Illinois

CIM Group to Buy Tribune Tower in Chicago for $205M

by Haisten Willis August 31, 2016

CHICAGO — Tribune Media Co. (NYSE: TRCO) has agreed to sell the iconic Tribune Tower in downtown Chicago to Los Angeles-based CIM group for $205 million in cash at closing. The buyer could pay up to an additional $35 million based on contingencies and conditions, which could bring the total up to $240 million. The sale is expected to close by the end of September. Built in 1925, the building features 35 stories and nearly 740,000 square feet. The sale also includes a 36,000-square-foot development site located directly to the east of Tribune Tower, fronting Cityfront Plaza. “Tribune Tower has been a unique part of Chicago’s skyline since the 1920s,” says Peter Liguori, Tribune Media’s president and CEO. “It is a gem of architectural and structural accomplishment and a constant reminder of the important role that Tribune has played in the development of the city itself.” Since the beginning of the year, Tribune Media has sold several smaller properties in markets ranging from South Florida to Seattle for gross proceeds of approximately $89 million. Earlier this year, the company agreed to sell the north block of the Los Angeles Times Square property and the nearby Olympic printing plant, both in Los …

August 31, 2016

Illinois Loans Midwest Office

CIT Real Estate Finance Negotiates $61.8M in Acquisition Financing for Office Buildings in Metro Chicago

by Christina Cannon August 30, 2016

DEERFIELD, ILL. — CIT Real Estate Finance has arranged $61.8 million in acquisition financing for three office properties totaling 480,000 square feet in Deerfield, approximately 30 miles northwest of Chicago. A joint venture between True North Management Group and Fulcrum Asset Advisors, TNREF III Parkway JV LLC, acquired the Class A buildings. The properties are 3 Parkway North, 6 Parkway North and 9 Parkway North, which are all located within the Parkway North Center Office Park, an 85.5-acre office complex consisting of six office buildings totaling approximately 1 million square feet, a daycare center, a 250-room hotel and a recently built luxury apartment complex. The buyer plans to make upgrades to the café and winter garden, as well as develop additional parking. The seller in the transactions was not disclosed.

August 30, 2016

Illinois Industrial Midwest

Illinois Industrial Tool Leases 166,092 SF in Suburban Chicago Business Park

by Christina Cannon August 26, 2016

LOCKPORT, ILL. — Illinois Industrial Tool has inked a deal to occupy 166,092 square feet of industrial space at 355 Corporate Center in Lockport, approximately 35 miles southwest of Chicago. Illinois Industrial Tool will lease space in Building No. 2 of Panattoni Development Co.’s 50-acre park. There is 62,598 square feet of space still available in the building. Panattoni has announced plans for Building No. 3, a 300,158-square-foot speculative facility slated for completion by second quarter 2017. Building No. 1 is fully leased by UPS. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni in the transaction. Walter Murphy of Lee & Associates represented Illinois Industrial Tool.

August 26, 2016

Illinois Industrial Midwest

Entre Commercial Realty Brokers $1.4M Sale of 34,810 SF Industrial Property in Metro Chicago

by Christina Cannon August 26, 2016

BENSENVILLE, ILL. — Entre Commercial Realty LLC has brokered the sale of a 34,810-square-foot industrial facility in Bensenville, approximately 20 miles northwest of Chicago, for $1.4 million. NPS Express Inc. purchased the building, located at 200 Wilson Court, from RNSKR LLC. The buyer plans to develop a vacant 1.1-acre lot included in the sale into trailer parking. Tom Boucher of Entre Commercial Realty represented both parties in the transaction.

August 26, 2016

Illinois Industrial Midwest

Bridge Development, Akard Street to Develop Two Industrial Buildings in Metro Chicago

by Christina Cannon August 24, 2016

SCHILLER PARK, ILL. — A joint venture between Bridge Development Partners LLC and Akard Street Partners has acquired a 10-acre parcel in Schiller Park, approximately 20 miles northwest of Chicago, for the future development of two industrial buildings. The site, located at the intersection of Rose Street and Soreng Avenue, currently features approximately 200,000 square feet of functionally obsolete manufacturing space. Bridge will demolish the buildings and develop the Bridge Point Schiller Park on the site, which will consist of an 84,700-square-foot building and a 72,825-square-foot building. The project is slated for completion by the third quarter of 2017. The buildings will feature 32-foot clear ceiling heights, ESFR sprinklers, 125-foot truck courts, one loading dock for every 3,000 square feet, above-standard car parking ratios and office space to suit. Geoff Dowling and Daniel Tobin of CTK Chicago Partners represented the seller, Hostess Brands, in the transaction. Tom Rodeno and Patrick Turner of Colliers International represented Bridge. Rodeno and Turner will market the property for lease. Hunt Realty Investments will manage the joint venture.

August 24, 2016

Illinois Midwest Restaurant Retail

Krispy Kreme to Open New Location in Chicago Suburb

by Christina Cannon August 23, 2016

HOMEWOOD, ILL. — Krispy Kreme will open a new store in Homewood, approximately 25 miles south of Chicago. The donut franchise will build a ground-up facility on an outparcel to a Home Depot and Jewel-Osco. This store, to be located at 17815 S. Halsted St., will be the first of eight locations opened in the Cook county area. Currently the Chicago area has only one Krispy Kreme store, which is situated in Elk Grove Village. The new Homewood location will be the franchise’s first retail location opened in the Chicago area in seven years. Lynne Brackett and Adam Foret of CBRE represented the landlord in the transaction.

August 23, 2016

Illinois Midwest Restaurant Retail

Golub & Co. Leases Space for Michael Jordan’s Restaurant at Oakbrook 22 in Metro Chicago

by Christina Cannon August 22, 2016

OAKBROOK, ILL. — Golub & Co. has leased 8,500 square feet to Cornerstone Restaurant Group, which plans to open Michael Jordan’s Restaurant by next summer. The restaurant will be located at Oakbrook 22, a 389,000-square-foot office complex located along West 22nd Street in Oakbrook, approximately 20 miles west of Chicago. Golub & Co., along with Alcion Ventures, acquired Oakbrook 22 in 2014 and redeveloped the property, which now boasts 35 companies. The complex was originally built in phases between 1968 and 1980 and is currently 95 percent occupied. Recent renovations include updated office interiors, common areas and the addition of tenant amenities.

August 22, 2016

Illinois Loans Midwest Office

HFF Secures $78M Construction Loan for Creative Office Building in Chicago

by Christina Cannon August 19, 2016

CHICAGO — HFF has secured a $78 million construction loan for the development of a 290,699-square-foot creative office building in Chicago’s West Loop neighborhood. The nine-story Fulton West Phase II is slated for completion in 2017 and will feature a 24,000-square-foot courtyard, a 5,750-square-foot rooftop deck, a shuttle service, 18,429 square feet of ground-floor retail space and a 610-stall parking structure. Floor plates will average 34,000 to 40,000 square feet, and Glassdoor, Skender Construction and Sterling Bay will occupy nearly half the building. A joint venture between J.P. Morgan Asset Management and Sterling Bay will develop the project. Michael Kavanau, Tim Joyce and Christopher Knight of HFF worked to place the financing with Bank of America on behalf of the borrower.

August 19, 2016

Illinois Midwest Retail

Store Net Leased to American Mattress in Chicago Changes Hands for $1.5M

by Christina Cannon August 18, 2016

NEW LENOX, ILL. — A Chicago-based private real estate investor in a 1031 exchange has purchased a 4,000-square-foot retail building in New Lenox, approximately 40 miles southwest of Chicago, for $1.5 million. A California-based development company sold the property, which is leased to American Mattress. The property is located at 751 E. Lincoln Highway and was built in 2015. The building is situated on an outparcel to the New Lenox Town Center, a development anchored by Walmart Supercenter and featuring other tenants such as Ross Dress for Less, T.J. Maxx, Goodwill, Aldi, AutoZone, Discount Tire, PepBoys, Chase Bank and Physicians Immediate Care. The New Lenox Town Center was built in 2010. The 10-year lease for American Mattress expires in 2025. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer in the transaction. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.

August 18, 2016

Illinois Midwest Retail

Amazon to Open Pickup Location at University of Illinois at Chicago Campus

by Christina Cannon August 18, 2016

CHICAGO — Amazon is set to open a staffed pickup location on the University of Illinois at Chicago’s campus. The 2,300-square-foot Amazon@UIC will be located in the Student Center East and will provide a place for the campus community to pick up and return Amazon orders. The store is scheduled to open before the end of the year. Amazon Prime members will receive free same-day pickup for orders placed by noon and free one-day pickup for orders placed by 10 p.m. Amazon also plans to open a staffed pickup location at the University of Illinois at Urbana-Champaign by the end of the year.

August 18, 2016

Newer Posts

Older Posts