Illinois

Avison Young Negotiates 190,925 SF Headquarters Lease in Chicago Suburb

by Christina Cannon March 29, 2016

LAKE BLUFF, ILL. — Avison Young has negotiated a long-term, 190,925-square-foot industrial lease in Lake Bluff, approximately 35 miles northwest of Chicago. Homewerks Worldwide, a global supplier of home and commercial plumbing and HVAC products, will move its headquarters into the 256,300-square-foot building at 45-85 Albrecht Drive. Globe Corp. is the landlord. The facility, built in 1995, is situated on 19 acres and features 28-foot clear heights, 20 dock doors and parking for 410 cars. Keith Puritz, Brett Kroner and Eric Fischer of Avison Young represented the landlord in the transaction.

March 29, 2016

Illinois Midwest Multifamily Student Housing

Marcus & Millichap Arranges $11.6M Sale of Student Housing Property in Illinois

by Christina Cannon March 28, 2016

DEKALB, ILL. — Marcus & Millichap has arranged the sale of a 365-bedroom off-campus student housing complex in DeKalb, approximately 70 miles west of Chicago, for $11.6 million, or $64,444 per unit. Ridgebrook Court Apartments is a three-building, 180-unit property that is located at 832 Ridge Drive, 808 Ridge Drive and 835 Edgebrook Drive. The apartments are less than a mile from Northern Illinois University and 7.5 miles from Kishwaukee College. The property has undergone recent renovations including new plumbing, electrical, HVAC, drywall, doors, frames, lighting and security systems. The complex also features updated wood floors, laundry room, kitchens and bathrooms. A private developer sold the asset to a private investor. Eric Bell of Marcus & Millichap represented the seller in the transaction and procured the buyer.

March 28, 2016

Illinois Midwest Mixed-Use

CBRE Brokers Sale of Mixed-Use Building in Chicago for $8.3M

by Christina Cannon March 28, 2016

CHICAGO — CBRE has brokered the sale of a mixed-use building in Chicago for $8.3 million. A foreign investor purchased the building, located at 175 N. Franklin St. in Chicago, from an undisclosed seller. The four-story, 42,552-square-foot property is 100 percent leased to a mix of office and retail tenants. John Slivka of CBRE represented the owner in the transaction.

March 28, 2016

Illinois Loans Midwest Retail

Associated Bank Provides $4.6M Acquisition and Construction Loan for Retail Center in Metro Chicago

by Christina Cannon March 28, 2016

GURNEE, ILL. — Associated Bank has provided a $4.6 million loan to Gurnee Investment Partners LLC to acquire land and construct a 14,800-square-foot retail center in the Chicago suburb of Gurnee. The new center — located across the street from the Gurnee Mills Mall — is already 91 percent pre-leased to Mattress Firm, Vitamin Shoppe, Navy Federal Credit Union and MOD Pizza. Developer Shai Wolkowicki, who specializes in ownership and development of retail and mixed-use properties, owns Gurnee Investment Partners LLC.

March 28, 2016

Illinois Midwest Retail

Mid-America Arranges $15M Sale of Fenton Commons in Metro St. Louis

by Christina Cannon March 25, 2016

FENTON, ILL. — Mid-America Real Estate Corp. has arranged the $15 million sale of Fenton Commons, an 82,242-square-foot shopping center located in the St. Louis suburb of Fenton. Best Buy, Old Navy and Barnes & Noble anchor the center, which also features Chili’s and Bank of America outlots. Ben Wineman of Mid-America and Scott Seyfried of Pace Properties worked on behalf of the seller, a private St. Louis-based partnership. A group represented by Greenwood Village, Colo.-based GDA Real Estate acquired the property.

March 25, 2016

Illinois Industrial Midwest Office

Opus to Build 23,400 SF Industrial Facility in West Dundee, Illinois

by Christina Cannon March 25, 2016

WEST DUNDEE, ILL. — The Opus Group will develop a 23,400-square-foot warehouse and office facility in West Dundee, approximately 45 miles northwest of Chicago, for oelheld U.S. Inc., a German manufacturer of cooling and lubricating fluids for the tool-making industry. The space, which will be located inside the Oakview Corporate Park, will serve as the company’s U.S. headquarters and manufacturing site. The building will include 7,600 square feet of office space and 15,800 square feet of warehouse space with the ability to accommodate future expansion up to 16,000 square feet. The new facility will include both an interior and exterior spill containment system to ensure that any spilled fluids can be controlled for cleanup, and a new laboratory will allow oelheld to conduct the needed research to meet the demands of their clients. The project is slated for completion this December. Opus Design Build will be the design-builder, and Opus AE Group will be the architect and structural engineer of record. Noel Liston of Darwin Realty represented Opus Development Company, and Ed Lowenbaum and Jason Talanian of Lowenbaum Real Estate Partners represented oelheld in the transaction.

March 25, 2016

Illinois Midwest Multifamily Seniors Housing

Greenbrier Breaks Ground on $30M Assisted Living, Memory Care Community in Illinois

by Christina Cannon March 24, 2016

PROSPECT HEIGHTS, ILL. — Greenbrier Senior Living has broken ground on Greenbrier of Prospect Heights, a 101-unit assisted living and memory care community in the northwest Chicago suburb of Prospect Heights. Greenbrier, a division of Evergreen Real Estate Group that specializes in the development and management of senior living communities, estimates development costs at $30 million. Located on five acres, Greenbrier of Prospect Heights will include a three-story, 69-unit assisted living facility, as well as a one-story, 32-unit building for memory care. Chicago-based Pathway Senior Living will operate the community once it’s complete.

March 24, 2016

Illinois Industrial Midwest

Transwestern Arranges 107,800 SF Distribution Lease in Batavia, Illinois

by Christina Cannon March 24, 2016

BATAVIA, ILL. — Transwestern has arranged the lease of a 107,800-square-foot distribution center in Batavia, approximately 45 miles west of Chicago. PDS, a transportation and logistics provider, will consolidate its existing locations at the new headquarters facility, which will be located at the building at 1070 Swanson Drive. PDS expects to move into the building this May. Liberty Property Trust owns the property, which was built in 1999 and is located in the Batavia Industrial Center. The asset features 30-foot clear heights, 10 exterior docks, one drive-in door, 69 auto parking spaces and 17 trailer spaces. Michael Marconi of Transwestern represented the tenant in the transaction. Marconi, along with Joe Karmin of Transwestern, also represented the landlord.

March 24, 2016

Illinois Midwest

Harold E. Eisenberg Foundation Teams Up with City of Chicago to Host Annual Real Estate Challenge

by Christina Cannon March 24, 2016

CHICAGO — The Harold E. Eisenberg Foundation is working with alderman Toni Foulkes and the City of Chicago to host the sixth Annual Real Estate Challenge. Students from nine Midwest universities will compete for a $5,000 scholarship for their school’s real estate education program. The competition will take place at The Standard Club in Chicago on Saturday, April 9. Each year students are provided with a case site and the same information and assumptions about the property. This year’s competition will focus on a 7.4-acre site known as the Englewood Mall District. The city-owned land was formerly home to the Englewood Mall, bordered by 63rd and Halsted Streets. The case site encompasses the Englewood Square project that is being developed by DL3 Realty and the City of Chicago. The 5.5-acre project will include an 18,000-square-foot Whole Foods Market, 22,000 square feet of complementary retail and two outlot parcels. The development is scheduled for completion this fall. Each team plays the part of a separate development company responding to a Request for Proposal from the City of Chicago to form a joint venture and redevelop a dynamic project on the former Englewood Mall Site. The goal for the students is to design and …

March 24, 2016

Illinois Loans Midwest Multifamily

CBRE Arranges $125M Refinancing Loan for Downtown Chicago Apartment Tower

by Christina Cannon March 23, 2016

CHICAGO — CBRE has arranged a $125 million refinancing loan for The Tides at Lakeshore East, a 608-unit luxury apartment tower in downtown Chicago. CBRE procured the 10-year, interest-only financing at a fixed rate with a life company lender. A joint venture between AFL-CIO Building Investment Trust and Magellan Development Group was the borrower. The Class A high-rise contains a parking garage and 4,400 square feet of ground-floor retail space. Amenities at The Tides at Lakeshore East include a fitness center, game and billiards room, outdoor pool with sundeck, hot tubs, sauna and steam rooms, a business center, sky garden lounge, coffee bar, catering kitchen and Zip Cars and electric charging stations.

March 23, 2016

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