Heartland Real Estate Business

FEB 2018

Heartland Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Midwest.

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www.REBusinessOnline.com Heartland Real Estate Business • February 2018 • 7 I L L I N O I S FARPOINT, GRECO/DEROSA INVESTMENTS TO REDEVELOP 135,000 SF LOFT OFFICE BUILDING IN ROSEMONT ROSEMONT, ILL. — Farpoint Devel- opment and Greco/DeRosa Invest- ments have unveiled plans to rede- velop a 135,000-square-foot loft office building located at 6300 North River Road in Rosemont. The $6 million core/shell renovation of the seven- story building is expected to begin immediately and be completed by mid-2018. The redevelopment of the property will include a fully renovat- ed lobby, replacement of all exterior windows and staining of the exterior brick. The Class A office building will include a new fitness center, yoga room, conference facilities, tenant lounge and food market with outdoor seating. Jason Simon and Jonathon Connor of Colliers International will market the property for lease. NAI HIFFMAN BROKERS SALE OF 161,740 SF INDUSTRIAL BUILDING IN BRIDGEVIEW BRIDGEVIEW, ILL. — NAI Hiff- man has brokered the sale of a 161,740-square-foot industrial build- ing in Bridgeview, about 13 miles southwest of Chicago. The sales price was not disclosed. The property is situated along I-294 at 7400-7420 Rich- ards Road. The building features 18 exterior docks, one drive-in door, 24-foot clear heights and parking for 60 cars. Chris Gary and Jay Maher of NAI Hiffman represented the seller, Transwestern Investment Group. Adam Haefner of Darwin Realty & Development Corp. represented the buyer, Rex Carton Co., a manufac- turer of corrugated boxes and custom shipping containers. TIME OUT GROUP TO OPEN 50,000 SF FOOD HALL IN CHICAGO'S FULTON MARKET CHICAGO — Time Out Group, a Lon- don-based media company, has un- veiled 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. Ad- ditional markets are slated to open in the United States in Miami (2018) and Boston (2019). COLLIERS ARRANGES $95 MILLION SALE OF INDUSTRIAL PORTFOLIO AURORA, CAROL STREAM AND NEW LENOX, ILL. — Colliers Inter- national has arranged the sale of a 1.4 million-square-foot industrial portfo- lio in metro Chicago for $95 million. All six buildings in the portfolio are located in business parks with imme- diate access to interstate highways. The buildings include: 494 E. Lies Road, an 89,380-square-foot facil- ity in the Carol Point Business Cen- ter in Carol Stream; 2520 Diehl Road, a 130,000-square-foot facility in the White Oak Business Park in Aurora; and 2700 Ellis Road, 2101 Haven Road, 2201 Haven Road and 2200 Haven Road within the Cherry Hill Business Park in New Lenox. Collectively, the buildings were 100 percent leased to seven undisclosed tenants at the time of sale. Jeff Devine and Steve Disse of Colliers International represented the seller, institutional investors advised by J.P. Morgan Asset Management. A comingled fund managed by CBRE Investors was the buyer of the portfo- lio. NYL ACQUIRES 24-STORY MIXED-USE PROPERTY IN EVANSTON EVANSTON, ILL. — New York Life Real Estate Investors has acquired The Park Evanston in the Chicago suburb of Evanston for an undisclosed price. Built in 1997, the 24-story mixed-use property features 283 apartment units and 38,940 square feet of ground- floor retail space. Amenities include a fitness center, rooftop pool, resident lounge, business center and 24-hour concierge. Whole Foods Market occu- pies 33,000 square feet at the property, which is located near Northwestern University. The seller was not dis- closed. CBRE ARRANGES OVER 1.3 MSF OF INDUSTRIAL LEASES IN CHICAGO AREA BOLINGBROOK, ELK GROVE VIL- LAGE AND MCHENRY, ILL. — CBRE has arranged three industrial leases totaling 1.3 million square feet for separate tenants in the Chicago area. Brake Parts Inc. signed an eight-year extension for 378,350 square feet at 1100 Corporate Drive and 228,000 square feet at 4400 Prime Parkway in McHenry. The company is a manu- facturer and supplier of brake parts. Greencore, a London-based interna- tional producer of convenience foods, inked a five-year extension for 443,010 square feet at 1100 Remington Blvd. in Bolingbrook. In the final lease trans- action, St. George Logistics signed a five-year renewal for 268,645 square feet at 875 Devon Ave. in Elk Grove Village. The company is a provider of ocean and air container freight sta- tions, distribution, transportation and value-added services in North Amer- ica. MaĴ Mulvihill, Kevin Segerson, Cal Payne and Philip DeBoer of CBRE represented the tenants in each lease transaction. $93,000,000 COLUMBUS PLAZA CHICAGO, IL | 533 UNITS FANNIE MAE GREEN $16,740,000 RIVER PARK APTS PHASE III COUNCIL BLUFFS, IA | 190 UNITS FANNIE MAE GREEN $32,025,000 BROADMOOR AT AKSARBEN VILLAGE OMAHA, NE | 258 UNITS FREDDIE MAC R E C E N T M I D W E S T T R A N S A C T I O N S To speak to your local expert, visit northmarq.com/offices M I D W E S T R E G I O N CHICAGO | CINCINNATI | KANSAS CITY | MINNEAPOLIS MILWAUKEE | OMAHA | ST. LOUIS Farpoint Development and Greco/DeRosa Investments are redeveloping a 135,000-square-foot loft office building in Rosemont. Pictured is a rendering.

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