Illinois

CIM Group Agrees to Purchase 39-Story Office Tower in Chicago from TIER REIT for $200M

by John Nelson April 14, 2016

CHICAGO — CIM Group, a Los Angeles-based real estate investment firm, has agreed to acquire Four40, a 39-story, 1 million-square-foot office tower located at 440 S. LaSalle St. in Chicago’s financial district. Dallas-based TIER REIT Inc. (NYSE: TIER) is reportedly selling the asset for $200 million, according to Crain’s Chicago. Sources say the deal has not closed, however, and CIM Group declined to comment. Crain’s also reports that between 2013-2014 the REIT sold the other three Chicago assets that it purchased in a four-property portfolio transaction in 2007. According to its 2015 financial results, TIER REIT’s goal for 2016 includes selling $200 million to $400 million of “non-strategic properties.” Built in 1984 and renovated in 2014, the office tower features a 40,000-square-foot amenity floor for tenants, 45,000-square-foot landscaped plaza, café, underground parking, 150-seat conference room, 24-hour staffed security and bay windows that offer 180-degree views. The tower also houses the Chicago Stock Exchange, the Arciel bar and lounge, The Everest Room and The Buckingham Club and Hotel. The Chicago Stock Exchange Inc. (CHX) signed a long-term lease renewal in May 2014 for 33,000 square feet within Four40, a consolidation of its original footprint. In addition to the office tower, new …

April 14, 2016

Illinois Midwest Office

Leopardo Cos. Breaks Ground on 290,000 SF Office Building in Chicago

by Christina Cannon April 13, 2016

CHICAGO — Leopardo Companies Inc. has broken ground on a 290,000-square-foot office building in Chicago’s Fulton Market neighborhood. Fulton West, which will be located at 1330 W. Fulton St., will be a nine-story building. The property will include balconies, a private roof deck, 610 onsite parking spaces and an adjacent 20,000-square-foot mini-park. Sterling Bay is the project developer, and Gensler is the architect of record. The speculative building is slated for completion in spring 2017.

April 13, 2016

Healthcare Illinois Midwest

Irgens Completes 28,730 SF Medical Office Building in Illinois

by Christina Cannon April 13, 2016

CARLINVILLE, ILL. — Developer Irgens has completed a new medical office building for Carlinville Area Hospital in Carlinville, approximately 60 miles northwest of St. Louis, Mo. The 28,730-square-foot building is located at 20613 N. Broad St. Carlinville Area Hospital is utilizing the medical office building to consolidate and expand existing clinics, allowing it to add services to the campus and free up strategic space within the hospital. Services include primary care, a sleep lab, physical/occupational therapy, senior behavioral health and a multi-purpose community room. The Korte Company was the general contractor for the project, and HGA was the architect.

April 13, 2016

Illinois Midwest Mixed-Use

Reed Construction to Build 52,000 SF Mixed-Use Building in Chicago

by Christina Cannon April 12, 2016

CHICAGO — Reed Construction will build a 52,000-square-foot mixed-use building in Chicago’s Fulton Market Building. MAB Capital Management is developing the five-story building located at 450 N. Morgan St. The project will feature a mix of office and retail space, as well as 50 parking spots. Construction is slated to start in the second quarter and commence in early 2017. Pappageorge Haymes Partners is providing the architectural services.

April 12, 2016

Hospitality Illinois Midwest

Metro Commons Hospitality Sells 135-Room Hotel in Chicago Suburb

by Christina Cannon April 12, 2016

HILLSIDE, ILL. — Metro Commons Hospitality has sold a 135-room hotel property to a private buyer for an undisclosed price. The Holiday Inn Express & Suites Chicago West is located at 200 S. Mannheim Road in Hillside, approximately 15 miles west of Chicago. The buyer plans to renovate the property to meet the new InterContinental Hotel Group standards. Nate Sahn, Brian Silberman, Stanley Wang and Scott Miller of CBRE represented the seller in the transaction.

April 12, 2016

Illinois Industrial Midwest

UPS Leases 273,640 SF Industrial Building in Southwest Suburb of Chicago

by Christina Cannon April 12, 2016

LOCKPORT, ILL. — UPS has leased a 273,640-square-foot building within Panattoni Development Co.’s recently delivered 355 Corporate Center in Lockport, approximately 35 miles southwest of Chicago. The facility features 65 docks, four drive-in doors and parking for 268 cars. UPS leased the first of two buildings delivered within the industrial park. The second building is 228,690 square feet and includes 65 docks, four drive-in doors and parking for 240 cars. Both buildings also feature 32-foot clear heights and ESFR sprinkler systems. Frank and Matt Minik of Jupiter Realty Services represented UPS in the transaction. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni Development Co.

April 12, 2016

Illinois Midwest Multifamily Seniors Housing

Michuda Construction, Heritage Enterprises Open Assisted Living Community in Illinois

by Christina Cannon April 12, 2016

ORLAND PARK, ILL. — Owner and operator Heritage Enterprises and Michuda Construction have opened Evergreen Senior Living at Parkview Campus, an assisted living and memory care community in Orland Park, approximately 25 miles southwest of Chicago. The community features 76 assisted living apartments and 40 memory care apartments. Heritage, based in Central Illinois, developed and will operate the community. Chicago-based Michuda oversaw the design and construction. Worn Jerabek Wiltz Architects PC of Chicago provided architectural services.

April 12, 2016

Illinois Loans Multifamily

Dougherty Mortgage Closes $9.4M Fannie Mae Loan for Apartment Property in Chicago Suburb

by Christina Cannon April 11, 2016

WILLOWBROOK, ILL. — Dougherty Mortgage LLC has closed a $9.4 Fannie Mae loan to refinance Willowbrook Apartment Homes, approximately 25 miles west of Chicago. The apartment property features 140 market-rate apartments. Amenities at Willowbrook Apartment Homes includes walk-in closets, walk-through kitchens, separate dining areas and private balconies or patios. The five-year interest-only loan features a 10-year term and 30-year amortization schedule. Heartland Willowbrook LLC was the borrower.

April 11, 2016

Illinois Midwest Multifamily

Interra Realty Arranges $3.5M Sale of 36-Unit Apartment Property in Chicago

by Christina Cannon April 8, 2016

CHICAGO — Interra Realty has arranged the sale of a 36-unit property in Chicago’s Edgewater neighborhood for $3.5 million. Horizon Realty purchased the building from an undisclosed out-of-state entity. The property, located at 5910 N. Sheridan Road, consists of six two-bedroom units, 18 one-bedroom units and 12 studio apartments. Two dozen of the units feature unobstructed lake views, and the building includes 18 parking spaces. The new owner plans to upgrade the building’s exterior as well as interior units. Craig Martin of Interra Realty represented both entities in the transaction.

April 8, 2016

Illinois Midwest Retail

The Missner Group to Complete Build-Out for McGrath Acura in Chicago Suburb

by Christina Cannon April 8, 2016

WESTMONT, ILL. — The Missner Group will complete a large-scale renovation for McGrath Acura in Westmont, approximately 23 miles west of Chicago. Construction will include the addition of a 9,100-square-foot showroom with glass-enclosed offices, see-through fireplaces and coffered ceilings. The Missner Group will also remodel the delivery area and 4,000-square-foot service space. Services will also include updating the building exterior, parking lot and landscaping. Defilippis + Associates Inc. is the architect of record. Construction is slated for completion this summer.

April 8, 2016

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