Illinois

Pre-Leasing for NorthShore 770 Mixed-Use Community Set for Aug. 1

by Jonathan Mehall July 29, 2015

NORTHBROOK, ILL. — Co-developers Morningside Group and Crossroads Development Partners have planned the pre-leasing of the luxury rental residences at NorthShore 770 for Aug. 1. The 347-unit luxury apartment community and 101,435-square-foot retail center features a Mariano’s grocery store at 770 Skokie Blvd. in Northbrook, 25 miles south of downtown Chicago. Other retailers and restaurants featured are Fuddruckers, Panera Bread, Kriser’s pet food, PNC Bank, and Chipotle. Renters at NorthShore 770 can choose from one-bedroom, one-bedroom plus study, two-bedroom and two-bedroom plus study plans measuring from 667 to 1,341 square feet. The building will also include 595 parking spaces for residents and their guests in a heated garage with a car wash and tire-fill station.

July 29, 2015

Illinois Industrial Midwest Mixed-Use

Opus Group Completes Expansion of 44,000 SF Industrial Building in West Dundee, Ill.

by Jonathan Mehall July 29, 2015

WEST DUNDEE, ILL. — The Opus Group has completed the expansion of a 44,000- square-foot industrial and office facility for King Shan LLC in West Dundee, approximately 45 miles northwest of Chicago. The project was an expansion of King Shan’s existing 35,000-square-foot facility, which Opus constructed in 2010. The expansion more than doubles the company’s industrial space with an additional 42,500 square feet of warehouse space and 1,500 square feet of office space. Other features of the building include a 24-foot clear height, three dock doors and a large conference area. Construction on the building began fall 2014. King Shan manufactures steel wire and metal fabrication products. The company employs about 700 people worldwide.

July 29, 2015

Illinois Midwest Retail

Principle Construction Corp. Completes Construction of Brewery in Hodgkins, Ill.

by Jonathan Mehall July 29, 2015

HODGKINS, ILL. — Principle Construction Corp. has completed construction on a 5,149-square-foot craft brewery for Blue Nose Brewery at 6119 East Ave. in Hodgkins, approximately 18 miles southwest of downtown Chicago. A new 12,320- square-foot multi-tenant retail building houses the brewery. Visitors to the brewery will be able to see fermenting kettles, mash tuns and hot liquor tanks from a 3,000-square-foot viewing room. Principle Construction broke ground on the brewery in April of 2014. Bear Real Estate owns the building and Ben’s Rental & Sales occupies the remaining portion of the building. Costs of the project were not disclosed.

July 29, 2015

Illinois Midwest Mixed-Use

Alter Asset Management Named Property Manager for One11 West Illinois

by Jonathan Mehall July 28, 2015

CHICAGO — Alter Asset Management (AAM) has been contracted to manage One11 West Illinois, a 99 percent leased Class A mixed-use office and retail building in Chicago’s River North neighborhood. The new owner, GLL Real Estate Partners GmbH, a Munich-based real estate fund management group, selected AAM as part of its acquisition of the property. One11 West Illinois is a 227,604-square-foot 10-story building anchored by the regional headquarters of salesforce.com, the global cloud-computing firm, which leases 77 percent of the leasable space. WeWork, a New York-based company that provides shared office space, is the second largest tenant. AAM is headquartered in Lombard, Ill., and maintains fully staffed offices in Chicago, Phoenix, and Atlanta.

July 28, 2015

Illinois Industrial Midwest

Avison Young Brokers Sale of 149,000 SF Industrial Facility in Chicago

by Jonathan Mehall July 28, 2015

SOUTH HOLLAND, ILL. — Avison Young brokered the sale of a 149,000-square-foot industrial facility at 410-470 W. 169th St. in South Holland, a Chicago suburb. The multi-tenant building is partially leased to Armacell, a company that manufactures flexible insulation foams for the equipment insulation market. Keith Puritz and Brett Kroner of Avison Young’s Chicago office represented the seller, a private investor. Mike Mangan of Savills Studley represented the buyer, Rosemont, Ill.-based Venture One Real Estate LLC. Terms of the transaction were not disclosed.

July 28, 2015

Illinois Midwest Multifamily

Ryan Cos., Lincoln Property Co. Reveal Plans for Luxury Apartment Tower in Chicago

by Jonathan Mehall July 27, 2015

CHICAGO — Co-developers Ryan Cos. US Inc. and Lincoln Property Co. have unveiled plans for a luxury apartment tower in Chicago’s downtown Gold Coast residential market. The 31-story, 373-unit tower, known as 833 North Clark Street Apartments, will be constructed at the southeast corner of Clark and Chestnut streets on a 41,000-square-foot site that was purchased from U.S. Bank. A groundbreaking ceremony took place Friday, July 24, days after the development team purchased the land parcel and closed on an $88 million construction loan from U.S. Bank. 833 North Clark Street is within walking distance of Chicago’s Magnificent Mile, the downtown CBD, the Northwestern and Loyola University graduate school campuses, and the Northwestern medical center. The luxury high-rise is set to open in early 2017.

July 27, 2015

Illinois Midwest Office

NGKF Named Leasing Agent for 31-Story Office Building in Oakbrook Terrace, Ill.

by Jonathan Mehall July 27, 2015

OAKBROOK TERRACE, ILL. — Newmark Grubb Knight Frank has been selected as the leasing agent for 1 Tower Lane in Oakbrook Terrace, the tallest building in the state outside of downtown Chicago. Oakbrook Terrace Tower is a Class A, 792,192-square-foot office building located in the western suburbs of Chicago. Built in 1987, the 31-story property features expansive views of the western suburbs and downtown Chicago, a fitness center, conference center, food service, on-site management, on-site security and an executive underground garage. The property also offers easy access to O’Hare airport. John Clark, Rob Lundin and John Norris of Newmark Grubb Knight Frank will lead the brokerage team.

July 27, 2015

Illinois Midwest Multifamily

Essex Realty Brokers Sale of Four-Unit Multifamily Property in Chicago

by Jonathan Mehall July 24, 2015

CHICAGO — Essex Reality Group has brokered the sale of 1725-1733 S. Ruble St. in Chicago to an undisclosed buyer. The purchase price was $925,000. The property consists of two newly constructed walk-up apartment buildings adjacent to one another that contain a total of four luxury duplex apartments, four garage parking spaces and 3,572 square feet of developable land. The property is situated in close proximity to the University of Illinois at Chicago, the Halsted Street Metra Station, as well as I-90/I-94. Jason Fishleder of Essex Reality Group’s Chicago office was the broker for the transaction. Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

July 24, 2015

Illinois Industrial Midwest Retail

MB Real Estate To Manage, Lease Illinois Tollway Oases

by Jonathan Mehall July 23, 2015

CHICAGO — MB Real Estate (MBRE) has won the assignment to manage and lease the Illinois Tollway Oases, six properties servicing commuters and travelers along the Illinois Tollway system. The tollway oases offer patrons a variety of convenient food options, a wide range of services and are directly accessible from the tollway with on-off ramps. Properties include the Belvidere Oasis along I-90; the Lake Forest Oasis on I-94; the DeKalb Oasis on I-88; the Chicago Southland Lincoln Oasis along I-80/I-294; the Hinsdale Oasis on I-294; and the O’Hare Oasis, also on I-294. Current tenants of the oases include the Illinois Tollway, McDonald’s, Starbucks, Best Buy Express, Subway, Illinois Lottery and Sbarro, among others. Kathleen Bertrand of MBRE will serve as the leasing representative for the six properties, which offer a variety of spaces available for lease.

July 23, 2015

Illinois Midwest Retail

Mid-America Real Estate Arranges Sale of 85,002 SF Retail Center in Bradley, Ill.

by Jonathan Mehall July 23, 2015

BRADLEY, ILL. — Mid-America Real Estate Corp. has brokered the sale of Village Square Shopping Center in Bradley, 57 miles south of Chicago. A private California-based buyer purchased the 85,002-square-foot center for an undisclosed price. Village Square Shopping Center is located at the northwest corner of Illinois Route 50 and East North St. The retail center is leased to a diverse mix of both national and local retailers, including Jo-Ann Fabrics, Dollar Tree, Premier Rental, Advance America and Carquest. Carly Gallagher and Ben Wineman of Mid-America Real Estate brokered the transaction on behalf of the seller.

July 23, 2015

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