Finance N Illinois Origin Investments’ new opportunity zone fund attracts $105M in 17 hours Chicago-based private equity real estate firm Origin Investments launched a Qualified Opportunity Zone (QOZ) fund on Nov. 14 and amassed $105 million in commitments from 425 investors in 17 hours. While other firms are raising blind capital for QOZ funds, Origin has three multifamily opportunity zone projects under contract—one in Denver and two in Charlotte, cities that make the top 10 markets to watch in Urban Land Institute’s 2019 Emerging Trends in Real Estate report.
Multifamily N Illinois Holladay Properties opens 89-unit luxury apartment community in Downers Grove Holladay Properties, a South Bend, Indiana-based commercial real estate firm, has opened Burlington Station, an 89-unit luxury apartment complex located at 5100 Forest Avenue in Downers Grove, Illinois. The property was previously the site of a former bank building.
Retail N Illinois Multi-tenant retail property sells in Waukegan for just over $1 million Marcus & Millichap announced the sale of a three-tenant retail property in Waukegan, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset went from contract to close in 78 days and sold for $1,029,000.
Multifamily N Illinois Related Midwest's One Bennett Park opens in Streeterville Related Midwest opened the doors of One Bennett Park in Chicago’s Streeterville neighborhood, welcoming the first apartment residents to the new 70-story high-rise, the first residential tower in the city by Robert A.M. Stern Architects (RAMSA). The developer has also unveiled two levels of completed indoor amenity space, as well as two apartment model units by Chicago-based luxury interior design firm Soucie Horner, Ltd.
CRE N Illinois Brad Rostron joins Principle Construction as assistant project manager Principle Construction Corp. has hired Bradley (Brad) S. Rostron as an assistant project manager. In his new role, Rostron will assist senior project managers in carrying out their duties as well as work with superintendents in the field. He will also assist in obtaining necessary permits, schedule inspections, comply with all building codes and see the project through to completion.
Multifamily N Illinois Mixed-use property sells for $3.5M off market Chicago Real Estate Resources, Inc. brokered a $3.5 million, off-market sale to to Mavrek Development. Michael Weaver and Sean Mason handled the transaction for the property, located in Chicago’s Lakeview neighborhood. The sale-leaseback transaction has Byline Bank signing a long-term lease to remain as the ground floor commercial tenant in the new building that will replace the current, stand-alone bank building.
Multifamily N Illinois Job growth and property taxes propel apartment demand Corporate expansions and relocations, especially by tech firms, continue to support job growth in the Chicago metro, which in turn is driving up demand for multifamily housing. According to the latest Marcus & Millichap market report, residents are turning to apartments over condos in part because of high property taxes.
Multifamily N Illinois Triton sells 16-unit Rogers Park apartment building Triton Realty Group recently sold a 16-unit apartment building located at 2435 W. Rosement Avenue in Chicago’s West Ridge neighborhood. The asset sold for $2,111,000 which represents a $131,937 price per unit sale.
CRE N Illinois Marcus & Millichap employees take part in day of giving Employees from the Chicago offices of Marcus & Millichap held a “Day of Giving” event on November 16, packing 25,000 meals for people in need. The effort was part of the firm’s Million Meals Initiative, in partnership with Chicago-based nonprofit Feeding America, which aims to provide 1 million meals in 2018. Chicago-area Marcus & Millichap employees volunteered at the Greater Chicago Food Depository and the Northern Illinois Food Bank in Geneva.
Industrial N Illinois NKF represents seller of 87,640-SF Addison manufacturing/warehouse facility Newmark Knight Frank (NKF) recently arranged the sale of 133 N. Swift Road in Addison, Illinois. NKF senior managing director Corey Chase and associate David Stremler represented the seller, a private investor, in the transaction. Bridge Development Partners purchased the facility for an undisclosed amount.
Multifamily N Illinois Marcus & Millichap arranges sale of 26-unit property in Mundelein Marcus & Millichap announced the sale of McKinley Gardens, a 26-unit apartment property located in Mundelein, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold for $1,980,000.
CRE N Illinois Skender expands strategic accounts team with hire of Michelle Levy Michelle Levy has joined Skender as strategic account manager. Her real estate brokerage background provides a foundation of industry knowledge and the ability to leverage her network to now provide integrated design, build and manufacturing solutions.
CRE N Illinois Lee & Associates of Illinois negotiates two-acre land sale in Carol Stream Lee & Associates has closed a $650,000 sale transaction for a two-acre land site in the outlot of Heritage Plaza Shopping Center in Carol Stream, Illinois. Rick Scardino, principal of Lee & Associates’ Illinois office, represented the buyer, Vaghani Network School, LLC.
Office N Illinois CBRE completes renewal, expansion for Byline Bank at Woodfield Preserve CBRE facilitated a lease renewal and expansion at Woodfield Preserve Office Center, on behalf of Zeller Realty Group (ZRG), to Byline Bank at 20 N. Martingale Road in Schaumburg. Byline Bank, a full-service commercial bank, will extend its lease at Woodfield Preserve and expand from 25,998 square feet to 34,200 square feet to accommodate future growth.
CRE N Illinois Irvine Company names Maggie Brophy senior leasing manager for its Chicago portfolio Irvine Company Office Properties has named Maggie Brophy senior leasing manager for its Chicago portfolio, which includes trophy skyscrapers One North Wacker, 300 North LaSalle and 71 South Wacker. Brophy will report to Greg Tait, senior leasing director, Irvine Company Office Properties.
Finance N Illinois The fall of RealtyShares: Four lessons learned The collapse of RealtyShares has sent shock waves through the nascent online real estate syndication industry—colloquially known as real estate “crowdfunding”—but there are both reasons for optimism and lessons to be learned. The failure of RealtyShares is not an indictment of the premise upon which real estate crowdfunding is based. It is the application of a business model that, though it had worked in other industries (most notably, tech), was ill-suited to the world of real estate capital formation.
CRE N Illinois Former IBM head Sanjay Rishi named CEO of JLL Americas Corporate Solutions JLL appointed former IBM executive Sanjay Rishi as chief executive officer for its Americas Corporate Solutions business. John Forrest, who has held a dual role of Global and Americas CEO for Corporate Solutions since 2014, will now fully focus on the Global CEO position for Corporate Solutions.
Multifamily N Illinois Draper and Kramer acquires 180-unit luxury rental community in Schaumburg Chicago-based Draper and Kramer, Incorporated has expanded its Chicago-area portfolio with the acquisition of North 680, a recently built, 180-unit luxury rental community in Schaumburg, Illinois. The property was purchased as part of a 1031 exchange following the firm’s sale of Fieldpointe of St. Louis, a 318-unit community in the St. Louis suburb of Maryland Heights, Missouri. The Chicago office of CBRE brokered the sale of North 680.
CRE N Illinois Green light given to $200 million North Lawndale mixed-use development The Chicago Planning Commission has given the go-ahead to The Habitat Company, along with partners Chicago Housing Authority, Sinai Health System and Cinespace Chicago Film Studios, for a $200 million plan to redevelop the former Ogden Courts East site in the city’s North Lawndale neighborhood.
CRE N Illinois Simeone Deary Design Group adds new principal in Chicago Chicago-based interior design firm Simeone Deary Design Group recently welcomed Darlene Urgola Brown to the team as principal. Urgola Brown joins the firm from Gensler in Los Angeles, where she served 13 years, most recently as an associate and senior designer, leading concept ideation and design development in the hospitality group.