CHICAGO — CBRE, in conjunction with Advocate Commercial Real Estate Advisors, has arranged a 71,813-square-foot office lease in Chicago. Clark Hill PLC will be relocating from its 36,848-square-foot space at 150 N. Michigan Ave. The law firm will begin occupying space at the Prudential Plaza, located at 130 E. Randolph St., in late 2016. The lease is for the top three floors of the office building. William Truszkowski, Matthew Pistorio and Caroline Colnon of The Telos Group represented the landlord. Todd Lippman and Bill Sheehy of CBRE, along with Craig Braham of Advocate Commercial Real Estate Advisors, represented Clark Hill in the transaction.
ROLLING MEADOWS, ILL. — Alpha Alternative LLC has arranged an $18.3 million bridge and preferred equity loan for an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. 1600 Corporate Center is a 12-story, Class A multi-tenant office building that is located at 1600 Golf Road. The asset has 255,440 rentable square feet and was built in 1986. Bank of America recently signed a lease to occupy more than one-third of the building, which brought the total occupancy to 89 percent. Alpha Alternatives utilized a securitized lender and private equity lender to provide the interest-only financing for a combined rate of 500 basis points over LIBOR. Anthony Longo of Alpha Alternative arranged the 85 percent loan-to-cost financing.
BOLINGBROOK, ILL. — Conor Commercial Real Estate, a member of The McShane Cos., has broken ground on a 70-acre industrial business park in Bolingbrook, approximately 30 miles southwest of Chicago. The Fountain Square Commerce Center will consist of four speculative buildings that range from 109,088 square feet to 320,532 square feet and a 12-acre build-to-suit site. The speculative buildings are divisible by 30,000 square feet and will feature ample car and truck parking, substantial dock door positions, 32-foot clear heights, ESFR sprinkler systems and office space. The Class A industrial business park, slated for completion this summer, will be situated along the I-55 corridor. Brian Carroll and Jim Cummings of Newmark Grubb Knight Frank (NGKF) have been assigned to lease up the property.
GLENDALE HEIGHTS, ILL. — Sitex Group has acquired a 69,000-square-foot warehouse and distribution facility in Glendale Heights, approximately 30 miles west of Chicago. A private ownership group sold the asset located at 192-196 Exchange Blvd. for an undisclosed price. The facility features 24-foot clear heights, 2,000 amps of power and parking for 140 cars. Sub-Zero and Wolf previously occupied the entire building, but currently occupies 16,000 square feet, leaving the rest of the space vacant. Sitex plans to make improvements including remodeling the office space, installing T-5 lighting, painting the building’s exterior and upgrading the HVAC system.
KNOX, IND. — Marcus & Millichap has brokered the sale of a 14,187-square-foot retail property net leased to Walgreens for $4.5 million. Walgreens has 15 years remaining on an original 25-year lease term. The building is located at 1207 S. Heaton St. in Knox, approximately 45 miles southwest of South Bend. John Bailey, Bill Bailey and George Ghattas of Marcus & Millichap listed the property on behalf of the seller, an undisclosed limited liability company. Dave Lincoln and Walter Brauer of Marcus & Millichap secured and represented the buyer, a private investor.
OAKBROOK TERRACE, ILL. — Mid-America Asset Management Inc. has arranged three new retail leases at Orland Park Crossing in Orland Park, approximately 30 miles southwest of Chicago. Orland Park Crossing is a 107,371-square-foot lifestyle center that is located at the intersection of 143rd Street and LaGrange Road. In the first deal, Soft Surroundings signed a 5,445-square-foot lease and was represented by John Vance of Stone Real Estate. In the second deal, Xfinity inked a 5,303-square-foot lease and was represented by Carole Borg of CBRE. In the last deal, Eric Unatin of Armada Real Estate Services represented Massage Green who signed a lease for 2,509 square feet. All three tenants are expected to open this spring. Other tenants at Orland Park Crossing include White House Black Market, Talbots, Charles Schwab, Ann Taylor and Charming Charlie. Paige Schiesser and Samantha Spinell Schnell of Mid-America represented Orland Park Crossing in all three transactions.
Without question 2015 was a “great year” for the St. Louis retail market, says Adam Glosier, senior vice president with Colliers International. “New users entered the market and few vacated. The St. Louis retail landscape benefitted from the continued expansion of organic grocers, sporting goods operators, quick service restaurants and soft goods retailers.” At the end of the third quarter, the vacancy rate stood at 7.1 percent, unchanged from the prior quarter but down from 8.2 percent a year earlier, according to CoStar Group. Net absorption totaled 579,206 square feet during the third quarter, bringing the year-to-date total to just under 900,000 square feet. Six new retail buildings were delivered in the third quarter, which collectively brought 612,595 square feet to the market. The gross leasable area (GLA) of the 29 buildings under construction at the end of the third quarter totaled 915,751 square feet. “There was a lot of activity in 2015 in the freestanding and small retailer market, as well as activity from junior anchors,” says Christopher Zoellner, senior vice president of retail with Balke Brown Transwestern. “This has created strong activity and a good pipeline going into 2016.” IKEA Makes ‘Big Splash’ A few retailers opening new …
PLYMOUTH, MINN. — Design and construction firm The Weitz Co. and developer LCS have opened the doors to Trillium Woods, a 46-acre continuing care retirement community in the Minneapolis suburb of Plymouth. The 500,000-square-foot community cost $161 million to develop. The buildings are split into a 50,000-square-foot commons building, a 58,000-square-foot health center and three independent living buildings totaling 392,000 square feet. The three-level health center building contains 44 memory care and skilled nursing units. The independent living buildings contain 195 apartments. In addition, there are 14 detached townhome residences in seven separate buildings. Life Care Services, a subsidiary of LCS, will operate the new community.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of a 13-unit apartment property in Minneapolis for $2.4 million. The property is located at 2118 Dupont Ave. S. A Japanese investor purchased the asset from an undisclosed buyer. Bill Bailey and John Bailey of Marcus & Millichap listed the property on behalf of the seller who was a private investor. A Chicago-based investment fund represented the buyer in the transaction.
KENOSHA, WIS. — Continental Properties has purchased land for the future development of an apartment project in Kenosha, approximately 40 miles south of Milwaukee. North Shore Bank sold a 48.5-acre land parcel to Continental Properties for $2.6 million. Continental Properties plans to develop 280 units in Phase I and an additional 200 units in Phase II. Phase I is scheduled to start this spring. Upon completion, the project can be accessed from 125th Avenue or 71st Street. Andrew Stefanich of CBRE was the sole broker for the land parcel transaction.