Illinois

Interra Realty Brokers $8.5M Sale of Two Multifamily Properties in Chicago

by Christina Cannon February 8, 2016

CHICAGO — Interra Realty has brokered the sale of two multifamily properties in Chicago for a total of $8.5 million. In the first deal, 606 Capital LLC acquired a 26-unit building from Fullerton Condominiums LLC for $5.9 million. The asset is located at 3045 W. Fullerton Ave. in the Logan Square neighborhood. The building has recently been fully rehabbed and consists of two-bedroom units and has 13 parking spaces. In the second deal, an eight-unit apartment building at 2053 N. Sheffield Ave. in the Lincoln Park neighborhood sold for $2.6 million. Dowdell Sheffield LLC sold the property to Lakeview Associates Inc. The building was renovated in 2007 and 2008. Brad Feldman of Interra Realty represented both parties in the two transactions.

February 8, 2016

Illinois Industrial Midwest

Transwestern Brokers Sale of 160,961 SF Industrial Property in Schiller Park, Illinois

by Christina Cannon February 8, 2016

SCHILLER PARK, ILL. — Transwestern has brokered the sale of a four-building industrial property in Schiller Park, approximately 16 miles northwest of Chicago, for an undisclosed price. A trust in the name of Howard Bernstein, the late founder of Atlas Cos., sold the 7.3-acre site to Skyline Properties LLC. The four buildings total 160,961 square feet. The property currently serves as the Atlas corporate headquarters. The distributer and servicer of material handling, construction and floor cleaning equipment will relocate to Elk Grove Village in March as part of an expansion. Phillip Rosenberg and Ryan Phillips of Transwestern represented the seller in the transaction. Nick Saraceno of CTK Chicago Partners represented Skyline Properties.

February 8, 2016

Illinois Industrial Loans Midwest

Associated Bank Closes $10.6M Acquisition Loan for Industrial Property in Elgin, Illinois

by Christina Cannon February 5, 2016

ELGIN, ILL. — Associated Bank has closed a $10.6 million acquisition and bridge loan for a 246,446-square-foot industrial property in Elgin, approximately 40 miles northwest of Chicago. Molto Properties was the borrower and acquired the newly-constructed building from Ryan Cos. The cross-dock industrial building is located at 2770 Alft Court within the Randall Crossings Business Park. Molto Properties, founded in 2008, focuses on the acquisition, development and operation of real estate. Craig Przygoda of Associated Bank managed the loan.

February 5, 2016

Healthcare Illinois Midwest

Avison Young Brokers Sale of 35,364 SF Medical Office Building in Crystal Lake, Illinois

by Christina Cannon February 5, 2016

CRYSTAL LAKE, ILL. — Avison Young has brokered the sale of a 35,364-square-foot medical office building in Crystal Lake, approximately 50 miles northwest of Chicago. MB Real Estate Healthcare purchased the building occupied by Centegra Health for an undisclosed price. Located at 420 N. Route 31, the Class A building was originally completed as a build-to-suit for McHenry County Orthopedics, which was recently acquired by Centegra Health. Erik Foster and Mike Wilson of Avison Young represented the seller, a large physician group, in the transaction.

February 5, 2016

Illinois Industrial Midwest

The Missner Group Acquires 152,000 SF Industrial Facility in Morton Grove, Illinois

by Christina Cannon February 4, 2016

MORTON GROVE, ILL. — The Missner Group has acquired a 152,000-square-foot industrial warehouse in Morton Grove, approximately 16 miles northwest of Chicago, for an undisclosed price. The facility is located at 8338 Austin Ave. and features 16-foot clear heights, five exterior docks, one drive-in door and 76,000 square feet of office space. The building, situated on 7.3 acres, is currently 100 percent leased to two tenants, Schwarz Supply Source and Integrated Merchandising Systems LLC. Eric Sorenson and Dirk Riekse of Cushman & Wakefield represented The Missner Group in the purchase of the property. The Cushman & Wakefield team also represented the building’s undisclosed seller.

February 4, 2016

Hospitality Illinois Market Reports Midwest Midwest Market Reports

Is the Current Bull Run for Chicago’s Hotel Sector Nearing an End?

by Christina Cannon February 4, 2016

The hotel industry has gained momentum over the last few years, with impressive increases in revenue per available room (RevPAR) and a continuing development boom in virtually all major markets across the Midwest and the nation. In the Chicago hotel market, RevPAR increased 7.2 percent in 2014 on a year-over-basis, according to STR Inc., and RevPAR was up 7.7 percent through the first 11 months of 2015. With consumer demand so strong and the development pipeline quite active, it might feel like the challenges of the last recession are long in the past. The reality, however, is that in a cyclical market the next downturn is never too far away. There are some indications that the ride may be slowing down and that the good times the region and the industry have enjoyed in recent years may be coming to an end. Oversupply Concerns While Chicago’s construction pipeline is smaller than a number of other metropolitan areas, it is the Windy City’s most robust development pipeline in recent memory. In aggregate, there will be a 20 percent increase in the room supply over three years. That could easily balloon to 25 percent with projects recently announced. This is very likely …

February 4, 2016

Illinois Loans Midwest Multifamily

Square Mile Capital Provides $50M Refinancing Loan for Apartment Building in Arlington Heights

by Christina Cannon February 3, 2016

ARLINGTON HEIGHTS, ILL. — Square Mile Capital Management LLC has provided a $50 million refinancing loan for One Arlington, a luxury multifamily property in Arlington Heights, approximately 26 miles northwest of Chicago. Stoneleigh Companies LLC was the borrower. One Arlington is an adaptive reuse conversion of a former Sheraton Hotel. The conversion was completed in June 2015. The property features 214 residential units, 17,200 square feet of ground floor retail space and an attached 313-space underground parking garage.

February 3, 2016

Illinois Midwest Office

MB Real Estate Arranges 10,000 SF Office Lease in Chicago

by Christina Cannon February 3, 2016

CHICAGO — MB Real Estate has arranged a 10,000-square-foot office lease for ReviewTrackers, a software company that gathers consumer-generated data for businesses. ReviewTrackers has relocated to the new space from a 3,300-square-foot building at 415 N. Aberdeen St., nearly tripling its footprint. ReviewTrackers new location is at 320 W. Ohio St. Craig McCaw of MB Real Estate represented ReviewTrackers in the transaction. Jason Schulz of The J. Rich Co. represented the sub-landlord, Red Frog Events.

February 3, 2016

Illinois Industrial Midwest

Panattoni Development Co. Completes Two Industrial Buildings in Lockport, Illinois

by Christina Cannon February 2, 2016

LOCKPORT, ILL. — Panattoni Development Co. has completed the development of two new industrial buildings in 355 Corporate Center, a 50-acre industrial business park in Lockport, approximately 35 miles southeast of Chicago. The first building is 273,640 square feet and includes parking for 268 cars, while the second building is 228,690 square feet and features 240 parking spaces. Both buildings include 65 docks, four drive-in doors, 32-foot clear heights and ESFR sprinkler systems. Harris Architects designed the facilities, and Alston Construction was the general contractor. These two assets are the first two facilities to be built inside 355 Corporate Center. Nicolson, Porter & List has been tasked with leasing the buildings.

February 2, 2016

Illinois Industrial Loans Midwest

Associated Bank Provides $47.5M in Loans for Two Cold Storage Projects in Metro Chicago

by Christina Cannon February 1, 2016

CHICAGO and WHEELING, ILL. — Associated Bank has provided a total of $47.5 million for two cold storage projects in Chicago. In the first project, Associated Bank provided an $8 million refinancing and construction loan to 120 Palatine LLC for a vacant 115,000-square-foot freezer food manufacturing and distribution facility. The asset is located at 120 W. Palatine Road in Wheeling and will be leased to Richelieu Foods. Associated Bank was also the lead arranger and administrative agent of a $39.5 million credit facility for a 227,700-square-foot cold storage warehouse and distribution facility that will be located at 2302 S. Paulina St. Wanxiang America Real Estate Group and Clarius Partners are the borrowing entities. The facility is a build-to-suit project for Preferred Freezer. Ted Notz of Associated Bank managed both loans.

February 1, 2016

Newer Posts

Older Posts