Illinois

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

Hospitality Illinois Midwest

Geller Investment Co. Acquires Waldorf Astoria in Chicago for $111.9M

by Jonathan Mehall July 22, 2015

CHICAGO — Geller Investment Co. has closed on its acquisition of the iconic Waldorf Astoria hotel on Chicago’s Gold Coast. Sam Zell’s Zell Equity Group Investments completed the sale, but will maintain a minority stake in Waldorf. The 189-room hotel at 11 E. Walton St. sold for a record-breaking $111.9 million, according to a Cook County transfer tax form. The purchase equals just over $592,000 per room, well above the previously held record of $505,000 per room paid by Zell for the Elysian hotel. Geller plans to add 26 hotel rooms in the 60-story tower, which also features 52 private residences. The new owners also plan changes to the hotel’s food, drink and public areas.

July 22, 2015

Illinois Industrial Midwest Office

Podolsky|Circle CORFAC International Founder Milton Podolsky Passes Away at Age 94

by Jonathan Mehall July 22, 2015

RIVERWOODS, ILL. — Milton Podolsky, founder of Podolsky|Circle CORFAC International, passed away this past weekend at the age of 94. Born in 1921, Podolsky attended DePaul University and studied at John Marshall Law School before serving in the U.S. Army from 1943 to 1946. He first considered a career in commercial real estate in 1957 when a frequent customer of his family’s drug store encouraged him to do so. Over the next five years, he worked at two commercial real estate firms in the Chicago market doing primarily industrial brokerage. Then he began developing and managing buildings in what later became known as the O’Hare market. In 1962, Podolsky co-founded his first entrepreneurial firm. In 1971, he established Podolsky and Associates Ltd., which evolved into the company now known as Podolsky|Circle CORFAC International based in Riverwoods. His accomplishments include the development of seven industrial parks and myriad individual industrial and office buildings, as well as Westbrook Corporate Center, a 1.1 million-square-foot office complex in Westchester, Ill. He is survived by his wife, Lois; his brother, Jerry; his three children, Steven, Bonnie and Randy; and seven grandchildren and four great grandchildren.

July 22, 2015

Illinois Midwest Office

Kraft Heinz Co. Signs New Long-Term Office Lease at Aon Center in Downtown Chicago

by Jonathan Mehall July 20, 2015

CHICAGO — Piedmont Office Realty Trust Inc. has signed Kraft Heinz Co. to a 170,000-square-foot lease at Aon Center, located at 200 E. Randolph St. in downtown Chicago. The new lease at the trophy tower extends through 2029. After recently completing the merger of Kraft Foods Group and H.J. Heinz Co., the global food and beverage giant will relocate its Chicago headquarters from Northfield, Ill., to five floors of the 83-story building. The company will be co-headquartered in Pittsburgh, Pa. Ned Franke and Steve Holmberg of Cushman & Wakefield represented the tenant in the transaction. Steve Smith and Mark Georgas of JLL, along with Tom Prescott and Alex Valente of Piedmont, facilitated negotiations on behalf of the owner.

July 20, 2015

Illinois Midwest Retail

Baum Realty Brokers Sale of Retail Center for $2.3M in Evanston, Ill.

by Jonathan Mehall July 20, 2015

EVANSTON, ILL. — Baum Realty Group LLC brokered the sale of a multi-tenant retail strip center in Evanston for $2.3 million. The site is located at 3330 Central St. in Evanston, 14 miles north of Chicago. The 3,235-square-foot strip center is divided into three suites and was 100 percent occupied at the time of the purchase. Several tenants include Starbucks, Subway and Kenny the Kleeners. A private out-of-state investor purchased the property. Greg Dietz and Danny Spietz of Baum Realty represented the private seller.

July 20, 2015

Illinois Industrial Midwest Office

GlenStar Begins Rooftop Construction on Chicago Board of Trade Building

by Jonathan Mehall July 16, 2015

CHICAGO — Owner and developer GlenStar Properties has begun construction on a new rooftop terrace on the 23rd floor of the Chicago Board of Trade Building complex. The 4,300-square-foot deck will be located on the east side of the south building. It will accommodate up to 150 guests and feature a 20-foot illuminated water wall with bubblers, a 10-foot illuminated planter with bubbler, Cozumel curver sofas and sectionals, leather benches and wood deck tiling. The project is slated for completion later this year. Since acquiring the building, GlenStar has embarked on a significant capital campaign aimed at breathing new life into the landmark property and attracting a more diverse tenant base.

July 16, 2015

Illinois Midwest Office

CBRE Assists University of Illinois in Lease Renewal, Expansion in Chicago

by Jonathan Mehall July 15, 2015

CHICAGO — The University of Illinois has expanded its lease at 200 S. Wacker in Chicago from 42,000 square feet to 44,000 square feet under terms of a 10-year renewal with building owner John Hancock Real Estate. The university’s Illini Center includes programs for university development, career services, fundraising and the Executive MBA and Masters in Tax Programs. Geoff Euston and Matt Dobry of CBRE represented the university in the transaction. Daniel Shapiro of John Hancock Real Estate represented the owner.

July 15, 2015

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