Illinois

Transwestern Arranges Eight Leases Totaling 88,990 SF in Chicago Office Tower

by Christina Cannon February 25, 2016

CHICAGO —Transwestern has arranged eight leases totaling 88,900 square feet at a 45-story office tower in Chicago’s West Loop. The new deals bring the 928,040-square-foot building, located at 200 W. Madison St., to 92 percent occupancy. The transactions include: Greensfelder, Hemker & Gale P.C., renewed and expanded its lease to 22,897 square feet Premier Business Centers leased 15,204 square feet Philadelphia Insurance Cos. leased 11,446 square feet VacayStay Connect LLC leased 6,500 square feet Beacon Hill Financial Corp. leased 5,262 square feet Transwerstern has managed the property since 2011 and is spearheading a $5 million renovation, which will include an updated lobby, 30-foot green wall, new lounge areas, a clubroom, updated elevators and an expanded fitness center with yoga room. Michael Lirtzman, Courtney Baratz, Jeff Dowdell and Katie Steele of Transwestern brokered the leases on behalf of the building owner, MEPT.

February 25, 2016

Illinois Industrial Midwest

Brown Commercial Group Arranges 20,139 SF of Industrial Leases in Metro Chicago

by Christina Cannon February 24, 2016

ELK GROVE VILLAGE, ILL. — Elk Grove Village-based Brown Commercial Group has arranged three industrial leases in metro Chicago totaling 20,139 square feet. In the first transaction, Jim Wagner Plumbing leased 9,000 square feet at 51 Eisenhower Lane South in Lombard. Mike Antonelli of Brown Commercial Group represented the tenant in its relocation. Joseph Gatto of Cushman & Wakefield represented the landlord, TA Realty Associates. In the second deal, Trinity Scurto of Brown Commercial Group represented Breda Moving Co., which leased 7,639 square feet to Almtan Midwest. Chuck Hauger of @properties Commercial represented the company in its expansion to 801 Dave Pate Drive in Roselle. Scurto also represented Kane Brandein in its lease of the last 3,500-square-foot space in a 21,000 square-foot building to VIP Limousine, which will occupy Unit F at 101 Kelly Road in Elk Grove Village. John Carbone represented the tenant.

February 24, 2016

Hospitality Illinois Midwest

Waramaug Hospitality, Sidra Real Estate Acquire 184-Room Marriott Hotel in Chicago Suburb

by Christina Cannon February 23, 2016

BURR RIDGE, ILL. — Waramaug Hospitality III LLC and Sidra Real Estate Inc. have acquired the Chicago Marriott Southwest at Burr Ridge for an undisclosed price. The 184-room, full-service hotel, located in Burr Ridge, approximately 20 miles southwest of Chicago, features over 10,000 square feet of meeting and event space that can accommodate up to 900 guests. Amenities include an indoor swimming pool, fitness center and business center. The hotel also includes Ciazza Restaurant & Bar. Waramaug is planning to renovate all public areas, guestrooms, meeting spaces and the restaurant. Interstate Hotels & Resorts will manage the property. The seller in the transaction was undisclosed.

February 23, 2016

Illinois Industrial Midwest

PREMIER Design + Build Completes Two Speculative Warehouses in Libertyville, Illinois

by Christina Cannon February 23, 2016

LIBERTYVILLE, ILL. — PREMIER Design + Build LLC has completed the construction of two speculative warehouses in Libertyville, approximately 40 miles northwest of Chicago. The facilities are situated on 21 acres at 804 E. Park Ave. Bridge Development Partners is the project developer. Building 1 at Bridge Point 94 is 185,670 square feet, and Building 2 is 220,542 square feet. Both Class A facilities feature 32-foot clear heights, 56 truck dock positions and ESFR sprinklers. The buildings share a parking lot with 536 spaces. Cornerstone Architects Ltd. provided architectural services, and Pearson, Brown & Associates Inc. was the civil engineering firm. John Hauser and Michael Fonda of Avison Young are overseeing the lease-up of the building.

February 23, 2016

Illinois Industrial Midwest

TRiSTAR Breaks Ground on 1.1 Million SF of Speculative Industrial Space Near St. Louis

by Christina Cannon February 22, 2016

EDWARDSVILLE, ILL. — TRiSTAR Properties has broken ground on two new industrial buildings within the Gateway Commerce Center in Edwardsville, approximately 25 miles northeast of St. Louis. The two speculative distribution facilities will total 1.1 million square feet. Gateway Commerce Center is a 2,300-acre logistics and bulk distribution park. PCCP LLC is partnering with TRiSTAR to fund the $49 million project. The first building, Gateway East 618, will be situated on 53 acres and span 618,450 square feet. The facility will feature 36-foot clear heights, 68 dock doors and two drive-in doors. Gateway East 513 will be a 513,760-square-foot building that sits on a 46-acre site. This facility will include 32-foot clear heights, 58 dock doors and two drive-in doors. Both buildings are expandable by over 1 million square feet. Ed Lampitt of Cushman & Wakefield is the leasing agent for the two buildings, which are both slated for completion in the latter half of this year. Contegra Construction is serving as the project’s general contractor. Gray Design Group is the architect of record, and Stock & Associates Consulting Engineers Inc. is providing civil engineer services.

February 22, 2016

Illinois Midwest Multifamily

Strategic Properties Acquires 396-Unit Multifamily Complex North of Chicago

by Christina Cannon February 22, 2016

GRAYSLAKE, ILL. — Strategic Properties of North America (SPNA) has acquired a 396-unit multifamily complex in Grayslake, approximately halfway between Chicago and Milwaukee, for an undisclosed price. SPNA plans to make $3 million worth of improvements to Grays Pointe Apartments. SPNA enacted Section 15 of the Condo Act, effectively allowing the company to dissolve the condominium association and apply the current apartment cap rate to the net operating income. The seller in the transaction was undisclosed.

February 22, 2016

Affordable Housing Illinois Loans Midwest Multifamily

National Cooperative Bank Provides $17.9M Loan for Renovations at Affordable Housing Cooperative in Chicago

by Christina Cannon February 19, 2016

CHICAGO — National Cooperative Bank (NCB) has provided a $17.9 million loan for capital improvements to Gill Park Cooperative, an affordable housing cooperative. The 260-unit limited equity housing cooperative has operated as a 100 percent Section 8 project. Planned improvements at the co-op include a new plumbing and HVAC system, a redesigned lobby and laundry facilities, as well as a number of exterior improvements. All interior units will also be renovated with new kitchens, floors and wall finishes. Larry Mathe of NCB arranged the financing, in collaboration with the co-op board of directors and managing agent.

February 19, 2016

Illinois Midwest Office

Transwestern Arranges 47,038 SF Lease in Chicago for Coyne College

by Christina Cannon February 18, 2016

CHICAGO — Transwestern has arranged a 47,038-square-foot lease for Coyne College in Chicago’s Loop. The college will occupy the entire fourth floor at One North State, a 680,000-square-foot office tower, starting this June. Coyne College, which provides career training in allied health and construction trades, will move to the new location from its current campus at 330 N. Green St. John Marquardt, Cece Conway, Phil Utigard and William Briggs of Transwestern represented Coyne College in the lease transaction. Michael Lirtzman, Jeff Dowdell and Katie Steele of Transwestern represented the building’s owner, FD Stonewater LLC.

February 18, 2016

Illinois Industrial Midwest

Paine Wetzel Brokers Sale of 106,892 SF Industrial Property in Glen Ellyn, Illinois

by Christina Cannon February 18, 2016

GLEN ELLYN, ILL. — Paine Wetzel TCN Worldwide has brokered the sale of a 106,892-square-foot industrial property in Glen Ellyn, approximately 28 miles west of Chicago. M&R Printing Equipment sold the asset, located at 1N372 Main St., to LifeStorage. The asking price for the property was $3.7 million, but the final purchase price was undisclosed. LifeStorage plans to convert the manufacturing building into self-storage units. Jeff Blake of Paine Wetzel TCN Worldwide represented the seller in the transaction. Sean Henrick of Cushman & Wakefield represented the buyer.

February 18, 2016

Healthcare Illinois Midwest Office

Ryan Cos. Acquires 11 Acres of Land in Chicago Suburb for Future Office Development

by Christina Cannon February 17, 2016

OAK BROOK, ILL. — Ryan Cos. has acquired 11 acres of land in Oak Brook, approximately 20 miles west of Chicago, for a future office and medical campus development. Ryan Cos. acquired the land from Convergent Capital Partners for an undisclosed price. The cost of the development — including the medical and office buildings, various amenities and structured parking — is estimated at $70 million. Ryan Cos. will build and own the project and will also provide real estate management services. Wright Heerema Architects will provide the architectural services. The site currently contains an industrial building with surrounding parking lots that will be razed this summer when construction is set to begin.

February 17, 2016

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