Illinois

Power Construction, Ascend, Intercontinental Break Ground on 202-Unit Apartment Tower in Chicago

by Christina Cannon November 30, 2015

CHICAGO — Power Construction Co. LLC, along with Ascend Real Estate Group and Intercontinental Real Estate Corp. has broken ground on Niche 905 in Chicago. The 18-story, 202-unit luxury apartment tower will be located at 905 N. Orleans St. Designed by Fitzgerald Associates Architects, the building is expected to obtain LEED certification and will include one-, two- and three-bedroom units. The tower will also include 1,750 square feet of ground-level retail, parking for more than 150 vehicles and storage for 110 bikes, as well as views of Lake Michigan and the downtown skyline. Niche 905 will be located near the Chicago Transit Authority’s Brown, Purple and Red lines. Amenities at Niche 905 include a rooftop pool, spa and sundeck; grilling stations and a fire pit; outdoor bar; community garden; a fitness center with yoga studio; private party room with kitchen; business center; conference room; coffee bar; pet washing station and bike storage and workshop. Unit amenities include quartz countertops, glass tile backsplashes, under-cabinet lighting, plank flooring, 9-foot ceilings, private balconies and washers and dryers. Ascend Real Estate Group and Intercontinental Real Estate Corp. make up the development venture.

November 30, 2015

Illinois Midwest Retail

Faris Lee Investments Brokers $7.1M Sale of Retail Property in Palatine, Illinois

by Christina Cannon November 30, 2015

PALATINE, ILL. — Faris Lee Investments has brokered the $7.1 million sale of an 11,800-square-foot retail property. The Shops at Deer Grove is fully occupied and located on 1.5 acres in Palatine, approximately 30 miles northwest of Chicago. Tenants in the center include Starbucks Coffee, Menchie’s Frozen Yogurt, Pie Five Pizza, AT&T, Jersey Mike’s Subs and Chipotle Mexican Grill. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both parties in the transaction. The seller was an Illinois-based private developer and the buyer was a Wisconsin-based private investor.

November 30, 2015

Illinois Midwest Mixed-Use

Marcus & Millichap Brokers $1.7M Sale of 6,012 SF Mixed-Use Building in Chicago

by Christina Cannon November 30, 2015

CHICAGO — Marcus & Millichap has arranged the sale of a 6,012-square-foot mixed-use property in Chicago. The building, located at 2058 W. Roscoe St., sold for $1.7 million. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller and secured and represented the buyer. Both parties in the transaction were undisclosed and were limited liability companies. The property includes one commercial tenant on the ground floor and five apartment units on the second and third floors.

November 30, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Love Funding Secures $11.3M Bridge Loan for Seniors Housing Community

by Christina Cannon November 25, 2015

CARBONDALE, ILL. — Love Funding, a lender specializing in HUD loans, has closed an $11.3 million bridge loan for Landings of Carbondale, a 92-unit assisted living and memory care community under development in the southern Illinois city of Carbondale. The loan will fund the transition from construction to permanent financing. Landings of Carbondale will be built on a 6.5-acre site on the northeast side of Carbondale. Fricke Management is developing the site, which The Landings of Carbondale LLC will own. Once completed, Revere Healthcare will operate the community. Love Funding’s Robyn Cunningham, senior director, and Adrian Hartman, director, secured the financing through Midland States Bank.

November 25, 2015

Illinois Industrial Midwest

Darwin Realty Brokers Sale of 42,000 SF Industrial Property in Elgin, Illinois

by Christina Cannon November 25, 2015

ELGIN, ILL. — Darwin Realty has brokered the sale of a 42,000-square-foot industrial property for an undisclosed price in Elgin, approximately 40 miles northwest of Chicago. First Community Bank sold the building to Simplomatic Manufacturing, which is relocating from a site on Kostner Avenue in Chicago. The 42,000-square-foot building sits on 3.3 acres and features 7,500 square feet of office space, 20-foot clear heights, four exterior dock doors, two drive-in doors and expandable parking. Noel Liston and Brendan Sheahan of Darwin Realty represented First Community Bank in the transaction. Ed Brandt of Transwestern represented the buyer, Simplomatic.

November 25, 2015

Illinois Industrial Midwest Office

Entre Commercial Realty Arranges 51,211 SF Lease of Flex Space in Mount Prospect, Illinois

by Christina Cannon November 25, 2015

MOUNT PROSPECT, ILL. — Entre Commercial Realty LLC has arranged a 51,211-square-foot lease of flex space in Mount Prospect, approximately 25 miles northwest of Chicago. Novomatic Americas Sales, a manufacturer and distributer of casino gaming machines, is leasing the property located at 1050 E. Business Center Drive. The lease term is for three years. The building will be the site of Novomatic’s corporate headquarters and features 15,000 square feet of office space. Mike DeSerto, Dan Benassi and Dan Jones of Entre Commercial represented the tenant in the transaction. Kelly Joyce and Jonathan Kohn of Colliers represented the landlord, Colony Capital Inc.

November 25, 2015

Illinois Industrial Midwest

Paine/Wetzel TNC Worldwide Arranges 30,000 SF Industrial Lease in Chicago Suburb

by Christina Cannon November 25, 2015

BEDFORD PARK, ILL. — Paine/Wetzel TNC Worldwide has arranged the 30,000-sqaure-foot industrial lease of a property located in Bedford Park, a southwestern suburb of Chicago. Midway Windows and Doors Inc. will lease the space at 5321 W. 65th St. Bill Kerrins of Paine/Wetzel TNC Worldwide represented the tenant in the transaction. Phil Mumford represented 5321 W. 65th LLC.

November 25, 2015

Illinois Midwest Mixed-Use Multifamily

Chicago Plan Commission Approves Phase I of Residential Development in City’s South Loop Neighborhood

by Christina Cannon November 24, 2015

CHICAGO — S Loop Chicago Development LLC has received approval from the Chicago Plan Commission to develop the first phase of a residential development located at the southwest corner of Grant Park in the city’s South Loop neighborhood. Phase I will feature a 76-story apartment tower to be designed by Rafael Viñoly Architects. The tower, 1200 S. Indiana, is slated to become one of the tallest residential buildings in Chicago. Phase I of the apartment building will feature 792 units, multiple amenity floors and a total of 622 parking spaces. The tower will provide options ranging from studios to three-bedroom units. The building will also include an indoor and outdoor pool, a fitness center and gathering spaces. The proposal for Phase II includes a 648-unit residential tower on the west end of the Phase I parcel and will be connected by ground-floor retail and parking at the base. The Phase III proposal calls for a 100-unit development. Once completed, the development will represent one of the final pieces within the Central Station master plan, a development that was previously stalled by the recession. S Loop Chicago Development purchased the three-acre site in 2012. Construction on the first phase of 1200 …

November 24, 2015

Illinois Midwest Mixed-Use

Spirit Bascom Ventures Acquires Mixed-Use Property in Chicago for $21.6M

by Christina Cannon November 23, 2015

CHICAGO — Spirit Bascom Ventures LLC, a partnership between The Bascom Group LLC and Spirit Investment Partners LLC, has acquired a mixed-use property in Chicago for $21.6 million. The eight-story building, located at 5200 N. Sheridan Road, contains 223 apartment units. The property also includes 9,000 square feet of retail space on the ground floor. The venture plans on turning the property into a Class A luxury rental building. The major repositioning will include the repair or replacement of major mechanical systems, windows and elevators. The renovated apartments will feature open floor plans with all new kitchens, bathrooms and kitchens with stone countertops, stainless steel appliances, refinished hardwood floors and contemporary urban fixtures and finishes. Plans also call for a new tenant lounge, fitness center and rooftop deck. The property is located two blocks from the Berwyn Street stop on the Chicago Transit Authority’s Red Line. Todd Stofflet of KIG CRE LLC represented the undisclosed seller in the transaction. Andy Feinberg, Marc Schulder and David Harte of Ackman-Ziff arranged the debt financing provided by MidCap Financial LLC.

November 23, 2015

Healthcare Illinois Midwest

The Presence Center for Advanced Care Opens New Facility in Chicago

by Christina Cannon November 20, 2015

CHICAGO —Presence Saint Joseph Hospital, part of Presence Health, has opened a new outpatient facility in Chicago’s Lincoln Park neighborhood. The Presence Center for Advanced Care is a 10-story lakefront medical facility developed by Hammes Co., a healthcare consulting firm. The building is located at the intersection of Surf Street and Sheridan Road. Services at the new facility include advanced diagnostics capabilities, ambulatory surgery, a full endoscopy center, laboratory services, physical therapy and rehabilitation, and specialty services such as bariatrics, orthopedics and comprehensive oncology. The facility features three floors of physician office suites, three levels of indoor parking, and the building connects directly to the hospital via a glass sky bridge. Hammes Partners provided development capital for the project and retains ownership of the facility. RTKL Associates Inc. completed the architecture for the project and Power Construction served as the construction manager. Hammes Co. will also be in charge of leasing up the facility.

November 20, 2015

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