Illinois

McShane Completes Construction of Fitness Facility in Park Ridge, Illinois

by Kristin Harlow January 24, 2017

PARK RIDGE, ILL. — McShane Construction Co. has completed construction of the latest Fitness Formula Clubs (FFC) location in Park Ridge. The 67,000-square-foot fitness facility is located at 826 W. Touhy Ave. FFC Park Ridge features two stories as well as a mezzanine level. The facility includes cardio and strength training spaces, group exercise rooms, studios, an indoor basketball court, six-lane lap pool and three-story indoor climbing wall. McShane completed the facility two months ahead of schedule. McShane has provided construction services for several other FFC locations in the Chicago area, including the signature facility at the former Chicago Mercantile Exchange building at Union Station.

January 24, 2017

RPAI Renames Office Property, Signs New Leases in Schaumburg, Illinois

by Kristin Harlow January 23, 2017

SCHAUMBURG, ILL. — Retail Properties of America Inc. (RPAI) has renamed the office property formerly known as Zurich Towers to Schaumburg Towers. RPAI also signed two new leases at the property with Great American Insurance Group and Swiss Re for approximately 78,000 square feet. Schaumburg Towers is an office building with twin 20-story towers totaling approximately 895,000 square feet and is located in Schaumburg, Ill. The property is situated adjacent to Woodfield Mall, a Class A shopping mall. Great American Insurance Group and Swiss Re are both insurance companies. Steven Kling and David Florent of Colliers International are marketing the property for lease. Mark Kolar of JLL represented Great American Insurance Group, while Sven Sykes and Thomas Volini of Colliers International represented Swiss Re. Zurich Insurance relocated to a new 783,000-square-foot headquarters in Schaumburg near the corner of Meacham Road and Interstate 90.

January 23, 2017

Illinois Midwest Mixed-Use

Jameson Brokers $1.7M Sale of Mixed-Use Property in Chicago

by Kristin Harlow January 23, 2017

CHICAGO — Jameson Commercial Real Estate has brokered the sale-leaseback of a mixed-use property in Chicago’s Fulton Market district for $1.7 million. The building, which consists of 6,000 square feet of office and retail space, is located at 1360 W. Lake St. A longtime occupant of the building, the seller was a distributor of medical devices for the orthopedic and arthroscopic markets. An East Coast-based investor was the buyer. Ari Topper of Jameson brokered the transaction.

January 23, 2017

Illinois Loans Midwest Multifamily

Eugenie Terrace Associates Receives $125M Loan for Refinancing of Luxury Apartment Tower

by Kristin Harlow January 20, 2017

CHICAGO — Eugenie Terrace Associates LLC has received a $125 million loan for the refinancing of Eugenie Terrace in Chicago. The 44-story tower includes 575 luxury apartment units. The building is located at 1730 N. Clark St. in Chicago’s Lincoln Park neighborhood. An international life insurance company provided the 10-year, fixed-rate loan. The building was originally constructed in 1988 and previously financed in 2007. Matthew Schoenfeldt and Mike Kavanau of HFF secured the loan and represented the borrower in the transaction.

January 20, 2017

Illinois Industrial Midwest

NAI Hiffman Arranges Sale of 101,282 SF Industrial Building in Burr Ridge, Illinois

by Kristin Harlow January 20, 2017

BURR RIDGE, ILL. — NAI Hiffman has arranged the sale of a 101,282-square-foot industrial building in Burr Ridge, about 20 miles southwest of Chicago. The building is located at 160 Tower Drive. Accurate Partitions Corp., a manufacturer of high-performance bathroom partitions, acquired the building from a private seller after outgrowing its current space in McCook, Ill. Accurate Partitions plans to refurbish the existing 16,800 square feet of office space to accommodate the company’s growth. The building features 20- and 30-foot clear heights, 120 car parking spaces, five exterior docks and three drive-in doors. Mark Moran, John Whitehead and Brett Tomfohrde represented the seller in the transaction.

January 20, 2017

Illinois Midwest Office

CATI Expands Lease to 14,000 SF at Headquarters in Buffalo Grove, Illinois

by Kristin Harlow January 20, 2017

BUFFALO GROVE, ILL. — Computer Aided Technology LLC (CATI) has renewed and expanded its lease to 14,000 square feet at the company’s headquarters in Buffalo Grove. This is CATI’s third expansion in the complex located at 165 N. Arlington Heights Road. The product development company previously occupied 9,040 square feet. CATI expects to begin occupying the additional space in May. Jake Ehrenberg and Scott Brandwein of CBRE represented the tenant. Mike Rolfs of Hamilton Partners represented the undisclosed owner.

January 20, 2017

Illinois Midwest Mixed-Use

RPAI Acquires 182,000 SF Mixed-Use Property in Naperville, Illinois for $88M

by Kristin Harlow January 19, 2017

NAPERVILLE, ILL. — Retail Properties of America Inc. (RPAI) has acquired Main Street Promenade in Naperville for $88 million. The 182,000-square-foot mixed-use property includes 103,000 square feet of retail space and 79,000 square feet of office space. The property is currently 93 percent occupied by tenants such as Anthropologie, Ann Taylor, Sur la Table and White House Black Market. The acquisition also includes a vacant parcel that can be developed into 62,000 square feet of mixed-use space. Dwight and Ruth Yackley of BBM Inc. developed the project. CBRE represented the seller, Dwight Yackley.

January 19, 2017

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Starts Lease-up of $13.5M Affordable Housing Community in Mundelein, Illinois

by Kristin Harlow January 19, 2017

MUNDELEIN, ILL. — Evergreen Real Estate Group has begun pre-leasing at Fairhaven Crossing, an affordable housing community in Mundelein, about 35 miles northwest of Chicago. The $13.5 million project is part of a larger initiative to turn downtown Mundelein into a walkable mixed-use district. Located at 407 E. Hawley St., the transit-oriented development consists of 40 units. The site was previously home to an industrial building that was converted into the three-story residential building. The redevelopment was partially funded using $5.6 million in low-income housing tax credit financing secured by Evergreen Real Estate.

January 19, 2017

Illinois Midwest Office

Transwestern Arranges $10M Sale of Office Building in Deerfield, Illinois

by Kristin Harlow January 18, 2017

DEERFIELD, ILL. — Transwestern has arranged the sale of a three-story office building in Deerfield for $10 million. The 120,000-square-foot building is located at 155 N. Pfingsten Road. The property is 90 percent leased by 12 tenants and is anchored by NCH Marketing Services. Gary Nussbaum, Michelle Monhaut and Paige Gunn represented the seller, Colony Realty Partners. Brad Nichol of Boxer Property led the transaction on Boxer’s behalf. The company plans to upgrade building systems and add on-site tenant amenities.

January 18, 2017

Illinois Midwest Multifamily

McShane to Construct Luxury Apartment Complex in Oak Brook, Illinois

by Kristin Harlow January 18, 2017

OAK BROOK, ILL. — McShane Construction Co. has been selected by Interforum Holdings to construct Lakeside Village of Oak Brook, a 315-unit apartment complex in Oak Brook. The building will be constructed on a six-acre parcel located off Royce Boulevard. The four-story development will feature an urban “Texas donut” design in which the residential component is constructed around a central core parking garage. The property will consist of 40 one-, 263 two- and 12 three-bedroom floor plans. Amenities will include a fitness center, business center, swimming pool, playground, dog park and dog washing station. Construction will be completed in phases with move-ins beginning in early 2018. The entire development will be completed in late 2018. Baranyk Associates Ltd. is providing architectural services.

January 18, 2017

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