Illinois

Duke Realty to Develop 80,000 SF Medical Office Building in Illinois

by Christina Cannon March 1, 2016

VILLAGE OF HUNTLEY, ILL. — Duke Realty will develop an 80,000-square-foot medical office building in the Village of Huntley, approximately 50 miles northwest of Chicago. The four-story building will be located on the Centegra Health campus. The facility is slated for completion in February 2017 and will connect to the 360,000-square-foot Centegra Hospital-Huntley, which has a completion date of August 2016. The medical office building will also connect to an existing 56,000-square-foot ambulatory care center. Tenants that have already signed leases at the building include Rosalind Franklin University of Medicine and Science, which will occupy 30,000 square feet and Northern Illinois Medical Center, which will occupy 20,000 square feet. Chicago-based Power Construction is the general contractor for the project, and Kahler Slater is the architect. St. Charles, Ill.-based O’Donnell Commercial Real Estate is managing leasing for the facility.

March 1, 2016

Illinois Midwest Office

Alex Brown Realty, Ameritus Acquire 150,815 SF Office Property in Chicago

by Christina Cannon March 1, 2016

CHICAGO — A joint venture organized by Alex Brown Realty Inc. and Ameritus LLC has acquired a 150,815-square-foot office building in the medical district of Chicago for an undisclosed price. The Hasting Center was constructed in 1942 and is currently 90 percent occupied. The building is the office component of a larger industrial facility. The four-story building features loft office elements such as 15-foot ceilings, exposed ductwork, open floor plates and 10-foot windows. The joint venture plans to renovate the entrance, lobby and parking ratio.

March 1, 2016

Illinois Midwest Restaurant Retail

Urban Innovation to Construct 11,000 SF Brewery in Chicago Suburb

by Christina Cannon March 1, 2016

GLENVIEW, ILL. — Urban Innovations will construct a new brewery and taproom for Ten Ninety Beer Co. in Glenview, approximately 19 miles northwest of Chicago. The 11,000-square-foot building, located at 1025 Waukegan Road, will consist of an 89-seat taproom, patio and production space for 5,000 barrels. Glenview-based Lindsay Associates Architects will provide design services.

March 1, 2016

Illinois Industrial Midwest

Ridge Development Unveils Plans for 271,200 SF Industrial Facility in Bartlett, Illinois

by Christina Cannon February 29, 2016

BARTLETT, ILL. — Ridge Development, the industrial development arm of Transwestern Development Co., has unveiled plans to develop a 271,200-square-foot speculative warehouse building in the Brewster Creek Business Park in Bartlett, approximately 35 miles northwest of Chicago. The 14-acre project, called Ridge Brewster Creek, will be owned by a joint venture between Ridge Development and Diamond Realty Investments Inc., the real estate investment arm of Mitsubishi Corp. Groundbreaking for the building is scheduled for March 2016 with delivery expected in September 2016. Located at 1331 – 1337 Schiferl Road, Ridge Brewster Creek will feature 32-foot clear heights, 36 exterior docks, four drive-in doors and ample automobile parking. Brewster Creek Business Park, a mixed-use business park on 670 acres, is located at the intersection of County Road 29 and Munger Road. Triumph Construction Services Corp. will serve as the project’s general contractor, and Harris Architects Inc. will provide architectural services. Eriksson Engineering Associate Ltd. will provide civil engineering services.

February 29, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $3.5M Sale of 52-Unit Apartment Building in Chicago

by Christina Cannon February 29, 2016

CHICAGO — Interra Realty has brokered the $3.5 million sale of a 52-unit multifamily property in Chicago’s South Shore neighborhood. The apartment building, located at 7255-71 South Shore Drive, sold for more than 94 percent of list price with a per-unit cost of $68,269. A local investor purchased the asset from an undisclosed buyer. Dan Byrne of Interra Realty represented both parties in the transaction.

February 29, 2016

Illinois Industrial Midwest

Darwin Realty Arranges 291,520 SF of Industrial Leases in Elgin, Illinois

by Christina Cannon February 29, 2016

ELGIN, ILL. — Darwin Realty has arranged two leases totaling 291,520 square feet within the DCT Business Center in Elgin, approximately 40 miles northwest of Chicago. An international manufacturing company leased 150,550 square feet at 305-325 Corporate Drive and 140,970 square feet at 350-370 River Ridge Road. Noel Liston and Brendan Sheahan of Darwin Realty represented the landlord, DCT, in the long-term lease transactions. Mike Fonda of Avison Young and Jimmy Cohoat of Summit Realty Group represented the tenant.

February 29, 2016

Hospitality Illinois Midwest

Banyan Investment Group, Compass Real Estate Acquire 120-Room Hilton Garden Inn in St. Charles, Illinois

by Christina Cannon February 26, 2016

ST. CHARLES, ILL. — A partnership between Banyan Investment Group and Compass Real Estate has acquired the Hilton Garden Inn in St. Charles, approximately 45 miles west of Chicago, for an undisclosed price. Oakwood Properties Inc. was the seller. The hotel opened in 2000 and includes 120 rooms and 4,400 square feet of meeting space. The facility also includes an indoor pool, fitness center and bistro-style restaurant. Attached to the hotel is an independently owned 18,000-square-foot conference and training center. The property will undergo a $2 million renovation of the guestrooms and public areas that is expected to be complete by March 2017.

February 26, 2016

Illinois Midwest Multifamily Seniors Housing

Anthem Opens $13M Memory Care Community near Chicago

by Christina Cannon February 26, 2016

BURR RIDGE, Ill. — Anthem Memory Care has opened Harvester Place, a 66-unit memory care community in the Chicago suburb of Burr Ridge. Development costs were $13 million. Harvester Place is Oregon-based operator Anthem’s sixth memory care community, with three more under development in Colorado, California and Illinois. Harvester Place is designed in a figure-eight pattern to create a natural flow that lessens confusion among memory-impaired residents.

February 26, 2016

Illinois Industrial Midwest

Principle Construction to Build 375,000 SF Industrial Building in Aurora, Illinois

by Christina Cannon February 25, 2016

AURORA, ILL. — Principle Construction Corp. will construct a new 375,000-square-foot speculative industrial building in Aurora, approximately 40 miles west of Chicago. Seefried Industrial Properties is the project developer. The building, which will be located at 1600 Sequoia Drive, will be situated within the Prime Aurora Industrial Park. The new facility is being built on 19 acres and can cater to a single user or multiple tenants. Features will include 32-foot clear heights, 2400 amps and 480 volts of power, ESFR sprinklers, two drive-in doors, 36 dock positions and parking for 312 cars. Harris Architects will design the building, and Colliers International will market the property for sale or lease.

February 25, 2016

Illinois Loans Midwest Multifamily

Aries Capital Arranges $9.3M Loan for Multifamily Property in Chicago

by Christina Cannon February 25, 2016

CHICAGO — Aries Capital has arranged a $9.3 million permanent loan for a 23-unit apartment building in Chicago. Douglas Crocker II and partners was the borrower The newly constructed six-story building is located at 858 N. Franklin St. The apartment building consists of one-, two- and three-bedroom units and features a fitness center. The 10-year, fixed-rate, non-recourse loan with 30-year amortization was secured at 100 percent of the total cost basis. Eric Jones of Aries Capital arranged the financing. PNC provided the Fannie Mae loan.

February 25, 2016

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