Illinois

Baker Development Breaks Ground for ELEVATE Lincoln Park in Chicago

by Kristin Harlow November 9, 2016

CHICAGO — Baker Development Corp. has begun construction on ELEVATE Lincoln Park, a mixed-use luxury apartment building in the heart of Lincoln Park. A groundbreaking ceremony was held on Nov. 1. The former Lincoln Centre complex was demolished for the new project, which consists of 191 apartments on top of 16,300 square feet of retail space located at 2518-36 N. Lincoln Ave. Residents will be able to choose from a wide array of floor plans. The first move-ins are scheduled for late 2017. The project is the first luxury apartment building and transit-oriented development (TOD) on Lincoln Avenue. SCB is the architectural firm and McHugh Construction is the general contractor. Financial partners include USAA, Fifth Third Bank, First Midwest Bank and FirstMerit Bank/Huntington National Bank. Luxury Living Chicago Realty is the exclusive leasing brokerage.

November 9, 2016

Illinois Midwest Retail

Quantum Real Estate Advisors Brokers $1.8M Sale of Retail Center in Woodstock, Illinois

by Kristin Harlow November 9, 2016

WOODSTOCK, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 13,915-square-foot multi-tenant retail center in Woodstock for $1.8 million. The retail center is located at 11620 Catalpa Lane. The property is 80 percent occupied by national and regional tenants including Great Clips, Benjamin F. Edwards & Co., Anytime Fitness and Lucky Bernie’s. Chad Firsel of Quantum Real Estate Advisors represented the seller, a Chicago-based investment group. A private real estate investor based in the northern suburbs of Chicago was the buyer.

November 9, 2016

Illinois Midwest Office

Bradford Allen Arranges 12,096 SF Office Lease Renewal for Precision Research in Des Plaines, Illinois

by Kristin Harlow November 9, 2016

DES PLAINES, ILL. — Bradford Allen Realty Services has arranged a 12,096-square-foot office lease renewal at 999 E. Touhy Ave. in Des Plaines, a suburb of Chicago. Precision Research, a data collection company, moved into the building in 2004 and will be occupying the space for three more years. 999 East Touhy is a 145,000-square-foot Class B building. Other tenants include Emergency24 and Sterno Group. Joel Berger of Bradford Allen represented Precision Research in renewing the lease. Janet Mrowka of Siete 7 LLC represented 999 East Touhy.

November 9, 2016

Illinois Midwest Office

Tishman Speyer Negotiates 105,000 SF Office Lease for OCC at The Franklin

by Kristin Harlow November 8, 2016

CHICAGO — Tishman Speyer has arranged a 105,000-square-foot lease for OCC, the world’s largest equity derivatives clearing organization, at The Franklin in Chicago’s West Loop. The Franklin is a Class A office complex that recently underwent a complete repositioning, including the redevelopment of the lobby. The complex consists of two connected buildings at 222 W. Adams St. and 227 W. Monroe St., totaling nearly 2.5 million square feet. Holly Duran, Lois Durkin and Jeff Mulder of Holly Duran Real Estate Partners LLC represented OCC in the transaction. Ellen May and Greg Tait of Tishman Speyer represented building ownership.

November 8, 2016

Illinois Loans Midwest

Mesa West Capital Originates $145M Loan for New Downtown Chicago Luxury Apartment Building

by Kristin Harlow November 8, 2016

CHICAGO — Mesa West Capital has provided $145 million in structured debt for the recapitalization and stabilization of a 469-unit luxury apartment building in Chicago’s South Loop. 1000 South Clark, a 29-story building, is a joint venture of JDL Development and New York-based iStar Inc. The building features a mix of studio, one-, two- and three-bedroom and townhome units and is currently in the final stages of lease-up. The five-year, non-recourse financing included $30 million in mezzanine debt that was sold to an institutional investor at closing.

November 8, 2016

Illinois Midwest Retail

The Boulder Group Arranges $6.5M Sale of Net Leased Walgreens Property in Chicago

by Kristin Harlow November 8, 2016

CHICAGO — The Boulder Group has arranged the sale of a single-tenant property net leased to Walgreens in Chicago for $6.5 million. Located at 4385 S. Archer Ave., the property is situated near Interstate 55. There are over 14 years remaining on the lease to Walgreens. The lease expires in 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private real estate firm. The buyer was a Midwest investment company.

November 8, 2016

Illinois Midwest Mixed-Use

Blitzlake Partners Begins Pre-Leasing Mixed-Use Apartment Building on Chicago’s North Side

by Kristin Harlow November 7, 2016

CHICAGO — Blitzlake Partners has begun pre-leasing Lakeview 3200, a transit-oriented mixed-use development one block east of the Belmont CTA station in Chicago’s Lakeview neighborhood. Located at 3200 N. Clark St., Lakeview 3200 will offer 90 apartments comprising a mix of studio, one- and two-bedroom floor plans, 8,000 square feet of office space and an additional 29,000 square feet of retail fully leased to Target Corp. for one of the company’s smaller-scale stores. Residences at Lakeview 3200 will range in size from approximately 430 to 1,450 square feet, with prices ranging from $1,525 to $2,750 per month. First move-ins are scheduled for early 2017. Chicago-based Hirsch Associates LLC designed the building. Coldwell Banker Residential Brokerage is the exclusive marketing and leasing agent for the property.

November 7, 2016

Illinois Midwest Retail

The Boulder Group Arranges $4.2M Sale of Net Leased CVS Pharmacy Property in Peoria, Illinois

by Kristin Harlow November 4, 2016

PEORIA, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to CVS Pharmacy in Peoria for $4.2 million. Located at 6820 N. Pear Tree Lane, the 10,125-square-foot property is just off the intersection of West War Memorial Drive and North Big Hollow Road. CVS has operated at this location since 1998, and has 20 years remaining on its recently extended lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction, a private investor in a 1031 exchange. The seller was a Midwest-based partnership.

November 4, 2016

Illinois Midwest Mixed-Use Retail

Novak Completes Construction of Target Store in Hyde Park, Illinois

by Kristin Harlow November 3, 2016

CHICAGO — Novak Construction has completed a new 20,000-square-foot Target store in Chicago’s Hyde Park. The store is Target’s fifth flexible format store in Chicago and Novak’s 80th overall Target project. The smaller-scale Target, which occupies the first floor of a mixed-use building in Vue53 Apartments on 1330 E. 53rd St., will offer products catered to University of Chicago students and Hyde Park neighborhood residents. Director Jim Hempleman of Novak led the project along with superintendents Kelly Curry, Robert Hillyard and Jeff Potter; project manager Bob Burris; project engineer Jeff Zhang; and contract administrator Angela Campisi.

November 3, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Arranges $2.9M Sale of a McDonald’s Ground Lease in Hoffman Estates, Illinois

by Kristin Harlow November 3, 2016

HOFFMAN ESTATES, ILL. — The Boulder Group has arranged the $2.9 million sale of a McDonald’s ground lease in Hoffman Estates. McDonald’s is the sole occupant of the 4,388-square-foot building located at 1070 N. Roselle Road. McDonald’s has 20 years of lease term remaining with 8 percent rental increases every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the seller, both of which were Midwest-based real estate investment firms.

November 3, 2016

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