Illinois

Meridian to Complete 219,858 SF Build-to-Suit Project in Chicago

by John Nelson April 1, 2015

CHICAGO — Scannell Properties has selected Meridian Design Build to design and construct a 219,858-square-foot automated package sorting and distribution center in Chicago. The property is for a provider of global shipping and information services. The development will feature more than 3,000 square feet of expressway frontage along the north side of I-55 at South Damen Avenue. The project will include dynamic compaction and other engineered ground improvements to support the construction of three new buildings on the site. Site work will be completed to accommodate 452 auto parking stalls and 301 trailer storage positions. The main building design will include 61 loading docks, 156 interior van loading positions, and 8,153 square feet of office space. Freestanding security and vehicle maintenance buildings will also be constructed to support the daily operation of the facility. Cornerstone Architects is providing architectural services. Spaceco Inc. will provide civil engineering work.

April 1, 2015

Illinois Loans Midwest Office

Thorofare Funds $5.3M Bridge Loan for 1144 W. Fulton Market in Chicago

by John Nelson April 1, 2015

CHICAGO — Thorofare has funded a $5.3 million bridge loan for 1144 W. Fulton Market in Chicago. The Class A office property is 78.5 percent occupied. Thorofare will advance a capital expenditure and leasing cost earn-out facility in order to capitalize the sponsor’s business plan of converting the ground floor from office to retail to improve the profitability of the property and fill the retail void in the neighborhood. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of institutional investors.

April 1, 2015

Illinois Industrial Midwest

Paine/Wetzel TCN Worldwide Arranges 25,488 SF Industrial Lease in Tinley Park, Ill.

by Danielle Everson March 31, 2015

TINLEY PARK, ILL. — Paine/Wetzel TCN Worldwide has arranged a 25,488-square-foot industrial lease within a 100,000-square-foot building at 7650 W. 185th St. in Tinley Park, a suburb south of Chicago. Emerson Process Management assists companies in controlling and managing their water and energy processes to cut costs and create efficiency. The company, already located in Tinley Park, is expanding its operations into this new location. Emerson selected the building due to its close proximity to expressways, a train station, hotels and restaurants. The building includes a 30-foot ceiling height, five docks, one drive-in door and parking for up to 60 cars. Ed Wabick, Curt Stanton and Patrick Fitzgerald of Paine/Wetzel represented the tenant, Emerson Process Management. NAI Hiffman’s Mike Robbins and Ben Cremer represented the building’s landlord, SAVI Properties LLC.

March 31, 2015

Illinois Midwest Office

Metonic Real Estate Solutions Buys 58,000 SF Office Building in Chicago

by Danielle Everson March 31, 2015

CHICAGO — Metonic Real Estate Solutions has purchased a six-story, 58,000-square-foot, brick and timber office building in Chicago for an undisclosed sales price. The property is located at 217 N. Jefferson St. in the West Loop and includes an adjacent 40-stall surface parking lot. The building was originally constructed in 1938 and redeveloped in 2008. It is fully occupied primarily by technology and creative tenants.

March 31, 2015

Illinois Industrial Midwest

Lee & Associates Arranges Sale of 52,000 SF Industrial Building in Burr Ridge, Ill.

by Danielle Everson March 31, 2015

BURR RIDGE, Ill. — Lee & Associates has arranged the $4.1 million sale of a 52,000-square-foot truck terminal industrial building located at 7545 S. Madison in Burr Ridge. Justin Fierz, Brian Vanosky and Tim McCahill of Lee & Associates’ Illinois office represented the seller, RAB Properties Inc. Kip Hennelly of Patrick Commercial Real Estate represented the buyer.

March 31, 2015

Illinois Industrial Midwest

Darwin Realty & Development Corp. Arranges Industrial Lease in Bensenville, Ill.

by Danielle Everson March 30, 2015

BENSENVILLE, ILL. — Darwin Realty & Development Corp. has arranged the lease of a 1,500-square-foot industrial space in Bensenville. Dan Fanelli of Darwin Realty and Development Corp. represented both the tenant and landlord in lease to ZM Gear & Machine at 1134 Industrial Drive. The landlord is FBG Corp. ZM Gear is currently occupying an adjacent unit and is expanding its business to the additional space. The facility is just off Route 83 south of Thorndale Avenue and west of York Road in DuPage County. ZM Gear is a family-owned company with more than 20 years of experience in gear manufacturing including parts from shafts, covers and housings.

March 30, 2015

Illinois Industrial Midwest

NGKF Arranges Sale of 110,343 SF Industrial Property in Elgin, Ill.

by Danielle Everson March 30, 2015

ELGIN, ILL. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a 110,343-square-foot industrial building in Elgin. The property is located at 2545 Northwest Pkwy. Adam Marshall of NGKF and Joe Bronson of NAI Hiffman represented the seller, property owner Zilber Property Group. Marshall also represented the buyer, Bucher Hydraulics, an international provider of hydraulic drive and control technologies for mobile and industrial hydraulic applications. The property is within the Northwest Corporate Park and is adjacent to several retail, restaurant, hotel and child care facilities. Built in 1999, the building features high-end, two-story offices that are 23,200 square feet. Additional features include 24-foot ceiling heights, seven docks, eight drive-in doors as well as 2,400 amps of power.

March 30, 2015

Illinois Industrial Midwest

NelsonHill Brokers Sale of 87,000 SF Building in Chicago’s Stockyards Industrial Park

by Danielle Everson March 30, 2015

CHICAGO — NelsonHill has brokered the $2.8 million sale of 1120 W. Exchange Avenue in Chicago’s Stockyard Industrial Park. Florock, an industrial flooring systems firm, purchased the property. The 63-year-old, global firm plans to consolidate its other locations into one site. The 87,982-square-foot property sits on nearly three acres and includes more than 40 parking spaces, 17-foot to 22-foot ceiling heights and a 4,000-square-foot office. The property also features two interior docks and two overhead doors. Michael Nelson and Mark Nelson of NelsonHill represented the seller, The Missner Group. Adam Tarantur, Corey Chase and Kyle McKechnie of Podolsky|Circle CORFAC International represented the buyer.

March 30, 2015

Illinois Midwest Retail

Baum Realty Group Arranges $6.8M Sale of Walgreens in Chicago MSA

by Danielle Everson March 27, 2015

CHICAGO — Baum Realty Group LLC has arranged the $6.8 million sale of a single-tenant, net-leased Walgreens property in Chicago. The asset is located at 8700 S. Kedzie Ave. in the Evergreen Park neighborhood. The Walgreens property has 15 years remaining on its original 25-year lease. The property is located approximately 10 miles southwest of downtown Chicago and less than 5 miles from Midway International Airport. The 14,820-square-foot building is situated on 1.75 acres at corner of the intersection of W. 87th Street and S. Kedzie Boulevard. Patrick Forkin and Brad Teitelbaum of Baum Realty Group represented the undisclosed seller in the transaction. The buyer was a New York-based private investor that purchased the property as part of a 1031 exchange.

March 27, 2015

Illinois Midwest Office

The Boulder Group Arranges $4M Sale of Ground-Lease in Chicago

by Danielle Everson March 27, 2015

CHICAGO — The Boulder Group has arranged the $4 million sale of a single-tenant, First Midwest Bank ground-lease in Chicago. The property is located at 3220 W. 26th St. The building was originally built in 1984 and was renovated in 2007. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Chicago-based investor who purchased the property in a 1031 exchange. A West Coast-based real estate fund sold the property. There are more than 13 years remaining on the First Midwest Bank ground lease, which expires July 1, 2028. First Midwest Bancorp is a publicly traded company with a market capitalization in excess of $1.3 billion.

March 27, 2015

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