Illinois

The Missner Group Acquires 138,000 SF Office Property in Chicago Suburb

by Kristin Harlow January 11, 2017

LAKE FOREST, ILL. — The Missner Group has acquired Cadence at Conway Park in the Chicago suburb of Lake Forest. The sales price was not disclosed. The 138,000-square-foot Class A office building is located at 300 N. Field Drive along I-294. The building was originally constructed in 2007 and was developed by Duke Realty. The property features 34,500-square-foot floor plates with layouts including multiple conference and training spaces, a two-story atrium-style lobby, commercial kitchen, game room and Wi-Fi lounge. The Missner Group purchased the property from Hospira, which was acquired by Pfizer in 2015. Hospira purchased the property for $28.8 million in 2007. Jason Simon and Darryl Silverman of Colliers International will market the property on behalf of The Missner Group. Barry Missner and Ed Adler of The Missner Group led the acquisition for the firm. James Ward, Jonathan Metzl and Adam Showalter of Cushman & Wakefield represented the seller in the transaction.

January 11, 2017

Illinois Industrial Midwest

Realty Metrix Brokers Sale of 24,600 SF Industrial Building in West Chicago

by Kristin Harlow January 11, 2017

CHICAGO — Realty Metrix Commercial has brokered the sale of a 24,600-square-foot industrial building located at 450 Wegner Drive in West Chicago. The sales price was not disclosed. The property consists of a 24,600-square-foot industrial building situated on 1.3 acres. Siegwerk Environmental Inks, a German-based manufacturer of water-based inks, occupies the space. Dave Schmidt and Linda Kost of Realty Metrix represented the buyer, LMK LLC. Tom Bosshart of Norwood-O’Hare Realty Group Inc. represented the seller.

January 11, 2017

Illinois Midwest Multifamily Seniors Housing

CA Ventures, Pathway Open $28M Senior Living Community in Grayslake, Illinois

by Kristin Harlow January 10, 2017

GRAYSLAKE, ILL. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Grayslake, a 96-unit senior living community. The building is located at 1865 E. Belvidere Road in Grayslake, about 40 miles north of downtown Chicago. The community features 68 assisted living suites and 28 memory care residences. The assisted living suites consist of 29 studios, 37 one-bedroom and two two-bedroom units. Located on the third floor, the 28 memory care residences consist of 20 studios and eight two-bedroom units. The community is located two miles from Northwestern Medicine Grayslake Outpatient Center. Chicago-based Worn Jerabek Wiltse Architects designed the community. CA Ventures was the project developer, and Pathway will operate the community. Travanse Living communities are also located in Olathe, Kan. and Wheaton, Ill.

January 10, 2017

Illinois Midwest Multifamily

Origin Investments, Draper and Kramer Acquire Apartment Property in Chicago Suburb for $48M

by Kristin Harlow January 9, 2017

PALATINE, ILL. — Origin Investments, in partnership with Draper and Kramer Inc. and LEM Capital, has acquired Village Park of Palatine in the Chicago suburb of Palatine for $48 million. The 448-unit apartment complex features 15 two- and three-story buildings on a 28-acre site. The unit mix includes 154 studio and one-bedroom units averaging 706 square feet, 195 two-bedroom units averaging 994 square feet and 99 three-bedroom units averaging 1,225 square feet. At the time of acquisition, the property was 92 percent occupied. Over the next 30 months, Origin and its partners plan to upgrade all units in the complex, which was originally developed in 1977 and renovated in 1997. New appliances, cabinets, countertops and hardware will be installed. The partnership will oversee extensive common area upgrades as well.

January 9, 2017

Illinois Industrial Midwest

Deka Immobilien Acquires 717,000 SF Amazon Gateway Distribution Center Near St. Louis for $42.3M

by Kristin Harlow January 9, 2017

EDWARDSVILLE, ILL. — Deka Immobilien Investment GMBH, a real estate investment company based in Germany, has acquired the Amazon Gateway Distribution Center in Edwardsville near St. Louis for $42.3 million. The 717,000-square-foot building was developed by a joint venture between Tristar Cos. and Pacific Coast Capital Partners (PCCP). Robert Stamm of Colliers International led the negotiation of the transaction. In addition, Brian Corrigan, Brandon McMenomy, Andres Roldan and Steven Ward of Colliers represented Deka. Steve Disse and Jeff Devine of Colliers Chicago represented Tristar and PCCP.

January 9, 2017

Illinois Loans Midwest Multifamily

Mission Capital Arranges $170M Construction Loan for Luxury Apartment Building in Chicago

by Kristin Harlow January 6, 2017

CHICAGO — Mission Capital Advisors has arranged a $170 million loan for the construction of Essex on the Park in Chicago. The 56-story, 479-unit luxury apartment building will be located at 808 S. Michigan Ave. As part of the project, the adjacent Essex Inn will be expanded to 271 rooms and repositioned as the Hotel Essex. Opening of the entire project is slated for 2019. The apartments will include a mix of studios, convertibles, and one-, two- and three-bedroom units. The top two residential floors of the building will include four penthouse duplexes. Jordan Ray, Ari Hirt, Steven Buchwald and Jamie Matheny of Mission Capital advised ownership and sourced the financing from a global investment bank. Oxford Capital Group LLC and Quadrum Global are co-developing the project.

January 6, 2017

Illinois Midwest Multifamily

Crescent Heights Breaks Ground on Apartment Tower in Chicago’s South Loop

by Kristin Harlow January 6, 2017

CHICAGO — Crescent Heights has broken ground on One Grant Park in Chicago’s South Loop. The 76-story apartment building, located at 1200 S. Indiana Ave., will include 792 luxury apartments. Completion is slated for early 2019. Rafael Viñoly designed the tower, and Rockwell Group will design the interiors of the units. The building will include a mix of studio, one-, two- and three-bedroom apartments. S. Loop Chicago Development LLC purchased the three-acre site in 2012.

January 6, 2017

Illinois Loans Midwest Mixed-Use

Associated Bank Provides $36.3M Syndicated Construction Loan for Mixed-Use Development in Chicago

by Kristin Harlow January 5, 2017

CHICAGO — Associated Bank has provided $36.3 million in syndicated financing for a new mixed-use development under construction in Chicago. The 11-story tower will be located at 165-171 N. Aberdeen St. and will include 13,895 square feet of street-level retail space and 43,438 square feet of office space on the fourth and fifth floors. Floors six through 10 will contain 75 apartment units consisting of 10 studios, 50 one-bedroom units and 15 two-bedroom units. The project is scheduled for completion in October 2017. MCZ Development was the borrower. @Properties is marketing the tower. Associated Bank was the lead arranger/administrative agent and provided $18.1 million. The Private Bank was co-lead arranger and also provided $18.1 million. Michael Olson of Associated Bank managed the loan and closing.

January 5, 2017

Illinois Midwest Ohio Retail Top Stories

‘Challenging Retail Environment’ Prompts Macy’s, Sears to Shutter Stores

by John Nelson January 5, 2017

CINCINNATI AND HOFFMAN ESTATES, ILL. — Macy’s Inc. (NYSE: M) and Sears Holdings Corp. (NASDAQ: SHLD) both announced on Wednesday plans to close a large number of department stores in an effort to improve their long-term operating performance. Macy’s will close 68 stores and Sears will close 150 non-profitable stores comprising 109 Kmart and 41 Sears locations. “We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment,” says Edward Lampert, chairman and CEO of Sears Holdings. “We are committed to improving short-term operating performance in order to achieve our long-term transformation.” Jeff Green, president of Jeff Green Partners, a retail consultancy based in Phoenix that works with retailers and shopping center owners, suspects that the footprint of these department stores has contributed to the recent woes of Macy’s and Sears. “Department stores, by sheer definition, are oversized for this changing retail environment and may be a critical factor, though only one factor, in deciding which stores to close,” says Green. “It is interesting to see just how large some of the older stores on the Macy’s store closure list are. For example, two suburban stores to be …

January 5, 2017

Illinois Industrial Midwest

Brennan Investment Group Sells 139,425 SF Industrial Facility in O’Hare Market

by Kristin Harlow January 4, 2017

DES PLAINES, ILL. — Brennan Investment Group LLC has sold its newly developed industrial facility in Des Plaines in the O’Hare submarket. The Class A distribution building is located at 1780 Birchwood Ave. Developed in partnership with DLJ Real Estate Capital Partners, the 139,425-square-foot building was sold to Morgan Stanley’s Prime Property Fund. The property is fully leased to Pet Food Experts and Cambria Co. Jonathan Kohn and Thomas Rodeno of Colliers International represented Brennan Investment Group in the lease-up of the property. Steven Disse and Jeffrey Devine of Colliers International represented Brennan in the sales transaction. Keeley Construction was Brennan’s general contractor and The PrivateBank provided construction financing.

January 4, 2017

Newer Posts

Older Posts