ROSEMONT, IL-CBRE Auction Services is holding a property offering event at noon on Aug. 10 at the Hyatt Rosemont here. The properties in Illinois, Iowa and Indiana will include about 50 acres of development land, two hospitality sites and three industrial facilities.
About 45 acres will be offered at Interstate 94 and Route 120 in Waukegan, zoned general business, for a minimum bid of about $2 million. Paul Galanis, managing director of the CBRE firm, said in a statement that the Waukegan site is one of the last opportunities to acquire land at an exit off the I-94 corridor. Another 4 acres of retail property is offered on Route 134 in Round Lake.
The 144-unit Clarion Hotel and adjoining Wasseerbahn Water Park is up for grabs for a minimum bid of $1.9 million. The hotel, located along Interstate 80, recently had a $1.5 million renovation. Also, the GuestHouse Inn Motel along Interstate 69 in Markle, IN is also up for bid.
For industrial, the properties up for bid include an 88,500-square-foot, 79% leased facility in Des Moines, IA; a 59,000-square-foot, 100% occupied building in La Grange, IL; and a 159,000-square-foot vacant property on South Pulaski Road in Chicago.
CHICAGO-Newcastle Limited has acquired two investment properties, 525 West Stratford and 1200 West Granville, in an all cash deal for $9.1 million. Newcastle purchased the properties on behalf of its $500 million Chicago real estate investment platform. Jack Cassin and Bill Cassin with Apartment Investment Advisers represented the seller in the transaction. 525 W. Stratford is a 59-unit apartment building, featuring a mix of studio, one- and two-bedroom units, and parking. The property is in Chicago’s Lakeview neighborhood, one block west of North Sheridan Road, with proximity to public transportation and the lakefront. 1200 W. Granville is a mixed-use property consisting of 6,750-square-feet of retail space and 32 studio apartments. The property is in Chicago’s Edgewater neighborhood at the corner of Broadway and Granville, a few blocks from Loyola University, the CTA’s Granville train station and the lakefront. Newcastle plans to upgrade units, common areas, and curb appeal at both properties.
CHICAGO-Bryan Cave LLP renewed 62,727 square feet at the 50-story, one-million-square-foot 161 N. Clark. The firm has maintained its Chicago offices there since 2006. Bill Rogers, Steve Steinmeyer and Bill Sheehy with Jones Lang LaSalle represented the tenant in the lease transaction. Joe Gordon and Jon Cordell represented owner Tishman Speyer. Also, subtenant General Electric Railcar Services Corp. signed to become a direct tenant, with a new lease for 61,326 square feet. The company provides a wide variety of railcars, intermodal equipment, customized financial products and solutions for transporting a broad range of products across a spectrum of industries. Jeffrey Samaras with Cushman & Wakefield of Illinois Inc. represented the tenant while Joe Gordon and Jon Cordell represented building ownership.
NILES, IL-The Missner Group will be wrapping up an $8 million, 60,000-square-foot, build-to-suit within a month for Greenwood Associates Inc., a national processor of fruit juice concentrates, essential oils and purees. Located at 6280 W. Howard St., Missner was contracted in the pre-construction phase of the project by Greenwood Associates to assist with the complexities of the site acquisition and development. The industrial concentrate processor recognized the need for the early involvement of a general contractor due to the extensive number of easements associated with the property. Missner orchestrated the successful resolution of seven easements, brought sewer and water infrastructure to the site, demolished an existing parking lot, and managed all of the zoning requirements. Greenwood required the new space in Niles for the blending and processing of food concentrates which are inventoried for distribution to manufacturers of salad dressings, fruit juices, alcoholic beverages, etc. The newly constructed 60,000-square-foot operation included the construction of an onsite laboratory with microbiology and acid/PH testing capabilities to demonstrate food safety compliance; holding tank and blending tank rooms with concrete containment walls; and 3,000 Amp 480 Volt electrical service with a safety switch for temporary back-up power generation for critical systems.
AURORA, IL-KTR Capital Partners announced recently that an affiliate has closed on the acquisition of 3920 Enterprise Ct. The 176,686-square-foot, front-load facility was acquired through a sale-leaseback transaction with Cano Container Inc. Cano will continue to occupy the entire building on a long term basis. The property is on 24 acres within the I-88/South Fox Valley submarket.
DOWNERS GROVE, IL-Quantum Real Estate Advisors Inc. recently brokered the sale of a dual-tenant net-leased retail building here. The property was sold to a local investment company based in Chicago. The property was renovated in 1999 and leased to Sprint and Back To Bed. The property is an outlot to the Grove Shopping Center which is anchored by Kohl’s and Baby’s R Us/Toys R Us and located on the northwest corner of 75th Street and Lemont Road. Chad M. Firsel, Quantum president, represented the seller and buyer in the transaction.
“They have been there over ten years and just exercised options.” said Firsel in a statement.
CHICAGO-The building 333 West Wacker has received silver certification under the US Green Building Council’s LEED