Office N Illinois
Rosemont office tower's new ownership taps Colliers

Rosemont office tower's new ownership taps Colliers

Colliers International | Chicago has been named leasing agent for 5500 Pearl Street, a 133,237-square-foot, Class A office building located in Rosemont, Illinois. The property was recently acquired by Integris Ventures in partnership with Starlight Equity Partners. The new owners will directly manage the property and plan to pursue capital improvements to the building including a new fitness center, conference center and tenant lounge.

CRE N Illinois
CRE Future Leaders: Adam Saxon

CRE Future Leaders: Adam Saxon

As part of our series, CRE Future Leaders, we caught up with Adam Saxon, director at Interra Realty. Saxon is a multifamily, mixed-use and land development investment specialist within the Chicagoland market. He joined Interra Realty in October 2015, bringing with him five years of diverse sales and marketing experience. Since 2017, Saxon and his business partner, Brad Feldman, have closed more than $56 million in total real estate transactions with an average deal size of $1.55 million. Together, they raised Interra’s profile with the $3.7 million sale of 1955 N. Lincoln Ave., a 16-unit apartment building in Lincoln Park—the first sale of the property in nearly 20 years.

Industrial N Illinois
Associated Bank completes $41M construction loan for Bridge Development’s Downers Grove warehouse/distribution project

Associated Bank completes $41M construction loan for Bridge Development’s Downers Grove warehouse/distribution project

Associated Bank has completed a $41,160,000 syndicated construction loan to Bridge Development Partners in partnership with Banner Oak Capital Partners, L.P. for Bridge Point Downers Grove—three speculative warehouse/distribution buildings in Downers Grove, Illinois. When completed, the three structures will total 679,858 square feet.

Healthcare N Illinois
York Chan, vice president, facilities services for Advocate Health Care, provided the keynote address.

Looking to the future of healthcare and MOB real estate

Over 150 commercial real estate professionals were at Chicago’s historic University Club for the 5th annual Healthcare and Medical Office Conference, hosted by REjournals. The day provided an excellent opportunity for networking, as well as panel discussions with industry experts. On more than one occasion, conference speakers prognosticated on where the healthcare and medical office building sector was headed.

CRE N Illinois

Skender partners with New Coast Foundation to promote early learning

Social impact fund New Coast Foundation publicly launched yesterday, with the goal to accelerate the growth and impact of organizations working to break the intergenerational cycle of poverty throughout Chicago. New Coast Foundation seeks to identify, invest in and support emerging and effective nonprofit organizations that are often vulnerable to funding gaps and other growth-related challenges. It will focus on nonprofits with a proven track record that are past the start-up phase and are pre-scale.

Office N Illinois
Naperville Financial Center sells for $6.4M

Naperville Financial Center sells for $6.4M

Podolsky Circle CORFAC International announced the sale and financing of 400 E. Diehl Road (Naperville Financial Center) in Naperville, Illinois. The Podolsky Circle middle market investment advisory team—comprised of managing principal Alissa Adler, principal John Homsher, CCIM and senior vice president Paul Tesdal—represented the seller, SARA Investment Real Estate, in the transaction.

CRE N Illinois
Jon Anderson;Principle Construction Corp.

Principle Construction Corp. adds Jonathan Anderson

James Brucato and Mark Augustyn, principals with Principle Construction Corp., announced that their firm has hired Jonathan (Jon) Anderson as an assistant project manager. Anderson earned a bachelor’s degree in civil engineering with a primary focus in construction management from the University of Illinois at Urbana-Champaign. He served as an intern at Principle during the summer of 2017.

Industrial N Illinois
7800 Turkey Hollow Road in Rock Island, Illinois.

Blackstone and Ivanhoe Cambridge acquire Pure Industrial Real Estate Trust

Pure Industrial Real Estate Trust announced the closing of a previously-announced plan of arrangement, pursuant to which an affiliate of Blackstone Property Partners, the Core+ real estate investment unit of Blackstone, and Ivanhoé Cambridge, a subsidiary of CDPQ, acquired all of the issued and outstanding trust units of Pure Industrial (each, a "Unit") for $8.10 per Unit in cash.

Industrial N Illinois
IKEA’s 1.25-million-square-foot, build-to-suit warehouse in the I-80 Corridor, designed by Gray Construction.

Big box vacancy finally decreases, but I-80 keeps on building them

Over the past two years, big box speculative construction deliveries resulted in a steadily increasing vacancy rate, even while net absorption remained positive. But for the first time in that span, according to a Colliers International report looking at the first quarter of 2018, the big box vacancy rate in the Chicago metro decreased by 41 basis points to 9.23 percent.