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Connexion's Commercial Real Estate news is your source for Chicago and midwest regional commercial real estate news and trends. Activity in the commercial real estate sector has a ripple effect in the building trades whether it's someone breaking ground or looking to improve their space. In addition to our featured posts, get even more Chicago and midwest real estate news from our dynamic news feeds found further below this page:

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Yo Chicago

Wednesday, 01 February 2012

The Habitat Company starts construction of 450-unit luxury high rise

The Habitat Company has announced the start of construction of a 43-story, 450-unit luxury high rise in Chicago in a joint venture with Multi-Employer Property Trust and a major institutional investor.

The luxury multifamily community will be located at 360 W. Hubbard St. in Chicago’s River North neighborhood, across the street from the East Bank Club. This latest project adds to the more than 17,000 residential units developed by The Habitat Company in its 40-year history. Bentall Kennedy represents its clients, an institutional investor and MEPT, a $5.4 billion real estate equity fund, in the transaction...

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National Real Estate Investor

Opus Development to Build Luxury Apartment Complex

TCi Tires Leases 30,845SF at Liberty Point

Whiting Launches Telos Group in Chicago

Commercial real estate professional Brian Whiting has launched The Telos Group LLC, a commercial real estate leasing, marketing and consulting firm.

Jacobson Warehouse Company Relocates in Region’s Largest Lease Deal Since 2005

Onyx Equities Acquires Retail Center in Whitestone, N.Y.

Real Estate News From RE Journals

Jones Lang LaSalle closes largest new industrial lease in St. Louis County since 2005

Des Moines, Iowa-based Jacobson Warehouse Company is relocating and expanding its St. Louis consumer goods third-party logistics operation into 402,000 square feet of space at Northside Distribution Center in Hazelwood, Mo.

Signature Associates sells former K-Mart site in Michigan

Southfield, Mich.-based Signature Associates recently negotiated the sale of 129,562 square feet of hi-tech space at 3500 Joslyn Road in Auburn Hills, Mich.

NATO Summit hits Chicago; city braces for wild few days

People who live in Chicago are well aware that the 2012 NATO Summit is taking place in their city. And everyone who works in the city's downtown is painfully aware of this.

People on the Move

5/18/12 Bradford Allen has promoted Joel Berger from director to senior managing director. Berger will manage the suburban brokers from the firm’s office in Oakbrook. Berger has more than 10 years of experience in commercial real estate and business-community relations. He joined Bradford Allen in 2004 and specializes in providing brokerage services for office tenants [...]

RealtyTrac: Foreclosures rising in St. Louis, Chicago and Minneapolis, falling in Detroit

If it's true -- and it is -- that the commercial real estate market won't see a more robust recovery until the housing market stabilizes, than commercial real estate professionals got some bad news regarding two major Midwest markets. According to the latest numbers from RealtyTrac, foreclosure activity jumped significantly in both St. Louis and Chicago in April compared with the same month last year.

Columbus’ Red Mortgage Capital provides more than $43 million worth of FHA financing for multi-family properties in three states

Columbus, Ohio-based Red Mortgage Capital, LLC, recently processed and funded more than $43 million of non-recourse FHA financing for properties in three states.

Lee & Associates’ Madison, Wis., office earns CoStar Power Broker award

The Madison, Wis.. office of Lee & Associates was recently selected by CoStar Group as a recipient of the CoStar Power Broker Award for being the top leasing firm in the Milwaukee/Madison market.

NAI Harding Dahm closes three deals in Indiana

Fort Wayne, Ind.-based NAI Harding Dahm recently closed several transactions in the Fort Wayne area.

Mid-American Real Estate closes sale of former Border’s Books in Michigan

When Border's Books went out of business last year, the move left behind several large empty storefronts across the Midwest. At least one of these spaces in Michigan, though, has recently been sold.

Clayco tackles Cupples 9 renovation project in St. Louis

Clayco Inc. has started work on the Cupples 9 renovation project in downtown St. Louis. This $30 million project is adjacent to Busch Stadium, just south of the Westin at Cupples Station. It neighbors the award-winning Cupples Station Loft Apartments, which Clayco completed in 2006.

IDI to develop 794,000-square-foot industrial building at Indianapolis’ AmeriPlex Business Park

Industrial real estate company IDI in May announced that the company’s Cincinnati office will develop a 794,608-square-foot building at AmeriPlex Business Park, adjacent to the Indianapolis International Airport in Indianapolis.

CREW report: Myths still hindering women’s progress in commercial real estate

You're a woman working in the commercial real estate industry. You dream of one day running your own firm. You dream of reaching the heights of your profession. Is pay as important to you as it is to your male colleagues? Are you as willing to take risks -- the reasonable ones -- as the man in the cubicle next door?

An affiliate of Next Realty LLC acquires Lincolnwood land site for redevelopment

An affiliate of Next Realty LLC has completed the acquisition of a prime land parcel at the southwest corner of Touhy and Crawford avenues in Lincolnwood to take advantage of a redevelopment opportunity.

Opus Development Corporation to build luxury residential development

Opus Development Corporation has announced plans to begin development and construction of a new luxury apartment complex in Lisle.

McShane Construction breaks ground on 57-unit senior living development

McShane Construction Company recently broke ground at The Lodge of Northbrook on behalf of Omaha-based developer Essex Corp.

Developer Wirtz Realty opens doors to office, training and distribution center

Wirtz Realty Corp., developer and subsidiary of Wirtz Corp., has announced the opening of a 605,000-square-foot, multi-use office, training and distribution center on May 2.

Hines to develop Chicago office tower

Ivanhoé Cambridge has announced its planned investment of $300 million to build a 45-story office tower in the West Loop in downtown Chicago.

Coldwell Banker Commercial Griffin negotiates $2.275 million office building sale in Minnesota

Senior associate Dan Altstatt of Coldwell Banker Commercial Griffin Companies has negotiated the signing of a $2.275 million, 23,301-square-foot sale at 731 Bielenberg Drive in Woodbury, Minn.

Colliers hires industry vet to head Indiana region

Glenn Davis has been named the new president and managing director of Colliers International's Indiana region.

Multi-family construction to reach nine-year high in Cincinnati this year, according to Marcus & Millichap

Apartment vacancies should fall below 5 percent this year in Cincinnati, according to the latest research from Marcus & Millichap. That's good news for landlords in the city, who should be able to raise their monthly asking rents without chasing away their tenants.

Chicago Real Estate News from Crain's

South Loop's Roosevelt Collection borrows $145 million

(Crain's) — The owner of the Roosevelt Collection mixed-use project in the South Loop has borrowed $145 million as it courts tenants for the property's mostly empty retail space.

Accountancy consolidates in Elgin

(Crain's) — Also, local industrial broker Ken Szady moves to Newmark Grubb Knight Frank and a director resigns from Retail Properties of America.

East Loop apartment tower near groundbreaking

(Crain's) — The Summit on Lake is a 332-unit project estimated to cost $116 million.

Hines' challenge now: Find tenants for new tower

(Crain's) — Developers eyeing downtown projects will focus on users with leases that expire between 2015 and 2018 and won't balk at paying net rents of $35 or more.

Our most-viewed stories in the past week

(Crain's) — The announcement of a downtown office tower and the sale at auction of the Purple Hotel property made the list.

Former Esquire Theater site lands Christian Louboutin, construction loan

(Crain's) — Bank of America is providing $42.5 million for the planned Oak Street building, which is 80 percent leased.

Opus starts 310-unit apartment project in Lisle

(Crain's) — Also, 550 W. Washington Blvd. is on the market, as are the Deer Valley Luxury Apartment Homes in north suburban Lake Bluff.

See insider stock activity in local companies

PLS moves headquarters to 1 South Wacker

(Crain's) — One of Chicago's fastest-growing companies will shift its headquarters from the Fulton Market meatpacking district to a West Loop office tower, opting to stay in town after considering moving out of state.

Golub buys Lincoln Park apartment portfolio

(Crain's) — The $23.1 million deal suggests a shift in style for the firm, best known as a builder and owner of high-end office and residential buildings downtown and in the suburbs.

Overdue loan puts Schaumburg office owner in a bind

(Crain's) — The 156,000-square-foot office building at 300 N. Martingale Road is fully leased but almost certainly worth much less than its debt, which will make refinancing difficult for Tandem Development Group.

Veteran broker launches new firm

(Crain's) — Brian Whiting's Telos Group already has more than 6.5 million square feet of Chicago leasing assignments, including Citadel Center and the Civic Opera Building.

$41 million rental phase on tap at former Stateway Gardens

(Crain's) — The venture developing the Park Boulevard on the former high-rise public housing site may hit the market with the new units at the right time to get in on the hot apartment sector.

Chicago Real Estate News from Yo Chicago

New construction on the former site of California Estates

A 4-bedroom, 3 ½ bath proposed new construction home has just come on the market at 1820 N California Ave in Logan Square. The list price is $549,900. Some of you may recall that we wrote about this site, which was formerly known as California Estates, back in January. At the time, we noted that [...]

A K2 at K Station construction update

My recent schedule has kept me from spending as much time as I would have liked to at K2 at K Station, which is under construction in the Fulton River District. I did stop by briefly on Wednesday to check on the project’s status. Crews were pouring the 6th floor and planning to start construction [...]

Tour Beverly homes this weekend and meet Jack Simmerling

This weekend marks the 42nd Annual Beverly Hills / Morgan Park Home Tour. Six private homes and a historic church will be open for viewing Sunday, May 20, from 11 to 5. Tickets for the tour are $25 in advance or $30 at the door. From 1 to 3 on Sunday you can meet artist [...]

Chicago new home sales down 90% from 5 years ago

Five years ago we posted the following report: Sales of new homes downtown fell 46 percent during the first quarter, according to a story in Crain’s Chicago Business, which quoted a new report by Appraisal Research Counselors. Buyers signed contracts for 1,207 new homes downtown during the first quarter, a 46 percent drop from the [...]

The South Loop, from the country’s hottest neighborhood to Chicago’s Las Vegas

When our then-editor Barry Pearce picked up his copy of the June 2007 issue of Chicago Magazine, he was “astounded … to learn that the South Loop is pretty much perfect.” The issue’s cover touted the neighborhood’s “booming real estate … hip restaurants … exploding population … Welcome to the hottest neighborhood in the country.” [...]

A song for Studs

Studs Terkel, as probably everyone in Chicago knows, would have turned 100 today. Back in 2007 YoChicago attended the Studs Terkel Community Media Awards ceremony. Afterwards, the staff and board of the Community Media Workshop joined Studs on stage for a sing-along. The Chicago Tribune’s Chris Walz on banjo, Eric Zorn on guitar, and Mary [...]

Soap on a rope, high-rise edition

Some high-rise buildings have very elaborately engineered machinery for washing their windows. For some buildings, window washing is as simple as having a man rappel down the side of the building with a bucket of soap and water. As you can see from the following photo, the window washer is about 20 stories up on [...]

Tour a colorful designer townhome in The Glen

City living in the suburbs is how Missy Jerfita of Koenig & Strey describes this luxurious 4000 square foot, 4-bedroom, 3.5-bath townhome in The Glen in Glenview. The Glen is a complete neighborhood built on the former Glenview Naval Air Station base that includes parks, a lake, various housing, recreational facilities, shops, entertainment and golf. [...]

The views from Park Michigan apartments

The international-style apartment tower at 1212 S Michigan Ave changed ownership recently, and has been renamed Park Michigan to emphasize its location across from Grant Park. In addition to the rebranding, the building is in the midst of a major makeover of its common area and in-unit amenities. One thing that isn’t changing, however, is [...]

An eighty-five percent discount on an Englewood deal-of-the-day

Five years ago we spotlighted a 3-bedroom, 2-bath condo for sale for $176,000 at 501 W 60Th Pl in Englewood as our deal-of-the-day. Unit 2E in the building, also a 3-bedroom, 2-bath, sold for $164,500 with 100% financing in November of 2004. It resold last September for $27,500 – 85% below our deal-of-the-day price. The [...]

How to find an experienced, professional rental agent

Our recently-launched YoRents service connects renters directly with quality landlords. Many renters, however, are daunted by the task of finding an apartment on their own, or unwilling to invest the time, and choose to work with a rental agent. That choice presents them with an even more daunting task: finding an agent who will respect [...]

Chicago Real Estate Daily now in its sixth year

Day in and day out the best real estate reporting in Chicago can be found at Crain’s Chicago Real Estate Daily. If you want to understand what’s happening and what’s trending in Chicago real estate, you’ll want to check in frequently with Crain’s. We link most of the articles on that site from our Chicago [...]

Why Katie likes living in Lake View

Last week I shot video at 16 different rental properties in Evanston, Lake View and Rogers Park with BJB Evanston and BJB Properties. Whenever I’m shooting video at a property I like to talk to the residents about their experience living there. Most are reluctant to go on camera on an impromptu basis, but some [...]

215 West apartments paying top dollar to rental services

Anticipating a slow Mother’s Day, the 215 West apartment tower in the Loop sent an email blast on Saturday reminding rental services that it’s paying a higher than normal commission for renting some of its apartments: Hi Brokers! We don’t have many showings scheduled for tomorrow (Sunday) so I thought I would reach out! Also [...]

MLS-listed inventory up again in north lakefront neighborhoods

For the second week in a row the number of MLS-listed homes, apartments and condos in 6 north lakefront ZIP codes reached a new high since we began tracking earlier this year. There are currently 581 units listed for rent in the MLS from Lincoln Park north to Rogers Park. That amounts to less than [...]

Lincoln Crossing, price destruction on a deal-of-the-day

Five years ago today our “deal of the day” spotlighted Lincoln Crossing, a 35-unit condo development at 5588 N Lincoln Ave in the Budlong Woods neighborhood of Lincoln Square. The developer was offering $20,000 discounts on one-bedrooms priced from the $260s and $30,000 discounts on 2-bedroom, 2-bath units starting at $357,900. In November of 2007 [...]

domu offers excellent info for landlords, basement-dwelling hermits

I’m not a fan of domu’s rental search, despite its slick map-based interface and ease of use. I’d rather take a slower path to accurate, up-to-date information than domu’s quicker one to info that’s often stale and sometimes misleading. If you’re a renter, check out our at-a-glance apartments lists and maps and search MLS listings [...]

A renovated Old Town oasis for $2.5M

Twenty-five years ago you could have bought the equivalent of several square blocks of the western part of Old Town for unpaid taxes totaling less than $100K. In the interim, the area bounded by Sedgwick, Division, North and Larrabee has been almost completely transformed. Chicago-based MCL Companies spurred development of the area in the mid-90s [...]

Kimball Station sold to Inland affiliate

It’s been almost exactly three years since we received word that Kimball Station, a 59-unit condo development in Albany Park, had converted to rentals. Although we’d been told at one point that 15 of the units were under contract, none ever closed. Crain’s has just reported that the project, which includes a mix of 1-, [...]

North Beach Lofts resell at half of original price

Five years ago today we were reporting that the 43-unit North Beach Lofts, 1225 W Morse Ave, was nearing a sellout, with only four units still available. A year later, in June of 2008, we were told that “only a couple of units were left.” Our reporter described the Rogers Park neighborhood as an exception [...]

Tour an impressive home in The Glen of South Barrington

At 7000 square feet on nearly one and a half acres, this home in The Glen of South Barrington is big and bright with incredible outdoor spaces. Lake Adalyn, in the center of the community has a sand beach for swimming and walking trails for taking in the vast green space of The Glen. The [...]

77 West Huron offering a month’s free rent

When we looked in on 77 West Huron, back in March, the River North high-rise had 22 vacancies and was offering a $100 a month discount on 9 to 12-month leases. The building currently lists 48 of its 304 apartments available for rent between now and June 3, most of them for immediate occupancy, and [...]

A rare rental on the beach in Wilmette

There are only a few dozen single-family homes in Wilmette that have private beaches, and it’s extremely rare to see one of them become available for rent. The 6-bedroom home on a 50 x 509 foot lot at 1204 Michigan Ave was just listed as a short-term rental (August 25 to June 14) – just [...]

CoreLogic calls a bottom on housing prices

CoreLogic has just released its MarketPulse report for May (pdf), based on March 2012 data. The money quote: Nationally, the housing market is in the process of transitioning to more stability in sales and home prices. Inventory levels are reasonable again, and even tight in some markets. The share of REO sales is declining due [...]

The view from a Lincoln Park roof deck

You don’t need to be in a downtown high-rise to enjoy spectacular views of Chicago’s skyline. You don’t even need to be in a high-rise. The above view to the south and east was shot from the roof deck of a six-story Lincoln Park apartment building at the six-corner intersection of Diversey, Lincoln and Racine. [...]

EnV digs even deeper for discounts

It seems like only yesterday that we were reporting steep price cuts on apartments at EnV in River North. It was, in fact, all of four days ago. Yesterday’s email brought the details of another round of even deeper price cuts from EnV: Bring a client into EnV Chicago and receive 100% commissions! This is [...]

Will NIMBYs howl at a packed Wolf Point meeting?

The latest email newsletter from 42nd Ward Ald. Brendan Reilly brings word of an upcoming public meeting to discuss plans for a proposed development at Wolf Point. In typically Reillyesque phrasing, Ald. Reilly notes that “I have directed Hines Development Corporation and their team to start our community review process early, even before they take [...]

CoreLogic reports Chicago home prices down, national prices up

CoreLogic has released its March Home Price Index report which shows that nationally home prices, including distressed sales, declined on a year-over-year basis by 0.6 percent in March 2012 compared to March 2011. On a month-over-month basis, home prices, including distressed sales, increased by 0.6 percent in March 2012 compared to February 2012, the first [...]

Revisiting the birth of River North

Five years ago Barry Pearce, who was YoChicago’s editor at the time, sat down with developer Albert Friedman for a fascinating look back at River North – a neighborhood Friedman was instrumental in creating. Watch our video interview to learn how a dilapidated manufacturing district evolved into a premier urban neighborhood and how restaurateur Gordon [...]

Chicago apartment vacancy rate continues to fall

The Marcus & Millichap Second Quarter 2012 Local Apartment Report (pdf) for Chicago was just released, and the forecast is for continued tightening in the city apartment market. From the report: Vacancy and rents Minimal construction and a steady flow of new residents into rentals lowered the city vacancy rate 30 basis points in the [...]

A Gold Coast custom home on a high-floor corner

1000 Lake Shore Plaza is at the corner of Oak Street, where Lake Shore Drive meets the Magnificent Mile. It’s across from Oak Street Beach and steps from enough shops, restaurants, nightlife and recreation to make your head spin. Join us for a tour of the building’s top-tier amenities package and a look at Unit [...]

A panoramic view of downtown Evanston

I spent several hours earlier today touring vintage and modern apartments and shooting video with the folks from BJB Evanston. The off-and-on sprinkles and constant cloud cover didn’t make for an optimal day for view shots, but I couldn’t resist pausing for this look at downtown Evanston from 1575 Oak Ave. Click the image for [...]

MLS-listed north lakefront rentals more plentiful, renting quickly

The number of homes, apartments and condos listed for rent in the MLS in six north lakefront ZIP codes is up 17% over the past two weeks to 567, the highest level since we began tracking in early January. Last week also saw the largest number of new listings added to and remaining on the [...]

Mortgage fraudsters – 200 down, 20,000 to go

Late last week the US Attorney for the Northern District of Illinois announced the indictment of seven individuals on mortgage fraud charges. According to a news release (pdf): The indictment alleges that most of the mortgages were obtained to finance the purchase of condominium units in a building located at 4725 South Michigan Ave., Chicago, [...]

A newer Wicker Park home with great outdoor space

The 3-bedroom, 3 1/2 bath home at 1515 N Paulina St in Wicker Park has large rooms throughout, a recently-updated kitchen / family room and an attached 2-car garage. What sets it apart from the competition is its outdoor space. There’s a private garden adjacent to the lower level, a roof deck above the garage, [...]

EnV apartments offers steep rent discounts

Discount is a dirty word in the world of new rental high-rises, where price-cutting takes the form of “free rent” specials limited to new renters. Discounting is a no-no because you don’t want your investors to focus on a failure to achieve pro forma rents, and you certainly don’t want your existing tenants to ask [...]

A back yard lawn and front yard beach in the Gold Coast

If you’re relocating to the Gold Coast from a lakefront home on the North Shore, you don’t have to give up your back yard grass or the beach outside your door. You might have to wait a while to snag one of the very few lawns in the Gold Coast sky. You’ll certainly have to [...]

Apartment Savvy targets the dumbest renters on the planet

Apartment Savvy, one of the rental services on our do-not-call list, has been reviewed 85 times at the Google Places page for its 2835 N Clark St office. Almost all of the reviews give the company 5 stars, and almost all of them are so patently phony that they’ll leave you laughing and wondering. Can [...]

From the archives – a new 6-bedroom in Irving Park

Five years have passed since we first wrote about the then newly-built home at 3908 N Kildare in Irving Park. At the time, the 6-bedroom, 4 ½ bath, 3-car garage home on a 50 x 144 lot was priced at $1,790,000. It sold in November of 2007 for $1,535,000. The home has been back on [...]

Celebrating twenty-five years of Chicago real estate

I founded YoChicago’s parent firm, now known as Data Based Ads, in May of 1987. The company’s initial business was publishing a bi-weekly real estate newspaper – The Real Estate Profile – which fairly quickly expanded to weekly publication and was rebranded as Apartments & Homes. Our first specialty publication was the Loft Living Guide, [...]

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