Illinois

William A. Randolph Breaks Ground on 100-Unit Seniors Housing Community in Chicago Suburb

by Christina Cannon January 18, 2016

LONG GROVE, ILL. — William A. Randolph Inc. has broken ground on Long Grove Senior Care, a project in Long Grove, approximately 35 miles northwest of Chicago. GART Partners selected William A. Randolph Inc. to serve as the general contractor for the two-story, 100-unit senior living community, which includes assisted living and memory care. The project will be situated on 10 acres and will feature a bistro, a pub and billiards room, outdoor patios, walking paths, gardens, a theater and a greenhouse.

January 18, 2016

Illinois Industrial Midwest

Ryan Cos. Completes 246,457 SF Industrial Project for Molto Properties in Elgin, Illinois

by Christina Cannon January 15, 2016

ELGIN, Ill. – Ryan Cos. has completed the construction of a 246,457-square-foot industrial project in Elgin, approximately 40 miles northwest of Chicago. The development, located at 2770 Alft Court within the Randall Crossings Business Park, was constructed on behalf of Molto Properties. Ryan Cos. has owned the master-planned, 70-acre Randall Crossings Business Park since 2005. The facility for Molto Properties is situated on a 13.5-acre site and features 50-foot bays, a 60-foot speed bay, 32-foot clear heights, 40 truck docks, four drive-in doors, parking for 188 vehicles and office space to-suit. Construction on the building began in the spring of 2015. With completion of this building, Randall Crossings Business Park includes more than 1 million square feet of space. There is still a 5.7-acre land parcel remaining for development.

January 15, 2016

Illinois Midwest Office

South Street Capital Sells Office Loft Building in Chicago’s West Loop for $7.1M

by Christina Cannon January 15, 2016

CHICAGO – South Street Capital has sold a 30,000-square-foot office loft building in Chicago’s West Loop neighborhood for $7.1 million. The three-story asset is located at 1130 W. Monroe St. and was originally acquired by South Street Capital in 2013. Following the original acquisition, South Street Capital made updates and improvements to the common areas and mechanical systems. The buyer in the transaction was undisclosed.

January 15, 2016

Illinois Midwest Retail

Lee & Associates Brokers Sale of 16,803 SF Retail Property in Mundelein, Illinois

by Christina Cannon January 15, 2016

MUNDELEIN, ILL. – Lee & Associates has brokered the sale of a 16,803-square-foot neighborhood retail center for an undisclosed price. Inland Real Estate Corp. sold the property located at 1460-1492 Townline Road in Mundelein, approximately 40 miles northwest of Chicago to an undisclosed private investor. Mundelein Plaza, built in 1989, is a 100 percent occupied center, which includes tenants such as Stone Habitat, Mundelein Polish Deli and Posterworks Gallery & Frame. The plaza is an outparcel to The Great Escape, a retailer of home leisure products. Rick Scardino and Edward Winslow of Lee & Associates represented the seller in the transaction.

January 15, 2016

Illinois Midwest Retail

Mid-America Brokers $20M Sale of 149,526 SF Retail Center in Chicago Suburb

by Christina Cannon January 14, 2016

ORLAND PARK, ILL. — Mid-America Real Estate Corp. has brokered the $20 million sale of a Home Depot-anchored retail center in Orland Park, approximately 28 miles southwest of Chicago. Cole Real Estate Income Strategy Inc. purchased the 149,526-square-foot center, which is located at the intersection of Harlem Avenue and 159th Street. Other tenants in the center include Sleepy’s, Five Guys and Supercuts. VEREIT Inc. represented Cole Real Estate in the transaction. Ben Wineman and Joe Girardi of Mid-America represented the undisclosed seller, an Ohio-based publicly traded real estate investment trust.

January 14, 2016

Illinois Midwest Multifamily Student Housing

Gilbane Begins Construction on 30 East Apartments in Chicago’s South Loop

by Christina Cannon January 12, 2016

CHICAGO— Gilbane Development Co. has begun construction on 30 East, a new apartment community in Chicago’s South Loop. The site is located one block west of Grant Park and is near seven colleges and universities comprising more than 26,000 students. The 16-story, 150,000-square-foot building, designed by Chicago-based architect Solomon Cordwell Buenz, will feature 255 beds within 134 apartment units. It will be completed for occupancy by August 2017. Residents will have access to building amenities including a club room, café, tech hub, fitness center, lounge areas, gaming areas, study rooms and indoor bicycle storage. Outdoor terraces will feature gas grills, a fire pit, large screen outdoor TV, indoor/outdoor fireplace and several seating areas for social interaction. High-speed Internet and Wi-Fi will be available throughout the building. Additionally, 8,000 square feet of retail space will be located on the ground floor. Apartments will be fully furnished with private bedrooms and bathrooms, floor-to-ceiling windows, in-unit washers and dryers, walk-in closets, fully equipped kitchen and a flat-screen TV. Floor plans include studio, convertible, two-, three-, and four-bedroom units. 30 East will be professionally managed and feature individual leases by the bed.

January 12, 2016

Healthcare Illinois Midwest

The Boulder Group Completes $2.3M Sale of Medical Property in Chicago

by Christina Cannon January 8, 2016

CHICAGO — The Boulder Group has completed the sale of a net-leased medical property in Chicago for $2.3 million. Physicians Immediate Care is located at 6140 N. Broadway and has approximately 14 years remaining on its lease. The 3,220-square-foot building was constructed in 2014. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development. The buyer in the transaction was a high-net-worth individual in a 1031 exchange.

January 8, 2016

Illinois Midwest Office

CBRE, Advocate Commercial Real Estate Advisors Arrange 71,813 SF Office Lease in Chicago

by Christina Cannon January 8, 2016

CHICAGO — CBRE, in conjunction with Advocate Commercial Real Estate Advisors, has arranged a 71,813-square-foot office lease in Chicago. Clark Hill PLC will be relocating from its 36,848-square-foot space at 150 N. Michigan Ave. The law firm will begin occupying space at the Prudential Plaza, located at 130 E. Randolph St., in late 2016. The lease is for the top three floors of the office building. William Truszkowski, Matthew Pistorio and Caroline Colnon of The Telos Group represented the landlord. Todd Lippman and Bill Sheehy of CBRE, along with Craig Braham of Advocate Commercial Real Estate Advisors, represented Clark Hill in the transaction.

January 8, 2016

Illinois Loans Midwest Office

Alpha Alternative Arranges $18.3M Bridge, Preferred Equity Loan for Office Building in Chicago Suburb

by Christina Cannon January 7, 2016

ROLLING MEADOWS, ILL. — Alpha Alternative LLC has arranged an $18.3 million bridge and preferred equity loan for an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. 1600 Corporate Center is a 12-story, Class A multi-tenant office building that is located at 1600 Golf Road. The asset has 255,440 rentable square feet and was built in 1986. Bank of America recently signed a lease to occupy more than one-third of the building, which brought the total occupancy to 89 percent. Alpha Alternatives utilized a securitized lender and private equity lender to provide the interest-only financing for a combined rate of 500 basis points over LIBOR. Anthony Longo of Alpha Alternative arranged the 85 percent loan-to-cost financing.

January 7, 2016

Illinois Industrial Midwest

Conor Commercial Real Estate Breaks Ground on 70-Acre Industrial Park Outside of Chicago

by Christina Cannon January 7, 2016

BOLINGBROOK, ILL. — Conor Commercial Real Estate, a member of The McShane Cos., has broken ground on a 70-acre industrial business park in Bolingbrook, approximately 30 miles southwest of Chicago. The Fountain Square Commerce Center will consist of four speculative buildings that range from 109,088 square feet to 320,532 square feet and a 12-acre build-to-suit site. The speculative buildings are divisible by 30,000 square feet and will feature ample car and truck parking, substantial dock door positions, 32-foot clear heights, ESFR sprinkler systems and office space. The Class A industrial business park, slated for completion this summer, will be situated along the I-55 corridor. Brian Carroll and Jim Cummings of Newmark Grubb Knight Frank (NGKF) have been assigned to lease up the property.

January 7, 2016

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