Illinois

Avison Young Arranges Land Sale for 612,000 SF Lockport Business Center

by Amy Works September 1, 2015

LOCKPORT, ILL. — Avison Young has arranged the sale of a 38-acre land parcel located in Lockport within Chicago’s I-55 distribution corridor. Exeter Properties Group purchased a joint venture stake in the development site, which is owned by Tandem Development Group. The joint venture plans to develop Lockport Business Center, a two-building distribution/warehouse project totaling 612,000 square feet at the intersection of 163rd Street and I-355 along Chicago’s southwest industrial corridor. The development will feature a 327,600-square-foot building and a 284,400-square-foot building, and both properties will feature 32-foot clear height ceilings, ample parking and trailer spaces and seven-inch thick floors. Erik Foster, Mike Wilson, Brendan Kelly and Todd Heine of Avison Young represented Tandem Development Group in the transaction.

September 1, 2015

Illinois Midwest Restaurant Retail

The Missner Group to Complete 10,000 SF Renovation for Bottled Blonde Location

by Amy Works September 1, 2015

CHICAGO — The Missner Group has been selected to complete a 10,000-square-foot renovation project at 504 N. Wells St. in Chicago’s River North district. The company will construct and build out space for the new Bottle Blonde location. Bottled Blonde is a pizzeria and beer garden based out of Scottsdale, Ariz. The property will feature open spaces, a large capacity, an outdoor bar and extensive multi-media viewing options. The project includes the demolition and reconstruction of the former Sushi Samba space and will feature multiple bars, event spaces and more than 20 high-definition televisions. D+K Architects is providing architectural services for the project. Completion is slated for this fall, with a grand opening slated to take place in the fourth quarter of this year.

September 1, 2015

Illinois Industrial Midwest

CenterPoint Properties Sells 263,668 SF Industrial Building in Franklin Park

by Amy Works August 31, 2015

FRANKLIN PARK, ILL. — CenterPoint Properties has completed the sale of an industrial building located at 2425-2553 Edington St. in Franklin Park. A private investor, which is expanding its portfolio, acquired the 263,668-square-foot property for an undisclosed price. Situated on 13.4 acres, the property features heavy electric power, heavy loading, food-grade cooler space and close proximity to North and Grand avenues. Rick Daly, Noel Liston and Jeff Provenza of Darwin Realty & Development Corp. represented the seller, while Larry Goldwasser and Colin Green of Cushman & Wakefield represented the buyer in the transaction. Prior to the sale, Sutton Transport signed a 52,000-square-foot lease within the building at 2553 Edington St. The leased space features 12 docks, one drive-in door, interior floor drains and cooler space. Daly and Provenza of Darwin represented the landlord, CenterPoint Properties, in the lease transaction. Daly also represented the tenant in the transaction.

August 31, 2015

Illinois Industrial Midwest

AIC Ventures Acquires Industrial Portfolio in Chicagoland for $14.1M

by Amy Works August 31, 2015

CHICAGO — AIC Ventures has acquired a six-building portfolio of distribution properties located in Chicago and the surrounding suburbs. The fully occupied, triple-net leased portfolio sold for $14.1 million. All of the properties have recent long-term, triple-net leases. Timothy McJilton and Brett Rodgers of Marcus & Millichap’s Chicago O’Hare office represented the undisclosed seller, while Patrick Dollaghan provided in-house representation for AIC Ventures in the transaction.

August 31, 2015

Illinois Midwest Multifamily

Castle Lanterra Properties to Rebrand Chicago Apartment Community

by Amy Works August 31, 2015

CHICAGO — New York City-based Castle Lanterra Properties (CLP) is renovating and rebranding a 424-unit apartment community in southwest Chicago. CLP has a $3 million upgrade and renovation program planned for the eight-building property, which has been renamed Midpointe Apartments. Upgrades include addressing deferred maintenance, roof replacement, new elevators and renovations to the property’s amenities, as well as individual unit renovations. Additionally, CLP has replaced lighting throughout the property with energy-efficient LED lighting. CLP acquired the property, formerly known as Southgate Apartments, in 2014.

August 31, 2015

Illinois Loans Midwest Multifamily

Associated Bank Finances Apartment Conversion in Chicago’s North Side

by Amy Works August 27, 2015

CHICAGO — Associated Bank has completed a $1.45 million construction loan for the conversion of an existing office building into an apartment property. City Pads LLC is developing the property, which will feature 10 apartments at 5701 N. Ashland Ave. in Chicago’s Andersonville neighborhood. The completed project will offer eight two-bedroom and two one-bedroom units, with one affordable apartment that will be rented at 60 percent of the rental rate. All units will feature condo-quality finishes including granite countertops, stainless steel appliances, hardwood floors, individual HVAC, updated bathrooms and on-site parking. Michael McGovern of Associated Bank originated and managed the loan.

August 27, 2015

Illinois Midwest Office

HFF Brokers Sale of Office Tower in Chicago’s West Loop for $135M

by Jonathan Mehall August 26, 2015

CHICAGO — HFF has brokered the $135 million purchase of 525 West Van Buren in Chicago by AEW Capital Management Inc. The 522,809-square-foot, 16-story, Class A office tower is situated at the southwest corner of Van Buren and Canal streets in the West Loop. 525 West Van Buren features an on-site café, 40 indoor executive parking spaces, a mezzanine floor with a Wi-Fi lounge, conference center, fitness center with lockers and showers and a 56-bike storage room. Tenants of the office tower include Akzo Nobel Chemicals LLC, Griffin American Healthcare and The Bureau of Alcohol, Tobacco, Firearms & Explosives. Jaime Fink, Jeffrey Bramson and Mark Kantz of HFF represented the seller, Northwood Investors.

August 26, 2015

Illinois Midwest Multifamily

The Habitat Co. Awarded Management of 1000 S. Clark Development in Chicago

by Jonathan Mehall August 26, 2015

CHICAGO — The Habit Company has been awarded the property management contract for 1000 South Clark, a 469-unit luxury apartment tower currently under construction in Chicago’s South Loop neighborhood. The 29-story apartment tower will offer studio, one, two, and three-bedroom residences, with individual units ranging from 505 to 2,112 square feet. Units will feature luxury finishes including high ceilings, panoramic lake and city views, custom kitchen cabinetry and Quartz countertops, stainless steel Whirlpool appliances, custom bathroom vanities with tile bath and shower surrounds, plank flooring, elegant interior lighting and full-size washers and dryers. 1000 South Clark will offer more than 43,000 square feet of amenity space including a 20,000-square-foot outdoor terrace with grilling stations, an enclosed indoor pool and rooftop running track, a 10,000-square-foot fitness center, basketball and racquetball courts, virtual golf simulator and putting area. Designed by Hartshorne & Plunkard, 1000 South Clark is a joint venture project between JDL Development LLC and New York-based iStar. The building is slated for delivery in early 2016.

August 26, 2015

Illinois Industrial Midwest

C&W Brokers 361,000 SF Industrial Lease for Swap.com in Bolingbrook, Ill.

by Jonathan Mehall August 26, 2015

BOLINGBROOK, ILL. — Cushman & Wakefield has arranged a 361,000-square-foot industrial lease for online retailer Swap.com in Bolingbrook. The property, owned by Prologis Inc., is located at 850 Veterans Parkway in Bolingbrook. The long-term lease marks the second major expansion for Swap.com since its founding in 2013. Swap.com previously occupied a smaller footprint in a separate ProLogis building. Situated on the north side of I-55 between Route 53 and Weber Road, the asset provides 30-foot clear height ceilings, ESFR sprinklers, heavy power, 37 exterior loading docks, four drive-in doors, and parking for 224 cars and 321 trailers. Swap.com offers a selection of pre-owned baby, kid’s, maternity and women’s apparel and accessories. Jason West of Cushman & Wakefield represented Swap.com. in the transaction. Jim Estus of Colliers International represented Prologis.

August 26, 2015

Illinois Industrial Midwest

Paine/Wetzel Arranges 12,031 SF Industrial Lease Renewal in Chicago

by Jonathan Mehall August 26, 2015

ITASCA, ILL. — Paine/Wetzel TCN Worldwide has arranged a 12,031-square-foot industrial lease renewal for United Global Logistics in Itasca, about 27 miles northwest of Chicago. The property is located at 1475 Thorndale Ave. The space features eight exterior docks and 25 trailer spots. Inc. Magazine named United Global Logistics as one of the top 5,000 fastest growing private companies in the country. Phil Reiff Jr. and Sr. of Paine/Wetzel represented United Global Logistics in the transaction.

August 26, 2015

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