Office N Illinois
Former General Motors facility in Broadview sells for $14 million

Former General Motors facility in Broadview sells for $14 million

Mark Nelson, SIOR and Mike Nelson, SIOR, formerly partners of NelsonHill and now senior vice presidents with JLL in San Diego, have closed on the sale of the former General Motors facility located on 17 acres at 2600 S. 25th Avenue in Broadview, Illinois. TradeLane Properties purchased the property for $14,070,000, as their first transaction in their new fund.

CRE N Illinois
 Tara Marszewski;Waterton

Waterton hires Tara Marszewski as new CFO

Waterton, a national real estate investor and operator, has hired Tara Marszewski as its new chief financial officer. She will replace Doug Denyer, who will remain with the company for the next six to eight weeks to ensure a smooth transition prior to his planned retirement.

CRE N Illinois
Paul Gaines;Accesso Partners

Accesso bolsters executive team

Accesso Partners, a fully integrated investment manager and operator of multi-tenant office buildings in top non-gateway U.S. markets, has promoted Paul Gaines to managing director, asset management. Gaines, who joined the company in 2012 and has spent the past two years serving as managing director, capital markets debt, will oversee the asset management team and the investment strategy of the Company’s $3 billion portfolio.

Multifamily N Illinois
Dover Court Condominiums in Uptown, for which Kiser Group recently brokered a $12.5 million deconversion sale.

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.

Multifamily N Illinois
Executives from Lendlease and Magellan Development Group, along with 42nd Ward Alderman Brendan Reilly celebrated the groundbreaking of Cirrus Condominiums and Cascade Apartment Tower along the lakefront in Lakeshore East.

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.

CRE N Illinois
Chris Stent;JLL

JLL names new executive managing director, investor relations and corporate finance

JLL has appointed Christopher D. Stent as executive managing director, investor relations and corporate finance. Based in the company’s corporate headquarters in Chicago, he will have a key role in communicating JLL’s strategic priorities, with direct responsibility for leading the company’s global corporate finance programs and strengthening JLL’s relationships with the financial community.

Multifamily N Illinois
33 Realty sells Belvidere, IL apartment portfolio

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.

Hospitality N Illinois
Michael Merle;Skender

Skender Manufacturing hires Michael Merle as VP, business development

Skender, a vertically integrated design, construction and manufacturing firm based in Chicago, has hired Michael Merle as vice president of business development for Skender Manufacturing. With more than 25 years of experience in construction, building products and strategic business development, Merle will be charged with continually evolving and promoting Skender’s modular capabilities, in particular across the hospitality sector.

CRE N Illinois
Fulton East, 215 N. Peoria Street in Chicago.

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.

Finance N Illinois
JLL arranges $140M refinancing for Wrigley Field-adjacent Gallagher Way

JLL arranges $140M refinancing for Wrigley Field-adjacent Gallagher Way

JLL arranged a $140 million refinancing for Gallagher Way, a recently completed lifestyle mixed-use development. The project comprises more than 93,000 square feet of office space and 85,100 square feet of retail space, along with the 173-room Hotel Zachary and an open-air entertainment plaza adjacent to Wrigley Field, which is prominently located in Chicago’s Wrigleyville neighborhood.