Illinois

Developers of Addison & Clark Mixed-Use Project Strike Up Leases With Two New Tenants in Chicago

by Kristin Harlow December 8, 2016

CHICAGO — Lucky Strike Entertainment and Shake Shack Inc. have signed leases at Addison & Clark, the mixed-use development opening in Chicago’s Lakeview neighborhood in 2018. The center will be Lucky Strike Entertainment’s second Chicago location and Shake Shack’s fourth Chicago-area restaurant. Lucky Strike Entertainment will occupy 30,000 square feet and offer a premium bowling experience, with a chef-driven menu, private function spaces and live music. Shake Shack, which offers burgers, hot dogs and shakes, will occupy 3,500 square feet. CMX luxury dine-in movie theater has already signed a lease at the building, located directly across from Wrigley Field. Upon completion, the development will include 148 luxury apartments and 150,000 square feet of retail space. Project developers include a joint venture between M&R Development and Bucksbaum Retail Properties LLC.

December 8, 2016

Illinois Industrial Midwest

Transwestern Negotiates 47-Acre Ground Lease in Chicago Suburb

by Kristin Harlow December 8, 2016

LEMONT, ILL. — Transwestern has negotiated a 47-acre ground lease for Chicago Truck Parking in Lemont, a suburb of Chicago. The multi-million deal is one of the largest parking leases ever in metro Chicago. The operator of parking lots for tractor-trailers and other commercial vehicles will occupy the space at 12300 New Ave. Located in the I-55 industrial corridor, the new parking lot will allow Chicago Truck Parking to consolidate multiple yards into a single location. The company will continue to operate its truck parking at Veterans Parkway and I-55 in Bolingbrook, Ill., but will consolidate its Archer Avenue and Route 83 location in Lemont at the new location. Terri Alexander of Transwestern represented the tenant in the eight-year lease. Tim McCahill and Brian Vanosky of Lee & Associates represented the landlord, Realterm Logistics.

December 8, 2016

Illinois Midwest Mixed-Use

Jameson Arranges $1.4M Sale of Mixed-Use Building in Chicago

by Kristin Harlow December 8, 2016

CHICAGO — Jameson Commercial and Jameson Sotheby’s International Realty have arranged the sale of a 5,800-square-foot, mixed-use building in Chicago for $1.4 million. The Lax Shop, a lacrosse specialty retailer, is relocating from the building at 1216 W. Belmont Ave. to outside Chicago. Katie Whelan and Karoline Whittaker of Jameson represented The Lax Shop. Tim Sheahan and Brendan O’Malley of Conlon Real Estate represented the buyer, Jenny Builders.

December 8, 2016

Illinois Loans Midwest Mixed-Use

Barings Provides $250M Loan for Refinancing of 2,346-Unit Apartment Community in Chicago

by Kristin Harlow December 7, 2016

CHICAGO — Barings Real Estate Advisers has provided a $250 million loan to Waterton for the refinancing of Presidential Towers in Chicago’s West Loop. The four-tower apartment community totals 2,346 units and is located at 555 W. Madison Street. Solomon Cordwell Buenz designed the four identical, 50-story towers. In addition to the 1.6 million square feet of residential space, the property also includes 135,193 square feet of retail space. HFF arranged the 10-year, fixed-rate loan, with Stephen Skok representing the borrower. Barings Real Estate Advisers, a subsidiary of Barings, is a real estate-focused investment adviser with $50 billion in assets under management. Waterton is a real estate investor and operator focused on U.S. multifamily and hospitality properties with over $5.3 billion in assets.

December 7, 2016

Illinois Industrial Midwest

Midwest Industrial Funds Acquires 158,000 SF Industrial Building in West Chicago

by Kristin Harlow December 7, 2016

WEST CHICAGO, ILL. — Midwest Industrial Funds has acquired a 158,000-square-foot industrial building located at 825-845 Hawthorne in West Chicago. The property features 22-foot clear heights and 12 loading docks. The property was 50 percent leased to three tenants at the time of closing. Midwest Industrial Funds has started major renovation work on the property including installation of a new architectural metal panel façade with an LED exterior lighting scheme, new windows, resurfacing the parking lot and landscaping enhancements. Michael J. Androwich Jr. of Lee & Associates represented the seller in the transaction and will be handling leasing on the available spaces for Midwest Industrial.

December 7, 2016

Illinois Midwest Office

Colliers International Brokers 18,132 SF Office Lease for Aeris in Chicago

by Kristin Harlow December 7, 2016

CHICAGO — Colliers International has brokered the lease of 18,132 square feet of office space for Aeris in Chicago. The Santa Clara, Calif.-based technology company has expanded to the Chicago location at 435 N. LaSalle St. The 50,000-square-foot building was originally constructed in 1906. Elmdale Partners has completed renovation of the building. Corby Marx and Evan Djikas of Colliers International represented Aeris in the transaction. Andrea Saewitz and Benjamin Cleveland of Cushman & Wakefield represented property ownership.

December 7, 2016

Illinois Midwest Office

Bradford Allen Negotiates Lease Expansion for Ajinomoto in Itasca, Illinois

by Kristin Harlow December 7, 2016

ITASCA, ILL. — Bradford Allen Realty Services has negotiated a lease expansion and extension for Ajinomoto in Itasca, approximately 27 miles northwest of Chicago. The Japanese food and chemical corporation will be leasing an additional 7,159 square feet at 1300 N. Arlington Heights Road, where the company currently occupies 13,476 square feet. The 108,000-square-foot, Class A building is part of the Hamilton Lakes Office Park. Ajinomoto will take occupancy of the additional space in February 2017. Craig Nadborne of Bradford Allen completed the lease transaction.

December 7, 2016

Illinois Industrial Loans Midwest

Associated Bank Provides $10M Loan for Spec Industrial Development in Schiller Park, Illinois

by Kristin Harlow December 6, 2016

SCHILLER PARK, ILL. — Associated Bank has provided a $10 million land acquisition and construction loan to Bridge Development Partners to redevelop two industrial sites in Schiller Park, about 20 miles northwest of Chicago. The sites are located at 9555 and 9655 Soreng Ave., one mile from the I-294 interchange at Irving Park Road. The parcels were formerly two Hostess Brands sites totaling 9.9 acres. Both sites contained old buildings that have been demolished in preparation for the development of two speculative Class A industrial buildings. The completion of an 84,700-square-foot building and a second 72,825-square-foot building is slated for May 2017. Daniel Barrins of Associated Bank originated the loan.

December 6, 2016

Illinois Midwest Office

Captive Resources to Move Headquarters From Schaumburg to Itasca, Illinois

by Kristin Harlow December 6, 2016

ITASCA, ILL. — Captive Resources LLC has purchased 1100 N. Arlington Heights Road in Itasca, about 27 miles northwest of Chicago, for its new headquarters. The independent consulting company, which provides advisory services to captive insurance or self-insured companies, will relocate from its current headquarters in Schaumburg, Ill. Two properties in Schaumburg will be consolidated, and all employees will be relocated to the Itasca location in the third quarter of 2017. CRI will occupy approximately 100,000 square feet on the first four floors, with third-party tenants occupying the remainder of the 150,000-square-foot building. Originally constructed in 1999, the building is a six-story, Class A office property located on the northwest corner of Thorndale and Arlington Heights roads. Colliers International represented Captive Resources in the transaction.

December 6, 2016

Illinois Loans Midwest Multifamily

Related Midwest Begins Development of One Bennett Park in Chicago

by Kristin Harlow December 5, 2016

CHICAGO — Related Midwest has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story luxury residential tower in Chicago’s Streeterville neighborhood. Wells Fargo provided the loan. Located at 451 E. Grand Ave., the building will offer 69 condominiums and 279 apartments. Condominiums will range in size from 1,737 square feet to 7,500 square feet and range in price from $1.85 million to $15 million. The 279 luxury apartments will include a mix of one- to four-bedroom floor plans. When complete in 2019, the building will be the tallest all-residential tower in Chicago at 836 feet, according to Related Midwest. Robert A.M. Stern Architects is the architect. Michael Van Valkenburgh Associates designed a 1.7-acre park adjacent to the project. Named after Chicago’s Edward H. Bennett, the project reflects the late architect’s vision of weaving green spaces into the urban fabric and balancing built environment with natural landscape.

December 5, 2016

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