Illinois

Frito Lay Sells 13.9 Acres for Future Industrial Development in Wheeling, Illinois

by Christina Cannon June 15, 2016

WHEELING, ILL. — Frito Lay has sold 13.9 acres in Wheeling, approximately 30 miles northwest of Chicago, to Hamilton Partners for an undisclosed price. Hamilton Partners plans to build a 134,593-square-foot speculative industrial facility on the land, which is located at 800 Northgate Parkway. The building will include 32-foot clear heights, 35 exterior docks, car and trailer parking and will be divisible by 50,000 square feet. Ryan Bain and Zachary Graham of CBRE represented the seller in the transaction.

June 15, 2016

Illinois Industrial Midwest

Zurn Industries Signs 134,514 SF Industrial Lease at Building in Bensenville, Illinois

by Christina Cannon June 15, 2016

BENSENVILLE, ILL. — Zurn Industries LLC has signed a 134,514-square-foot industrial lease at a building in Bensenville, approximately 25 miles northwest of Chicago. Zurn Industries is relocating from Elkhart, Ind. to the facility at 340 County Line Road. The company’s lease will bring the 184,170-square-foot distribution facility to 100 percent occupancy. Geib Enterprises leases the remaining space. The Class A facility was built in 2015 and features 32-foot clear heights, 38 trailer spaces and 162 car spaces. The building is situated on 11.5 acres. Willam Strey of Cushman & Wakefield represented the tenant in the transaction. Kevin Segerson of CBRE represented the landlord, Hamilton Partners.

June 15, 2016

Illinois Midwest Office

VSA Partners Renews 51,422 SF Lease at Office Building in Chicago

by Christina Cannon June 14, 2016

CHICAGO — VSA Partners has renewed its office lease for 51,422 square feet of space at 600 West Chicago. VSA Partners, a branding and marketing company, began occupying space at the building in 2011. Renovations at 600 West Chicago, which is located along the Chicago River, are underway and include a rooftop deck, renovated plaza, expanded river walk and water taxi service. The 1.4 million-square-foot building is currently 100 percent leased. Other tenants at the office building include Groupon, Lightbank Cos., Uptake, rEvolution, Innerworkings, Freeman Decorating and IntegraMed. 600 West Chicago was built in 1901 as the Montgomery Ward catalog building. In 2001, it was repurposed as an office building. Chicago-based Equity Commonwealth has owned the building since 2012. Jack O’Brien and Matt Pistorio of The Telos Group represented the owner in the transaction. Thomas Volini and Sven Sykes of Colliers International represented VSA Partners.

June 14, 2016

Illinois Midwest Office

McDonald’s to Relocate Headquarters to Downtown Chicago

by Christina Cannon June 13, 2016

CHICAGO — McDonald’s will relocate its corporate headquarters from Oak Brook to downtown Chicago by the spring of 2018. The fast food giant has signed a lease at 1045 W. Randolph St. in the West Loop neighborhood. McDonald’s was headquartered in Chicago from 1955 to 1971. The new location will provide offices, as well as house Hamburger University, one of seven worldwide training centers. According to Crain’s Chicago, McDonald’s will likely lease over 300,000 square feet at the building, which formerly served as Oprah Winfrey’s Harpo Studios. McDonald’s currently operates over 36,000 locations in over 100 countries.

June 13, 2016

Illinois Industrial Midwest

Amazon to Open Two 700,000 SF Fulfillment Centers in Edwardsville, Illinois

by Christina Cannon June 13, 2016

EDWARDSVILLE, ILL. — Amazon has unveiled plans to open two fulfillment centers in Edwardsville, approximately 30 miles northeast of St. Louis, Mo. The two facilities will create more than 1,000 full-time jobs. Each facility will span more than 700,000 square feet and be located where employees pick, pack and ship items. One building will specialize in handling larger items such as big-screen televisions, sports equipment and kayaks. The other building will handle smaller items such as books, toys and electronics.

June 13, 2016

Hospitality Illinois Midwest

Peak Construction Breaks Ground on 103-Room Marriott Residence Inn in Chicago Suburb

by Christina Cannon June 13, 2016

BOLINGBROOK, ILL. — Peak Construction Corp. has broken ground on a four-story, 77,000-square-foot Marriott Residence Inn in Bolingbrook, approximately 30 miles south of Chicago. The hotel will feature 103 rooms, a swimming pool, outdoor patio with picnic area and a multi-purpose sports court. Hallmark Investment Corp. and Love Hotel Management Co. are overseeing the project. Norr Architects is providing architectural services, and Manhard Consulting Ltd. is the civil engineer. The project is slated for completion next spring.

June 13, 2016

Illinois Midwest Retail

Novak Construction Builds $18.3M Walmart Supercenter in Richton Park, Illinois

by Christina Cannon June 10, 2016

RICHTON PARK, ILL. — Novak Construction has completed a new 184,000-square-foot, $18.3 million Walmart Supercenter in Richton Park, approximately 35 miles south of Chicago. The store includes a grocery, produce and bakery area; vision center; photo center; electronics and sporting goods departments; credit service station; indoor and outdoor garden center; and indoor pharmacy with drive-thru. The 28-acre site also included two detention basins, a frontage road, retaining wall, parking for 800 cars and a full-service fueling center. The adjacent roadways were widened to accommodate the new store, and traffic signals were added to the intersections. Construction took eight months to complete. Merriam, Kan.-based BRR Architecture Ltd. designed the project.

June 10, 2016

Illinois Industrial Midwest Office

Power Home Remodeling Signs 31,000 SF Office Lease in Chicago

by Christina Cannon June 9, 2016

CHICAGO — Power Home Remodeling Group has signed a long-term lease for 31,000 square feet at the Bradley Business Center in Chicago. The company is relocating from 9450 W. Bryn Mawr Ave. in Rosemont where it occupied 7,000 square feet. Power Home Remodeling will use 21,000 square feet of space for offices and the remainder of the space will be used as warehouse space. The facility, located at 2500 W. Bradley Place, will serve as the company’s Midwest headquarters when the lease goes into effect this November. The mixed-use building features amenities such as a fitness center, rooftop deck, conference center, event space, bike storage and ample parking. Hansen Realty Services and Centrum Partners own the 500,000-square-foot Bradley Business Center, which is 86 percent occupied. Brett Berlin represented the ownership in-house. Marilyn Lissner and Joseph Gatto of Cushman & Wakefield represented the tenant in the transaction.

June 9, 2016

Illinois Midwest Multifamily Top Stories

CA Ventures, Habitat Partner on $600M Multifamily Portfolio in the Midwest

by Christina Cannon June 9, 2016

CHICAGO — CA Ventures and The Habitat Co. have formed a partnership whereby Habitat will manage a $600 million multifamily portfolio owned by CA Ventures. The five-property, 1,215-unit portfolio features four assets under construction and one that opened early this year. Additionally, the Chicago-based firms plan to pursue co-development and investment opportunities in select markets throughout the United States, targeting properties between $40 million and $120 million. “Since our inception, we have worked tirelessly to unearth opportunity in niche markets — both geographically and in various sectors of commercial real estate — where few other developers have thought to look,” says Tom Scott, CEO of CA Ventures. “Our strategic alliance with The Habitat Co. is one of many relationships we’ve established along the way and will supplement our development and investment expertise with best-in-class management services for which Habitat has been known for the past 45 years.” Habitat will initially oversee operations at the following CA Residential communities, which are in various stages of development: * The Buckler is an 11-story, 207-unit luxury rental community located west of the Milwaukee River in downtown Milwaukee. The development opened in early 2016 and is currently in lease-up. * 8 E. Huron is …

June 9, 2016

Illinois Industrial Market Reports Midwest Midwest Market Reports Uncategorized

Don’t Expect Metro Chicago’s Industrial Boom to Tail Off Anytime Soon

by Christina Cannon June 9, 2016

The Chicago industrial market continues its charge full steam ahead in 2016, driven by strong fundamentals, our diverse economy, intense investor demand and constrained development. After a strong first quarter, the second quarter seems to be keeping pace. Demand remains high and continues to outpace new construction. We will also see more new projects announced as developers see continued success with existing projects. At the end of the first quarter, the overall vacancy rate in metro Chicago was slightly over 7 percent, down 10 basis points from the end of 2015, according to CoStar Group. All of the major submarkets posted vacancy rates of 10.1 percent or lower. Robust leasing activity Positive absorption in the first quarter was approximately 3.4 million square feet. Chicago has seen positive absorption every year since 2011, and this year looks to be headed in the same direction. The most active submarkets of O’Hare, I-55 and I-80 recorded vacancy rates of approximately 4.8 percent, 7.4 percent and 8.9 percent, respectively. Vacancy rates in those submarkets will continue to improve as speculative development is gobbled up as quickly as it is built, and existing product continues to get leased up. The I-80 and I-55 submarkets alone …

June 9, 2016

Newer Posts

Older Posts