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Hyatt Agrees to Acquire Hospitality Brand Standard International for up to $335M, Forms Lifestyle Group

by Kristin Harlow

CHICAGO AND NEW YORK CITY — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire the brands and most of the affiliates of lifestyle hospitality company Standard International, parent company of The Standard and Bunkhouse Hotels brands. The transaction is anticipated to close later this year. The acquired portfolio will be 100 percent asset-light and includes management, franchise and license contracts for 11 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon; and boutique properties like Hotel Saint Cecilia in Austin, Texas; and Hotel San Cristóbal in Baja California, Mexico. Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. The Standard hotels have attracted a loyal following among the most discerning lifestyle guests, says Mark Hoplamazian, president and CEO of Chicago-based Hyatt. “These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty.” With this acquisition, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Amar Lalvani, …

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AcquisitionsHospitalityIllinoisMidwest

Sterling Bay, Wheelock Street Capital Sell 200-Room Hyatt House Hotel in Chicago

by Kristin Harlow

CHICAGO — Sterling Bay and Wheelock Street Capital have sold the Hyatt House Chicago/West Loop-Fulton Market hotel for an undisclosed price. Located at 105 N. May St. in the Fulton Market district, the 200-room extended-stay property includes 5,224 square feet of retail space on the ground floor that is now fully leased to The Original Pancake House. The breakfast restaurant plans to open in late spring or early summer 2025. Sterling Bay and Wheelock completed development of the hotel in 2019. Amenities at the property, designed by Eckenhoff Saunders Architects, include an indoor rooftop pool, sky deck, fitness center and full-service lobby bar. Columbus, Ohio-based Rockbridge Capital was the buyer, according to Crain’s Chicago Business.

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IllinoisLoansMidwestMultifamily

Marcus & Millichap Capital Corp. Arranges $2.6M Acquisition Loan for Multifamily Property in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.6 million loan for the acquisition of a 34-unit multifamily property located at 1 S. View St. in Aurora. Michael Hughes of MMCC arranged the loan through a local credit union on behalf of the borrower, a real estate development company. The five-year loan features a 7.39 percent interest rate with a 30-year amortization schedule. The property features a mix of studio to two-bedroom units and is located four blocks from downtown.

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IllinoisLeasing ActivityMidwestRetail

DINX Social Club to Open 23,000 SF Pickleball, Golf Club in Highland Park, Illinois

by Kristin Harlow

HIGHLAND PARK, ILL. — DINX Social Club has leased space to open its first location at 1931 Skokie Valley Road in the Chicago suburb of Highland Park. The 23,000-square-foot venue is slated to open this winter. DINX will offer six regulation-sized pickleball courts, three Trackman iO golf simulator lounges, a multi-tap self-serve pour wall from Pour My Beer, café food offerings from Hometown Coffee & Juice, dining and social lounges, a VIP room, member locker rooms and a pro shop. Chris Bobowski of Cushman & Wakefield represented DINX in the lease.

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AcquisitionsIllinoisMidwestRestaurantRetail

First Western Properties Negotiates Sale of Restaurant Building in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — First Western Properties has negotiated the sale of a restaurant building located at 1440 Rand Road in the Chicago suburb of Des Plaines. The sales price and seller were undisclosed. The property, located at the corner of Rand and River roads, sold to a restaurant operator with multiple locations.

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DevelopmentIllinoisMidwestRestaurantRetail

Brixmor Begins $53M Redevelopment of Westridge Court Shopping Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Brixmor Property Group (NYSE: BRX) has begun a $53 million redevelopment and reconfiguration of Westridge Court shopping center in the Chicago suburb of Naperville. Plans call for a new restaurant and entertainment district to be branded Block 59 at the corner of Route 59 and Aurora Avenue. The 91,000-square-foot project will include the construction of multiple outparcels for brands such as The Cheesecake Factory, Yard House, Ruth’s Chris Steak House, Piccolo Buco by Cooper’s Hawk, Shake Shack, Stan’s Donuts, First Watch, Fresh Fin, Crisp & Green and Velvet Taco. The dining lineup will join currently open Lazy Dog Restaurant and furniture retailer Walter E. Smithe. Plans call for an open-air central plaza that will serve as a public gathering space and host community events year-round surrounded by new outdoor restaurant patios. The project will also include a new valet area, wayfinding signage, landscaping, energy-efficient lighting and improved pedestrian and vehicular circulation. Westridge Court is anchored by The Fresh Market, Ulta Beauty, Hollywood Palms Cinema and the newly announced Wayfair Outlet. Construction began with the demolition of an underutilized two-story building in July. New restaurants are slated to start opening in spring 2025. Businesses will remain open during …

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IllinoisIndustrialLoansMidwest

Byline Bank Provides $19.1M in Acquisition Financing for Six Industrial Properties in Illinois, New Jersey

by Kristin Harlow

CHICAGO — Chicago-based Byline Bank’s Commercial Real Estate Group has provided $19.1 million in acquisition financing for six industrial properties in the metro Chicago and New Jersey markets. The borrower was VK Industrial Holdings VI LLC, an acquisition fund formed through a partnership between Venture One Real Estate and Kovitz Investment Group. The transaction marks the third deal Venture One has completed with Byline Bank. The specific properties were not provided.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $17.2M Sale of Multifamily Portfolio in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — Kiser Group has brokered the $17.2 million sale of Ravenswood Gardens, a multifamily portfolio consisting of 151 units across seven buildings in the Sheridan Park Historic District of Chicago’s Uptown neighborhood. Katie LeGrand, Lee Kiser and Jacob Price of Kiser brokered the transaction. Initially marketed in summer 2023, the portfolio went under contract but did not close due to market volatility. The seller, continuing its strategic exit from Chicago, revisited the sale in 2024. The buyer plans to reposition the units and rebrand them as Sheridan Park. The buyer assumed the seller’s existing loan, which features an interest rate below 4 percent for the next five years. The buyer now owns more than 400 units in the Uptown neighborhood.

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AcquisitionsIllinoisMidwestOfficeRetail

Bucksbaum Properties Acquires River District Retail Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Bucksbaum Properties LLC has acquired River District, a retail and office property in downtown Naperville. Built in 1988, the asset sits on 2.7 acres at the southeast corner of Washington Street and Chicago Avenue. The property totals nearly 59,000 square feet of retail space with tenants such as Rosebud, Fat Rosie’s Taco & Tequila Bar, Chipotle and Five Guys, as well as 12,000 square feet of second-floor office space. The seller and sales price were not provided.

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AcquisitionsIllinoisMidwestMultifamily

JRK Property Holdings Acquires 288-Unit Multifamily Community in Bolingbrook, Illinois

by Kristin Harlow

BOLINGBROOK, ILL. — JRK Property Holdings has acquired Brook on Janes Apartments, a 288-unit multifamily community in the Chicago suburb of Bolingbrook. The purchase price was undisclosed. JRK utilized its JRK Platform 5 Fund, a $1 billion multifamily value-add and core plus fund that targets higher-quality, well-located multifamily investments built after 1990. The fund’s portfolio is comprised of institutional-quality assets with an average year built of 2019 located in Illinois, Florida, Kansas and California. Built by the undisclosed seller in 2017, Brook on Janes rises three stories at 401 Janes Ave. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a pool, clubhouse, fitness club, cookout area and gated dog park. Kevin Girard, Roberto Casas and Matt Lawton of JLL represented the seller. Annie Rice and Brandon Smith of JLL arranged agency acquisition financing with a 10-year, fixed-rate loan.

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