Illinois

CBRE Arranges Sale of 300,608 SF Industrial Facility in Bartlett, Illinois

by Kristin Harlow June 19, 2017

BARTLETT, ILL. — CBRE has arranged the sale of a 300,608-square-foot industrial facility in Bartlett, about 35 miles northwest of Chicago. The sales price was not disclosed. The property is located at 1340 Brewster Creek Blvd. on a 16.5-acre site within the Brewster Creek Business Park. Built in 2008, the building features 30-foot clear heights, 4,160 square feet of office space, 65 car stalls and 64 exterior docks. Matt Mulvihill, Kevin Segerson and Cal Payne of CBRE represented the seller, Brewster Creek of Illinois LLC. Jeff Fischer of NAI Hiffman represented the buyer, Greco & Sons.

June 19, 2017

Illinois Midwest Office

Convene Signs 55,000 SF Office Lease at Willis Tower in Chicago

by Kristin Harlow June 19, 2017

CHICAGO — Convene, an operator of full-service meeting and event venues, has signed a 55,000-square-foot office lease for the entire third floor of the 108-story Willis Tower in Chicago. This will be the largest location for the operator of full-service meeting and event venues. Convene provides companies with an outsourced real estate solution for housing large-scale conferences, town halls, corporate events, training sessions and board meetings. The company’s in-house architecture and design team will design the location in Willis Tower. Planned features include 11 flexible meeting and event spaces, as well as breakout space, reception space and two large private outdoor patios, all available for rent by building tenants and outside enterprise companies. The largest rooms will accommodate up to 600 participants. Todd Siegel, Phil Golding and Kim Wiskup of CBRE represented the landlord, Equity Office, in the lease transaction. Craig Coupe and Corey Siegrist of JLL represented Convene. The company plans to occupy the space by the third quarter of 2019.

June 19, 2017

Illinois Midwest Retail

Baum Arranges $2.3M Sale of Retail Building in Orland Park, Illinois

by Kristin Harlow June 19, 2017

ORLAND PARK, ILL. — Baum Realty Group LLC has arranged the sale of a two-tenant retail building in Orland Park for $2.3 million. The property is located at 24 Orland Square Drive. Blaze Pizza and Pearle Vision occupy the property. Patrick Forkin, Brad Teitelbaum and Graham Gold of Baum represented the seller, a local development group. A private West Coast investor was the buyer.

June 19, 2017

Illinois Midwest Retail

Cullinan Properties to Develop 7,680 SF Retail Building at The Levee District in East Peoria, Illinois

by Kristin Harlow June 19, 2017

EAST PEORIA, ILL. — Cullinan Properties is developing a 7,680-square-foot retail building at The Levee District in East Peoria. The multi-tenant building, currently under construction in central Illinois, will be located at 4015 Spinder Drive between Panda Express and McDonald’s. T-Mobile will open at the building this fall, with additional tenants to be announced. Anchored by Target, The Levee District is over 90 percent occupied by tenants including Ross, Ulta, Tequila’s Mexican Restaurant, Jenny Craig and Heartland Dental. The property encompasses more than 86 acres.

June 19, 2017

Illinois Midwest Multifamily

McShane to Construct 45-Unit Apartment Property in Arlington Heights, Illinois

by Kristin Harlow June 16, 2017

ARLINGTON HEIGHTS, ILL. — McShane Construction Co. is building Parkview Apartments in downtown Arlington Heights. UP Development LLC is the developer. The seven-story building, under construction on an infill site, is located at the southwest corner of Dunton Avenue and Eastman Street. The project will include 45 residential units and 1,314 square feet of ground-floor retail space. Residences will be located on the upper five floors while the second floor and a portion of the first floor will house parking spaces. The property will feature a mix of one-, two- and three-bedroom units. Amenities will include a community room and fitness center. Tinaglia Architects Inc. is providing architectural services. Completion is slated for the second quarter of 2018.

June 16, 2017

Illinois Midwest Multifamily

Interra Brokers $3.7M Sale of Multifamily Property in Chicago

by Kristin Harlow June 16, 2017

CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Lincoln Park for $3.7 million. The property, located at 1955 N. Lincoln Ave., features four studios and 12 one-bedroom units. Brad Feldman and Adam Saxon of Interra represented the buyer, a local developer, as well as the sellers, Ron and Nancy Hollmeier. The Hollmeiers have owned the property since 1999. The new owner plans to renovate the units to increase rents.

June 16, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $11.5M Sale of Multifamily Property in Chicago

by Kristin Harlow June 15, 2017

CHICAGO — Kiser Group has brokered the sale of a multifamily property in Chicago’s Edgewater neighborhood for $11.5 million. The 80-unit building is located at 5536 N. Sheridan Road. An affiliate of Horizon Group Realty Holdings LLC purchased the property from a local family partnership. Lee Kiser and Michael Feldstein of Kiser Group brokered the transaction.

June 15, 2017

Illinois Midwest Retail

Marcus & Millichap Arranges $9.8M Sale of Retail Property in Chicago

by Kristin Harlow June 15, 2017

CHICAGO — Marcus & Millichap has arranged the sale of Ashland Wellington Plaza in Chicago for $9.8 million. The 19,979-square-foot retail property is located at 2862-2928 N. Ashland Ave. Jewel-Osco shadow anchors the property. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a St. Louis-based investor.

June 15, 2017

Illinois Industrial Midwest

Meridian Completes 112,288 SF Industrial Tenant Build-out in Glendale Heights, Illinois

by Kristin Harlow June 15, 2017

GLENDALE HEIGHTS, ILL. — Meridian Design Build has completed a 112,288-square-foot industrial tenant build-out for Prologis and OSM Worldwide in Glendale Heights. The property is located at 601 Regency Drive. The project features 10,601 square feet of office space, 13 loading docks, 95 vehicle parking stalls, 21 trailer stalls and one drive-in door. OSM Worldwide is a parcel shipping company. Harris Architects provided architectural and structural engineering services, while Kimley-Horn completed engineering design work. Dan Smolensky of Taurus Modal Group represented OSM Worldwide in the transaction, while Brian Kling and Jonathan Kohn of Colliers International represented Prologis. Meridian Design Build is currently working on improvements for a second tenant that will also occupy the building.

June 15, 2017

Illinois Market Reports Midwest Midwest Market Reports Office

Strong Tenant Demand Continues to Propel Chicago’s Office Market

by Kristin Harlow June 15, 2017

In spite of the ongoing fiscal woes of the State of Illinois and City of Chicago, the downtown office market in the Windy City continues to experience solid growth in demand for quality office space. The first quarter of 2017 saw net absorption of 374,000 square feet, a 54 percent increase from the 243,000 square feet of net absorption recorded during the first quarter of 2016. This comes on the heels of a spike in supply in the central business district (CBD) of Chicago, with the opening of two new Class A office towers during the past two quarters: 150 North Riverside Plaza and 444 West Lake Street, developed by Riverside Investment & Development Co. and Hines Interests, respectively. These trophy assets added 2.4 million square feet of office space to the CBD. With these additions, Chicago’s office inventory in the CBD expanded from 132.6 million square feet in the first quarter of 2016 to 135 million square feet in the first quarter of 2017. Two additional towers under construction now at 151 N. Franklin Street and 625 W. Adams Street will open in the next 12 months, adding an additional 1.3 million square feet to the supply and bringing …

June 15, 2017

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