Illinois

Historic Boutique Drake Oak Brook hotel Reopens in Illinois

by Danielle Everson April 13, 2015

OAK BROOK, ILL. — Rosemont, Ill.-based First Hospitality Group Inc. has reopened The Drake Oak Brook hotel in Oak Brook. The boutique hotel recently underwent extensive renovations to the exterior, lobby, an 11,300-square-foot meeting space, a 2,000-square-foot outdoor patio, office space and its 84 guest rooms. Originally built in 1961 as the suburban counterpart to Chicago’s famous Drake Hotel, Jim Nagle and Tely Nagle own the independent hotel. First Hospitality Group manages the hotel. Unique details of the property include a piece of floral, floating artwork composed of 1,000 pieces of glass and a gold-leafed table in the lobby designed by an artist who’s work also appears in the Vatican, and original murals. The hotel is accessible to downtown Chicago and O’Hare International Airport via I-88 and I-294.

April 13, 2015

Illinois Midwest Office

NAI Hiffman Signs New Lease at One Oakbrook Terrace

by Danielle Everson April 13, 2015

OAKBROOK TERRACE, ILL. — NAI Hiffman has signed a new lease for its corporate headquarters at One Oakbrook Terrace, located at the intersection of Butterfield Road and 22nd Street in Oakbrook Terrace. The provider of commercial real estate services has occupied space in the building for more than 10 years. The new lease consolidates NAI Hiffman’s brokerage, management, marketing and research, and accounting services onto an entire floor, taking up more than 20,000 square feet. Jim Adler and Michael Flynn of NAI Hiffman’s office services group represented NAI Hiffman in the transaction. Brian Edgerton of NAI Hiffman represented the institutional owner.

April 13, 2015

Illinois Industrial Midwest

Impact Strategies Completes Expansion Project for Chelar Tool & Die in Belleville, Ill.

by Danielle Everson April 10, 2015

BELLEVILLE, ILL. — IMPACT Strategies has completed a $1.1 million expansion project for Chelar Tool & Die Inc., a Belleville-based tool manufacturer. Construction of the 12,000-square-foot addition began in October 2014 and completed in March. IMPACT Strategies built a single-story, pre-engineered metal building. The facility is equipped for making metal stamping dies, metal stampings, specialty precision machinery and Blanchard grinding. IMPACT Strategies collaborated on the project with architect EWR Associates Inc. of Fairview Heights.

April 10, 2015

Illinois Midwest Multifamily

Meridian Capital Group Arranges $43.8M Acquisition Loan for Apartment Community in Lakemoor, Ill.

by Danielle Everson April 9, 2015

LAKEMOOR, ILL. — Meridian Capital Group has arranged a $43.8 million agency loan on behalf of Strategic Properties of North America for the purchase of The Meadows Apartment Homes in Lakemoor. The 12-year Fannie Mae loan features a competitive fixed-rate below 4 percent and four years of interest-only payments. Shaya Ackerman in Meridian Capital Group’s New York office arranged the loan for the borrower. The Meadows Apartment Homes includes 496 units plus additional acreage with entitlements to construct up to 224 more units. The borrower, Strategic Properties of North America, purchased the asset from GE Capital.

April 9, 2015

Illinois Industrial Midwest

Darwin Realty & Development Arranges 44,288 SF Industrial Lease in Skokie, Ill.

by Danielle Everson April 9, 2015

SKOKIE, ILL. — Darwin Realty & Development Corp. has arranged a 44,288-square-foot industrial lease at 3712 Jarvis Ave. in Skokie. CenterPoint Properties leased the space, which is within an 89,441-square-foot building, to Eco-Brite Linens, a company that specializes in laundering linens for assisted living facilities. David Conroy and Tim Gallagher of Cawley Chicago represented the tenant in its 10-year lease. Dan Prendergast of Darwin Realty represented the landlord.

April 9, 2015

Illinois Midwest Restaurant Retail

Mid-America Represents Heavy Metal-Themed Restaurant in Expansion to Schaumburg, Ill.

by Danielle Everson April 9, 2015

SCHAUMBURG, ILL. — Mid-America Real Estate Corp. has arranged a retail lease on behalf of Kuma’s Corner in Schaumburg. Kuma’s Corner will occupy 3,747 square feet at Woodfield Village Green, which is located at the intersection of Golf and Meacham roads. Kuma’s is a casual dining restaurant and bar with a heavy metal theme. The new location is expected to open summer 2015. Steve Frishman and Andrew Becker of Mid-America represented the tenant in the transaction. In addition to the Schaumburg lease, Kuma’s operates two existing locations in Chicago, which are located at 2900 W. Belmont Ave. and 666 W. Diversey Parkway.

April 9, 2015

Illinois Midwest Multifamily Seniors Housing

American House Senior Living Communities Acquires Cedarlake Village in Plainfield, Ill.

by Danielle Everson April 8, 2015

PLAINFIELD, ILL. — A joint venture of American House Senior Living Communities and AEW has acquired Cedarlake Village in Plainfield. The seniors housing property is located at 14800 S. Van Dyke Road. Cedarlake Village includes 178 one-bedroom apartments in two buildings, Wheatland and Renwick. Currently, both buildings are independent living facilities. However, Renwick will be licensed and converted into assisted living. Beginning in late spring, the community will undergo renovations, including the addition of an Anytime Café, dining room, fitness center and game room. American House began managing the community on March 31. AEW acquired the property on behalf of AEW Senior Housing Investors II LP.

April 8, 2015

Illinois Midwest Retail

Quantum Real Estate Advisors Brokers Sale of Shepard Square in Libertyville, Ill.

by Danielle Everson April 8, 2015

LIBERTYVILLE, ILL. — Quantum Real Estate Advisors has brokered the $2.2 million sale of a multitenant retail building located at 200-218 S. Milwaukee Ave. in Libertyville. Shepard Square is fully leased to tenants Randstad, @Properties, Pizza Italia, Bite 9, Village Cleaners and Lovely Nails. A Lake Bluff, Ill.-based real estate investor purchased the property. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum Real Estate Advisors was the sole broker in the transaction.

April 8, 2015

Illinois Indiana Midwest Multifamily

Steadfast Apartment REIT Acquires Three Apartment Properties for $80.8M

by Danielle Everson April 7, 2015

FISHERS AND SPEEDWAY, IND., AND AURORA, ILL. — Steadfast Apartment REIT has acquired three apartment communities totaling 643 units for $80.8 million. Two of the acquired properties are located in greater Indianapolis. The REIT purchased Reveal on Cumberland for $29.5 million, a 220-unit apartment community in Fishers, 16 miles northeast of downtown Indianapolis. Steadfast Apartment REIT also acquired the 277-unit Eagle Lake Landing Apartments in Speedway, less than six miles outside of the Indianapolis central business district, for $19.2 million. In the third transaction, the REIT purchased Randall Highlands Apartments in North Aurora, Ill., for $32.1 million. The property is located 30 miles west of Chicago and includes 146 units.

April 7, 2015

Illinois Midwest Retail

The Boulder Group Arranges $9.7M Sale of Walmart Ground Lease in Niles, Ill.

by Danielle Everson April 7, 2015

NILES, ILL. — The Boulder Group has arranged the $9.7 million sale of a single-tenant, trophy Walmart ground lease in Niles, a suburb north of Chicago. The property is located at 5630 W. Touhy Ave. The property was sold at the lowest cap rate ever recorded for a single-tenant Walmart property transaction above $5 million, according to Real Capital Analytics. The Walmart anchors Pointe Plaza, a 330,000-square-foot development that features Ross Dress For Less, Walgreens, Fresh Farms International Market, Dress Barn and Babies R’ Us. Walmart has approximately nine years remaining on its ground lease, which expires Feb. 29, 2024. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based high-net-worth investor who purchased the property in a 1031 exchange. Blankstein and Goodman also represented the seller, a Midwest-based investment company.

April 7, 2015

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