Property Type

Sam Zell Plans to Sell Groupon Headquarters in Chicago for $500M

by Kristin Harlow December 13, 2017

CHICAGO — Sam Zell’s Equity Commonwealth plans to sell Groupon’s headquarters, located at 600 W. Chicago Ave., for $500 million, according to local media reports. Sterling Bay is expected to acquire the 1.6 million-square-foot building, which formerly served as a Montgomery Ward catalog warehouse. Equity Commonwealth purchased the asset in 2011 for $390 million. This deal would mark the billionaire’s exit from the Chicago office market. By narrowing its portfolio to just 20 assets, Equity Commonwealth has accumulated approximately $2 billion in cash since Zell took over as chairman in 2014.

December 13, 2017

Industrial Midwest Ohio

Avison Young Brokers Sale of 451,215 SF Industrial Portfolio Near Columbus, Ohio

by Kristin Harlow December 13, 2017

COLUMBUS, OHIO — Avison Young has brokered the sale of a two-building industrial portfolio spanning 451,215 square feet near Columbus. The sales price was not disclosed. Both buildings are located in Rickenbacker Global Logistics Park, a 1,777-acre park with 30 million square feet of development. The portfolio includes Rickenbacker IV, a 330,179-square-foot distribution center located at 2400 Spiegel Drive in Groveport, Ohio, and Creekside V, a 121,036-square-foot corporate laboratory facility located at 2150 Bixby Road in Lockbourne. Creekside V is 100 percent leased to Luxottica, a global eyewear company, which utilizes the space for its U.S. manufacturing and distribution operations. Luxottica has occupied the building since 2007 and has invested nearly $30 million in specialized equipment within the space. Rickenbacker IV is 70 percent leased to Essilor of America, an optical-lens manufacturer and distributor. Essilor moved to the property in 1999 and has increased its space by 46 percent since then. Erik Foster and Mike Wilson of Avison Young represented the seller, institutional investors advised by J.P. Morgan Asset Management. Exeter Property Group purchased the portfolio.

December 13, 2017

Loans Midwest Multifamily Ohio

Dougherty Provides $24.8M Refinancing for Apartment Property in Willowick, Ohio

by Kristin Harlow December 13, 2017

WILLOWICK, OHIO — Dougherty Mortgage LLC has provided a $24.8 million Fannie Mae loan for the refinancing of Shoregate Towers in Willowick, about 16 miles northeast of Cleveland. The 404-unit property is located at 30901 Lakeshore Blvd. Dougherty’s Minneapolis office arranged the 15-year loan, which features a 30-year amortization schedule. Shoregate Towers NS LLC was the borrower.

December 13, 2017

Midwest Office Wisconsin

CBRE Arranges $4.5M Sale of Office Complex Near Milwaukee

by Kristin Harlow December 13, 2017

GLENDALE, WIS. — CBRE Capital Markets has arranged the sale of the Barnabas Business Center in Glendale, about 10 miles north of Milwaukee, for $4.5 million. Constructed in 1920 and formerly home to Eline’s Chocolate Co., the office complex spans four buildings totaling 114,682 square feet. The property is situated on a 9.5-acre campus at 4650 N. Port Washington Road. Patrick Gallagher, Peter Langhoff and Max Schultz of CBRE represented the seller, Barnabas Building Properties LLC. The buyer was not disclosed.

December 13, 2017

Illinois Midwest Restaurant Retail

Time Out Group to Open 50,000 SF Food Hall in Chicago’s Fulton Market

by Kristin Harlow December 13, 2017

CHICAGO — Time Out Group, a London-based media company, has unveiled plans to open a 50,000-square-foot food hall in Chicago’s Fulton Market. Time Out Market Chicago is slated to open in 2019. The vendor lineup will feature several of the city’s top restaurants and bars. The three-story space will include 16 chef-driven counters, three bars, a demonstration kitchen, a retail area, outdoor dining space and seating for 600 people. The first market from Time Out, located in Lisbon, Portugal, opened in 2014. Additional markets are slated to open in the United States in Miami (2018) and Boston (2019).

December 13, 2017