Illinois

CBRE Finances $21.7M Acquisition of Seniors Housing Community in Chicago MSA

by Christina Cannon September 25, 2015

PARK RIDGE, Ill. — CBRE National Senior Housing has arranged financing on behalf of Capitol Seniors Housing (CSH) for the acquisition of The Summit of Uptown, a 147-unit independent living and assisted living community located in Park Ridge, a suburb of Chicago. CBRE secured a $27.9 million, non-recourse, floating-rate bridge loan that includes a five-year term with 36 months of interest-only payments from a regional bank. Total proceeds includes a loan of $21.7 million for the acquisition of the property along with a loan of $4.2 million for planned capital improvements and a $2 million earnout feature. CSH, a seniors housing investment company, plans to convert 28 independent living units to assisted living and add 21 memory care units. Once complete, the community will feature a fortified memory care wing and can provide its residents with a full continuum of care. CSH will lease the community to Atlanta-based operator The Arbor Company.

September 25, 2015

Illinois Midwest Restaurant Retail

Boulder Group Brokers $1.9M Sale of Hooters in Illinois

by Christina Cannon September 25, 2015

ROCKFORD, ILL. — The Boulder Group has brokered the sale of a single-tenant net lease Hooters located at 6904 Argus Drive in Rockford, which is approximately 90 miles northwest of Chicago. The property is 4,700 square feet and sold for $1.9 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller who are undisclosed. There are over five years remaining on the corporately guaranteed Hooters lease. The lease features no landlord responsibilities and 10 percent rental escalations every five years. The Boulder Group is a boutique investment real estate service firm specializing in single-tenant net lease properties.

September 25, 2015

Illinois Midwest Office

Colliers International Arranges Law Office Lease in Chicago

by Christina Cannon September 25, 2015

CHICAGO — Colliers International has arranged the 10-year lease of a 11,000-square-foot office space for law firm Chapman Spingola LP. The property is located at 190 S. LaSalle St. in Chicago, and David Burden and Thomas Berarducci of Colliers International arranged the lease. Tishman Speyer, the building’s owner, was self-represented in the lease transaction. 190 South LaSalle was constructed in 1986 as a Class A office building by architects Philip Johnson and John Burgee. Chapman Spingola LP will occupy a portion of the 38th floor.

September 25, 2015

Illinois Midwest

CIM Group Tops Out 690-Unit Apartment Project in Chicago

by Christina Cannon September 24, 2015

CHICAGO — CIM Group has topped out the 34-story, 690-unit apartment tower that sets on top of the Block 37 retail center. The residential property is scheduled to open mid-2016. The Block 37 retail center is located at 108 N. State St. and is 275,000 square feet. The retail portion of the building is five stories and has 340 spaces of parking underground. Block 37 tenants include Anthropologie, Sephora, Disney, Eileen Fisher, Zara, Magnolia Bakery and Puma. The property also has access to Chicago’s Pedway and the CTA Red and Blue Lines. An AMC Theatre and several restuarunts are also under construction and set to open mid-October.

September 24, 2015

Illinois Industrial Midwest

Colliers Brokers Acquisition of 686,320 SF of Industrial Properties Near Chicago

by Christina Cannon September 23, 2015

BOLINGBROOK, Ill. — Colliers International has brokered the acquisition of two properties in Bolingbrook, which is 30 miles southwest of Chicago. Prologis bought the properties located at 800 and 850 S. Veterans Parkway from International Airport Centers for an undisclosed price. The properties are located within Remington Lakes Business Park. Colliers International represented both the buyer and seller in the acquisition and has also been hired by Prologis to lease the properties. 800 S. Veterans Parkway is a 325,144-square-foot industrial facility constructed in 1999 that is situated on 16 acres. It features nearly 25,000 square feet of office space, 291 parking spaces and 46 docks. The adjacent property, 850 S. Veterans Parkway, is a 361,176-square-foot facility constructed in 1997 that is situated on 32 acres. It features 30-foot ceiling height, ESFR sprinklers, 37 dock positions and three drive-in doors. Both properties were vacant at the time of sale.

September 23, 2015

Illinois Midwest

Cushman & Wakefield Arranges Lease of 154,000 SF Property Near Chicago

by Christina Cannon September 23, 2015

CAROL STREAM, Ill. — Cushman & Wakefield has arranged the lease of a 154,000-square-foot property in Carol Stream, approximately 30 miles west of Chicago. GELS Logistics Inc., also known as 360zebra, leased the property located at 430 Kimberly Drive. Duke Realty owns and manages the property. Jason West, Sean Henrick and Michael Magliano of Cushman & Wakefield represented 360zebra. Brian Colson of NAI Hiffman represented Duke Realty. 360zebra is an international logistics group.

September 23, 2015

Illinois Loans Midwest

Monroe Capital Arranges $57.7M Loan for Battery Ventures

by Christina Cannon September 23, 2015

CHICAGO — Monroe Capital LLC has arranged the financing of a $57.5 million senior credit facility to support Battery Ventures’ acquisition of Physical Security Business Unit (PSBU). Battery Ventures is a global technology investment firm. PSBU was previously part of the security division of NICE Systems and is now being renamed Qognify. Qognify helps organizations capture, analyze, and leverage big data to anticipate, manage, and mitigate security and safety risks, maintain business continuity, and streamline operations. Monroe Capital LLC is a provider of senior and junior debt and equity co-investments to middle-market companies.

September 23, 2015

Illinois Midwest Multifamily

Essex Realty Brokers $17.1M Sale of Uptown Chicago Apartments

by Christina Cannon September 21, 2015

CHICAGO — Essex Realty Group Inc. has brokered the sale of Argyle Street Properties located at 1261-1301 and 1338-1354 W. Argyle St. The properties are located in Chicago’s Uptown neighborhood and sold for $17.1 million. The properties consist of 60 studio, 96 one-bedroom, one two-bedroom/two-bath, and one three-bedroom/one-and-a-half bath units. The buildings have operated at or above 95 percent occupancy for the past five months, according to Essex. Doug Imber and Kate Varde of Essex Realty brokered the transaction. Essex Realty Group Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

September 21, 2015

Illinois Midwest Office

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

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