Illinois

JV Acquires InvenTrust’s University House Student Housing Platform for $1.4B

by Nellie Day January 4, 2016

OAK BROOK, ILL. — UHC Acquisition Sub LLC has agreed to purchase University House Communities Group Inc., InvenTrust Properties Corp.’s student housing platform, for $1.4 billion. UHC is a subsidiary of a joint venture between Canada Pension Plan Investment Board, GIC and Scion Communities Investors LLC. InvenTrust created University House Communities in 2007 as a development, acquisition and management firm that focuses on student housing communities in university markets across the United States. The Dallas-based firm has communities in 15 states, including Florida, Oregon, Louisiana, Oklahoma, Alabama, California and Arizona. The company decided to divest the asset after refocusing its core retail business. The Oak Brook, Ill.-based company owns 128 multi-tenant retail properties in 24 states, as of Sept. 30, 2015. Its retail portfolio contains a total of 19 million square feet. “The sale of University House marks the culmination of our portfolio evolution strategy to focus our energies and investment capital into our multi-tenant retail platform,” says Thomas McGuinness, InvenTrust’s CEO and president. “While University House has been a valuable component of InvenTrust’s portfolio, we are very excited about this transaction, which represents the conclusion of a robust evaluation process to maximize the value we receive for the platform.” …

January 4, 2016

Dynamic O’Hare Industrial Submarket Regains Its Beat on Development Front

by Haisten Willis June 18, 2015

Chicago’s 1.2 billion-square-foot industrial market has weathered the Great Recession and is now showing strong growth through expansion of the region’s traditional boundaries and by way of redevelopment in land-locked areas. At the center of this trend is O’Hare International Airport — sixth in the nation and 17th in the world in air cargo tonnage. All totaled, the O’Hare industrial submarket contains 103 million square foot of product. Since the vacancy rate peaked at approximately 13 percent in 2010, the O’Hare industrial submarket has rebounded in a big way. In fact, the submarket has recorded positive absorption every year since 2011. The vacancy rate fell to 7 percent in 2014 due to an improving economy and the aggressive deal making of the larger industrial owners such as Prologis, KTR and Hamilton Partners. Development Ramps Up Shrinking vacancy rates and a lack of available Class A logistics facilities led to the delivery of multiple speculative developments in 2014. These projects were the first built since 2007. Panattoni completed 208,000 square feet at 1925 Busse Road in Elk Grove Village and leased the entire facility to CEVA Logistics. The project was subsequently sold to AEW Capital Management at a record-setting cap rate …

June 18, 2015

Hospitality Illinois Midwest

Paramount Lodging Arranges $8M Refinancing Loan for Hyatt House

by Jeff Shaw June 15, 2015

SCHAUMBURG, ILL. — Paramount Lodging Advisors has arranged $8 million in refinancing for the 134-room, six-story Hyatt House hotel in Schaumburg. An undisclosed large regional bank was the lender in the transaction. Atira Hospitality, which operates the hotel, is currently implementing a substantial capital improvement plan that will include upgrading all rooms, corridors and first-floor public space.

June 15, 2015

Illinois Midwest Mixed-Use

Construction Begins on $75M Mixed-Use Project in Chicago

by Danielle Everson May 14, 2015

CHICAGO — Construction has begun on the $75 million Vue53, a mixed-use project that will serve the Hyde Park and Kenwood neighborhoods in Chicago. The development team, which includes Avison Young, Peak Campus Development and financial partner Blue Vista Capital Management, was awarded the assignment by the University of Chicago to develop, finance and manage the project. Vue53 is located near the intersection of 53rd Street and Kenwood Avenue, directly north of Nichols Park, and will include 28,000 square feet of ground-level retail, 267 apartment units and 225 parking spaces. The project is a collaborative effort by the University of Chicago, the City of Chicago and the Hyde Park community to create a mixed-use district and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. The project will offer affordable housing units and is being developed without tax increment financing or other public subsidies. The residential component will include studio, one- and two-bedroom apartments. Vue53 is slated for completion in September 2016.

May 14, 2015

Illinois Midwest Office

NAI Hiffman Arranges Office Lease in Lisle, Ill.

by Danielle Everson May 14, 2015

LISLE, ILL. — NAI Hiffman has represented Metrasens in its office expansion with Pritchett Realty Corp. at 2150 Western Court in Lisle. Metrasens, a technology business that specializes in metal detection products for the healthcare and security markets, expanded its lease by 3,249 square feet and now occupies a total of 6,850 square feet in the 51,244-square-foot office building. The expansion will accommodate its need for additional administrative offices, service and testing lab space. Matt Novak of NAI represented Metrasens in the transaction. Jeff Mann of CBRE represented Pritchett Realty Corp.

May 14, 2015

Illinois Midwest Office

Reed Construction Completes Build-Out for Eckenhoff Saunders Architects HQ

by Danielle Everson May 13, 2015

CHICAGO — Reed Construction has completed an 8,980-square-foot build-out of the new headquarters for Eckenhoff Saunders Architects (ESA). The office is located on the 18th floor within One Prudential Plaza at 130 E. Randolph in Chicago. ESA is a Chicago-based, midsize firm specializing in architecture, planning and interior design. The company recently relocated from the West Loop to One Prudential Plaza. The project featured custom, fabricated millwork throughout, the construction of open loft ceilings with high-end LED light fixtures and walls clad in walnut wood flooring. Reed Construction also simultaneously renovated the 18th floor corridor and elevator lobby space adjacent to the ESA suite. Project management firm JLL selected Reed Construction to complete interior renovations at to the new space. Scott Pickands was the project’s executive leading the construction team for Reed Construction and Joseph Kozlowski served as the project manager. ESA provided architectural services for the project.

May 13, 2015

Illinois Midwest Multifamily

Interra Realty Brokers $1.2M Sale of Apartment Property in Chicago

by Danielle Everson May 13, 2015

CHICAGO — Interra Realty has brokered the $1.2 million sale of a 13-unit, walk-up style apartment building at 1614 N. Harding Ave. in Chicago’s Humboldt Park neighborhood. The property features studio, one-, two- and three- bedroom layouts. Ten of the units have recently been renovated and the property. Joe Smazal and James Clough of Interra Realty represented both the buyer and the seller in the transaction.

May 13, 2015

Illinois Loans Midwest Multifamily

Oak Grove Capital Arranges $27M Loan for Algonquin Square Apartments

by Danielle Everson May 12, 2015

CHICAGO — Oak Grove Capital has arranged a $27 million adjustable-rate mortgage through Freddie Mac for Algonquin Square Apartments, a 220-unit multifamily property located in Chicago’s western suburbs.The property was built in 2012 and 2013. The loan was for a joint venture between Marquette Cos., EJ Plesko & Associates and American National Insurance, which served as the limited partner.The new loan allowed for the payoff of the construction loan, municipal loans and further returned some of the original investment to the investor members. Scott Streiff of Oak Grove Capital arranged the seven-year loan that includes two years of interest-only payments and a 30-year amortization schedule.

May 12, 2015

Civic Illinois Midwest

Barack Obama Presidential Center Set to Be Built on South Side of Chicago

by Danielle Everson May 12, 2015

CHICAGO — The Barack Obama Foundation plans to locate the future Barack Obama Presidential Center, which will include a museum, library, as well as office space for Foundation activities and events, in the South Side of Chicago. The site was selected over bids made by Columbia University in New York, the University of Hawaii and the University of Illinois at Chicago. The library is expected create hundreds of jobs and hundreds of millions of dollars a year in economic activity, according to Crain’s Chicago Business. A date for the development has not been announced. As a future neighbor and collaborator on the Center, the University of Chicago has pledged to make resources and infrastructure available to the Foundation in the near term for its planning and development work. The Foundation also intends to maintain a presence at Columbia University for the purpose of exploring and developing opportunities for a long-term association, and to work with the state of Hawaii to establish a lasting presence in Honolulu. Within Chicago, the Obama Foundation will additionally explore possible collaboration with the University of Illinois–Chicago.

May 12, 2015

Illinois Industrial Midwest

Darwin Arranges 43,175 SF Industrial Lease in Broadview, Ill.

by Danielle Everson May 7, 2015

BROADVIEW, ILL. — Darwin Realty & Development Corp. has arranged a long-term lease renewal for 43,175 square feet located at 2109-2111 21st St. in Broadview. Dan Fanelli and George Cibula of Darwin represented Arrow Pneumatics Inc. The manufacturer of parts and products for the compressed air industry will occupy the space. The team also represented the landlord, a private investor. The property features a 22-foot ceiling height, four interior docks and 4,500 square feet of finished office area.

May 7, 2015

Newer Posts

Older Posts