Midwest

Law Firm Leases 13,618 SF of Office Space in Chicago

by Kristin Harlow January 22, 2020

CHICAGO — Law firm Querrey & Harrow has leased 13,618 square feet of office space at 120 N. LaSalle St. in Chicago. The firm will occupy the entire 26th floor and will relocate from 175 W. Jackson when its lease commences in mid-2020. Originally built in 1991, the 390,000-square-foot Class A office tower features a six-story parking garage, two restaurants, a new fitness center, tenant lounge and rooftop deck. Ascentris, in partnership with Lincoln Property Co., owns the 40-story building. Jason Kleiman and Sean Murphy of Cresa represented Querrey & Harrow in the lease.

January 22, 2020

Industrial Iowa Loans Midwest Self-Storage

NorthMarq Secures $4.7M Refinancing for Self-Storage Facility in Des Moines

by Kristin Harlow January 22, 2020

DES MOINES, IOWA — NorthMarq has secured a $4.7 million loan for the refinancing of a Broadway Storage facility in Des Moines. The 728-unit property is located at 4933 E. Broadway Ave. Jason Kinnison of NorthMarq’s Omaha office arranged the loan with a life insurance company. Terms of the loan were undisclosed.

January 22, 2020

Jim Flynn, Hunt: Multifamily demand drivers have remained strong...

Features Finance Insight Loans Midwest Multifamily Northeast ORIX Southeast Texas Western

Hunt: Multifamily Should Remain a Favored Product Type in 2020

by Jaime Lackey January 21, 2020

James P. Flynn, CEO of New York-headquartered Hunt Real Estate Capital, believes 2020 will continue to provide a strong environment for multifamily lending and transactions. Though this may be good news for borrowers, it does mean competition in the market will also remain strong. Flynn addresses these points and elaborates on ORIX USA’s acquisition of the Hunt Companies’ commercial real estate financing subsidiary in the Q&A below. Finance Insight: What commercial property sector will experience the most activity in 2020, and why? Flynn: Multifamily should continue to be the most active commercial real estate sector in terms of financing activity. The MBA forecasts that multifamily lending will top $395 billion in 2020, a 9 percent increase over 2019 activity. That figure represents nearly 60 percent of the total commercial real estate activity forecast for 2020. With the Fed signaling no change to borrower costs for the year, the consensus seems to be a continued period of interest rates near historic lows. Multifamily owners and operators will continue to take advantage of this environment to rehabilitate, refinance and refine their portfolios. Of course, the other side of the equation is the growth in multifamily demand drivers. These drivers have remained strong, …

January 21, 2020

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $11M Bridge Loan for Acquisition of Supportive Living Community

by Jaime Lackey January 21, 2020

AURORA, ILL. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured the financing with a nine-month term, full-term interest-only payments and flexible prepayment options. The borrower plans to replace the loan with HUD financing before the end of the year. Supportive living is an Illinois program to offer assisted living services while still allowing for government reimbursement.

January 21, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers Two Condo Deconversion Sales in Oak Park, Illinois for $12.4M

by Kristin Harlow January 21, 2020

OAK PARK, ILL. — Kiser Group has brokered two condo deconversion sales in Oak Park for a total of $12.4 million. Regency Terrace Condominiums, a 56-unit property located at 922 North Blvd., sold for $8.8 million. Andy Friedman and Matt Halper of Kiser represented the seller, The Regency Terrace Condominium Association. Marco Cesario of Kiser represented the buyer, Goldman Investments. “Regency Terrace Condominiums is a prime example of how condo deconversions can be a win-win scenario for all parties involved,” says Friedman. “The property requires substantial and costly physical improvements. This deal saved residents from large special assessments.” Clarence Court, a 26-unit property located at 628 Harrison St., sold for $3.6 million. Friedman and Halper represented the buyer, Redpoint Capital Management, and seller, Clarence Court Condominium Association. “This property fits the most common mold for deconversions. Most of the owners purchased a starter condo in the mid-2000s,” says Friedman. “When the market crashed and was slow to recover, owners had two options instead of selling at depressed pricing. They either became accidental landlords and rented the unit out or were stuck living in the unit. These owners received 25 to 30 percent more in the deconversion than if they would have sold …

January 21, 2020

Illinois Midwest Net Lease

Farbman Group Launches Chicago-Based Net Lease Division

by Kristin Harlow January 21, 2020

NORTHBROOK, ILL. — NAI Farbman Group, a full-service real estate company based in Southfield, Michigan, has launched FarbNET, a new metro Chicago-based division focused on selling net lease assets. National commercial real estate expert Mark Lewensohn leads the division, which focuses on the office, industrial, healthcare and retail sectors. The FarbNET office is located at 40 Skokie Blvd. in Northbrook. The decision to open a net lease division was based on “significant growth occurring in the net lease investment space,” says CEO Andrew Farbman.

January 21, 2020

Acquisitions Illinois Industrial Midwest

Exeter Property Group Acquires 193,000 SF Industrial Building in Lombard, Illinois

by Kristin Harlow January 21, 2020

LOMBARD, ILL. — Exeter Property Group has acquired a 193,000-square-foot industrial building located at 100 Progress Road in Lombard for an undisclosed price. The property is situated at the intersection of I-355 and North Avenue in the Central DuPage County submarket. The building offers clear heights ranging from 24 to 29 feet and is fully leased to Orora Packaging. David Bercu of Colliers International brokered the sale. A private investor sold the asset.

January 21, 2020

Illinois Industrial Leasing Activity Midwest

Consumer Packaged Goods Company Leases 144,614 SF of Industrial Space in Addison, Illinois

by Kristin Harlow January 21, 2020

ADDISON, ILL. — CPG.IO has leased 144,614 square feet of industrial space at 1150 N. Swift Road in Addison. The company, which helps brands grow their e-commerce operations, previously subleased 100,000 square feet at the facility before entering into the direct lease agreement. Kelly Disser and Michael Freitag of NAI Hiffman represented CPG.IO in the seven-year lease, which commences in May. Cushman & Wakefield represented Lincoln Property Co., which manages the property on behalf of a domestic pension fund. Lincoln will upgrade the warehouse with new LED lighting and heating units and make improvements to the office space. Built in 1998 on 15 acres, the property features a clear height of 30 feet, more than 40 loading docks, four drive-in doors and 200 car parking spaces.

January 21, 2020

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 7,882 SF Retail Building in Oak Creek, Wisconsin

by Kristin Harlow January 21, 2020

OAK CREEK, WIS. — Mid-America Real Estate Corp. has brokered the sale of a 7,882-square-foot retail building on an outlot to Drexel Town Square in Oak Creek, about 12 miles south of Milwaukee. The sales price was undisclosed. The property is fully leased to five tenants, including Associated Bank, Sport Clips, Bentley’s Pet Stuff, Charles Schwab and Tropical Smoothie Café. Carly Gallagher Kelly and Andrew Prater of Mid-America represented the seller, a Wisconsin-based developer. A private investor purchased the asset.

January 21, 2020

Development Illinois Midwest Office

Moceri + Roszak Completes Development of 20-Story Office Building in Chicago

by Kristin Harlow January 20, 2020

CHICAGO — Moceri + Roszak has completed the development of a 20-story, loft-style office building in Chicago’s Loop. Firmspace, an Austin-based shared office provider, has leased the top three floors of the 210,000-square-foot property. Known as 145 South Wells, the building includes a 12,000-square-foot amenity center with conference rooms, a fitness center, golf simulator, martini and espresso bar and outdoor space. The project also features a 24-stall executive parking garage and 3,840 square feet of ground-floor retail space. Mason Taylor and Chris Cassata of JLL are handling leasing at the property. Corey Siegrist of JLL represented Firmspace in its lease. The tenant plans to take occupancy in mid-October. Thomas Roszak Architecture is the project architect. Bentall Kennedy provided project financing.

January 20, 2020

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