CHICAGO — Hilco Real Estate LLC, in a joint venture with Peter Westmeyer and Kevin Purcell, both of whom are senior executives with MB Real Estate Services Inc. (MBRE), has acquired One North LaSalle, a historic office building located in Chicago’s Central Loop. No terms of the transaction were disclosed. Built in 1929, the 500,000-square-foot office building is situated on the northeast corner of LaSalle and Madison streets, and offers easy access to public transportation and highways, as well as a variety of hotels, restaurants and retail. The most recent building renovation included restoration of the Art Deco detailing and installing new elevators, HVAC, electrical and plumbing systems. The 47-story property is set to undergo an extensive redevelopment under its new ownership, which will include high-end tenant amenities, the addition of spec suites and remodeling the building’s interior. Once complete, the property will feature a renovated lobby, tenant corridors and restrooms, and first-class tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center and bike room. A multi-million dollar capital budget is being put forth by the new ownership group, and MBRE has been contracted to provide ongoing management, leasing and construction oversight for the property. MBRE’s Mark …
MOUNT PROSPECT, ILL. — NorthMarq Capital has arranged a $42.2 million refinancing loan for a multifamily property in Mount Prospect, approximately 24 miles northwest of Chicago. The Residences at 1550 is a 509-unit apartment complex that includes amenities such as a fitness center, laundry facility, swimming pools, pet waste stations, copy and fax service and access to public transportation. Unit amenities include kitchen appliances, walk-in closets, faux granite countertops and private balconies or patios. NorthMarq arranged the adjustable rate loan through Freddie Mac. The financing features a seven-year term with two years of interest-only payments and a 30-year amortization schedule.
BUFFALO GROVE, ILL. — Transwestern has brokered the $2.7 million sale of a flex building in Buffalo Grove, a northwest Chicago suburb. A private investor bought the fully leased 24,620-square-foot building from FSGB LLC. The recently renovated building, located at 350-370 Lexington Drive, houses eight companies that occupy between 2,000 and 6,000 square feet. All tenants have at least two years remaining on their leases. Adam Schneiderman represented the undisclosed buyer in the transaction. Schwab Realty & Development represented the seller.
CHICAGO — Summit Design + Build LLC has completed an office space build out for The Nerdery, a custom software design and development company. The Nerdery renovated two floors of its seven-story building. The 84,000-square-foot facility is located at 1033 W. Van Buren St. in Chicago’s West Loop. The 24,000-square-foot build out included the addition of natural light, an open concept kitchen and a dining room with built-in bleachers for events. The space also features meeting space that includes over 25 conference rooms, huddle rooms and other informal areas.
CHICAGO — Origin Investments and Randolph Street Realty Capital have sold a 73-unit apartment building in Chicago’s West Loop for approximately $35 million. Lux24, located at 24 S. Morgan St., was formerly known as Pure Condominiums. The duo acquired the failed condominium project in 2013, and at the time only 38 of the condos were completed and only four had been sold. Lux24 now features amenities such as a fitness center, clubroom, outdoor terraces with fire pits, on-site dry cleaning and shoe repair services, a secure package room and bike storage. Unit amenities include stainless steel appliances, in-unit washers and dryers, granite countertops and floor-to-ceiling windows. Danny Spitz of Baum Realty represented the buyer, a private investor, in the transaction.
CHICAGO — Chicago-based Harrison Street Real Estate Capital LLC has completed its $1.9 billion acquisition of Campus Crest Communities, the investment management firm announced earlier this week. Shareholders of Campus Crest Communities approved the merger with Harrison Street on Jan. 26, 2016, with 99.3 percent of shareholders voting in favor of the merger. To date, Harrison Street has acquired or developed over 107,000 student housing beds at more than 85 universities across the country. As of the close of the transaction, Harrison Street’s total student housing portfolio now includes over 76,000 beds. Campus Crest’s current portfolio of student housing properties encompasses over 38,000 beds across the country. Harrison Street has retained Asset Campus Housing as the new third-party property manager for the portfolio. In connection with the closing of the transaction, Campus Crest’s stock (NYSE: CCG) has ceased to be publicly traded. Raymond James and Associates Inc. acted as financial advisor, and DLA Piper LLP acted as legal advisor to Harrison Street. Moelis & Co. LLC acted as financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to Campus Crest.
ELK GROVE VILLAGE, ILL. — Morgan/Harbour Construction will complete two projects within the O’Hare Logistics Center on behalf of DCT. Morgan/Harbour will build out a warehouse facility at 2200 Arthur Ave. McNichols Co. will occupy the entire 112,862-sqaure-foot building, which is situated on 6.8 acres. The cross-docked facility features 32-foot clear heights, 38 exterior dock positions and 40 trailer stalls. The build-out will include the addition of 12,167 square feet of office space, a new interior truck dock, an exterior drive-in ramp, an ADA customer service entry, three bridge cranes and equipment power distribution. The renovation is scheduled for completion in May. Morgan/Harbour will also redevelop a neighboring property, 2201 Arthur Road. The redevelopment of the 108,931-square-foot industrial warehouse will include the demolition of the interior offices and the exterior façade, replacement of office windows and the installation of a new metal panel exterior wall system. Morgan/Harbour will also demolish the eastern exterior wall of the warehouse to add 10 exterior truck docks, completely overhaul the electrical service and add a new ADA-compliant entrance. A new parking area will also be constructed and will accommodate 49 cars and 21 trailers. Construction is slated for completion this summer. Harris Architects is …
CHICAGO — Barnett Capital has sold a 90,490-square-foot retail property to 3115 Properties for $5.7 million. The building is located at 3115-23 N. Broadway in Chicago. Located in the Lakeview neighborhood, the five-story building features tenants such as Intelligentsia Coffee & Tea, The Apartment People and Contacts & Specs. The property also contains a five-story parking garage. Keely Polczynski of CBRE represented Barnett Capital, and Danny Spitz of Baum Realty represented 3115 Properties LLC.
American Street Capital Arranges $4M in Financing for 81-Unit Multifamily Property in Chicago Suburb
OAK LAWN, ILL. — American Street Capital has arranged a $4 million acquisition loan for an 81-unit apartment property in Oak Lawn, approximately 16 miles southwest of Chicago. The three-building property, Oak Lawn Gardens, was constructed in 1963 and is 97 percent occupied. The asset features on-site laundry facilities and 67 parking spaces. The non-recourse loan features a 10-year fixed rate and 25-year amortization schedule. The financing was placed with a CMBS lender. Igor Zhizhin of American Street Capital arranged the financing.
LA GRANGE PARK, Ill. — Ziegler, a specialty investment bank, has closed $56.3 million in fixed-rate bonds for Plymouth Place Senior Living, a 360-unit continuing care retirement community in La Grange Park, approximately 15 miles southwest of Chicago. Plymouth Place is a nonprofit community established by United Church of Christ in 1939 and is situated on 18.6 acres. The community includes 182 independent living apartments, 14 independent living cottages, 52 assisted living apartments, 26 memory care apartments and 86 skilled nursing beds. Providence Management and Development Co. operates the skilled nursing portion of Plymouth Place. Proceeds from the bonds will pay for $2.3 million in capital improvements, pay for $52.8 million in outstanding 2005 bonds, establish a debt reserve fund and pay for issuance expenses. The 2005 bonds were used to redevelop the main building and demolish the prior main building.