Illinois

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

Illinois Midwest Retail

Cooper Commercial Brokers $4.3M Sale of Retail Property in Huntley, Illinois

by Christina Cannon June 8, 2016

HUNTLEY, ILL. — The Cooper Commercial Investment Group has brokered the sale of a 14,366-square-foot retail property in Huntley, approximately 50 miles northwest of Chicago, for $4.3 million. Huntley Grove, built in 2008, is 93 percent occupied by tenants such as AT&T, The UPS Store, Sprint, Tropical Smoothie, Great Clips and ATI Physical Therapy. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investment group, in the transaction. Cooper Commercial also secured the Pennsylvania-based buyer.

June 8, 2016

Illinois Midwest Restaurant Retail

Novak Construction Completes Renovation for Panera Bread in Downers Grove, Illinois

by Christina Cannon June 8, 2016

DOWNERS GROVE, ILL. — Novak Construction has finished remodeling a 5,000-square-foot Panera Bread restaurant in Downers Grove, approximately 25 miles west of Chicago. Interior renovations included demolition, new millwork, fabric panels and wall coverings, new ceilings, light fixtures, specialty artwork installations, flooring, bathrooms and kitchen line equipment. Exterior renovations included new signage, metal canopies, ornamental and decorative façade elements and outdoor seating with an overhead trellis.

June 8, 2016

Illinois Midwest

SVN AuctionWorks Joins SVN Auction Services

by Christina Cannon June 8, 2016

CHICAGO — Chicago-based SVN AuctionWorks, which specializes in auctions and real estate brokerage services, has joined SVN Auction Services, a national platform providing specific sales and special asset solutions. SVN Auction Services is comprised of auction advisors throughout the nation that bring together local market knowledge and exposure to assets sales. Based in Boynton Beach, Fla., SVN Auction Services specializes in areas such as court-ordered sales, REO sales, foreclosure sales, tax sales, multi-property auctions and receiverships.

June 8, 2016

Illinois Midwest Retail

Cushman & Wakefield Brokers $53.2M Sale of Retail Property in Chicago

by Christina Cannon June 7, 2016

CHICAGO — Cushman & Wakefield has brokered the $53.2 million sale of a 33,597-square-foot retail property in Chicago’s Gold Coast neighborhood. The Ohio State Teachers Retirement System acquired the fully leased property, which is located at 1100 N. State St. Urban Outfitters occupies 19,007 square feet at the four-story building, and Maple & Ash leases the remaining space. Cushman & Wakefield represented the seller, Eleven Hundred LLC, in the transaction. Michael Marks and Trisha Connolly of Cushman & Wakefield also provided financial advisory services.

June 7, 2016

Illinois Midwest Multifamily

M&R Development, Murphy O’Brien Break Ground on 297-Unit Luxury Apartment Community Near Chicago

by Christina Cannon June 7, 2016

ITASCA, ILL. — A joint venture between M&R Development and Murphy O’Brien LLC has broken ground on The Residences at Hamilton Lakes, a 297-unit luxury apartment community adjacent to the Hamilton Lakes Business Park in Itasca, approximately 25 miles northwest of Chicago. The project, situated on 10.7 acres, is slated for completion by spring 2017. The nearby Hamilton Lakes Business Park features over 3 million square feet of office space and restaurants, as well as two hotels. The community will consist of three four-story buildings offering a mix of studio, one-, two- and three-bedroom units. The Residences at Hamilton Lakes will also feature 7,500 square feet of amenities such as an outdoor pool, media room, fitness center with studio, event space, business center, pet spa, bike repair and storage area, and a sauna and steam room. Unit amenities will include 9-foot ceilings, quartz countertops, hardwood floors, stainless steel appliances and walk-in closets.

June 7, 2016

Illinois Midwest Restaurant Retail

Novak Construction Completes 15,000 SF Portillo’s Restaurant in Downtown Chicago

by Christina Cannon June 7, 2016

CHICAGO — Novak Construction has completed work on a 15,000-square-foot restaurant in downtown Chicago. Portillo’s is a two-story eatery offering Italian beef, hot dogs and cake among other menu items. The project is the second Portillo’s location in downtown Chicago. The building features two patios, a drive-thru, an elevator and a vintage car on display.

June 7, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $20.9M Loan to Refinance Seniors Housing Community in Chicago

by Christina Cannon June 6, 2016

CHICAGO — Capital One has provided a $20.9 million fixed-rate HUD 232/223(f) loan to refinance a 318-bed skilled nursing facility in Chicago. The loan features a 35-year term. The facility was built in 1975 and offers on-site dialysis and can accommodate patients with a diagnosis of dementia. Joshua Rosen of Capital originated the transaction.

June 6, 2016

Illinois Loans Midwest Multifamily

Pembrook Capital Management Provides $16.6M Loan for Chicago Apartment Property

by Christina Cannon June 6, 2016

CHICAGO — Pembrook Capital Management LLC, through its third commercial real estate debt fund, has provided a $16.6 million loan to The NHP Foundation for the acquisition of 152 affordable housing units. The Mark Twain Hotel is a single-room occupancy property in the Gold Coast neighborhood of Chicago. The NHP Foundation will maintain the property, located at North Clark and West Division streets, as affordable units. The 58,000-square-foot Mark Twain Hotel was built in 1932 as a residential hotel and features over 9,000 square feet of ground-floor retail space. The NHP Foundation plans to add kitchens to each unit and community space to the property. The renovation is anticipated to begin in 2017. The property will be included in the National Register’s proposed Residential Hotels in Chicago, 1900–1930 group designation, which recognizes this class of accommodation from this era as historically significant. The Chicago Community Loan Fund, Bellwether Enterprise Real Estate Capital, US Bank and the City of Chicago Department of Planning and Development also contributed financial resources to the acquisition and renovation of the property.

June 6, 2016

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