Illinois

M&R Joint Venture to Develop 297-Unit Luxury Apartment Complex in Itasca, Illinois

by Christina Cannon March 31, 2016

ITASCA, ILL. — M&R Development has entered into a joint venture with Hamilton Partners and Murphy O’Brien to develop a 297-unit luxury rental community in Itasca, approximately 28 miles northwest of Chicago. The Residences at Hamilton Lakes will be situated adjacent to the Hamilton Lakes Business Park. The project will offer a mix of studio, one- and two-bedroom apartments. The Residences at Hamilton Lakes will consist of three four-story buildings on 10.7 acres. The joint venture will break ground on the project this spring and complete the development in the fall of 2017. Amenities at the complex will include a clubhouse, outdoor pool, steam and sauna room, media room, fitness facility, business center and event space.

March 31, 2016

Illinois Industrial Midwest

CenterPoint Properties to Develop 250,575 SF Industrial Expansion for DS Containers in West Chicago

by Christina Cannon March 31, 2016

WEST CHICAGO, ILL. — CenterPoint Properties will develop a 250,575-sqaure-foot expansion for DS Containers Inc. at the DuPage Business Center in West Chicago. The expansion will bring the building to 550,853 square feet. The build-to-suit project will increase the building office space to 25,183 square feet and create 22 exterior dock doors and 139 car parking spaces across 25 acres. The new space will house DS Containers’ manufacturing operations. Rich Brolly and Gerard Keating represented DS Containers in the transaction, and Dominic Carbonari and Frank Griffin of JLL represented CenterPoint.

March 31, 2016

Illinois Industrial Midwest

Opus, AEW Capital Management Break Ground on 452,000 SF Industrial Facility in Illinois

by Christina Cannon March 30, 2016

NORTH AURORA, ILL. — The Opus Group and AEW Capital Management have broken ground on a 452,000-square-foot speculative industrial warehouse in North Aurora, approximately 40 miles west of Chicago. The facility will be situated on 25 acres at 1100 Orchard Gateway Blvd. The property features 36-foot clear heights, 48 docks, four drive-in doors, 79 trailer parking spaces and 263 car parking spaces. The facility can accommodate up to two tenants with distribution and light manufacturing needs that are looking to occupy 200,000 square feet of space or more. Completion of the project is slated for July 2016. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer of record. Brendan Kelly and Todd Heine of Avison Young will market the property for lease.

March 30, 2016

Healthcare Illinois Midwest

MedProperties Acquires 28,334 SF Surgery Center in Southwest Chicago Suburb

by Christina Cannon March 30, 2016

MOKENA, ILL. — MedProperties Holdings LLC has acquired a 28,334-square-foot surgery center in Mokena, approximately 40 miles southwest of Chicago, for an undisclosed price. The Center for Minimally Invasive Surgery (CMIS) is situated on 3.5 acres at 19110 Darvin Drive. Surgical Care Affiliates Inc. was the seller. The facility consists of a 14,000-square-foot surgery center with four operating rooms, a 5,350-square-foot recovery center with five overnight stay rooms and medical office space. The building was constructed in 2002 and the recovery center and office space was added in 2008. Erik Tellefson of Capital One, arranged debt financing for the acquisition.

March 30, 2016

Illinois Midwest Mixed-Use

M&R Development, Bucksbaum Retail Properties to Develop 148-Unit Luxury Apartment Building in Chicago

by Christina Cannon March 29, 2016

CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has acquired a 2.3-acre site in Chicago’s Lakeview neighborhood for the future development of an apartment building. Addison & Clark, slated for completion in 2018, will contain 148 luxury units and 150,000 square feet of retail space across from Wrigley Field. Demolition of existing structures will take place over the next two months. The retail component, which will be located on the first three floors, will contain a multi-screen theater, health and fitness club and several dining options. The units at Addison & Clark will consist of studio, one- and two-bedroom apartments. The transit-oriented building will be located a block west of the Chicago Transit Authority’s Red Line and will also feature a 405-space parking garage. Solomon Cordwell Buenz will design the LEED-certified building, and Power Construction will serve as the general contractor.

March 29, 2016

Illinois Industrial Midwest

Opus to Build 112,000 SF Speculative Warehouse in Metro Chicago

by Christina Cannon March 29, 2016

BOLINGBROOK, ILL. — The Opus Group has unveiled plans for a 112,000-square-foot speculative warehouse and office building in Bolingbrook, approximately 30 miles southwest of Chicago. The project, known as 1325 Remington, will be located on nine acres within the Carlow Corporate Center along the I-55 corridor. The building will feature 28-foot clear heights, ESFR sprinklers, three drive-in doors, 11 loading docks and parking for 242 cars. The development will be able to accommodate single or multi-tenant occupancy and is slated for completion this October. Opus Development Co. will be the developer, Opus Design Build will be the design-builder and Opus AE Group will be the architect and structural engineer of record. Dominic Derose and Vern Schultz of Colliers International will market the property for lease.

March 29, 2016

Illinois Industrial Midwest

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

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