandquist, JC Asensio and Briggs Goldberg of Chicago and Chris Bosworth, Will Pike and Brian Pfohl of Atlanta represented the undisclosed seller.

February 28, 2017

Illinois Midwest Office

Credit Suisse Group Buys Office Building in Chicago for $27.8M

by Kristin Harlow February 24, 2017

CHICAGO — An affiliate of Switzerland-based Credit Suisse Group has acquired a 100,000-square-foot office building in Chicago’s Clybourn Corridor for $27.8 million. The four-story building is located at 1333 N. Kingsbury St. Everbury Partners, a partnership managed by Structured Development, was the seller. Prior to being purchased by Structured Development’s J. Michael Drew in 1991, the building housed manufacturing operations for Peppers Waterbeds. Drew subsequently converted the building into a multi-tenant loft office building that, at the time of the most recent sale, was 95 percent leased. Current tenants include National Collegiate Scouting Association and TrueBlue, a recruiting and staffing firm. Cody Hundertmark and Blake Johnson of CBRE represented the seller.

February 24, 2017

Illinois Midwest Office

National Restaurant Association Signs 50,852 SF Office Lease at Willis Tower in Chicago

by Kristin Harlow February 24, 2017

CHICAGO — The Chicago operations of the National Restaurant Association has signed a long-term office lease totaling 50,852 square feet of space at Willis Tower in Chicago. This is the first major lease since owner Equity Office unveiled plans for a $500 million modernization at the tower. The National Restaurant Association will occupy the 36th floor and will be in close proximity to some of the new office amenities, including Tower House, a two-story tenant lounge and café, and Tone, a 30,000-square-foot, full-service fitness area. Willis Tower currently has an 85 percent occupancy rate and includes companies such as United Airlines, Dentons, Korn Ferry and Oracle. Jamey Dix, Maggie Brophy and Joy Jordan of Telos represented Equity Office in the transaction. The CBRE Non-Profit Practice Group represented the National Restaurant Association.

February 24, 2017

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