Illinois

Interra Realty Brokers $2.8M Sale of 59-Unit Chicago Apartment Property

by Christina Cannon June 23, 2016

CHICAGO — Interra Realty has brokered the $2.8 million sale of a 59-unit multifamily property in Chicago’s Bronzeville neighborhood. The sale price equates to $47,830 per unit. Bil-Mar Management sold the building to Mark DeAngelis. The property, which is a former retirement home, is located at 4724 S. Vincennes Ave. Over 70 percent of the units are two-bedroom/one-bathroom units. The building includes 70 parking spaces, a social room, recreation room and a gym. Craig Martin of Interra Realty represented both parties in the transaction.

June 23, 2016

Illinois Industrial Midwest

Molto Properties Sells Three-Building Industrial Portfolio in Metro Chicago

by Christina Cannon June 23, 2016

ROMEOVILLE AND BOLINGBROOK, ILL. — Molto Properties has sold a three-building industrial portfolio in metro Chicago for an undisclosed price. Lincoln Property Co. is the buyer. The properties consist of a 189,662-square-foot building at 1485 Normantown Road in Romeoville; a 116,000-square-foot building at 1055 Remington Veterans Blvd. in Bolingbrook; and a 45,000-square-foot building at 49 N. Paragon Road in Romeoville. Both 1485 Normantown and 1055 Remington were developed by Molto Properties in 2014 and 2015, respectively, and are operating at 100 percent occupancy. Jeff Devine and Steve Disse of Colliers International represented Molto in the transaction.

June 23, 2016

Conference Coverage Features Illinois Midwest Multifamily Seniors Housing Top Stories

Non-Core Properties Present Best Buying Opportunities in Seniors Housing Today, Say InterFace Panelists

by Christina Cannon June 23, 2016

CHICAGO — What are the best buying opportunities today for investors in the seniors housing space? The answer begins with an understanding of the deals that are among the least attractive, according to veteran broker Ryan Saul. A property that is 99 percent full that trades at a 6.5 percent cap rate could hardly be called opportunistic because there is no upside, points out Saul, managing director of Chicago-based Senior Living Investment Brokerage. Instead, buying a property that is 75 percent occupied for $100,000 a unit with a broken management team in place presents real opportunity, he believes. “You can go in, turn it around and really add value so that you can sell it stabilized for a much larger premium.” Saul’s insights came during a panel discussion on the state of the investment market at InterFace Seniors Housing Midwest, which took place Tuesday at the Westin Chicago River North Hotel. The conference attracted 265 attendees from a cross-section of the seniors housing industry. Moderated by Ben Firestone, managing director of Blueprint Healthcare Real Estate Advisors, the investment panel discussed who’s buying, who’s selling and what’s driving deal velocity. In addition to Firestone, the panelists included Talya Nevo-Hacohen, chief investment …

June 23, 2016

Illinois Market Reports Midwest Midwest Market Reports Retail Uncategorized

Why Specialty Fitness Centers Are Enjoying a Healthy Run in Chicago

by Christina Cannon June 23, 2016

Today we have a choice in virtually every retail segment, and choosing a place for your favorite workout is no different. Specialty health clubs are a growing trend in Chicago, ranging from cycling at Flywheel or SoulCycle to high-impact cardio and weights at Shred415, Orange Theory or Barry’s Boot Camp. You can take ballet-inspired classes at Pure Barre, The Bar Method, Daily Method or The Barre Code, or yoga at Core Power Yoga, Yoga Six or Yoga By Degrees. You can even take rowing classes at GO Row or practice wake boarding with ChicagoSUP. But classes are not cheap, ranging from $20 to $30 per visit to unlimited yearlong memberships for $1,900. Despite the high price tag, these types of workouts are increasingly popular. While a full-service health club offers much more than just one type of workout, specialty fitness does just that — it specializes. Unique features These fitness classes focus on just one exercise, making the classes more challenging and better with teachers who are experts. They also provide different levels of classes compared with a gym, which may only offer one yoga, weight or spin class. Specialty fitness spaces are smaller than a full-service health club, but …

June 23, 2016

Illinois Industrial Midwest Office

Darwin Realty Arranges 58,627 SF Industrial, Office Lease in Metro Chicago

by Christina Cannon June 22, 2016

ELK GROVE VILLAGE, ILL. — Darwin Realty has arranged a 58,627-square-foot office and industrial lease for Porreca Freight, a local pick-up and delivery service provider. The building is located at 1850 Greenleaf Ave. in Elk Grove Village, approximately 25 miles northwest of Chicago. The facility features 11 exterior docks, two drive-in doors, 16-foot clear heights and parking. Richard Daly of Darwin Realty represented the tenant in the transaction. Jonathan Kohn and Tom Rodeno of Colliers International represented the landlord.

June 22, 2016

Illinois Midwest Office

CBRE Arranges 11,195 SF Office Lease in Oak Brook, Illinois

by Christina Cannon June 22, 2016

OAK BROOK, ILL. — CBRE has arranged an 11,195-square-foot office lease in Oak Brook, approximately 20 miles west of Chicago. Command Alkon Inc. will occupy the space at Oak Brook 22. The property, purchased by Golub Co. in 2014, has recently undergone renovations such as a redesigned lobby and lounge area, a new fitness center and a new conference center. The Class A building, located at 1211-1315 W. 22nd St., is 95 percent leased. Pete Adamo, Bill Elwood and Tara Torbik of CBRE represented Golub in the transaction. Jon Azulay of Savills Studley represented Command Alkon.

June 22, 2016

Illinois Midwest Multifamily

CA Residential Breaks Ground on 102-Unit Luxury Apartment Tower in Chicago

by Christina Cannon June 21, 2016

CHICAGO — CA Residential LLC has broken ground on a 26-story, 102-unit luxury apartment tower in Chicago’s Gold Coast neighborhood. The building, which will be located on the northeast corner of State and Huron streets, is scheduled for completion next October. Designed by Valerio Dewalt Train Associates, the tower will include a mix of studio, one-, two- and three-bedroom apartments. Units will include floor-to-ceiling windows, wood plank flooring, quartz countertops, stainless steel appliances and in-unit washers and dryers. The building will feature 8,000 square feet of amenity space on the 24th floor which will include an infinity-edge pool, sundeck, grilling stations, demonstration kitchen, resident lounge, media room, fitness center with yoga studio, pet spa and dog run.

June 21, 2016

Illinois Midwest Office

Marcus & Millichap Brokers $5.3M Sale of Office Property in Des Plaines, Illinois

by Christina Cannon June 21, 2016

DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of an office property in Des Plaines, approximately 20 miles northwest of Chicago, for $5.3 million. Touhy Office Plaza, located at 1400 E. Touhy Ave., was built in 1972 and renovated in 2013. J. Emil Anderson & Son Inc. sold the four-story, 126,088-square-foot building. The company will continue to occupy space within the building. The buyer was a Chicago-based private investment group. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

June 21, 2016

Illinois Midwest Multifamily Seniors Housing

Harrison Street Buys Former Hospital Site in Chicago for Conversion to Seniors Housing

by Christina Cannon June 20, 2016

CHICAGO — Harrison Street Real Estate Capital LLC, a private equity firm, has purchased the “Nellie Black” property at the former Children’s Memorial Hospital in the Lincoln Park neighborhood of Chicago. Harrison Street plans to partner with operator Belmont Village Senior Living to convert the property into a seniors housing facility named Belmont Village Lincoln Park. The new community will feature 160 assisted living and memory care units and will be part of the larger Lincoln Common mixed-use development. Co-developed by McCaffery Interests and Hines, when completed Lincoln Commons will consist of two 19-story luxury apartment buildings with a total of 540 units, up to 60 low-rise condominiums, and approximately 160,000 square feet of retail and commercial space. The developers plan to break ground on Belmont Village Lincoln Park in early 2017. The project is set for completion in 2018.

June 20, 2016

Illinois Loans Midwest Multifamily Seniors Housing

KeyBank Provides $324M in Financing for Enlivant Assisted Living Portfolio

by Christina Cannon June 17, 2016

CHICAGO — KeyBank Real Estate Capital has provided a $182 million Freddie Mac loan and a $142 million corporate credit facility to Enlivant, a Chicago-based owner and operator of nearly 200 seniors housing communities throughout the United States. The Freddie Mac loan is secured by 36 assisted living communities comprised of 1,477 units in 14 states. The capital provides permanent, non-recourse financing. The corporate credit facility is comprised of a $100 million term loan and a $42 million revolver, secured by 40 assisted living communities that are located throughout 12 states. The credit facility provides Enlivant with capital to implement its operating and growth strategy. Charlie Shoop of KeyBank Healthcare Mortgage Banking Group arranged the Freddie Mac financing. Paul Di Vito, Tim Sylvain and Mark Amantea of KeyBank Real Estate Capital’s Healthcare Group arranged the corporate credit facility.

June 17, 2016

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