Illinois

Transwestern Brokers Sale of Two-Property Industrial Portfolio in Metro Chicago

by Christina Cannon December 21, 2015

SKOKIE AND MORTON GROVE, ILL. — Transwestern has brokered the sale of a two-building industrial portfolio in metro Chicago for an undisclosed price. The portfolio includes a 209,098-square-foot property located at 6123-6227 Monroe Court in Morton Grove and a 179,201-square-foot building located at 3500 Oakton St. in Skokie. Edler & Company Inc. sold the portfolio to an undisclosed buyer. The property in Morton Grove is comprised of five smaller units and features 28-foot clear heights. Denise Stein Chaimovitz of Transwestern represented the seller.

December 21, 2015

Illinois Industrial Midwest

CBRE Brokers Sale of 83,787 SF Industrial Property in Chicago Suburb

by Christina Cannon December 18, 2015

WHEELING, ILL. — CBRE has brokered the sale of an 83,787-square-foot industrial facility in Wheeling, approximately 30 miles northwest of Chicago. Orange Crush LLC purchased the asset from 571 South Wheeling Road LLC for an undisclosed price. The manufacturing building is situated on 4.3 acres and was formerly occupied by Main Steel LLC. Orange Crush plans to reposition the property, located at 571 Wheeling Road, to accommodate its business as a provider of road construction services and materials in metro Chicago. Ryan Bain, Zach Graham and John Maloney of CBRE were the sole brokers in the transaction.

December 18, 2015

Illinois Industrial Midwest

Ridgeline, Cabot Properties to Develop 438,150 SF Distribution Center in Crest Hill, Illinois

by Christina Cannon December 17, 2015

CREST HILL, ILL. — Ridgeline Property Group has unveiled plans to develop a 438,150-square-foot distribution center in Crest Hill, approximately 40 miles southwest of Chicago. Along with capital partner Cabot Properties Inc., Ridgeline will build the Class A facility on a 29-acre site that the two companies acquired in September. Site work will begin in January and completion is slated for August 2016. David Bercu and Jim Estus of Colliers International will market the property for lease. The cross-dock facility, located at 16824 Enterprise Blvd., will feature 32-foot clear heights, four drive-in overhead doors, 36 exterior docks, 319 car parking spaces and 163 trailer parking spaces.

December 17, 2015

Illinois Midwest Office

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

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