Illinois

Interra Realty Brokers Sale of Three Multifamily Properties for $1.56M in Chicago

by Christina Cannon September 17, 2015

CHICAGO — Interra Realty has brokered the $1.56 million sale of three multifamily properties located in the Woodland and Washington Park neighborhoods of Chicago. Ted Stratman and Dan Byrne of Interra represented both the seller and buyer for all transactions. A six-unit property at 5910 S. Martin Luther King Drive sold for $440,000. The building, which had previously been converted to individual condos, features large three-bedroom, one-and-a-half bath units and has rear parking for all six units. Another six-unit property, located at 6427 S. Drexel Ave., sold for $510,000. The property was completely rehabbed within the last few months and was 100 percent occupied at the time of sale. Lastly, an eight-unit building located at 5156 S. Indiana Ave. sold for $490,000. Six of the units have been rehabbed. Stratman and Byrne negotiated a post-closing construction contract on behalf of the buyer to rehab the other two garden-style units and capitalize on the building’s upside potential.

September 17, 2015

Illinois Midwest

Avison Young Negotiates 315,000 SF Lease Renewal for Nemera in Buffalo Grove, Ill.

by Christina Cannon September 17, 2015

BUFFALO GROVE, ILL. — Avison Young has negotiated a long-term, 315,000-square-foot lease renewal for Nemera at 600 Deerfield Parkway in Buffalo Grove, a suburb of Chicago. Nemera, which specializes in the design, development and manufacturing of drug delivery solutions, occupies the entire building. The facility includes 30,000 square feet of office space, 28-foot clear ceiling heights and is served by rail. Keith Purtiz and Brett Kroner with Avison Young’s Chicago office were the sole brokers in the transaction. The property owner is a private investor. No further details of the lease agreement were disclosed.

September 17, 2015

Illinois Midwest Office

CIM Group Acquires Interest in 625 North Michigan Building in Chicago

by Christina Cannon September 16, 2015

CHICAGO — In a joint venture with Golub & Co., CIM Group has acquired a condominium ownership interest in 625 North Michigan, a high-rise building located at 625 N. Michigan Ave. in downtown Chicago. Although the purchase price was not disclosed, Crain’s Chicago Business reported in August that a venture of CIM Group paid approximately $48 million for 290,000 square feet of office space on floors five through 27 of the building. The seller was Goldman Sachs Group. The sale doesn’t include the lower four floors, which are separately owned retail space. The individual floors span 13,000 square feet and no tenant takes up more than one full floor, according to Crain’s Chicago Business. The property, which is currently 29 percent vacant, was built in 1970 and underwent a $6 million renovation in 2000. Caption (625 North Michigan Avenue): CIM Group has acquired a condominium ownership interest consisting of 290,000 square feet of office space located at 625 N Michigan Avenue.

September 16, 2015

Illinois Industrial Midwest

CBRE Brokers Sale of 3.26-Acre Industrial Site in Mount Prospect, Ill.

by Christina Cannon September 16, 2015

MOUNT PROSPECT, ILL. — CBRE has arranged the sale of 3.26 acres of industrial-zoned land in Mount Prospect, a northwest Chicago suburb, for an undisclosed price. The buyer was Whimsy Intermodal, a drayage company, and the seller was Park Place Partners LLC. The property, located at 2210 South Busse Road, will provide Whimsy Intermodal with 100 additional trailer parking spaces and is near the Elmhurst Road and I-90 interchange. Jack Brenan, Mike Sedjo and John Hamilton of CBRE represented both the buyer and seller in the transaction.

September 16, 2015

Illinois Midwest Retail

Transwestern Brokers Sale of 105,000 SF Retail Center on Behalf of Seller

by Christina Cannon September 15, 2015

OAK LAWN, ILL. — Transwestern has brokered the sale of Stony Creek Promenade, which is located at 4800 W 111th St. in Oak Lawn. MEPT purchased the 105,000-square-foot retail center from the developer, Hamilton Partners, for an undisclosed amount. Janice Sellis and Paul Barile of Transwestern represented the developer in the transaction.

September 15, 2015

Illinois Midwest Multifamily Student Housing

McHugh Nears Completion of $58M Conversion Of Office Building To Student Apartments In Chicago

by Katie Sloan September 14, 2015

CHICAGO — The restoration and conversion of the Old Colony office building, located at 37 W. Van Buren St. in Chicago, into luxury student apartments is nearly complete. The building, renamed The Arc at Old Colony, is in the last stages of its $58 million update by CA Ventures LLC and MCJ Development. The building was originally constructed in 1894 and is on the National Register of Historic Places. This qualifies the building for a $10 million federal historic landmark tax credit, which is being guided by MacRostie Historic Advisors. McHugh Construction has completed the renovation and conversion of interior offices to 137 apartment units, which are 75 percent leased. The vintage 17-story building, originally designed by famed architects Holabird and Roche, was among the tallest buildings in Chicago at the time of its construction in 1894. The Old Colony Building was one of the first of its kind to employ a unique structural portal wind-bracing system, allowing for open floor plates and thinner masonry exterior cladding. The structure’s innovative design, dating back to the Columbian Exposition of 1893, reflects the evolving structural steel technology of the era. The building’s most distinctive features are the round oriel corner bays, oversized windows and upper level terra …

September 14, 2015

Healthcare Illinois Loans Midwest

Angelic Real Estate, CGA Capital Complete $21.5M Financing for Presence St. Joseph

by Amy Works September 11, 2015

CHICAGO — Angelic Real Estate and CGA Capital have completed a $21.5 million financing for portions of the new Presence St. Joseph Ambulatory Care Center in Chicago’s Lincoln Park neighborhood. The new facility is currently being built by Milwaukee-based Hammes Co. Upon its completion this fall, the facility will house additional Presence St. Joseph operations, other medical and related tenants, and parking. New York City-based Angelic Real Estate is an investment banking and brokerage firm with more than $6 billion in experience nationally and internationally. CGA Capital is a source for real estate net lease and credit-based financing nationwide.

September 11, 2015

Illinois Midwest Office

CPA:18 – Global Acquires 146,800 SF Office Building for $34.8M

by Amy Works September 10, 2015

WARRENVILLE, ILL. — CPA:18 – Global has acquired an office building in Warrenville for $34.8 million, excluding acquisition fees, from The Northwestern Mutual Life Insurance Co. Warrenville is 34 miles west of Chicago. Constructed as a build-to-suit in 2001, the five-story building offers 146,800 square feet of Class A office space. The property features flexible office space with exterior offices and interior conference rooms and cubicles, parking spaces, a conference center and a fitness center. Exelon Generation has triple-net leased the property on a long-term basis. CPA:18 – Global is one of W. P. Carey Inc.’s managed non-traded REITs.

September 10, 2015

Illinois Midwest Office

KTGY Group Inc. Opens New Chicago Office

by Amy Works September 9, 2015

CHICAGO — KTGY Group Inc. has opened a new office in downtown Chicago to expand its services in the Midwest. Veteran designers Craig Pryde and David Kennedy, both former principals of PPK Architects, will head the new studio. Pryde has designed and managed commercial and residential projects of all sizes, from new construction to renovation, adaptive reuse and expansion of existing buildings, including historical structures. Kennedy has extensive experience in the design of mixed-use residential projects and urban infill development projects, including large-scale commercial and low-, mid- and high-rise residential developments. The new office is located at 343 W. Erie St., Suite 220 in Chicago.

September 9, 2015

Illinois Midwest Office

Leopardo Breaks Ground on 315,000 SF Office Tower in Illinois

by Amy Works September 8, 2015

ROLLING MEADOWS, ILL. — Leopardo Cos. Inc. has broken ground on the recladding and renovation of an office tower in Rolling Meadows. The 11-story, 315,000-square-foot office building is located at 2850 Golf Road. When complete in the first quarter of 2017, the modernized building will become the global corporate headquarters of Arthur J. Gallagher & Co., which will relocate from Itasca, Ill. Leopardo is serving as general contractor in collaboration with Wright Heerema Architects.

September 8, 2015

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