Illinois

675-Industrial-Dr-Oakbrook-Terrace-IL-rebo

Marcus & Millichap Arranges Sale of 53,944 SF Industrial Building in Illinois

by Amy Works May 26, 2015

CARY, ILL. — Marcus & Millichap brokers sale of an industrial building located at 675 Industrial Drive in Cary, a city northwest of Chicago. A private investor acquired the property for $1 million from an individual/private trust. Built in 1989, the 53,944-square-foot property features 18-foot clear ceiling heights, a finished 1,800-square-foot mezzanine level and a full sprinkler system. At the time of sale, the property was vacant. Tammy Saia of Marcus & Millichap represented both parties in the transaction.

May 26, 2015

Healthcare Illinois Midwest Office

Marcus & Millichap Brokers $131M Sale of Nine-Building Medical Office Portfolio in Chicago

by Amy Works May 22, 2015

CHICAGO — Marcus & Millichap has brokered the sale of a nine-building medical office portfolio in Chicago. A joint venture fund managed by Chicago-based MBRE Healthcare acquired the 401,428-square-foot portfolio for $131 million. The portfolio includes an 86,503-square-foot medical facility in Morton Grove, Ill.; a 60,500-square-foot property in Des Plaines, Ill.; and a 40,011-square-foot building in Chicago. Tenants of the portfolio include the Illinois Bone and Joint Institute (IBJI), Advocate Health Care, NorthShore University HealthSystem, Resurrection Health Care (Presence Health), Metro Infectious Disease Consultants and Pain Specialists of Greater Chicago. John Smelter, Scott Niedergang Gino Lollio of Marcus & Millichap represented the seller, a partnership consisting of a local developer and a number of physicians affiliated with IBJI, and procured the buyer in the transaction.

May 22, 2015

Jerri-Hoffmann-Child-Family-Carpentersville-IL

Civic Illinois Midwest

Leopardo Cos. Completes New Jerri Hoffmann Child + Family Center in Illinois

by Amy Works May 22, 2015

CARPENTERSVILLE, ILL. — Leopardo Cos. has completed the construction of the 230-student Jerri Hoffmann Child + Family Center in Carpentersville for Illinois-based Children’s Home + Aid, a nonprofit agency. Situated on seven acres at 229 Lake Marian Road, the 27,000-square-foot facility features 15 classrooms, a gross motor room, associated administrative and support spaces, a full-service kitchen and laundry room, as well as an outdoor play area for the students. The new facility replaces the Tom Thumb Community Childcare Center, but continues to serve at-risk children and families. Additionally, the facility is seeking LEED Gold certification from the U.S. Green Building Council. Leopardo served as general contractor and Designhaus Inc. provided architectural services for the project.

May 22, 2015

Illinois Industrial Midwest

PCCP, Panattoni Acquire 51-Acre Site for Industrial Development in Illinois

by Amy Works May 21, 2015

LOCKPORT, ILL. — PCCP LLC has partnered with Panattoni Development Co. to acquire a fully entitled 51-acre land parcel in Lockport, a southwest suburb of Chicago, for an undisclosed sum. The joint venture plans to develop Lockport 355, a four-building industrial park totaling 846,510 square feet, on the site. Construction of the first phase of the park is slated to begin in June, with completion scheduled for the first quarter of 2016. The first phase will include the two largest buildings at 274,040 square feet and 228,690 square feet. Upon completion, the park will offer four Class-A warehouse and distribution buildings that can accommodate single-user or multi-tenant occupancy.

May 21, 2015

Illinois Midwest Retail

The Boulder Group Arranges Sale of Net-Leased Starbucks Property in Chicago

by Amy Works May 20, 2015

CHICAGO — The Boulder Group has completed the sale of a single-tenant Starbucks Coffee property, located at 7101 South Stony Island Ave. in Chicago. A Chicago-based private investor acquired the net-leased property for $1.4 million from a Midwest-based real estate development and investment firm. There are approximately 10 years remaining on the Starbucks lease, which expires in July 2024. The lease features an 8.3 percent rental escalation in the primary term and 7.5 percent in each renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

May 20, 2015

Illinois Midwest Office

Bradford Allen Adds Two New Properties to Suburban Leasing Portfolio

by Amy Works May 20, 2015

OAK BROOK AND OAKBROOK TERRACE, ILL. — Chicago-based Bradford Allen Realty Services has been hired as the exclusive leasing agent for two additional office properties in suburban Chicago. The firm was selected by the ownership to lease the 55,729-square-foot office building at 800 Enterprise Drive in Oak Brook and the 56,414-square-foot Oakbrook Terrace Atrium located at 17W220 22nd St. in Oakbrook Terrace. The Oak Brook property features suites ranging from 1,494 square feet to 5,753 square feet and Oakbrook Terrace Atrium offers suites ranging from 1,398 square feet to 10,829 square feet. Ryan Moen of Bradford Allen will handle leasing efforts for both properties.

May 20, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Ziegler Closes $135M in Financing for Covenant Retirement Communities

by Amy Works May 19, 2015

CHICAGO — Ziegler has closed two loans, totaling $135 million, for Covenant Retirement Communities (CRC). The loans include $112.8 million of Series 2015A fixed-rate refunding bonds and $22.34 million of Series 2015B variable rate refunding bonds sold directly to the bank. Illinois-based CRC, a not-for-profit organization that owns and operates continuing care retirement communities, has several locations across the country. CRC’s Obligated Group consists of 14 communities in eight states: four in California, four in Illinois, and one each in Colorado, Connecticut, Florida, Michigan, Minnesota and Washington. As of December 2014, the Obligated Group properties comprised 4,769 total units, with 3,065 independent living units, 755 assisted living units and 949 skilled-nursing beds. Proceeds of the Series 2015A Revenue Refunding Bonds, together with trustee-held funds, were used to advance refund CRC’s outstanding Series 2005 bonds in the amount of $118.1 million, fund a debt service reserve fund, and pay certain costs of issuance.

May 19, 2015

Illinois Industrial Midwest

Entre Commercial Realty Brokers Acquisition of Industrial Property in Illinois

by Amy Works May 18, 2015

CARY, ILL. — Entre Commercial Realty LLC has arranged the acquisition of an industrial property located at 770 Industrial Drive in Cary. A private investor purchased the 54,000-square-foot multi-tenant building for an undisclosed price. Situated on 4.5 acres, the property features six 9,000-square-foot units, 18- to 22-foot ceiling heights, parking for more than 120 cars and six truck docks, one for each unit. After the acquisition, the buyer announced the leasing of three units, totaling 27,000 square feet, to American Eagle Packaging Co. The ownership plans to rehab the remaining units with new interior office finishes and lighting, in addition to exterior upgrades such as new monument signage and parking lot improvements. Dan Jones, Dan Benassi and Mike DeSerto of Entre Commercial represented the buyer in the acquisition and leasing transactions. Ryan Nelson of Foresite Realty Partners represented the seller, FirstMerit Bank, in the deal.

May 18, 2015

Illinois Midwest Office

Chicago’s 311 South Wacker Receives LEED Silver Certification

by Amy Works May 18, 2015

CHICAGO — Zeller Realty Group’s 1.3 million-square-foot 311 South Wacker office property has received LEED Silver certification from the U.S. Green Building Council. Zeller Realty Group acquired the property in March 2014 and implemented a capital improvements program that included upgraded infrastructure, improved retail offerings and the construction of a 21,500-square-foot tenant lounge and conference center. To achieve LEED Silver certification, Zeller implemented a sustainable site development, water savings, energy efficiency, materials selection and indoor environmental air quality program to upgrade the property.

May 18, 2015

Illinois Midwest Mixed-Use

Construction Begins on $75M Mixed-Use Project in Chicago

by Danielle Everson May 14, 2015

CHICAGO — Construction has begun on the $75 million Vue53, a mixed-use project that will serve the Hyde Park and Kenwood neighborhoods in Chicago. The development team, which includes Avison Young, Peak Campus Development and financial partner Blue Vista Capital Management, was awarded the assignment by the University of Chicago to develop, finance and manage the project. Vue53 is located near the intersection of 53rd Street and Kenwood Avenue, directly north of Nichols Park, and will include 28,000 square feet of ground-level retail, 267 apartment units and 225 parking spaces. The project is a collaborative effort by the University of Chicago, the City of Chicago and the Hyde Park community to create a mixed-use district and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. The project will offer affordable housing units and is being developed without tax increment financing or other public subsidies. The residential component will include studio, one- and two-bedroom apartments. Vue53 is slated for completion in September 2016.

May 14, 2015

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