Illinois

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

Illinois Industrial Midwest

Cambria Co. Signs 40,460 SF Industrial Lease in O’Hare Market

by Amy Works September 8, 2015

DES PLAINES, ILL. — Cambria Co. has signed a lease for 40,460 square feet of industrial space at a newly constructed warehouse building located at 1780 Birchwood Ave. in Des Plaines. The 140,000-square-foot speculative warehouse and distribution facility features 32-foot clear heights and ample loading, trailer parking and auto parking. Additionally, the property was built to LEED standards. Brennan Investment Group, a private real estate investment firm that acquires, develops and operates industrial facilities, owns the property. Jonathan Kohn and Thomas Rodeno of Colliers International represented the landlord, while Britt Casey and Al Caruana of Cushman & Wakefield represented the tenant in the lease, which will commence in late third quarter 2015. This lease brings the property to 100 percent occupancy.

September 8, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges $1.3M Sale of 14-Unit Apartment Building in Chicago

by Amy Works September 4, 2015

CHICAGO — Marcus & Millichap has brokered the sale of an apartment building located at 5428-5430 N. Kimball Ave. in Chicago. The 14-unit property sold for $1.3 million. The property is located in the North Park neighborhood, which is home to Northeastern University and North Park University. Jacob Korman and Kyle Stengle of Marcus & Millichap’s downtown Chicago office represented the seller, a private investor, while Joseph Scheck and Steve Livaditis, also of Marcus & Millichap, represented the buyer, a limited liability company, in the transaction.

September 4, 2015

Illinois Industrial Midwest

Meridian Completes 70,411 SF Expansion at Industrial Facility in Romeoville, Illinois

by Amy Works September 4, 2015

ROMEOVILLE, ILL. — Meridian Design Build has completed a 70,411-square-foot expansion to a 238,643-square-foot sorting and distribution center in Romeoville. The expansion increases the capacity of the facility with the addition of 95 interior van loading positions, 185 auto parking stalls, 69 trailer stalls and 3,442 square feet of office space. Site improvements include the construction of a 1,600-linear-foot retaining wall to facilitate expansion of the trailer area. Precept Design LLC served as project architect and Jacob & Hefner Associates provided civil engineering services for the project. Meridian constructed the original facility on a design-build basis in 2012 for Indianapolis-based Scannell Properties.

September 4, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 13-Unit Apartment Building in Chicago

by Amy Works September 3, 2015

CHICAGO — Marcus & Millichap has arranged the sale of an apartment building located at 926 W. George St. in Chicago. The 13-unit property sold for $3.8 million. Kyle Stengle of Marcus & Millichap’s Chicago office represented the buyer, a private investor, in the transaction. The name of the seller was not released.

September 3, 2015

Illinois Midwest Retail

11,904 SF Retail Center Sells for $6.1M in Matteson, Ill.

by Amy Works September 2, 2015

MATTESON, ILL. — The Starbucks | T-Mobile Center in Matteson has sold for $6.1 million to an undisclosed buyer. Located at 4800 211th St., the 11,904-square-foot property was constructed in 2014. The property consists of a 4,504-square-foot stand-alone Sleepy’s mattress store and a three-tenant strip center, which is fully occupied by Starbucks Coffee, T-Mobile and Giordano’s Pizza. Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company, in the transaction.

September 2, 2015

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