BY THE NUMBERS

CHICAGO—The city's CBD has been the site of a number of major office sales in the past five years. And in terms of investor gains some of these trades compare quite favorably with deals in Manhattan and other coastal cities. According to COMMERCIALCafe.com, two Chicago towers made it onto their Top 15 Office Resale Gains list. Using data from Yardi Matrix, focused on buildings that changed hands between 2012-2017 that had been held for up to 3 years. It excluded properties that were completely renovated, part of a portfolio or a minority stake transaction and unrecorded sales. One South Wacker barely misses the Top 10, landing at #11. Its most recent sale in 2015 bought a $116 million gain for Harbor Group International and Clal Group. And the 2013 sale of 200 South Wacker Drive tallied up a $98 million gain to its previous owners, putting the building at #15. Seattle's Russell Investments Center is #1 on the list. It was bought for $115 million in 2009, and then sold in 2012 for $480 million.

NEWS & NOTABLES

CHICAGO—NRC Realty & Capital Advisors, LLC, in conjunction with Newmark Knight Frank, is offering for sale four contiguous properties on the site of the historic former headquarters of Sears, Roebuck, & Co. and Allstate Insurance Co. Located in Chicago's Homan Square neighborhood, which is four miles west and a 10-minute drive from downtown Chicago, the site includes the former Sears Administration Building, a five-story structure with 280,558 total square feet and large floor plates. It also has the former Allstate Headquarters, an 11-story building with 324,147 total square feet, an 1,150 space three-story parking structure, and an adjacent 3.42-acre vacant development site. The Homan Square campus has several million square feet of space and has been undergoing continuous redevelopment for years. Most recently, the Lofts on Arthington, a 181-unit apartment building was opened and is already fully leased.

CHICAGO—Boutique Properties and its partner Contemporary Concepts Inc. have started sales at 445 Arlington, a new development of eight luxury condominiums at 445 W. Arlington Pl. in Chicago's Lincoln Park neighborhood. Erin Mandel of @properties is marketing the collection of residences, which the firms plan to deliver in 2018. Designed by architectural firm Booth Hansen, the four-story community complements the historic rowhome architecture found throughout east Lincoln Park. It features a limestone and aged brick facade accompanied by oversized bay windows that will provide abundant natural light. LG Construction will serve as the project's general contractor. “Each of the homes at 445 Arlington offers buyers the opportunity to experience sophisticated urban living in one of Chicago's most historic and sought-after neighborhoods,” says Lizzie Kaplan, principal of Chicago-based Boutique. “Our open floor plans and modern finishes reflect the lifestyles and preferences of today's buyers, yet we also sought to infuse 445 Arlington with classic design elements inspired by the craftsmanship and timeless architecture for which this enclave of Lincoln Park is known.”

DEALTRACKER

INDIANAPOLIS—Brendan J. Sheahan of Darwin Realty just finished representing a large, Midwest-based manufacturer and distributor of food products in their purchase of a 121,800-square-foot facility at 9710 Park Davis Dr. in Indianapolis. The Chicago-based purchaser will use the new facility to expand and enhance their production capacity and existing distribution operations in and around the Indianapolis market. Darwin could not disclose the parties or the price paid. Following an extended search, the buyer selected the facility due to its existing manufacturing amenities and modern construction featuring 28' clear ceilings, heavy power, and a fully air-conditioned warehouse, Sheahan says. Situated on more than 20 acres, the expandable facility can also accommodate the buyer's future growth in the market. Chip Barnes and Brian Buschuk of the Indianapolis office of JLL represented the seller, Pinchal & Co., in the transaction.

MINNEAPOLIS—Baceline Investments, LLC, a Denver-based private equity real estate investment and management company that owns neighborhood shopping centers throughout the Central US, has just acquired two more properties, including the firm's first in NC. The firm purchased Central Plaza Shopping Center, an 82,478-square-foot neighborhood shopping center located in Columbia Heights, MN, for $7.22 million, and the 34,690-square-foot Galleria Village in Charlotte for $5.1 million. Central Plaza is located at 725 45th Ave. NE, six miles north of downtown Minneapolis. It is 92% occupied. And Galleria Village, located in southeast Charlotte at Galleria Blvd. and Sardis Rd., is currently 83% leased. “Owning neighborhood shopping centers like Central Plaza and Galleria Village fit our core income strategy well,” says David Puchi, Baceline's managing partner. “Since both are highly visible in densely populated regions, they provide everyday goods or services to vibrant communities.” Baceline's core income fund now consists of 13 properties with a total value of $96 million.

BLOOMINGTON, IL—An affiliate of Core Acquisitions, LLC has acquired the Bloomington Commons shopping center in Bloomington, IL. The 188,250-square-foot grocery anchored shopping center, which features national and regional tenants, is at the intersection of Veterans Hwy. and E. Empire St. in the center of the Bloomington-Normal market's retail trade area. Tenants include Schnucks, Olive Garden, Chuck E Cheese, Barnes & Noble and Jo-Ann Fabrics. “This was an outstanding opportunity to acquire a well-positioned property with high historical occupancy and the ability to add value through a number of different strategies,” says managing principal Adam Firsel. May Real Estate represented the seller, an affiliate of Kimco Realty Corp., in the transaction. The acquisition was financed by Evansville, IN-based Old National Bank.

BY THE NUMBERS

NEWS & NOTABLES

DEALTRACKER

Instant Insights /

Middle Market Digest-The Midwest

Related Stories

Recommended For You