Midwest

RYAN COS. LANDS 85,000-SQUARE-FOOT DESIGN/BUILD OFFICE PROJECT

by admin March 11, 2009

NAPERVILLE, ILL. — Ryan Companies U.S. has designed and will build a four-story, 85,000-square-foot office building for Delta Dental of Illinois in Naperville. Located at 123 Shuman Blvd. along Interstate 88, the multi-tenant building will also become home to Ryan Companies’ area office, as it plans to relocate from an adjacent property and lease approximately 20,000 square feet of space upon completion. Ryan sold the 5 acres on which the building will be built to the new building owner. Delta Dental is relocating its operations from Lisle, Ill., in an effort to expand operations and establish a greater corporate identity with signage along I-88.

March 11, 2009

EM PROPERTIES PLANS TO BUILD DOWNTOWN LUXURY HOTEL

by admin March 10, 2009

PEORIA, ILL. — EM Properties has plans to develop a luxury hotel in downtown Peoria. The 500-room, Marriott-branded hotel will include the renovated Hotel Pere Marquette, as well as a new 14-story, glass-curtained tower on an adjacent site. A 500-car parking deck, which will include ground-floor retail and restaurant space, is also being constructed. Both the hotel and garage will be connected to the Peoria Civic Center via an elevated walkway. The $102 million project represents a public/private partnership, with the City of Peoria providing approximately $40 million through a bond issuance. Groundbreaking is scheduled for the fourth quarter, with completion slated for 2012.

March 10, 2009

Midwest

STREETMAC FORMS ALLIANCE WITH URBAN RETAIL PROPERTIES

by admin March 10, 2009

CHICAGO — The Northbrook, Ill.-based commercial real estate financing firm StreetMac has formed an alliance with Chicago-based Urban Retail Properties. StreetMac will advise Urban on managing and acquiring distressed mall real estate. David Jackson, CEO of StreetMac, will lead the partnership along with Sean O’Malley, StreetMac’s senior vice president.

March 10, 2009

Midwest Office

MCCORMICK MOVES CORPORATE HEADQUARTERS TO MICHIGAN PLAZA

by admin March 10, 2009

CHICAGO — The McCormick Foundation has signed a 16,500-square-foot lease for space in the 2 million-square-foot Michigan Plaza. The property is located at 205 N. Michigan Ave. and 225 N. Michigan Ave. in Chicago. The new site will serve as the company’s corporate headquarters. Mark A. Buth and Kathleen Bertrand of Chicago-based MB Real Estate represented the owner. Cal Wessman, Lisa Konieckza and James Otto of CB Richard Ellis represented the McCormick Foundation.

March 10, 2009

Civic Midwest

MORGAN/HARBOUR FINISHES WATER QUALITY ASSOCIATION EXPANSION

by admin March 10, 2009

LISLE, ILL. — Woodridge, Ill.-based Morgan/Harbour Construction has completed a 7,000-square-foot expansion and renovation to the 21,000-square-foot Water Quality Association headquarters. The property is located at 4151 Naperville Rd. in Lisle. The work included the addition of 12 challenge water tanks, an expansion of the filter testing room and a renovation of lab space. Morgan/Harbour and Harris Architects provided design services.

March 10, 2009

Midwest Retail

TWO TENANTS JOIN DANBY CROSSINGS IN GLEN ELLYN, ILL.

by admin March 10, 2009

GLEN ELLYN, ILL. — V Land Corp. has signed leases with All-Brite Kitchen & Flooring Design and Noodles & Co. for space in its 11,000-square-foot Danby Crossings retail center, located at 706 Roosevelt Rd. in Glen Ellyn. The two tenants will occupy more than 4,000 square feet of space, joining Aldi, Fifth Third Bank, US Cellular and FedEx Kinkos in the shopping center. Chicago-based Baum Realty Group’s Tim Driver and Doug Renner represented the landlord. Zifkin Realty’s Marc Rubin represented Noodles & Co.

March 10, 2009

Healthcare Midwest

GRUBB & ELLIS HEALTHCARE REIT ACQUIRES MOB PORTFOLIO

by admin March 9, 2009

MILWAUKEE — Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT has acquired the a portfolio of four medical office buildings in the greater Milwaukee area. The portfolio consists of 185,000 square feet of gross leasable area in buildings located in Milwaukee, Menomonee Falls, Richfield and Mequon, Wisconsin. The unnamed seller completed a sale/leaseback transaction with Grubb & Ellis Healthcare REIT.

March 9, 2009

Industrial Midwest

PAINE/WETZEL ARRANGES 89,000-SQUARE-FOOT INDUSTRIAL SALE

by admin March 9, 2009

GURNEE, ILL. — Chicago-based Paine/Wetzel•ONCOR International has arranged three commercial buildings sales across the Chicagoland. In Gurnee, Whit Heitman and Samuel Badger Jr. of Paine/Wetzel represented Levy Organization in the disposition of a 76,000-square-foot industrial building located at 4012 Morrison Dr. Midwest Exchange, which is a recycling firm, acquired the property in order to relocate from its prior headquarters in Franklin Park, Ill. Jason Lev of CB Richard Ellis represented Midwest Exchange in the transaction. Paine/Wetzel’s Theresa Gleason has represented both buyer and seller in the sale of an 8,001-square-foot office building located at 221 Lively Blvd. in Elk Grove Village. Benchmark Imaging & Display acquired the facility from an undisclosed seller. Also in Elk Grove Village, Gleason negotiated the sale of a 5,000-square-foot office building at 125 Randall Rd. on behalf of the seller, LSS Limited Partnership, and the buyer, Dyros Electric.

March 9, 2009

Midwest Retail

LAKRITZ-WEBER SECURES LEASE FOR MARSHALL’S

by admin March 9, 2009

WHITE LAKE, MICH. — Tony Schmitt and Gabe Schuchman of Southfield, Mich.-based retail real estate brokerage firm Lakritz-Weber & Company has arranged a 28,000-square-foot lease at Village Lakes shopping center on behalf of the landlord, GKMS Village Lakes LLC. Apparel retail Marshall’s signed on to fill the space within the 180,000-square-foot multi-use center, which is located at Highland and Elizabeth Lake roads in White Lake. Additional tenants include JC Penney, Famous Footwear and AAA. Jim Stokas of Stokas Realty represented Marshall’s in the lease negotiation.

March 9, 2009

Hospitality Midwest

CROWNE PLAZA HOTEL OPENS IN NORTH CHICAGO SUBURB

by admin March 9, 2009

NORTHBROOK, ILL. — InterContinental Hotels Group has unveiled the seven-story, 318-room Crowne Plaza Chicago-Northbrook, which is situated north of Chicago just 9 miles from O’Hare International Airport. The hotel has just completed a $16 million renovation from the Radisson flag, and changes include upgrades to all public areas, new meeting rooms, renovated guestrooms and an expanded business center. The hotel, which is owned and managed by Bays Hospitality Corp., is located at 27785 N. Milwaukee Ave. in Northbrook.

March 9, 2009

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