CHICAGO — Essex Realty Group Inc. has brokered the sale of a 148-unit apartment building for approximately $19 million. The 21-story building is located at 860 N. DeWitt Pl. in Chicago’s Streeterville neighborhood. The property, built in 1966, consists of studio, one- and two-bedroom apartments. Building amenities include a fitness center, an on-site dry cleaner and an attached parking garage. Doug Imber and Doug Fisher of Essex Realty represented both the undisclosed buyer and seller in the transaction.
Midwest
LIVONIA, MICH. — Colliers International has arranged the lease of 10,280-square-foot industrial space located at 12050 Hubbard Street in Livonia. John Lominack of Colliers International represented the tenant, BIGA Commissary LLC, a pizzeria restaurant, in the transaction. The space will be used for a commercial kitchen to support BIGA Commissary’s expanding restaurant operations.
CHICAGO — NAI Hiffman has arranged a new lease on a 177,413-square-foot industrial space for Ideal, a Chicago-based manufacturer of point-of-purchase merchandise displays, with Silver Beauty, a company that builds and leases warehouses.Ideal will use the space, located at 5800 W. 51st St. on Chicago’s southwest side, as an additional distribution warehouse. Ideal’s new space is in close proximity to the company’s existing headquarters at 4800 South Austin Ave. Graham Packaging, a manufacturer of blow-molded plastic containers, previously occupied 350,000 square feet at the complex. However, the company is consolidating its operations and needed a tenant to sublease some of its space. Larry Much of NAI Hiffman represented Ideal in the transaction. Sally Macoicz of Cushman & Wakefield represented Silver Beauty.
CHICAGO — JLL Retail will lease a trio of retail properties owned by Simon Property Group that total more than 1 million square feet. The properties, located in the south suburbs of Chicago, include Country Side Plaza, located at the northwest corner of La Grange Road and Joliet Road in Countryside; Lake View Plaza, located at northwest corner of 159th and LaGrange Road in Orland Park; and Matterson Plaza, located at southwest corner of Lincoln Highway and Crawford Ave. in Matterson. Peter Caruso and Ashley Wagoner will represent Simon Property Group in leasing the properties.
There is no question that the technology sector is one of the principal drivers of our commercial real estate sector today. Downtowns nationally have seen an influx of new economy firms because of the presence of young knowledge workers in CBDs — and Chicago is one of its stars. More than $265 million flowed into Chicago-area digital tech companies during the third quarter of 2013. In addition to startups, this growth caused an exodus of firms out of suburban business parks into areas populated by millennials like the West Loop and River North. Developers are planning to build 8 million square feet of office space in downtown Chicago during the next 24 months. Arrivals and Departures Following Motorola Mobility’s move out of Schaumburg, Gogo Inc. signed a 230,000-square-foot lease to move its headquarters to 111 N. Canal St., shifting more than 500 workers from two buildings in Itasca. Meanwhile, OfficeMax Inc. is leaving behind 344,000 square feet in Naperville to consolidate in Boca Raton, Fla. Much of the media coverage has focused on these relocations as the only story worth telling about the Chicago office sector. But the reality is the suburbs aren’t throwing in the towel. Defying conventional wisdom, …
INDIANAPOLIS — Browning, an Indianapolis-based development and construction firm, will complete a building expansion for NorthPark Community Credit Union. The facility is located in the Northwest Technology Center Park, a business park at the corner of Technology Center Drive and Zionsville Road in Indianapolis. Browning will expand the NorthPark building by adding six new offices that will include exterior storefront glazing to allow natural light to flow into the interior space. NorthPark Community Credit Union is one of 12 properties located in the Northwest Technology Center Park. Some other businesses at the center include the American Heart Society, the American Cancer Society and HC-1. NorthPark has occupied space in the Northwest Technology Center Park for more than 10 years.
CHICAGO — Amata Office Centers, an office suites provider, will open its sixth shared office center on May 1. The 16,950-square-foot center occupies the entire 24th floor of the building in the West Loop located at 150 S. Wacker Drive. The office center features more than 50 private office suites, seven open workstations, six large team rooms, three conference rooms, a café and lounge, and Amata’s Cognac room. The center also includes an open loft concept, gigabit Ethernet connection and video games in the lounge.
CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Calumet City, a southern suburb of Chicago. The apartment building, located at 1365-67 River Drive, sold for $275,200. The building consists of one- and two- bedroom apartments and recently received capital improvements. Anthony Hardy and Neil Ostrander listed the property on behalf of the seller, a limited liability company. Adam Fortino of Marcus & Millichap represented the buyer, a REIT.
LISLE, ILL. — Morgan & Harbour Construction has completed a 21,000-square-foot office building build-out for Glory Global Solutions Inc., a provider of cash management solutions for banks and retailers. The office building is located at Warrenville Road in Lisle, a western suburb of Chicago. The space underwent an interior renovation, which included the construction of two kitchens, multiple conference rooms and private offices. The facility also features a video conference room, a demonstration center, a full product showroom and two IT rooms with a controlled access system. The building is energy code compliant. The Morgan & Harbour Construction team consisted of Ben Warriner, Mike Costanzo and Kieran Towe. INTERFORM provided the architectural and design services. Studley provided Glory Global Solutions with advisory and project and management services. Glory Global Solutions relocated its Illinois offices from another location in Lisle.
CHICAGO — Marcus & Millichap has arranged the sale of a seven-unit apartment property in Chicago for $1.3 million. The property is located at 4101 N. Monticello Ave. and is approximately one block north of the Irving Park Road and Elston Avenue intersection. The recently renovated building consists of a mix of two- and three-bedroom apartments. The units feature granite countertops and stainless steel appliances. Kyle Stengle of Marcus & Millichap listed the property on behalf of the seller, a private investor. Stengle also represented the buyer, whose name was undisclosed.