Multifamily N Illinois Did Chicago just deep-six deconversions? Chicago’s City Council has passed a resolution to increase the voting threshold on condo deconversions. Now, any building looking to switch from condo to rental will need the assent of 85 percent of the condo owners, instead of the 75 percent threshold that previously held true.
Office N Illinois Suburban office snapshot: Healthcare, Class B driving activity There are a number of trends driving activity in Chicago’s suburban office market. Vacancy remained relatively stable as healthcare users and Class B spaces drove much of the region’s demand.
CRE b N Dakota Building an airport from the ground up? That job's almost done in North Dakota Airport construction is a constant in the United States. A recent report by Architectural Record says more than 50 airports are expected to combine for up to $70 billion in construction projects during the next three years, all to modernize aging facilities.
CRE N Illinois Building a case for design-build There’s been a revision of late to the process of designing and constructing commercial properties. And it’s almost a return to form, as the design-build method that has been gaining traction emulates the days of the Master Builder.
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Office P Kansas Design firm moves to Lenexa's City Center development Klover Architects will relocate from 10955 Lowell in Overland Park, Kansas, to Copaken Brooks’ The District at City Center Lenexa in Lenexa, Kansas.
Retail P Kansas WS Development acquires Wichita's Bradley Fair retail center WS Development has formed a joint venture with Laham Development to guide the future of Wichita, Kansas, retail center Bradley Fair.
Multifamily N Illinois Lendlease, Magellan break ground on two Lakeshore East residential towers Lendlease and co-developer Magellan Development Group celebrated the groundbreaking of Cirrus, a 47-story condominium tower along Chicago’s lakefront in the Lakeshore East community. Scheduled for move-ins by fall 2021, Cirrus will be developed simultaneously with Cascade—an adjacent, 37-story, 503-unit rental tower—and Cascade Park, a publicly accessible green space that will connect to the lakefront and the riverwalk.
Retail O Indiana Marcus & Millichap sells Indiana retail portfolio for $4.2 million The Klink Group of Marcus & Millichap helped close the sale of a retail portfolio near Indianapolis. A private investor in Georiga paid $4.2 million for the Merchants Pointe Retail Portfolio in Carmel, Indiana.
Finance N Illinois American Street Capital secures $9.6 million for Oak Forest multifamily portfolio American Street Capital (ASC) has secured $9.64 million in permanent debt for a 149-unit, scattered site multifamily portfolio in the Chicago suburb of Oak Forest, Illinois. Located approximately 24 miles from the Chicago central business district, Oak Forest is a southern suburb with easy access to public transportation and interstate expressways.
Industrial i Ohio PCCP, Pizzuti developing pair of spec industrial buildings in Columbus PCCP, LLC has formed a joint venture with The Pizzuti Companies for the speculative development of a two‐building Class-A industrial complex totaling 539,094 square feet on nearly 40 acres in Columbus, Ohio.
Industrial N Illinois The Opus Group closes Bolingbrook lease with Fiat Chrysler Automobiles The Opus Group announced that Fiat Chrysler Automobiles (FCA) has signed a lease at 1325 Remington, a 112,049-square-foot building located in Carlow Corporate Center, an established business park in Bolingbrook, Illinois. The car manufacturer will occupy 25,523 square feet, using the space as a training facility for its employees.
Retail O Indiana Avison Young sells Rally's restaurant in Indianapolis Avison Young has brokered the sale of an 800-square-foot single-tenant retail building fully leased to Rally’s Restaurant at 1520 N. Shadeland Ave. in Indianapolis, Indiana.
Multifamily N Illinois 33 Realty sells Belvidere, IL apartment portfolio 33 Realty has completed the sale of a three-property, 64-unit portfolio of apartments in Belvidere, Illinois for $3,300,000. Consisting of 28 units at 504-544 Biester, 24 units at 909-919 McKinley and a 12-unit building at 323 E. Harrison, the portfolio has been well maintained and sold for more than double the previous sale price in late 2012.
Multifamily W Minnesota CBRE sells 209-unit multifamily property near Minneapolis CBRE recently represented Schafer Richardson in the sale of Eastwood Ridge, a 209-unit multifamily property in Rochester, Minnesota, to Timberland Partners.