Illinois

Avison Young Negotiates 150,192 SF Industrial Lease in Illinois

by Christina Cannon March 10, 2016

ZION, ILL. — Avison Young has arranged a 150,192-square-foot industrial lease expansion and renewal in Zion, approximately 50 miles north of Chicago. Focus Foodservice now occupies the entire building, which is located at 451 Trumpet Drive. The distribution facility features 30-foot clear heights, 150 parking spaces and two grade-level dock doors. The building is situated within the Trumpet Corporate Park, an 8.1-acre complex developed by Panattoni Development Co. in 2008. Keith Puritz, Eric Fischer and Brett Kroner of Avison Young represented the tenant in the transaction. Chris Volkert and Matthew Stauber of Colliers International represented the landlords, Prudential Insurance Co. and Panattoni Development Co.

March 10, 2016

Illinois Midwest Retail

CBRE Brokers $14.8M Sale of Two Retail Properties in Chicago Suburbs

by Christina Cannon March 9, 2016

HUNTLEY AND HAZEL CREST, ILL. — CBRE has brokered the $14.8 million sale of two retail properties located in the suburbs of Chicago. In the first deal, Interstate Partners sold a 43,361-square-foot shopping center known as Regency Square to Hamilton Partners for $10.8 million. The center was 97 percent leased at the time of sale and is located at 12200-12300 Princeton Drive in Huntley. Aldi anchors the shopping center, and other tenants include Athletico, Jimmy John’s, Little Caesar’s and SportClips. In the second transaction, Baceline Investments acquired The Commons of Hazel Crest for $4 million from an undisclosed seller. The 51,222-square-foot strip center is located at 18220-18244 Kedzie Ave. in Hazel Crest. Dollar Tree anchors the retail property, which was 76 percent occupied at the time of sale. Other tenants at The Commons of Hazel Crest include CSL Plasma, Allstate Insurance and H&R Block. Derrick Almassy and Rich Frolik of CBRE represented the seller in both transactions.

March 9, 2016

Illinois Midwest Retail

Woodman’s Food Market Agrees to Acquire 74 Acres for Future Development

by Christina Cannon March 9, 2016

LAKEMOOR, ILL. — Woodman’s Food Market Inc. has agreed to acquire a 74-acre parcel of land from Inland for an undisclosed price. Woodman’s Food Market, an employee-owned and-operated grocery company, plans to develop a 240,000-square-foot grocery store on the site located in Lakemoor, approximately 50 miles northwest of Chicago. Woodman’s Food Market also has plans to build a fuel center and automotive station. The deal is expected to close this summer and is slated for completion in late 2017.

March 9, 2016

Illinois Midwest Retail

Boulder Group Arranges $1.3M Sale of Building Net Leased to PNC Bank

by Christina Cannon March 9, 2016

WASHINGTON, ILL. — The Boulder Group has arranged the $1.3 million sale of a building net leased to PNC Bank. The facility, located at 1996 Freedom Parkway in Washington just east of Peoria, is an outparcel to a Walmart Supercenter. The seller was a West Coast-based private investor, and the buyer was a Midwest-based 1031 exchange investor. PNC Bank’s lease expires in December 2028 and features 14 percent rental escalations every five years.

March 9, 2016

Illinois Midwest Office Top Stories

Hilco, Executives of MB Real Estate Acquire Historic Office Tower in Chicago

by Katie Sloan March 9, 2016

CHICAGO — Hilco Real Estate LLC, in a joint venture with Peter Westmeyer and Kevin Purcell, both of whom are senior executives with MB Real Estate Services Inc. (MBRE), has acquired One North LaSalle, a historic office building located in Chicago’s Central Loop. No terms of the transaction were disclosed. Built in 1929, the 500,000-square-foot office building is situated on the northeast corner of LaSalle and Madison streets, and offers easy access to public transportation and highways, as well as a variety of hotels, restaurants and retail. The most recent building renovation included restoration of the Art Deco detailing and installing new elevators, HVAC, electrical and plumbing systems. The 47-story property is set to undergo an extensive redevelopment under its new ownership, which will include high-end tenant amenities, the addition of spec suites and remodeling the building’s interior. Once complete, the property will feature a renovated lobby, tenant corridors and restrooms, and first-class tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center and bike room. A multi-million dollar capital budget is being put forth by the new ownership group, and MBRE has been contracted to provide ongoing management, leasing and construction oversight for the property. MBRE’s Mark …

March 9, 2016

Illinois Loans Midwest Multifamily

NorthMarq Capital Arranges $42.2M Refinancing Loan for Apartment Community in Chicago Suburb

by Christina Cannon March 8, 2016

MOUNT PROSPECT, ILL. — NorthMarq Capital has arranged a $42.2 million refinancing loan for a multifamily property in Mount Prospect, approximately 24 miles northwest of Chicago. The Residences at 1550 is a 509-unit apartment complex that includes amenities such as a fitness center, laundry facility, swimming pools, pet waste stations, copy and fax service and access to public transportation. Unit amenities include kitchen appliances, walk-in closets, faux granite countertops and private balconies or patios. NorthMarq arranged the adjustable rate loan through Freddie Mac. The financing features a seven-year term with two years of interest-only payments and a 30-year amortization schedule.

March 8, 2016

Illinois Industrial Midwest Office

Transwestern Brokers $2.7M Sale of Flex Building in Chicago Suburb

by Christina Cannon March 8, 2016

BUFFALO GROVE, ILL. — Transwestern has brokered the $2.7 million sale of a flex building in Buffalo Grove, a northwest Chicago suburb. A private investor bought the fully leased 24,620-square-foot building from FSGB LLC. The recently renovated building, located at 350-370 Lexington Drive, houses eight companies that occupy between 2,000 and 6,000 square feet. All tenants have at least two years remaining on their leases. Adam Schneiderman represented the undisclosed buyer in the transaction. Schwab Realty & Development represented the seller.

March 8, 2016

Illinois Midwest Office

Summit Design + Build Completes 24,000 SF Build-Out at Chicago Office Building

by Christina Cannon March 8, 2016

CHICAGO — Summit Design + Build LLC has completed an office space build out for The Nerdery, a custom software design and development company. The Nerdery renovated two floors of its seven-story building. The 84,000-square-foot facility is located at 1033 W. Van Buren St. in Chicago’s West Loop. The 24,000-square-foot build out included the addition of natural light, an open concept kitchen and a dining room with built-in bleachers for events. The space also features meeting space that includes over 25 conference rooms, huddle rooms and other informal areas.

March 8, 2016

Illinois Midwest Multifamily

Origin Investments, Randolph Street Realty Capital Sell 73-Unit Apartment Property for $35M

by Christina Cannon March 7, 2016

CHICAGO — Origin Investments and Randolph Street Realty Capital have sold a 73-unit apartment building in Chicago’s West Loop for approximately $35 million. Lux24, located at 24 S. Morgan St., was formerly known as Pure Condominiums. The duo acquired the failed condominium project in 2013, and at the time only 38 of the condos were completed and only four had been sold. Lux24 now features amenities such as a fitness center, clubroom, outdoor terraces with fire pits, on-site dry cleaning and shoe repair services, a secure package room and bike storage. Unit amenities include stainless steel appliances, in-unit washers and dryers, granite countertops and floor-to-ceiling windows. Danny Spitz of Baum Realty represented the buyer, a private investor, in the transaction.

March 7, 2016

Illinois Midwest Multifamily Student Housing

Harrison Street Completes $1.9 Billion Acquisition of Campus Crest Communities

by Christina Cannon March 4, 2016

CHICAGO — Chicago-based Harrison Street Real Estate Capital LLC has completed its $1.9 billion acquisition of Campus Crest Communities, the investment management firm announced earlier this week. Shareholders of Campus Crest Communities approved the merger with Harrison Street on Jan. 26, 2016, with 99.3 percent of shareholders voting in favor of the merger. To date, Harrison Street has acquired or developed over 107,000 student housing beds at more than 85 universities across the country. As of the close of the transaction, Harrison Street’s total student housing portfolio now includes over 76,000 beds. Campus Crest’s current portfolio of student housing properties encompasses over 38,000 beds across the country. Harrison Street has retained Asset Campus Housing as the new third-party property manager for the portfolio. In connection with the closing of the transaction, Campus Crest’s stock (NYSE: CCG) has ceased to be publicly traded. Raymond James and Associates Inc. acted as financial advisor, and DLA Piper LLP acted as legal advisor to Harrison Street. Moelis & Co. LLC acted as financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to Campus Crest.

March 4, 2016

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