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 …
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.
NORTHBROOK, ILL. — Avison Young has brokered the sale of a 117,000-square-foot industrial property in Northbrook, approximately 25 miles northwest of Chicago, for an undisclosed price. Molto Properties sold the asset to Atlas Fibre Co. The property, situated on 4.7 acres, is located within the Sky Harbor Industrial Park. The asset features 20-foot clear heights, new mechanical systems, six interior docks, two drive-in doors and 168 parking spaces. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the seller in the transaction.
BUFFALO, N.Y. AND CLEVELAND — Shareholders of First Niagara Financial Group (NASDAQ: FNFG) and KeyCorp (NYSE: KEY) have overwhelmingly approved the proposed merger between the two financial giants. The votes were held today at special meetings in each of the companies’ headquarters — Buffalo for First Niagara and Cleveland for KeyCorp. Over 90 percent of shareholders who voted approved of the merger. Shareholders who did not participate counted as “no” votes, but even with those accounted for, approximately 75 percent voted in favor of the merger, according to The Buffalo News. The deal totals $3.5 billion and is structured as KeyCorp acquiring First Niagara, The News reported. “I would like to thank our shareholders for their support and their vote of confidence,” says Beth Mooney, chairman and CEO of KeyCorp. “KeyBank and First Niagara are indeed better together — a powerful combination that will bring a new level of capabilities and expertise to our clients, new opportunities for our employees, and even greater investment in our communities.” KeyCorp and First Niagara entered into a merger agreement on Oct. 30, 2015. The merger is still subject to regulatory approvals. Closing is expected during the third quarter of this year. KeyCorp is …
ELGIN, ILL. — Kinzie Real Estate Group will construct a new luxury rental community in Elgin, approximately 40 miles northwest of Chicago. Kinzie, which will serve as the general contractor for Watermark at the Grove, is expected to break ground on the project in April. Watermark at the Grove will be situated on 11 acres and will include 258 units within five three-story buildings. Floor plans will include studios, one- and two-bedroom units. Amenities will feature a clubhouse, event space, a fitness facility, theater room, outdoor pool, dog park, walking trails and secure auto and bike parking. Interstate Partners LLC is the project developer.
HAZEL CREST, ILL. — Baceline Investments LLC has acquired The Commons at Hazel Crest shopping center for $4 million. The Commons at Hazel Crest is located at 18220-18244 Kedzie Ave. in Hazel Crest, approximately 30 miles southwest of Chicago. Dollar Tree and CSL Plasma anchor the 51,222-square-foot shopping center. The property was built in 1972. The seller in the transaction was undisclosed.
CHICAGO — Target is set to open a 21,000-square-foot location at Vue53, a mixed-use development located in Chicago. Peak Campus and Avison Young are currently developing the project, which is located just north of Nichols Park within a few blocks of the University of Chicago campus. The complex will offer 267 apartment units, approximately 28,000 square feet of ground-floor retail and 230 parking spaces. The residential component, set to open in September, will offer studio, one- and two-bedroom units with washers and dryers. Community amenities will include a multi-purpose clubhouse with Wi-Fi, a 24-hour desk attendant, fitness center and business center, study and conference lounges, an outdoor terrace and a rooftop sundeck. The Target store is projected to open by early spring 2017.
CHICAGO — Marcus & Millichap has arranged the sale of a 49-unit apartment property in Chicago for $2.9 million. A private investor purchased the asset from a group of tenant-in-common owners. The property is located at 2231 E. 67th St. in the South Shore neighborhood. The seven-story building was constructed in 1928 and consists of 24 three-bedroom/three-bathroom units, 24 four-bedroom/three-bathroom units and one six-bedroom/six-bathroom penthouse that is two stories.
LINCOLNWOOD AND CHICAGO, ILL. — Baum Realty Group LLC has brokered the sale of three Chicagoland properties for $49.5 million. In the first deal, Baum Realty represented an undisclosed seller in the disposition of a 45,000-square-foot retail center anchored by CVS. The property is located at 7175 N. Lincoln Ave. in Lincolnwood and sold for $9.8 million. In the second transaction, Baum Realty represented the buyer of a 90,000-square-foot mixed-use property in Chicago. Located at 3115 N. Broadway, the facility consists of ground-floor retail and a four-level parking garage. The buyer plans to convert the property, acquired for $5.7 million, for multifamily use. Lux24 is a 73-unit apartment tower in Chicago’s West Loop that sold for $34 million. Baum Realty brokered the off-market transaction of the 66,000-square-foot property. Danny Spitz and Greg Dietz of Baum Realty brokered all three transactions.
CHICAGO — Marcus & Millichap has arranged the sale of a four-unit apartment property in Chicago for $1 million. A local partnership purchased the asset, located at 2014 W. Cortez St. in the Ukrainian Village historic district, from another undisclosed partnership. The property consists of a two-bedroom/two-bathroom duplex unit, a top floor three-bedroom/two-bathroom unit and two separate two-bedroom/one-bathroom units. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.