Illinois

Darwin Realty Arranges Sale of 215,000 SF Industrial Building in Bridgeview, Illinois

by Kristin Harlow December 21, 2016

BRIDGEVIEW, ILL. — Darwin Realty has arranged the sale of 9900 Industrial Drive in Bridgeview, about 17 miles southwest of Chicago. Welch Packaging Group Inc., a manufacturer of corrugated packaging, purchased the 215,000-square-foot building. The sales price was not disclosed. Welch will relocate from Countryside to the former crane facility to support its expanding Chicagoland operations. The facility offers heavy power, land for trailer parking and is located immediately off I-294. Welch also plans to add additional improvements to the building. Noel S. Liston and Kevin D. Cooney of Darwin Realty represented Welch in the transaction. Jeff Locascio of Transwestern represented the undisclosed seller.

December 21, 2016

Illinois Industrial Midwest

Liberty Property Trust Acquires Industrial Site Near O’Hare Airport

by Kristin Harlow December 21, 2016

BENSENVILLE, ILL. — Liberty Property Trust has acquired a five-acre industrial site in Bensenville in the O’Hare Airport metro area. Liberty plans to redevelop the site beginning in early 2017. The property is located at 350 N. York Road and includes a 60,000-square-foot building, which Liberty plans to replace with a 96,962-square-foot, high-efficiency building. Features will include 32-foot clear heights, 20 exterior docks and two drive-in doors. Shell completion of the $11.6 million project is expected to be completed in the third quarter of 2017. Matt Neumann of Liberty, along with Steve Stone and Eric Fischer of Cushman & Wakefield, will handle the leasing of the property.

December 21, 2016

Illinois Midwest Northeast Pennsylvania Retail Top Stories

Walgreens Boots Alliance, Rite Aid to Sell 865 Rite Aid Stores to Fred’s Pharmacy for $950M

by Nellie Day December 21, 2016

DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …

December 21, 2016

Illinois Industrial Midwest

NAI Hiffman Arranges Sale of 100,000 SF Industrial Property in Bensenville, Illinois

by Kristin Harlow December 20, 2016

BENSENVILLE, ILL. — NAI Hiffman has arranged the sale of 516-554 N. York Road in Bensenville within the O’Hare submarket. The 100,000-square-foot industrial complex features 16-foot clear heights and approximately 1,500 to 3,000 square feet of built-in office space and one dedicated exterior dock per unit. At the time of purchase, the building was 85 percent occupied. John Whitehead of NAI Hiffman represented the buyer, Cordoba Properties. Whitehead and Josh Will of NAI Hiffman have been retained to lease the remaining 15,000 square feet of vacant space. The seller was not disclosed.

December 20, 2016

Illinois Industrial Midwest

Bridge Development Sells $64.3M Industrial Portfolio Near Chicago

by Kristin Harlow December 19, 2016

CHICAGO — A joint venture between Bridge Development Partners LLC and Akard Street Partners has sold three industrial facilities in the Chicago area totaling 539,440 square feet for $64.3 million. The properties include 2475 Touhy Ave. in Elk Grove Village; 4800 S. Vernon Ave. in McCook; and 8401 W. 47th St. in McCook. The properties averaged 92 percent occupancy at the time of sale. The buyer was not disclosed. Steve Disse and Jeff Devine of Colliers International represented the seller.

December 19, 2016

Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers Sale of 7,368 SF Property Net Leased to Texas Roadhouse in Chicago Suburb

by Kristin Harlow December 16, 2016

TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of a 7,368-square-foot property net leased to Texas Roadhouse in Tinley Park, a southern suburb of Chicago. The property is located at 18345 LaGrange Road and was built in 2004. Bruce Bentley III of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a REIT. Steven Weinstock assisted in closing the transaction. Texas Roadhouse is a steakhouse restaurant.

December 16, 2016

Illinois Midwest Retail

The Boulder Group Arranges $1M Sale of Single-Tenant Property in Southern Illinois

by Kristin Harlow December 16, 2016

CARTERVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to First Mid-Illinois Bank & Trust in Carterville in southern Illinois. The 2,602-square-foot building is located at 300 S. Division St. There are approximately six years remaining on the lease, which expires in October 2022. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private investment trust. The buyer was a Midwest-based 1031 exchange investor.

December 16, 2016

Illinois Loans Midwest Multifamily Student Housing

CBRE Arranges $41M Refinancing of Student Housing Property in Chicago

by Kristin Harlow December 15, 2016

CHICAGO — CBRE has arranged the $41 million refinancing of The Buckingham in Chicago. The 129-unit, 456-bed student housing property is located in the South Loop University District. The 10-year loan was originated via CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program. Glenn Housman of CBRE secured the loan on behalf of the sponsor, The Buckingham LLC.

December 15, 2016

Illinois Midwest Retail

The Boulder Group Brokers $1.3M Sale of Property Net Leased to Family Dollar in Fairbury, Ill.

by Kristin Harlow December 15, 2016

FAIRBURY, ILL. — The Boulder Group has brokered the $1.3 million sale of a single-tenant property net leased to Family Dollar in Fairbury, about 37 miles northeast of Bloomington. Approximately 14 years remain on the lease to Family Dollar. The triple net lease features a 10 percent rental escalation in each of the six five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based real estate investor in a 1031 exchange. The seller was a Midwest-based developer.

December 15, 2016

Affordable Housing Illinois Midwest Mixed-Use

NHPF Pays $7M for Historic Hotel Covent Affordable Housing Development in Chicago

by Kristin Harlow December 14, 2016

CHICAGO — The NHP Foundation (NHPF) has acquired the historic Hotel Covent in Chicago for $7 million. Originally built in the early 1900s, the mixed-use residential property targeting low- and moderate-income individuals in Lincoln Park is located at 2653 N. Clark St. The building features 64 single-resident occupancy (SRO) rooms, as well as seven retail storefronts on the ground level. The acquisition was made possible through financial partnerships with Community Investment Corporation (CIC) and the Chicago Community Loan Fund (CCLF), which lent NHPF $5 million and $2.2 million respectively. Chicago Title Land Trust Company was the seller. NHPF is a national not-for-profit organization dedicated to preserving and creating sustainable, service-enriched multifamily housing.

December 14, 2016

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