Illinois

Ryan Cos., Providence Life Services to Develop $20.6M Senior Living Facility

by Danielle Everson October 8, 2014

LISLE, ILL. — Ryan Cos. and Providence Life Services will develop an 80-unit, senior apartment community in Lisle, a western suburb of Chicago. Arbor Place of Lisle, an affordable, age-restricted community will be situated on an approximately 3.3-acre site at the northeast corner of Karns Road and Ogden Avenue. The development will comprise 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The $20.6 million development was designed and is being constructed according to Enterprise Green Communities specifications. Construction is set for completion in summer 2015. Arbor Place of Lisle is the second project for the Ryan-Providence partnership. Arbor Place of Lisle is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority.

October 8, 2014

Illinois Midwest Multifamily

REVA Development Partners Breaks Ground on Luxury Apartments in Wheeling

by Danielle Everson October 8, 2014

WHEELING, ILL. — Chicago-based REVA Development Partners has broken ground on a 288-unit luxury rental community in Wheeling, a northern suburban of Chicago. Northgate Crossing is located at 250 Northgate Parkway. The 20-acre Northgate Crossing development will feature nine three-story apartment buildings. The apartments will include one- and two-bedroom plans ranging from approximately 700 to 1,200 square feet. The development is part of the village’s Town Center district, which is anchored by the municipal campus, fitness and aquatic centers, large-scale Heritage Park redevelopment and an existing Metra Station. The village also recently signed an agreement for the additional development of future residential and retail on an existing 17-acre parcel owned by the village. REVA is partnering with Chicago-based Blue Vista Capital Management on the development. Kinzie Builders, a division of Kinzie Real Estate Group, is serving as the general contractor and construction project manager. Kinzie Real Estate Group will also oversee the leasing and management of the property. Fifth Third Bank provided financing for the development.

October 8, 2014

Illinois Midwest Office

PR Firm Cision Signs 49,464 SF Lease at One Prudential Plaza in Chicago

by Danielle Everson October 7, 2014

CHICAGO — The Telos Group LLC has arranged a 49,464-square-foot lease for Cision at One Prudential Plaza in Chicago. Cision, a provider of public relations software and services, will occupy the entire seventh floor of One Prudential Plaza. The building’s ownership, Berkley Properties and 601W Cos., have committed nearly $85 million of improvements, which include the lobby and plaza areas as well as new and upgraded amenities. Jesse Van Dyke of JLL represented Cision in the transaction. Matt Pistorio and Bill Truszkowski of Telos represented building ownership.

October 7, 2014

Illinois Industrial Midwest

Meridian Starts Construction on Romeoville Freezer Project

by Danielle Everson October 1, 2014

ROMEOVILLE, ILL. — Meridian Design Build has begun construction on a new 188,166-square-foot cold storage facility in Romeoville. The build-to-suit facility is situated on a 35-acre site located at Airport Road just west of Southcreek Parkway. The property will include office space, dry storage, a refrigerated palletizing area and a -10°F freezer sized to accommodate 21,000 pallet positions. The new building will also include 36 loading docks, 75 exterior trailer stalls and 177 auto parking positions. A refrigerated elevated building link will be constructed to accommodate conveyance of product from an adjacent production facility. WBS Equities LLC and Abbott Land & Investment are providing development services for the project. Meridian has retained Ware Malcomb to provide architectural and structural design services for the project. Jacob & Hefner Associates will provide civil engineering services.

October 1, 2014

Illinois Midwest Office

NAI Hiffman Brokers Sale of Office Condominiums in St. Charles, Ill.

by Jaime Lackey September 30, 2014

SAINT CHARLES, ILL. — NAI Hiffman has arranged the sale of two office condominiums totaling 8,238 square feet in St. Charles. The properties are located at 3310 W. Main St. The buyer, Trustee for Landrus Realty 401K Plan & Pension Fund, purchased the suites as an investment. The property features a brick and stone veneer exterior, an atrium, signage along Route 64 and Peck Road and is less than three miles from Delnor Community Hospital. Adam Johnson of NAI Hiffman’s office services group represented PB II OREO LLC in the transaction. Jake Finley of Conlon Commercial represented the buyer.

September 30, 2014

Illinois Midwest Office

Bradford Allen Represents Epsilon in Office Relocation in Itasca, Ill.

by Jaime Lackey September 30, 2014

ITASCA, ILL. — Bradford Allen Realty Services has arranged the lease of a 42,435-square-foot office space for Epsilon in Itasca. The global marketing services firm is relocating to 1 Pierce Place from 1100 E. Woodfield Road in Schaumburg. The firm has 60 offices worldwide and more than 5,000 employees. With six offices in the Chicago area, the firm is consolidating its existing Schaumburg location with its office in West Chicago. Ben Azulay and Ryan Moen of Bradford Allen Realty Services represented Epsilon in the lease transaction. Azulay and Moen co-brokered the deal with John Boyle and Denise Orlando of Cassidy Turley’s Boston office. Scott Schroeder of Hamilton Partners represented building ownership.

September 30, 2014

Illinois Industrial Loans Midwest

NorthMarq Arranges $4.5M Refinancing for Flex Warehouse Property

by Jaime Lackey September 30, 2014

WILLOWBROOK, ILL. — NorthMarq Capital has arranged a $4.5 million refinancing loan for a 50,157-square-foot, flex industrial warehouse in Willowbrook. The property is located at 7100 Madison St. James Murphy of NorthMarq Capital’s Boston office structured the five-year loan with a 25-year amortization schedule for the borrower, a Boston-based equity fund. A life insurance company provided funding for the loan.

September 30, 2014

Illinois Market Reports Midwest Midwest Market Reports

Chicago’s Downtown Office Market Enjoys Blockbuster Summer of Activity

by admin August 13, 2014

Three staggering announcements highlighted downtown Chicago’s office sector during the second and early third quarter as investors jockeyed to get a piece of a market that has been the beneficiary of the tech boom. The CBD office vacancy rate is now at its lowest level in five years — 14.1 percent — aided by downtown net absorption of 592,328 square feet during the second quarter, the most in nearly seven years, according to CBRE Group. Asking rents in the city have risen 3.9 percent over the past year. There have been seven sales of more than $300 million since October 2013, including the deal that will come to define downtown Chicago for a long time to come — the disposition of 300 N. LaSalle St. to Newport Beach, Calif.-based The Irvine Company for $850 million in May. The purchase price equals $654 per square foot for the 60-story trophy tower. To put that figure into context, consider that KBS Realty Advisors LLC paid a then-record $503 per square foot for the building in 2010 to Hines Interests LP. So why did 300 N. LaSalle fetch a record price? There are a few reasons. First, the tower is 97 percent leased …

August 13, 2014

Illinois Market Reports Midwest Midwest Market Reports

Employment Gains Have Positive Effect on Springfield, Ill. Property Markets

by admin July 18, 2014

When we read or hear about economic recovery, whether it is regarding commercial real estate or a different sector of the economy, so often the perspectives and projections we hear are on a national, or even global, scale. Unfortunately, such analyses can result in a picture of the economy that seems like it was taken with a wide-angle lens. Typically, commercial real estate activity in larger cities will not be representative of tertiary markets like Springfield, Ill. The big picture can give a distorted view of the health of our local economy here in Springfield. Dr. Peter Linneman, chief economist for NAI Global, says that employment levels in America have recovered to nearly pre-recession levels and that many of the jobs created during the recovery have been semi-skilled jobs, rather than minimum-wage jobs. The jobs recovery is especially meaningful for the housing industry, and multifamily in particular. New home construction is expected to be on a gradual rise in Springfield during the next two to three years. Most everyone knows that small business is the main staple for job creation, yet government handouts and subsidies are funneled to the largest banks in America, and there the money sits instead of …

July 18, 2014

Illinois Market Reports Midwest Market Reports

Apartment Development Activity Ramps Up Across Suburban Chicago

by admin April 7, 2014

More than 9.5 million people live in the Chicago area, making it the third most populous metropolitan statistical area (MSA) in the country. Like many other markets in the Midwest and Northeast, the ongoing population shift from north to south in the United States continues to pose a challenge. Consequently, population growth during the next five years in Chicago is projected to lag behind the national average. The good news is that Chicago employers are expected to generate the largest job growth locally in 15 years in 2014. Indeed, Marcus & Millichap forecasts a net gain of 79,900 jobs this year, a 1.8 percent annual increase. If realized, this would top 2013’s 1.7 percent expansion. The increased job creation is expected to attract new residents to the region, boosting population. During the past decade, the western suburbs have recorded the largest population gains, especially in Aurora, Naperville and Joliet. Renewed urbanism is playing a major role in growth within the city of Chicago, as young professionals and empty nesters return to the urban core. An influx of young workers and an exodus of retirees have lowered the median age in the metro to 36.1 years, which is below the national …

April 7, 2014

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