Illinois

Opus to Build National Headquarters for American Academy of Pediatrics Near Chicago

by Christina Cannon June 17, 2016

ITASCA, ILL. — The Opus Group will build a 183,000-square-foot office building for the American Academy of Pediatrics (AAP). The national headquarters facility will be located within the Hamilton Lakes Business Park in Itasca, approximately 30 miles northwest of Chicago. The five-story building will feature 10-foot floor-to-ceiling windows and a two-story lobby, which will serve as the central hub for AAP’s conference center and visitor activity. The office will have areas dedicated to educational training, recording videos for procedures and demonstrations, conferences, outdoor meetings and a historical archival storage area. Construction is slated to start this July and be completed by the fall of 2017. Eric Kunkel and Scott Ohlander of JLL represented AAP in the transaction.

June 17, 2016

Illinois Midwest Mixed-Use Retail Top Stories

Intercontinental Real Estate Sells Retail, Entertainment Property in Chicago for $133M

by Christina Cannon June 17, 2016

CHICAGO — Intercontinental Real Estate Corp. has sold the River East Center, a 251,060-square-foot, mixed-use property in the Streeterville area of downtown Chicago. A joint venture between Wheelock Street Capital and Madison Capital purchased the center for $133 million, according to Crain’s Chicago. The buyer has plans to rebrand the property, which is situated on 2.8 acres encompassing an entire city block. Intercontinental Real Estate paid $117.5 million for the property in early 2006, according to Crain’s. The three-story retail and entertainment complex sits on top of a four-story underground parking garage with 1,154 spaces. The property also features an 18-story Embassy Suites hotel and a 58-story, 620-unit luxury condominium tower, neither of which are included in the sale. Tenants at the retail and entertainment center include AMC Theatres, Lucky Strike, LA Fitness, FTW Chicago, Walgreens, Bright Horizons, NIU Sushi, Bellwether restaurant and BMO Harris Bank. Located at 322 E. Illinois St., River East Center is 97.8 percent leased. HFF arranged financing for the transaction. — Christina Cannon

June 17, 2016

Illinois Midwest Office

White Oak Realty Partners, CA Ventures Breaks Ground on Trophy Office Tower in Chicago

by Christina Cannon June 16, 2016

CHICAGO — White Oak Realty Partners LLC and CA Ventures have broken ground on a 20-story, trophy office tower in Chicago’s West Loop. The project is slated for completion by the first quarter of 2018, according to Crain’s Chicago. The building, located at 625 W. Adams St., will consist of 432,000 square feet of office space and a 400-space parking facility. Amenities at the tower will include three outdoor terraces, a fitness center, panoramic views, a conference auditorium that can accommodate up to 1,000 people and 2,500 square feet of ground-floor retail. Martin Wolf of Solomon Cordwell Buenz designed the project.

June 16, 2016

Illinois Market Reports Midwest Midwest Market Reports Office Uncategorized

Market Conditions Ripe for Office Acquisitions by Single-Tenant Users

by Christina Cannon June 16, 2016

Across the country, and specifically in the Chicago corridor that leads to the northwestern suburbs, a wide range of businesses are debunking the commonly held notion that urban migration is diminishing the suburban marketplace. The evidence is indisputable. While Fortune 500 firms are leasing hundreds of thousands of square feet in Chicago’s suburbs, small to midsize firms are facilitating the expansion of their businesses by acquiring single-tenant facilities in the burbs as well. Since 2014, 20 businesses in Chicago’s northwest suburbs have acquired buildings totaling more than 1.3 million square feet of space, according to Colliers International. The cumulative purchase price of these assets exceeds $97.1 million. This level of activity compares favorably to statistics for the entire suburban marketplace that show 63 buildings totaling approximately 4.7 million square feet and valued in excess of $307.7 million were sold during that time (see table). Four driving factors This healthy level of activity can be attributed to a variety of factors, four of which we highlight in this piece. • Access to capital — Banks are lending again and exhibiting greater levels of caution after years of retreating to the sidelines. Additionally, the cost of capital is very reasonable, in spite …

June 16, 2016

Illinois Industrial Midwest

IDI Gazeley Developing 276,250 SF Industrial Business Park Near Chicago

by Christina Cannon June 15, 2016

BLOOMINGDALE, ILL. — IDI Gazeley is developing a new 276,250-square-foot industrial business park in Bloomingdale, approximately 30 miles northwest of Chicago. The three-building Bloomingdale Corporate Center is slated for completion by the end of this year. The center will include 255 Madsen, 260 Madsen and 270 Madsen, which will be 51,600 square feet, 70,650 square feet and 154,000 square feet, respectively. Each building will feature loading docks, concrete truck courts, 30-foot clear heights, T-5 lighting and ESFR sprinkler systems. Newmark Grubb Knight Frank will serve as the leasing agent for the complex.

June 15, 2016

Illinois Loans Midwest Office

Cohen Financial Arranges $15.5M Acquisition Loan for Two Office Buildings in Oak Brook, Illinois

by Christina Cannon June 15, 2016

OAK BROOK, ILL. — Cohen Financial has closed a $15.5 million acquisition loan for two office buildings in Oak Brook, approximately 20 miles west of Chicago. Oak Brook Place I & II are each three stories and 90,000 square feet. The buildings were constructed in 1980 and 1981 and were 94 percent occupied at the time of sale. Cohen Financial placed the floating-rate, three-year loan with Prime Financial Partners. The borrower was an affiliate of American Landmark Properties Management LLC.

June 15, 2016

Illinois Industrial Midwest

Frito Lay Sells 13.9 Acres for Future Industrial Development in Wheeling, Illinois

by Christina Cannon June 15, 2016

WHEELING, ILL. — Frito Lay has sold 13.9 acres in Wheeling, approximately 30 miles northwest of Chicago, to Hamilton Partners for an undisclosed price. Hamilton Partners plans to build a 134,593-square-foot speculative industrial facility on the land, which is located at 800 Northgate Parkway. The building will include 32-foot clear heights, 35 exterior docks, car and trailer parking and will be divisible by 50,000 square feet. Ryan Bain and Zachary Graham of CBRE represented the seller in the transaction.

June 15, 2016

Illinois Industrial Midwest

Zurn Industries Signs 134,514 SF Industrial Lease at Building in Bensenville, Illinois

by Christina Cannon June 15, 2016

BENSENVILLE, ILL. — Zurn Industries LLC has signed a 134,514-square-foot industrial lease at a building in Bensenville, approximately 25 miles northwest of Chicago. Zurn Industries is relocating from Elkhart, Ind. to the facility at 340 County Line Road. The company’s lease will bring the 184,170-square-foot distribution facility to 100 percent occupancy. Geib Enterprises leases the remaining space. The Class A facility was built in 2015 and features 32-foot clear heights, 38 trailer spaces and 162 car spaces. The building is situated on 11.5 acres. Willam Strey of Cushman & Wakefield represented the tenant in the transaction. Kevin Segerson of CBRE represented the landlord, Hamilton Partners.

June 15, 2016

Illinois Midwest Office

VSA Partners Renews 51,422 SF Lease at Office Building in Chicago

by Christina Cannon June 14, 2016

CHICAGO — VSA Partners has renewed its office lease for 51,422 square feet of space at 600 West Chicago. VSA Partners, a branding and marketing company, began occupying space at the building in 2011. Renovations at 600 West Chicago, which is located along the Chicago River, are underway and include a rooftop deck, renovated plaza, expanded river walk and water taxi service. The 1.4 million-square-foot building is currently 100 percent leased. Other tenants at the office building include Groupon, Lightbank Cos., Uptake, rEvolution, Innerworkings, Freeman Decorating and IntegraMed. 600 West Chicago was built in 1901 as the Montgomery Ward catalog building. In 2001, it was repurposed as an office building. Chicago-based Equity Commonwealth has owned the building since 2012. Jack O’Brien and Matt Pistorio of The Telos Group represented the owner in the transaction. Thomas Volini and Sven Sykes of Colliers International represented VSA Partners.

June 14, 2016

Illinois Midwest Office

McDonald’s to Relocate Headquarters to Downtown Chicago

by Christina Cannon June 13, 2016

CHICAGO — McDonald’s will relocate its corporate headquarters from Oak Brook to downtown Chicago by the spring of 2018. The fast food giant has signed a lease at 1045 W. Randolph St. in the West Loop neighborhood. McDonald’s was headquartered in Chicago from 1955 to 1971. The new location will provide offices, as well as house Hamburger University, one of seven worldwide training centers. According to Crain’s Chicago, McDonald’s will likely lease over 300,000 square feet at the building, which formerly served as Oprah Winfrey’s Harpo Studios. McDonald’s currently operates over 36,000 locations in over 100 countries.

June 13, 2016

Newer Posts

Older Posts