SCHAUMBURG, ILL. — MB Real Estate has arranged a 13,391-square-foot lease renewal and expansion for the suburban offices of PPM America, a Chicago-based investment advisory firm. The offices are located at 300 N. Martingale in Schaumburg, a northwest suburb of Chicago. Andrew Davidson and Jay Beadle of MB Real Estate represented PPM America in the lease expansion. Joe Stevens of Transwestern represented ownership in the lease negotiations.
Midwest
CHICAGO — Marcus & Millichap has arranged the sale of a 16,000-square-foot retail building entirely occupied by Forever 21 on a net-lease basis. The two-story building, located at 865 W. North Ave in Chicago’s Lincoln Park neighborhood, sold for approximately $15 million. The building includes 8,000 square feet on each floor, a 4,000-square-foot basement and on-site customer parking. Other retailers in the area include Anthropologie, Apple, Best Buy, Crate & Barrel, Restoration Hardware, Sephora, The Container Store, Vitamin Shoppe, Whole Foods and Williams-Sonoma. Stephen Lieberman of Marcus & Millichap represented the buyer, Acadia Realty Trust. Tri-Equities LLC, based in Elk Grove Village, Ill., was the seller.
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.
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.