OAKBROOK TERRACE, ILL. — Zilber Property Group has opened a new Chicago regional office in Oakbrook Terrace. Lead by Todd Vezza, director of industrial investments, the office is focused on the expansion of Zilber’s Chicago industrial portfolio through acquisition and development. The new location is located at One Oakbrook Terrace Suite 510. Zilber owns and manages more than 5 million square feet of commercial space and operates corporate offices in Milwaukee and operations in Arizona, California, Florida, Hawaii, Illinois, Indiana, Texas and Wisconsin.
FRANKFORT, ILL. — Reed Construction will build Riverside Medical Center, a new 20,000-square-foot medical office building for Riverside Healthcare in Frankfort. The property will be located on a 25-acre site at the corner of US 45 and Steger Road. The single-story masonry medical office facility will feature metal panels and a curtain wall glazing system. The medical space will include exam rooms, CT imaging, EKG facilities and infusion bays for Riverside Healthcare, a healthcare system serving the needs of patients throughout the counties of Kankakee, Iroquois, Will and Grundy. Reed Construction will also complete more than 20 acres of site improvements and infrastructure for future development on the property. Scott Pickands and Cy Rangel are the project executives overseeing the project on behalf of Reed Construction. Jack Sbertoli of Reed Construction is leading the project team, which is scheduled to begin construction in April with completion slated for end of the year. Proteus Group is providing the architectural services.
LAKE FOREST, ILL. — Brennan Investment Group, in a joint venture with Goldman Sachs, has acquired an industrial property located at 13970 Laurel Drive in Lake Forest. This property will be added to the 23-building, 4.68 million-square-foot portfolio Brennan and Goldman Sachs acquired in late 2014. The properties are located within the greater Chicago Metropolitan area and were purchased from Mirvac Industrial Trust, an Australian public REIT. Further details of the transaction were not disclosed.
Mid-America Real Estate’s annual Chicagoland Shopping Center Report shows construction completions totaled 2.4 million square feet in 2014, a slight uptick from the 2.26 million square feet completed in 2013. Looking ahead, 2015 should yield a little over 2 million square feet, which will likely prove to be within the normal range for development going forward. However, this is significantly less than the 8.3 million square feet completed in 2007. One of the primary causes of this decline is the demand for new shopping center space in the suburbs is primarily limited to single users, predominately grocery stores. While the demand for multi-tenant retail developments in urban markets remains high, the barriers to entry are significant. Consider, for example, that of the combined 26 new projects delivered in 2014 and planned for 2015, only one project, Regency Centers’ Shops on Main in Schererville, Indiana, is a suburban project built to accommodate more than one big-box retailer. Anchored by Gordmans, Shops on Main is also home to DSW, Home Goods, Ross, Pier 1 Imports and a planned Whole Foods. All of the remaining suburban projects are limited to single users such as Walmart/Sam’s Club, Target, Mariano’s or Meijer. The mid-sized boxes …
BARRINGTON, ILL. — Cohen Financial has arranged a $9 million acquisition loan for The Shops at Flint Creek, an upscale retail shopping center located at 500 N. Hough St. in Barrington. Heinen’s Grocery Store anchors the shopping center, which is fully leased. Dan Rosenberg of Cohen Financial’s Chicago office secured the fixed-rate CMBS loan, which is structured with a 10-year term and a 75 percent loan-to-value ratio. Rosenberg secured the loan with Citigroup Global Markets Inc. The borrower is a venture of Next Realty, a national owner of retail properties.
ELMHURST, ILL. — Entre Commercial Realty has arranged the $2 million sale of a 40,180-square-foot industrial property in Elmhurst. Jimenus, a distributor of steel rule dies, tools, jigs, boards and fixtures, purchased the property located on 1.8 acres at 727 Larch Ave. The firm is relocating to this space from 220 Gateway Drive in Bensenville, Ill. The property features 18-foot ceiling heights, four docks and 3000 amp of power. Improvements planned for the building include 4,000 square feet of newly designed office with additional upgrades to the exterior facade and landscaping starting in spring of 2015. The facility is located off York Road along the Eisenhower Expressway, with access to I-290, I-294 and the O’Hare submarkets. John Gazzola and Mike Gazzola of Entre Commercial Realty represented Jimenus. Mark Barbato of Nicolson Porter & List represented the seller.
GLEN CARBON, ILL. — Holland Construction Services Inc. began work on the new Father McGivney Catholic High School in Glen Carbon. The new 53,000-square-foot, two-story facility is located at the corner of Old Troy and Bouse roads. The new school includes classrooms, commons area, a chapel, library, gymnasium and a student lounge. Hurford Architects Inc. designed the new school, which is scheduled to open in August for the 2015-2016 school year.
BERWYN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $945,000 sale of a single-tenant medical office building located at 3300 S. Oak Park Ave. in Berwyn. Vanguard Health Systems, a wholly owned subsidiary of Tenet Healthcare, occupies the freestanding, 5,990-square-foot building. A Pennsylvania-based real estate fund was the seller. The buyer was a private real estate investor based in Scottsdale, Ariz. Chad Firsel of Quantum Real Estate Advisors Inc. was the sole broker in the transaction.
ROLLING MEADOWS, ILL. — Panasonic Corp. of North America has signed a long-term lease for 48,813 square feet at Continental Towers in Rolling Meadows. The office, which moves from 5201 Tollview Road in Rolling Meadows, will serve as the consumer electronics company’s Midwest regional headquarters. It will take the entire 11th and 12th floors of Tower 3 when the lease begins in June 2015. Continental Towers is a 911,341-square-foot, three-tower office complex. Amenities include a 30,000-square-foot, full-service fitness center, a conference/training facility and a Foodbarz deli. The buildings is situated on a 34-acre corporate campus which is visible along I-90. Mitch Loveman and Kevin Duckler of Newmark Grubb Knight Frank represented Panasonic in the transaction. GlenStar Properties’ Dave Trumpy and Bill Debb represented ownership.
CHICAGO — South Street Capital, a Chicago-based real estate firm, has changed its name to R2 Cos. Managing principal Matt Garrison will continue to lead the company. “We have grown to a national owner and operator of multiple asset types with a fully integrated, end-to-end operations platform and expansive network of relationships in many markets” says Garrison. “Our new name and brand reflects our data-driven approach to investment, as well as our growth and aspirations for the future.” R2 currently owns and operates more than 1.5 million square feet of commercial real estate in Chicago and Minneapolis and also operates a discretionary mid-market yield fund, R2 Yield Plus.