Illinois

CBRE Arranges 110,000 SF Lease at Office Tower Under Construction in Chicago

by Christina Cannon December 17, 2015

CHICAGO — Acting on behalf of Riverside Investment & Development Co., CBRE has signed Navigant Consulting Inc. to an 110,000-square-foot lease at a 53-story office tower under construction in Chicago. Navigant will move its global headquarters to the new building to be located at 150 N. Riverside Plaza. As a result of the four-story lease to Navigant Consulting, the office tower is now 75 percent pre-leased. The Class A building, which will span 1.2 million square feet, is slated for completion in January 2017. William Blair & Co. LLC and Hyatt Corp. will also be moving their global headquarters to the building. Goettsch Partners is the building designer and Magnusson Klemencic Associates is serving as the structural engineer. Drew Neiman of CBRE represented Riverside Investment & Development Co. in the transaction.

December 17, 2015

Illinois Midwest Mixed-Use

Baum Realty Brokers Purchase of $7.7M Mixed-Use Property in Chicago

by Christina Cannon December 16, 2015

CHICAGO — Baum Realty Group LLC has brokered the purchase of a loft building in Chicago for $7.7 million. CLK Properties, a New York-based developer, purchased the 31,050-square-foot building from an undisclosed seller. The property, located at 112 N. May St., is three stories and includes 28 surface parking spaces. The first floor consists of retail space and the second and third floors could be used for office or residential space. The building was 100 percent vacant at the time of sale. Danny Spitz and Greg Dietz of Baum Realty represented the buyer in the transaction.

December 16, 2015

Illinois Midwest Office

CBRE Arranges 265,000 SF Lease Extension for Law Firm Mayer Brown in Chicago

by Christina Cannon December 16, 2015

CHICAGO — CBRE has arranged a 265,000-square-feet lease extension for law firm Mayer Brown LLP at 71 S. Wacker Drive, a 48-story office building in Chicago. Mayer Brown has leased space at the office tower since it opened in 2005. The 1.5-million-square-foot building is 98 percent leased. Tenants at the building include Citizens Bank, Piper Jaffray, Legal & General, Towers Watson and Milliman. The office tower also features a restaurant, retail bank, cafeterias with catering service, a fitness center, conference center and public gardens. Henry Cobb of Pei Cobb Freed & Partners designed the building. Todd Lippman, James Whalen and Pete Delneky of CBRE represented Mayer Brown in the transaction. Brad Despot and Jon Copeland of Avison Young represented the landlord, Irvine Company Office Properties.

December 16, 2015

Illinois Midwest Multifamily Student Housing

Bluffstone II Breaks Ground on 72-Unit Student Housing Project in Springfield, Illinois

by Christina Cannon December 15, 2015

SPRINGFIELD, ILL. — Developer Bluffstone II LLC has broken ground on The Villas Downtown Springfield, a mixed-use student housing development containing 72 units and 92 beds near the University of Illinois Springfield. Living quarters at The Villas will include studio suites, one-bedroom/one-bathroom suites and two-bedroom/two-bathroom suites. Each suite will be fully furnished with full-size beds, living room furnishings and more. Kitchens will feature full-size Energy Star appliances. The Villas development will be a four-story building and will include more than 6,000 square feet of commercial and retail space. The common indoor area of The Villas will consist of the manager’s office, mailboxes, social room and recreation center, study rooms and laundry facilities. Catalyst Construction Inc. is building the development, which has a projected total cost of $8.9 million.

December 15, 2015

Illinois Midwest Office

CBRE Arranges 40,258 SF Office Lease for Harrison Street at 52-Story Tower Under Construction in Chicago

by Christina Cannon December 15, 2015

CHICAGO — CBRE has arranged a 40,254-square-feet office lease for Harrison Street Real Estate Capital LLC, which will occupy a 52-story tower currently under construction in Chicago. Harrison Street will relocate its headquarters from 71 S. Wacker Drive to River Point, located at 444 W. Lake St. The developer, Ivanhoe Cambridge & Hines, will deliver the building in 2016. Harrison Street will nearly double its current footprint when it begins occupying the space in the first quarter of 2017. Cal Wessman and Mark Cassata of CBRE represented the tenant in the transaction. Greg Van Schaack and Laura Hines of Hines represented Ivanhoe Cambridge & Hines.

December 15, 2015

Illinois Midwest

CBRE Arranges 6.1-Acre Land Purchase By Berman Automotive for Future 130,000 SF Facility in Chicago

by Christina Cannon December 14, 2015

CHICAGO — CBRE has arranged a 6.1-acre land sale in Chicago. The site, located at 3440 N. Kedzie Ave., will be the location of a new 130,000-square-foot car dealership for Berman Automotive Group. A new and used car dealer, Berman Automotive plans to begin construction on the project in the spring of 2016. Mike Nardini of CBRE represented Berman Automotive Group in the purchase of the land, and Mitch Adams of CBRE represented the seller, Federal Mogul. The project will result in 70 permanent jobs, 250 temporary construction jobs and $3.67 million in property tax revenue, according to CBRE.

December 14, 2015

Illinois Loans Midwest Office

HFF Brokers $168.2M Sale of Office Building in Chicago

by Christina Cannon December 11, 2015

CHICAGO — Holliday Fenoglio Fowler (HFF) has arranged the $168.2 million sale of an office building in Chicago’s West Loop. 200 West Adams is a 32-story, LEED Gold-certified building that spans 683,730 square feet. Sterling Equities and Lincoln Property Co. sold the asset to Gerding Edlen. The buyer also secured a $133.9 million acquisition loan through AEW Capital Management LP. The floating-rate loan is for a period of three years. 200 West Adams is located at the northwest corner of Adams and Wells Streets and was built in 1985. The building is 91 percent occupied by tenants such as the Government Services Administration, BMO Harris Bank and law firm Lowis & Gellen. The retail space on the lobby level is leased to Starbucks, Walgreens and Au Bon Pain. Jeff Bramson and Jaime Fink of HFF represented the seller in the transaction. Tim Joyce of HFF originated the loan.

December 11, 2015

Illinois Midwest Multifamily

Berkadia Brokers $7.4M Sale of Multifamily Property in Waukegan, Illinois

by Christina Cannon December 10, 2015

WAUKEGAN, ILL. — Berkadia has brokered the $7.4 million sale of a multifamily property in Waukegan, located about 47 miles north of Chicago. Westwood is a 132-unit apartment complex that was built in 1970 and is located at 2720-2732 Westwood Drive. The sales price reflects a price per unit of $56,061. Westwood was 95 percent occupied at the time of sale. The property features all two-bedroom floor plans. Community amenities include a playground, picnic area and laundry rooms in each building. VCP Westwood Apartments LLC sold the property to Haoyue Investments. Ralph DePasquale of Berkadia brokered the transaction.

December 10, 2015

Healthcare Illinois Midwest

Morgan/Harbour Breaks Ground on 28,928 SF Medical Facility in Romeoville, Illinois

by Christina Cannon December 9, 2015

ROMEOVILLE, ILL. — Morgan/Harbour Construction has broken ground on a 28,928-square-foot medical office building for Presence Health Group in Romeoville, approximately 30 miles southwest of Chicago. The Presence Senior Healing Arts Pavilion will be located at 500 S. Weber Road. The facility will include a full imaging suite with MRI, CT, X-ray, mammogram, ultrasound and bone density capabilities. The building will also feature 26 exam and procedure rooms, physical therapy training facilities, labs, treatment rooms, private offices and a cafe. Construction is slated for completion in summer 2016. Hammes Co. is the project manager, and Jensen & Halstead Ltd. will provide architectural services.

December 9, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Two Properties in Chicago for $2.4M

by Christina Cannon December 8, 2015

CHICAGO — Interra Realty has arranged the sale of two properties in Chicago for a total of $2.4 million in separate transactions. A 12-unit mixed-use property, located at 5355 W. Irving Park Road, sold for $1.5 million. Built in 1927, the property includes 10 two-bedroom/one-bathroom apartment units and two retail spaces leased to a barbershop and fitness studio. A 12-unit apartment building, located at 2854 N. Lowell Ave., sold for $975,000. Constructed in 1930, the building contains all one-bedroom units. Joe Smazal and James Clough of Interra represented both parties in the two transactions. Patrick Kennelly also assisted in brokering the sale of the property located at 2854 N. Lowell Ave. All parties in the transactions were undisclosed.

December 8, 2015

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