Illinois

Luxury Living Chicago Realty Opens Phase II of Madison Throop Place in Chicago

by Christina Cannon April 26, 2016

CHICAGO — Luxury Living Chicago Realty has opened Phase II of Madison Throop Place, a 72-unit luxury apartment building in Chicago’s West Loop neighborhood. The four-story building, located at 1247-1249 W. Madison St., includes one-, two- and three-bedroom units. Units at Madison Throop Place range from 820 square feet to 1,290 square feet with monthly rents varying from $2,350 to $3,900. Residents can move into Phase II apartments starting in June. All units at the apartment building include bamboo hardwood floors, 10-foot ceilings, crown molding, stainless steel appliances, custom-designed closets, in-unit washers and dryers and a space in the building’s heated parking garage. Michigan Avenue Real Estate Group is the project developer, and Luxury Living Chicago Realty is providing leasing and brokerage services.

April 26, 2016

Illinois Loans Midwest Missouri Multifamily

Love Funding Arranges $7.4M in Financing for Three Apartment Communities

by Christina Cannon April 25, 2016

ST. LOUIS, MO., BELLEVILLE, AND O’FALLON ILL. — Love Funding has arranged two loans totaling $7.4 million to refinance three apartment properties in Missouri and Illinois. In the first transaction, Kevin Kloster refinanced Mississippi Lofts, a 36-unit community in St. Louis. The apartment building is a fully rehabilitated former shoe factory. The second loan was used to refinance Bradford Place, a 68-unit garden-style complex in Belleville and Ansley Oaks a 69-unit garden-style community in O’Fallon. Fedcar LLP was the borrower. Harry Cheatham and Brian Robertson of Love Funding arranged the financing through HUD’s 223(f) program.

April 25, 2016

Healthcare Illinois Midwest

Lenox Hill Construction Breaks Ground on Medical Office Building in Chicago

by Christina Cannon April 25, 2016

CHICAGO — Lenox Hill Construction has broken ground on a six-story medical office building located at 710 N. Dearborn St. in the River North neighborhood of Chicago. The office will serve as an expansion for the Illinois Orthopedic Network and Wiesman Cosmetic Surgery & Wellness Institute. The building will be used primarily for administrative functions, but will also contain clinical space. Ron Kwaske designed the building, which will only be 20 feet wide. Construction of the building is scheduled to be completed by the end of the year.

April 25, 2016

Illinois Midwest Retail

Sears Holdings to Close 78 Kmart, Sears Stores This Summer

by Christina Cannon April 22, 2016

HOFFMAN ESTATES, ILL. — Sears Holdings will close 68 Kmart and 10 Sears stores this summer, 23 of which are located in the Midwest. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. A complete list of store closures can been found here.

April 22, 2016

Illinois Loans Midwest Multifamily

American Street Capital Arranges $5.5M Refinancing Loan for 18-Unit Apartment Building in Chicago

by Christina Cannon April 22, 2016

CHICAGO — American Street Capital has arranged a $5.5 million cash-out refinancing loan for an 18-unit multifamily property in Chicago. Amenities at the property include a heated indoor parking garage, elevator, fitness center, party room and rooftop deck. The building is comprised of nine three-bedroom/2.5-bathroom units and nine two-bedroom/two-bathroom units. The non-recourse loan features a five-year adjustable-rate mortgage, a 20-year term and 30-year amortization schedule. The loan was funded through the Freddie Mac Small Balance Program. Igor Zhizhin of American Street Capital originated the loan.

April 22, 2016

Illinois Loans Midwest Office

HFF Arranges $99.5M Loan for 573,276 SF Office Building in Chicago

by Christina Cannon April 21, 2016

CHICAGO — HFF has arranged a $99.5 million loan for a 573,276-square-foot office building in Chicago. Borrowers Blue Star Properties and the Wolcott Group LLC will use the loan proceeds to payoff existing financing and complete building renovations. The building, located at 125 S. Clark St., was constructed in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago. The property is currently undergoing a renovation and rebranding as The National. The 20-story, steel and concrete building will feature loft office space, an outdoor terrace, an artisanal marketplace and lounge, record shop and fitness center. HFF arranged the floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. Christopher Carroll, Michael Kavanau and Christopher Knight of HFF represented the borrower.

April 21, 2016

Illinois Industrial Midwest

Morgan/Harbour Construction to Build 257,344 SF Distribution Facility in Chicago Suburb

by Christina Cannon April 20, 2016

ELGIN, ILL. — Morgan/Harbour Construction will build a 257,344-square-foot distribution facility in Elgin, approximately 40 miles northwest of Chicago. The speculative development will be located on a 16.8-acre site at 2650 Automall Drive. Morgan/Harbour is expected to break ground on the project this May and complete the facility by the end of the year. Features will include 32-foot clear heights, an ESFR sprinkler system, 24 exterior docks, four drive-in doors and parking. Zilber Property Group is the developer, and Cornerstone Architects Ltd. will provide the architectural services. Pinnacle Engineering Group LLC will provide civil design services.

April 20, 2016

Illinois Midwest Retail

Banana Republic Preleases 6,078 SF at Building in Chicago’s Lincoln Park

by Christina Cannon April 19, 2016

CHICAGO — Banana Republic has signed a 6,078-square-foot lease to occupy a two-story retail building under construction in the Lincoln Park neighborhood of Chicago. Centrum Partners is the developer of the project, located at 2720 N. Clark St., which is slated for completion in October. The 22,000-square-foot building will replace The Edge Bar and Grill. Alt School has preleased 13,199 square feet of space and will occupy the entire second floor. Meredith Oliver and Brendan Reedy of Cushman & Wakefield represented Banana Republic in the lease transaction.

April 19, 2016

Illinois Midwest Retail

Blue to Open Second Store at Plaza at Grand Prairie in Peoria, Illinois

by Christina Cannon April 19, 2016

PEORIA, ILL. — Locally owned boutique Blue has preleased 1,600 square feet of retail space at Plaza at Grand Prairie. Cullinan Properties is developing the 7,200-square-foot shopping center that is located at the intersection of War Memorial Drive and American Prairie Road in Peoria. Blue, along with retailers Massage Envy and Great Clips, will open this summer. This location will be Blue’s second store. Plaza at Grand Prairie is part of Grand Prairie Developments, a 200-acre mixed-use project. Components of Grand Prairie Developments include Plaza at Grand Prairie, Shoppes at Grand Prairie, Plaza West, Prairie Place, Shoppes West, Apartments at Grand Prairie and a Carmike Cinemas. Plaza at Grand Prairie is co-anchored by Hy-Vee and Gordmans. Other tenants include Longhorn Steakhouse, Famous Dave’s BBQ, Steak ‘n Shake and Starbucks.

April 19, 2016

Illinois Midwest Retail

Mid-America Brokers $19.9M Sale of 103,836 SF Shopping Center in Chicago Suburb

by Christina Cannon April 18, 2016

OAK BROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 103,836-square-foot retail property in Oak Brook, approximately 20 miles west of Chicago, for $19.9 million. Oak Brook Court is located at the intersection of Kingery Highway and 16th Street. Binny’s Beverage Depot, Office Max and The Great Escape anchor the shopping center. Rick Drogosz and Ben Wineman of Mid-America were the sole brokers in the transaction and represented the seller, an institutional advisor.

April 18, 2016

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