NEWS & NOTABLES

CHICAGO—The Chicago Office Leasing Brokers Association held a luncheon on Feb. 22 at The Rookery, 209 S. LaSalle St. in Chicago. Approximately 100 guests attended the event, which featured Chicago City Treasurer Kurt Summers as the keynote. The owners of the Rookery also invited Karin Kraai and Jon Cordell, senior managing directors in the Chicago office of Newmark Grubb Knight and Frank, to speak about the building's available office space, upgraded amenities, and the property's history and future. Built in 1886 by Burnham & Root, Frank Lloyd Wright redesigned the building's lobby in 1905. Today, it has a bike room with men's and women's showers, new restrooms with five-star hotel grade finishes, new spec suites and full-floor open spaces offering efficient and flexible work environments. “The Rookery is the world's first steel skyscraper that anchored the Chicago plan so it is exciting to bring the interiors to 2017 in a historic shell, especially when there is space available for the first time in a decade,” says Cordell.

CHICAGO—The RE/MAX Northern Illinois real estate network led the seven-county metropolitan Chicago real estate market in home sales during the year just ended. RE/MAX brokers represented 15.3% of those who bought or sold homes, outdistancing any other brokerage organizations. RE/MAX was not only No. 1 in the metro area for 2016, it also took the top spot in each of the seven counties and in the suburbs as a whole, where its market share was 18.4%. These market-share figures were drawn from data compiled by Midwest Real Estate Data, LLC.

DEALTRACKER

OAK BROOK, IL—Matthew Tice, senior vice president of Oak Brook, IL-based Inland Real Estate Acquisitions, Inc., recently facilitated the acquisitions of four medical office buildings, located in NC, TX and UT, with a combined total of nearly 119,000 square feet of commercial real estate. UNC REX Cancer Center, a 13,131-square-foot cancer treatment center located at 117 Sunnybrook Rd. in Raleigh, NC, was constructed in 2013. Constructed in 2012, the Texas Orthopaedic & Sports Medicine Facility is a 36,804-square-foot medical office building located at 13603 Michel Rd. in Tomball, TX, approximately 32 miles northwest of Houston. Jordan Valley Cancer Center is a 25,056-square-foot community cancer center for inpatient and outpatient care located at 3592 W. 9000 South in West Jordan, UT. Located at 1431 Studemont St. in Houston, Memorial Hermann Acute Care Center is a 44,000-square-foot acute care facility occupied by Memorial Hermann Health System, which operates over 13 hospitals with 5,500 affiliated physicians and 24,000 employees. “These newly constructed medical office buildings have well-established tenants and are ideally located within their respective regions, making them a prime example of the type of acquisitions we continue to seek out in our health care product line,” says Tice.

CHICAGO—Avison Young has just completed the sale of a 61,000-square-foot industrial building located at 165 Chicago St. in Cary, IL. Principals Erik Foster and Mike Wilson, both based in the company's Chicago office and members of the firm's national industrial capital markets group, represented the seller, Itasca, IL-based ML Realty Partners. The property was purchased by Agracel, Inc., a regional industrial development firm based in Effingham, IL. Financial terms were not disclosed. The asset has been 100% leased to AMPAC since the property was constructed as a build-to-suit in 1985. AMPAC manufactures packaging for pharmaceuticals, health and beauty products and retailers. “Chicago's industrial market continues to draw investors looking to capitalize on strong fundamentals and record demand,” says Foster. “As a mission-critical location for a global manufacturer, this asset provides the new ownership with tremendous stability and extended growth potential.”

GRAND RAPIDS, MI— Brokers from NAI Wisinski of West Michigan have assisted Grand Rapids Surgical Suites, an ambulatory surgical center, in securing its first West Michigan location. Mary Anne Wisinski-Rosely and Jason Makowski, brokered the 6,936 square-foot lease, located at 2505 East Paris Ave. for Grand Rapids Surgical Suites. “This is a great addition to the East Paris medical corridor and a perfect location for the client,” says Wisinski-Rosely. Grand Rapids Surgical Suites is a partner of SurgCenter Development, a corporation that partners with local surgeons to create physician owned and operated ambulatory surgical centers.

BUILDING BLOCKS

CHICAGO—Evergreen Real Estate Group, together with Lake County Residential Development Corp., the Lake County Center for Independent Living and Lake County United, recently celebrated the grand opening of Fairhaven Crossing Apartments, a 40-unit affordable rental community in downtown Mundelein, IL. Attendees of the March 2 event, which included a ribbon-cutting ceremony and tours of the newly opened community, included Mundelein Village Administrator John Lobaito; Larry Pusateri, development partner at Evergreen Real Estate Group; Mary Ellen Tamasy, president of Lake County Residential Development Corp.; Walter Kendall, president of the Lake County Center for Independent Living; Christine Moran, managing director of multifamily finance at the Illinois Housing Development Authority; and David A. Northern Sr., executive director and chief executive officer of the Lake County Housing Authority. The $13.5 million affordable housing project involved converting and expanding a vacant 1½- story brick building on the site – previously a light industrial building – into a three-story residential building.

NEWS & NOTABLES

DEALTRACKER

BUILDING BLOCKS

Instant Insights /

Middle Market Digest-The Midwest

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