Midwest

UBM Signs 203,000 SF Industrial Lease in Itasca, Illinois

by Kristin Harlow June 15, 2018

ITASCA, ILL. — United Business Mail (UBM) has signed a 203,000-square-foot industrial lease in Itasca. The company will fully occupy the space at 801 Bryn Mawr Ave. UBM’s former facility in Bensenville is under contract to an undisclosed buyer. The new Itasca property will serve as UBM’s Midwest hub and features a clear height of 24 feet, 15 exterior docks, one drive-in door and 6,100 square feet of office space. At 2,500 amps, the building has more than five times the power typically found in these types of properties. UBM will use the increased power capacity to run dozens of mail sorting machines and air conditioning systems. Steve Kohn of Colliers International represented UBM in the lease transaction. The landlord was not disclosed. UBM provides commingle services, which involves presorting mail to maximize savings on postage.

June 15, 2018

Acquisitions Iowa Midwest Multifamily Student Housing

Arrimus Capital Sells 518-Bed Student Housing Property in Ames, Iowa for $44M

by Kristin Harlow June 15, 2018

AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the property to 1031 exchange buyers who otherwise might not have been able to purchase it on their own, according to the company. The buyer was not disclosed. Arrimus acquired the asset in December 2017.

June 15, 2018

Illinois Industrial Leasing Activity Lee & Associates Midwest

Lee & Associates Negotiates 75,539 SF Industrial Lease in West Chicago

by Kristin Harlow June 15, 2018

WEST CHICAGO, ILL. — Lee & Associates has negotiated a 75,539-square-foot industrial lease on behalf of MAPEI Corp. in West Chicago. The property is located at 1701 W. Hawthorne Lane. Wise Plastics occupies the remaining portion of the 150,000-square-foot facility. Michael Androwich Jr. and Nick Eboli of Lee & Associates represented MAPEI, an international manufacturer of adhesives, sealants and other chemical products for the building industry. Michael Magliano of Cushman & Wakefield represented the owners, Cabot Properties and Blackstone Group.

June 15, 2018

Leasing Activity Midwest Office Wisconsin

National General Insurance Signs 31,315 SF Lease, Brings Office Complex to Full Occupancy in Milwaukee

by Kristin Harlow June 15, 2018

MILWAUKEE — National General Insurance has signed a 31,315-square-foot office lease at Schlitz Park in Milwaukee. The 800,000-square-foot office complex is now fully leased. In 2011, Schlitz Park began undergoing a $30 million renovation. Since then, more than 20 new or expanded leases feature tenants such as the Milwaukee Bucks, UMB Fund Services, Infosys, AECOM, Badger Liquor, HSA Bank and Trusted Media Brands. Ned Purtell and Jenna Maguire of Founders 3 Real Estate Services represented Schlitz Park in the lease transaction. Chris Richards of Oakbrook Corp. represented National General Insurance, a personal lines insurance company headquartered in New York City. Schlitz Park is owned and managed by The Brewery Works Inc., the organization formed by the families that purchased the property in 1983.

June 15, 2018

Development Illinois Midwest Top Stories

Chicago Selects Elon Musk’s Boring Co. to Build, Operate Express Transit Line from Downtown to O’Hare Airport

by Kristin Harlow June 15, 2018

CHICAGO — City of Chicago Mayor Rahm Emanuel has selected The Boring Company to build and operate a high-speed transit service between downtown Chicago and O’Hare International Airport. Founded by entrepreneur and Tesla CEO Elon Musk, Boring plans to transport passengers between O’Hare and Block 37 in the Loop in approximately 12 minutes each way by utilizing electric vehicles that run through new twin underground tunnels. The project will be funded entirely by the company with no taxpayer subsidy. Crain’s Chicago Business reports that the project cost could be anywhere from $500 million to $1 billion. Boring was one of two final teams selected to respond to a request for proposals (RFP) issued in March by the Chicago Infrastructure Trust. The RFP was seeking a candidate to design, build, finance, operate and maintain an O’Hare Express service. The city will now begin one-on-one contract negotiations with Boring and present the agreement to the city council. The RFP required bidders to deliver express service from downtown to O’Hare in 20 minutes or less, cutting more than 50 percent off current travel times. Boring plans to reduce the trip even further to 12 minutes by utilizing autonomous “electric skates” that travel 125 …

June 15, 2018

Development Illinois Midwest Office

Mark Goodman & Associates Unveils Plans for $115M Office Building in Chicago’s West Loop

by Kristin Harlow June 14, 2018

CHICAGO — Mark Goodman & Associates Inc. has unveiled plans to develop 310 N. Sangamon, a 12-story office building in Chicago’s West Loop. The property will feature 268,000 square feet of office space and 7,800 square feet of ground-floor retail space. Amenities will include a fitness room, outdoor terrace and bike storage room. Completion for the $115 million project is slated for the first quarter of 2020. The development is the largest office building in the country to receive Passive House certification, according to Goodman. Passive House buildings follow a rigorous set of design principles that work with building systems, insulations and windows to create an airtight structure, resulting in energy efficiency and a reduced ecological footprint. Passive house-certified buildings use up to 86 percent less heating energy than standard buildings and 46 percent less cooling energy. The Passive House Institute US provides certifications. The majority of passive structures have been built in Germany and Scandinavia.

June 14, 2018

Illinois Loans Midwest Multifamily

Hunt Provides $26M Refinancing for Apartment Property in Lansing, Illinois

by Kristin Harlow June 14, 2018

LANSING, ILL. — Hunt Mortgage Group has provided a $26 million Fannie Mae loan for the refinancing of Riverwood Apartments in Lansing, a southern suburb of Chicago. The 354-unit apartment property is located at 3649 173rd Court. Built in 1964, the community is comprised of 10 buildings on 16 acres. Amenities include a sport court, playground, laundry area, fitness center, pool and clubhouse. The 15-year loan features a 30-year amortization schedule. The borrower, Riverwood Apartments LLC, will use the loan to pay off existing debt and facilitate a buy-out of the remaining partners.

June 14, 2018

Affordable Housing Loans Midwest Multifamily Ohio

Rose Community Capital Provides $16.1M FHA Loan for Rehabilitation of Affordable Housing Property in Cleveland

by Kristin Harlow June 14, 2018

CLEVELAND — Rose Community Capital has provided a $16.1 million 221(d)4 loan for the rehabilitation of Fenway Manor in Cleveland. The 143-unit affordable housing property was originally constructed in 1923 as a residential hotel and rehabbed in 1974 for low-income seniors. Plans call for a new roof, windows, elevators, entrance, HVAC, flooring and paint. Individual units will be updated with new kitchens, bathrooms, flooring, paint and doors. The borrowers included Orlean Company and Renewal Housing Associates. Rose Community Capital is the financing arm of Jonathan Rose Cos.

June 14, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $10.3M Condo Deconversion Sale in Chicago

by Kristin Harlow June 14, 2018

CHICAGO — Marcus & Millichap has brokered the $10.3 million sale of 227 East Walton Place in Chicago’s Streeterville neighborhood. The buyers, a group of California-based private investors, plan to convert the property’s 25 condos into rental units. Built in 1956, the property is located at 227 E. Walton St. Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague of Marcus & Millichap brokered the transaction. The sale price equates to $412,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

June 14, 2018

Illinois Leasing Activity Midwest Retail

Planet Granite to Open 40,000 SF Climbing Gym at Planned Development in Chicago’s Lincoln Park

by Kristin Harlow June 14, 2018

CHICAGO — Planet Granite has signed a 40,000-square-foot lease to open a climbing gym at The Shops at Big Deahl in Chicago’s Lincoln Park. The freestanding facility, which will be located at the corner of Blackhawk and Dayton streets, is scheduled to open in spring 2020. The three-level gym will feature climbing walls as high as 55 feet. The facility will include roped climbing, bouldering, yoga and a retail shop. Groundbreaking is slated for spring 2019. The Shops at Big Deahl, from developer Structured Development, is slated to include 150,000 square feet of retail and commercial space.

June 14, 2018

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