Midwest

Citadel, Sprout Social Sign Lease Renewals at 1.5 MSF Office Building in Chicago

by Kristin Harlow April 4, 2018

CHICAGO — Citadel and Sprout Social have signed lease renewals at Citadel Center at 131 S. Dearborn St. in Chicago. Financial institution Citadel has signed a long-term lease to maintain its global headquarters at the building. Sprout Social, a social media management company, has expanded its lease by 64,000 square feet. The property is now 90 percent leased. Other tenants include JPMorgan, Holland & Knight, Perkins Cole and Constellation Brands. Citadel Center spans 37 stories and 1.5 million square feet. A partnership between Angelo, Gordon & Co., Hines and Dearborn Capital Group acquired the property in 2016. Renovation plans include a new conference center that seats up to 180 people, security enhancements and a complete lobby renovation with elevators. All renovation work is expected to be complete by the end of the year. The Telos Group LLC handles leasing efforts at the property.

April 4, 2018

Acquisitions Illinois Midwest Office Property Type Top Stories

JLL Brokers $176M Sale of Office Portion of Iconic Sullivan Center in Chicago

by David Cohen April 4, 2018

CHICAGO — JLL Capital Markets has arranged the sale of the 833,000-square-foot office portion of the iconic Sullivan Center in Chicago for $176 million. The buyer was New York-based 601W Companies. The seller, a venture between New York-based private equity firm KKR and Madison Capital, had owned the property since 2016. Originally constructed in 1899 as a department store, Sullivan Center has been a national historic landmark since 1970. Between 2001 and 2012, the building underwent major renovations to modernize the mechanical systems and restore historical features at a cost of more than $200 million. The upper floors were converted to office space in the early 2000s. The former owners of the property sold Sullivan Center’s 176,000 square feet of retail space, which includes the two lower floors and basement level, to Acadia Realty Trust in 2016 for $147 million. “This asset received significant investor interest because of its excellent location, strong tenant base and the fact that it is one of the few larger floor plate buildings catering to the progressive tenants driving demand in this market,” says Bruce Miller, JLL’s international director who co-heads the capital markets group in Chicago. “At nearly full occupancy, it is clearly the …

April 4, 2018

Illinois Loans Midwest Multifamily

KeyBank Originates $92.7M Refinancing of Apartment Property in Chicago

by Kristin Harlow April 3, 2018

CHICAGO — KeyBank Real Estate Capital has originated a $92.7 million Freddie Mac loan for the refinancing of The Pavilion Apartments in Chicago. Built between 1968 and 1972, the property includes five buildings and 1,114 units. The apartment complex also features 7,891 square feet of retail and restaurant space. Tim Migchelbrink of KeyBank originated the fixed-rate loan through Freddie Mac’s Green Up program.

April 3, 2018

Acquisitions Industrial Midwest Minnesota

CBRE Arranges Sale of 914,698 SF Industrial Tech Portfolio in Suburban Minneapolis

by Kristin Harlow April 3, 2018

MINNEAPOLIS — CBRE Capital Markets has arranged the sale of a 12-property industrial tech portfolio totaling 914,698 square feet in the Twin Cities. A joint venture between Artemis Real Estate Partners and Eagle Ridge Partners purchased the portfolio, which was 87 percent leased at the time of sale. Tenants include a mix of high-tech services, manufacturing, biotechnology, media production and other companies in the tech industry. The properties are located in the suburbs of Woodbury, Oakdale, Plymouth, Maple Grove, Minnetonka and Eden Prairie. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private REIT.

April 3, 2018

Acquisitions Michigan Midwest Retail

NAI Wisinski Brokers Sale of 20,168 SF Shopping Center in Grand Rapids, Michigan

by Kristin Harlow April 3, 2018

GRAND RAPIDS, MICH. — NAI Wisinski has brokered the sale of Northland Plaza in Grand Rapids for an undisclosed price. The 20,168-square-foot shopping center is located at 3325 Plainfield Ave. NE. The property, currently home to a fitness center and tanning salon, will be renovated. Bill Tyson and Todd Leinberger of NAI Wisinski represented the buyer, 1923 Property LLC. Darrel Herweyer of DAR Development represented the undisclosed seller.

April 3, 2018

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Negotiates $2M Sale of Two Industrial Buildings in Addison, Illinois

by Kristin Harlow April 3, 2018

ADDISON, ILL. — Lee & Associates has negotiated the $2 million sale of two industrial buildings in Addison, about 20 miles west of Chicago. The properties include a 13,884-square-foot building at 1236 Capitol Drive and a 15,200-square-foot building at 1770 Cortland Court. Jay Farnam represented the seller in both transactions. Neither the buyer nor the seller was disclosed.

April 3, 2018

Illinois Leasing Activity Midwest Retail

Salon Lofts Signs 3,795 SF Lease to Open at Town Square Wheaton Near Chicago

by Kristin Harlow April 3, 2018

WHEATON, ILL. — Salon Lofts has signed a 3,795-square-foot retail lease to open at Town Square Wheaton near Chicago. The 203,000-square-foot shopping center is located at the intersection of Blanchard Circle and Naperville Road. Interior build-out of the national salon chain’s space is expected to begin this month with completion slated for summer 2018. Tucker Development owns Town Square Wheaton.

April 3, 2018

Development Indiana Midwest Mixed-Use

Buckingham Cos. Begins $135M Phase II Development at CityWay in Indianapolis

by Kristin Harlow April 2, 2018

INDIANAPOLIS — Buckingham Cos. has begun the $135 million second phase of the CityWay development in Indianapolis. Residential construction for Phase II at the mixed-use development includes two five-story buildings on the west side of Delaware Street and three four-story buildings along the Cultural Trail and Virginia Street. Upon completion in 2019, the CityWay neighborhood is slated to include more than 650 apartments and over 100,000 square feet of commercial space. Franciscan Health Systems will anchor a new 20,000-square-foot office building. Plans also call for a 13,000-square-foot pharmacy. The inaugural phase of CityWay opened in 2013.

April 2, 2018

Illinois Leasing Activity Midwest Office

Kemper Corp. Signs 65,000 SF Office Lease at Chicago’s Aon Center

by Kristin Harlow April 2, 2018

CHICAGO — Kemper Corp. has signed a 65,000-square-foot lease to occupy the 32nd and 33rd floors of Aon Center in Chicago. The insurance holding company is currently headquartered at 1 E. Wacker Drive. Aon Center, located at 200 E. Randolph St. at the head of Millennium Park, is undergoing a $25 million renovation to update lobbies, common areas and add more retail space. In 2015, 601W Cos. acquired the property, which was originally built in 1972. Matt Pistorio, Caroline Colnon and Steve Smith of The Telos Group LLC represented 601W in the lease transaction. Scott Goldman, Chris Wood, Dan Fisk and Adam McCostlin of Cushman & Wakefield represented Kemper.

April 2, 2018

Acquisitions Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of 55,528 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow April 2, 2018

AUBURN HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Oakland Euro Center in Auburn Hills. The 55,528-square-foot office building is located at 3201 University Drive. The property is 97 percent leased by 10 tenants. The sales price was not disclosed, but the asking price was reported to be $5.7 million. Mason L. Capitani represented the buyer, LSTC Michigan LLC, in the transaction. This sale represents the seventh acquisition in metro Detroit for the California-based buyer. L. Mason Capitani CORFAC International will oversee leasing at the building, while its affiliated company, Liberty Property & Asset Management, will manage the property.

April 2, 2018

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