Illinois

I.M. Construction Completes Two Buildings in MeadowPark Office Complex in Suburban Chicago

by Christina Cannon September 18, 2015

NORTHBROOK, ILL. — I.M. Construction Group (IMCG) has completed two of four office buildings within the new MeadowPark development located at Techny Road and Founders Drive in Northbrook, a northern Chicago suburb. MeadowPark is a 52,000-square-foot, 5.5-acre development. IMCG completed the 12,600-square-foot, single-story office property leased to Bright Horizons Daycare as well as an 18,000-square-foot facility leased to Lurie Children’s Hospital. The Lurie Children’s facility will serve as the hospital’s second largest outpatient center in the Chicago area. IMCG will construct the two remaining speculative buildings this fall. The projects will feature masonry construction as well as eco-friendly options, including bioswales, which collect and filter stormwater through vegetation. Tenants of MeadowPark also have the option to incorporate solar panels and geothermal heating. IMCG is a joint venture of Insite Construction and The Missner Group, a full-service construction firm. Leading the construction team for IMCG are Bob Nomellini, the firm’s president, and Bill Uchyn, the Missner Group’s project superintendent. Center Line Architects is providing architectural services, and Manhard Consulting is the civil engineer. Cushman & Wakefield is the project developer.

September 18, 2015

Illinois Midwest

SVN | Chicago Commercial Brokers $1.2M Sale of Self Storage Facility in Carpentersville, Ill.

by Christina Cannon September 18, 2015

CARPENTERSVILLE, ILL. — SVN | Chicago Commercial has brokered the $1.2 million sale of Harley’s Self Storage, a 23,064-square-foot facility located at 250 Williams St. in Carpentersville northwest of Chicago. Harley’s Self Storage LLC was the seller of the climate-controlled facility, and the buyer was Prairie Enterprises LLC. SVN | Chicago Commercial was the sole broker in the transaction.

September 18, 2015

Illinois Midwest

Caruso Development Signs Northwest Health Care Associates to 27,000 SF Lease in Hoffman Estates, Ill.

by Christina Cannon September 17, 2015

HOFFMAN ESTATES, ILL. — Caruso Development Corp. has signed Northwest Health Care Associates to a 27,000-square-foot medical office lease at 2359 Hassell Road in Hoffman Estates as part of a build-to-suit project. Albert Lindeman of SVN | Chicago Commercial represented the building’s owner, Caruso Development, in lease negotiations. Northwest Health Care Associates will occupy a one-story medical office building, which is under construction on the Blackberry Falls Office Campus, a new campus adjacent to Barrington Town Center. The Blackberry Falls Office Campus is situated on 4.6 acres, complete with a gazebo, waterfall and pond. The 27,000-square-foot building to be constructed for Northwest Health Care Associates is the last building to be constructed within the office campus. Caruso Development is partnering with Interworks Architects and EJ Loberg Construction on this project. Located at the intersection of I-90 and Barrington Road, approximately 30 miles from downtown Chicago, the new office campus is accessible from major area thoroughfares and offers patients convenient access to the site. The campus is situated across from AMITA Health St. Alexius Medical Center, which includes the new 270-room Alexian Brothers Women’s and Children’s Hospital. Caruso Development is partnering with Interworks Architects and EJ Loberg Construction on this project.

September 17, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Three Multifamily Properties for $1.56M in Chicago

by Christina Cannon September 17, 2015

CHICAGO — Interra Realty has brokered the $1.56 million sale of three multifamily properties located in the Woodland and Washington Park neighborhoods of Chicago. Ted Stratman and Dan Byrne of Interra represented both the seller and buyer for all transactions. A six-unit property at 5910 S. Martin Luther King Drive sold for $440,000. The building, which had previously been converted to individual condos, features large three-bedroom, one-and-a-half bath units and has rear parking for all six units. Another six-unit property, located at 6427 S. Drexel Ave., sold for $510,000. The property was completely rehabbed within the last few months and was 100 percent occupied at the time of sale. Lastly, an eight-unit building located at 5156 S. Indiana Ave. sold for $490,000. Six of the units have been rehabbed. Stratman and Byrne negotiated a post-closing construction contract on behalf of the buyer to rehab the other two garden-style units and capitalize on the building’s upside potential.

September 17, 2015

Illinois Midwest

Avison Young Negotiates 315,000 SF Lease Renewal for Nemera in Buffalo Grove, Ill.

by Christina Cannon September 17, 2015

BUFFALO GROVE, ILL. — Avison Young has negotiated a long-term, 315,000-square-foot lease renewal for Nemera at 600 Deerfield Parkway in Buffalo Grove, a suburb of Chicago. Nemera, which specializes in the design, development and manufacturing of drug delivery solutions, occupies the entire building. The facility includes 30,000 square feet of office space, 28-foot clear ceiling heights and is served by rail. Keith Purtiz and Brett Kroner with Avison Young’s Chicago office were the sole brokers in the transaction. The property owner is a private investor. No further details of the lease agreement were disclosed.

September 17, 2015

Illinois Midwest Office

CIM Group Acquires Interest in 625 North Michigan Building in Chicago

by Christina Cannon September 16, 2015

CHICAGO — In a joint venture with Golub & Co., CIM Group has acquired a condominium ownership interest in 625 North Michigan, a high-rise building located at 625 N. Michigan Ave. in downtown Chicago. Although the purchase price was not disclosed, Crain’s Chicago Business reported in August that a venture of CIM Group paid approximately $48 million for 290,000 square feet of office space on floors five through 27 of the building. The seller was Goldman Sachs Group. The sale doesn’t include the lower four floors, which are separately owned retail space. The individual floors span 13,000 square feet and no tenant takes up more than one full floor, according to Crain’s Chicago Business. The property, which is currently 29 percent vacant, was built in 1970 and underwent a $6 million renovation in 2000. Caption (625 North Michigan Avenue): CIM Group has acquired a condominium ownership interest consisting of 290,000 square feet of office space located at 625 N Michigan Avenue.

September 16, 2015

Illinois Industrial Midwest

CBRE Brokers Sale of 3.26-Acre Industrial Site in Mount Prospect, Ill.

by Christina Cannon September 16, 2015

MOUNT PROSPECT, ILL. — CBRE has arranged the sale of 3.26 acres of industrial-zoned land in Mount Prospect, a northwest Chicago suburb, for an undisclosed price. The buyer was Whimsy Intermodal, a drayage company, and the seller was Park Place Partners LLC. The property, located at 2210 South Busse Road, will provide Whimsy Intermodal with 100 additional trailer parking spaces and is near the Elmhurst Road and I-90 interchange. Jack Brenan, Mike Sedjo and John Hamilton of CBRE represented both the buyer and seller in the transaction.

September 16, 2015

Illinois Midwest Retail

Transwestern Brokers Sale of 105,000 SF Retail Center on Behalf of Seller

by Christina Cannon September 15, 2015

OAK LAWN, ILL. — Transwestern has brokered the sale of Stony Creek Promenade, which is located at 4800 W 111th St. in Oak Lawn. MEPT purchased the 105,000-square-foot retail center from the developer, Hamilton Partners, for an undisclosed amount. Janice Sellis and Paul Barile of Transwestern represented the developer in the transaction.

September 15, 2015

Illinois Midwest Multifamily Student Housing

McHugh Nears Completion of $58M Conversion Of Office Building To Student Apartments In Chicago

by Katie Sloan September 14, 2015

CHICAGO — The restoration and conversion of the Old Colony office building, located at 37 W. Van Buren St. in Chicago, into luxury student apartments is nearly complete. The building, renamed The Arc at Old Colony, is in the last stages of its $58 million update by CA Ventures LLC and MCJ Development. The building was originally constructed in 1894 and is on the National Register of Historic Places. This qualifies the building for a $10 million federal historic landmark tax credit, which is being guided by MacRostie Historic Advisors. McHugh Construction has completed the renovation and conversion of interior offices to 137 apartment units, which are 75 percent leased. The vintage 17-story building, originally designed by famed architects Holabird and Roche, was among the tallest buildings in Chicago at the time of its construction in 1894. The Old Colony Building was one of the first of its kind to employ a unique structural portal wind-bracing system, allowing for open floor plates and thinner masonry exterior cladding. The structure’s innovative design, dating back to the Columbian Exposition of 1893, reflects the evolving structural steel technology of the era. The building’s most distinctive features are the round oriel corner bays, oversized windows and upper level terra …

September 14, 2015

Healthcare Illinois Loans Midwest

Angelic Real Estate, CGA Capital Complete $21.5M Financing for Presence St. Joseph

by Amy Works September 11, 2015

CHICAGO — Angelic Real Estate and CGA Capital have completed a $21.5 million financing for portions of the new Presence St. Joseph Ambulatory Care Center in Chicago’s Lincoln Park neighborhood. The new facility is currently being built by Milwaukee-based Hammes Co. Upon its completion this fall, the facility will house additional Presence St. Joseph operations, other medical and related tenants, and parking. New York City-based Angelic Real Estate is an investment banking and brokerage firm with more than $6 billion in experience nationally and internationally. CGA Capital is a source for real estate net lease and credit-based financing nationwide.

September 11, 2015

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