AURORA, ILL. — Chick-fil-A, an Atlanta-based chain restaurant, is opening three restaurant locations in the Chicagoland area by the end of the year. The first of the new locations opened in mid-September and is located at 4435 Fox Valley Center Drive in Aurora. The company plans to open a location in Orland Park, Illinois, in October and a location in Wheaton, Illinois, in November. The new Chicagoland locations are part of the 78 new locations that the company plans to open this year. Additionally, Chick-fil-A plans to expand its Midwest presence with a planned 2011 expansion in St. Louis.
WHITESTOWN, IND. — Indianapolis-based Flaherty & Collins Properties has acquired the second phase of the blvd at Anson, a luxury multifamily complex at the master-planned, 1,700-acre Anson mixed-use development in Whitestown. The $25.5 million project will feature 213 apartment units, a resort-style swimming pool, a fitness center, an outdoor firepit and a clubroom. The second phase will be located on approximately 9 acres adjacent to Lake Anson and contiguous to the 80 apartment units in the first phase. Anson is owned by Duke Realty Corp. The second phase of the blvd is being financed with a HUD 221(d)(4) loan through P/R Mortgage & Investment Corp.
AURORA, ILL. — Midwest Warehouse has signed a lease for a 549,588-square-foot warehouse facility in Aurora. Developed by Duke Realty Corp. in 2008, the Class A property is situated on 25.4 acres at 2805 Duke Parkway. Tim Thompson and Brad Borkowski of HSA Commercial Real Estate represented Midwest Warehouse, a third-party logistics firm; Lynn Reich and Brian Kling of Colliers B&K represented the ownership, Duke Realty Corp., in the transaction. Terms of the lease were not released.
GRAND RAPIDS, MICH. — Hansen Collision has acquired a 24,565-square-foot industrial facility, which is located at 7536 Expressway Drive in Grand Rapids. The facility was the former Cummins Bridgeway property. Cummins Bridgeway sold the property for an undisclosed price. Chad Versluis of NAI West Michigan represented both parties in the transaction.
BURR RIDGE, ILL. — Dik Drug Co. has selected Woodridge, Ill.-based Morgan/Harbour Construction to complete a 32,065-square-foot warehouse expansion in Burr Ridge. The project includes adding 32,065 square feet to the company’s existing 78,082-square-foot property, which is located at 160 Tower Drive. The expansion will include five exterior dock, one drive-in door and 28-foot clear ceiling heights. Dik Drug warehouses more than 20,000 products over a broad spectrum of categories and specializes in providing service and support to independent pharmacies. Cornerstone Architects is providing architectural services for the project, which is scheduled for completion in the first quarter of 2011.
CHICAGO — Beech Street Capital has provided a $3.375 million loan for a multifamily property in Chicago. Constructed in 1924 and renovated in 2004, the property offers 44 apartment units. The permanent, fixed-rate financing has a 10-year term and a 30-year amortization schedule. The Fannie Mae DUS loan was originated by Meridian Capital Group and financed by Beech Street Capital.
CHAMPAIGN, ILL. — St. Louis-based Midas Hospitality has acquired the Candlewood Suites Champaign in Champaign. Located near the University of Illinois campus, the 83-room hotel is set to open in December. The property will offer high-speed Internet access, free local phone calls, free on-site guest laundry and a 24-hour fitness center. Guestrooms will feature studio or one-bedroom suite floorplans with a full kitchen, a recliner, and a large workspace with a desk chair and overhead lighting. Terms of the acquisition were not disclosed.
CHICAGO — McShane Construction Co., serving as general contractor, has completed the construction of Casa Maravilla, a 73-unit senior-living complex in Chicago’s Pilsen neighborhood. Located at 2021 S. Morgan St., the five-story property features 70,000 square feet of affordable senior rental housing in studios, one- and two-bedroom floorplans. Additionally, the complex offers a community rooms, laundry facilities, a dining area, a fitness rooms, a library and recreation rooms. The Resurrection Project, a community-based nonprofit organization supporting neighborhood development, developed the property. Chicago-based Weese Langley Weese provided architectural services for the project.
For those who were expecting some market relief by now, there is not a great deal of positive prognosis to provide. Despite the slow rise in the stock market since its fall, the market continues to suffer from mediocre progress with its continuous ups and downs. There is still much change needed in the global economy to sustain the stock market growth we need to realize a full and effective recovery of other markets, including commercial real estate. But I would like to say that we are now bouncing off the bottom with an ability to understand where market corrections have settled in terms of value, cap rates, absorption and development, which is all but non-existent. With historic high unemployment and the uncertainty of what new pothole we might hit while we are finding our way out, it may still be a rough year or more ahead of us. Much depends on how the commercial lending industry plays out the myriad transactions that still linger in their portfolios. The penalties for a defer-and-deny or an extend-and-pretend philosophy may not yet to been fully realized. On a positive note, if consumer confidence continues to eek up, while other economic indicators remain …
NORTHBROOK, ILL. — Northbrook-based Romanek Properties Ltd. has acquired a 195,101-square-foot office building at 400 Skokie Blvd. in Northbrook. The company currently occupies the property. Additionally, the eight-story building is occupied by M. Holland, Ameriprise Financial and Levenfeld Pearlstein. The building also offers a deli and a fitness center. 400 Skokie Boulevard Investors sold the property for an undisclosed price. Paul Lundstedt of Grubb & Ellis represented the seller in the transaction. The acquisition team was led by Romanek Properties Ltd., Bachmann Associates Ltd. and Syndicated Equities Ltd. Ladder Capital Finance provided long-term financing for the acquisition. Bill Barry of Draper and Kramer and Joel Simmons of Grubb & Ellis sourced the acquisition financing.