http://www.connexiones.comStay current with what's going on with who's moving, building and buying in Chicago area commercial real estate.enConnexionCommercialRealEstateNewshttp://feedburner.google.comhttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10443Wed, 30 May 2012 15:05:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10443Chicago Real Estate News from Bisnow Yesterday, over 275 joined us at the Westin River North to hear capital market luminaries offer perspectives on the money that greases the wheels of commercial real estate. (Unfortunately, no one was giving away free money.)   ...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10428Wed, 30 May 2012 08:34:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10428GE Transportation,a manufacturer of equipment for the rail, mining and marine industries, will relocate its global headquarters to Chicago from Erie, Pa. The company, a unit of GE, is expected to announce the move later this morning in a press conference with Mayor Rahm Emanuel... Read the full Chicago Tribune storyhttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10422Wed, 30 May 2012 06:22:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10422(Crain's) — A development group including the Kennedy family unveiled its plans Tuesday for a massive three-tower project on Wolf Point, drawing criticism from neighborhood residents who complained that riverside development would make the area's traffic problems even worse... Read the full Crain's storyhttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10367Thu, 24 May 2012 07:35:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10367The city will kick in $29 million toward a downtown high rise project on a prime piece of riverfront property, Mayor Rahm Emanuel announced last Wednesday. The long-discussed River Point office tower in the West Loop will rise 45 stories, overlooking the Chicago River from east of Canal Street and north of Lake Street. Emanuel said it will be the largest new real estate project to break ground in...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10365Thu, 24 May 2012 07:22:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10365Until recently, HDR inc. was perhaps the best-known design firm no one knew was operating in Chicago. Both of the Omaha, Neb.-based firm's operating units, HDR Architecture and HDR Engineering, had been active in Chicago for years, but the types of flagship projects that land regional offices on the map often eluded them, even as they continued to amass a portfolio of increased breadth and...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10346Wed, 23 May 2012 13:36:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10346The board of trustees of North Park University confirmed construction of a proposed science and community life center at North Park University, Chicago, addressing a significant need for state-of-the-art science laboratories and program facilities for students. The board, which met this month, named the new building for Nancy and G. Timothy Johnson, longtime medical editor and senior medical...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10343Wed, 23 May 2012 13:09:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10343Interra Realty recently announced three new multifamily transactions in Chicago. The first is the sale of 7953 S. Dobson in Chicago’s Avalon Park neighborhood. The property is a 26-unit walkup apartment building. The property was sold on May 9 for $50,000 and consists of nine studios, 14 one-bedroom apartments and three two-bedroom apartments... Read the full storyhttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10342Wed, 23 May 2012 13:07:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10342Chicago Real Estate News from Bisnow When Debbie Cafaro started as Ventas CEO in 1999, it was struggling financially. Now, it’s a $24B enterprise and the nation’s largest owner of seniors housing and MOBs. In the last 12 months, the REIT has closed on three major mergers, posted an NOI of $1.4B, and has low 28% leverage. ...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10341Wed, 23 May 2012 13:04:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10341Walker & Dunlop LLC recently provided $13,227,200 in financing under the U.S. Department of Housing and Urban Development’s Section 232/223(a)(7) program for Aurora Supportive Living Facility, located in Aurora, and Rockford Supportive Living Facility, located in Rockford... Read the full storyhttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10329Tue, 22 May 2012 13:53:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10329Headquartered in downtown Chicago, TLC Management exclusively owns and operates thirty-four apartment buildings, located on or near Chicago's lakefront. At the close of 2011, TLC Management also closed on two new apartment buildings in Hyde Park: The Flamingo Apartments and The Versailles Apartments. Previously owned and operated by Irmco Properties and Management Corporation, TLC was more than...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10294Mon, 21 May 2012 10:19:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10294Chicago Real Estate News from Bisnow Cap rates and demand from institutional investors and private equity are so strong that Prime Property Investors only got halfway through its post-acquisition value-add plan on its Deer Valley Luxury Apartment Homes before putting the community back on the market. (Unlike wine, holding on to a property for a long time doesn't...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10259Thu, 17 May 2012 13:33:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10259Mayor Rahm Emanuel announced that Ivanhoé Cambridge, one of the 10 largest real estate companies in the world, is set to make an investment of $300 million dollars to build a 45- story office tower in the West Loop in downtown Chicago. The tower, River Point, is being developed by co-investor and international real estate firm Hines on land co-owned by prominent local investor Larry...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10257Thu, 17 May 2012 13:09:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10257Chicago Real Estate News from Bisnow bit of Chicago CRE lore from the late '80s includes a major office developer who, during a panel discussion, became exasperated with Wall Street's growing control of developers like him, demanding preleasing and the like in return for debt financing. "Preleasing is for sissies!" he proclaimed. Yesterday was a little...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10215Thu, 17 May 2012 04:23:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10215Chicago Real Estate News from Bisnow Strategic Hotels & Resorts CEO Laurence Geller was inducted into the UK’s Order of the British Empire two weeks ago to honor his philanthropy for children and chairmanship of the Churchill Center. He says the ceremony was “lovely” and the award “ill deserved,” but he’s not giving it...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10214Thu, 17 May 2012 04:20:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10214McShane Construction Company recently broke ground at The Lodge of Northbrook on behalf of Omaha-based developer Essex Corp. The new 57-unit senior living development will be located on a six-acre site at 2220 Founders Drive situated just north of the Willow Festival Shopping Center in Northbrook. It will be located on land owned by The Society of The Divine Word, an international Catholic...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10213Thu, 17 May 2012 04:15:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10213Wirtz 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. In cooperation with the Town of Cicero, Wirtz Realty redeveloped 35 of 66 acres formally known as the Sportsman’s Park Race Track into a state-of-the-art facility including corporate offices... Read the full storyhttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10194Wed, 16 May 2012 08:10:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10194Crain's) — Hines Interests L.P. is preparing to break ground on a 45-story office tower on the Chicago River without lining up tenants in advance, the first so-called spec office development in downtown Chicago in 14 years... Read the full story See also: Hines to develop Chicago office tower http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10180Tue, 15 May 2012 06:32:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10180A new $200 million cargo facility on former military land at O'Hare International Airport is expected to open next year. Aeroterm, which was chosen as developer for the project in 2009 under then-Mayor Richard Daley, plans an 820,000-square-foot facility with an aircraft ramp that can accommodate planes... Read the full story http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10173Mon, 14 May 2012 11:17:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10173Chicago Real Estate News from Bisnow SALES   NelsonHill's Mark Nelson and Michael Nelson repped the sellers in four Q1 industrial deals: Loomis St. bought the 96k SF 1400 W 37th St in Chicago from Dreamers LLC. MGI...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10147Mon, 14 May 2012 04:23:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10147Lincolnwood’s Purple Hotel, empty since 2007, was sold at auction Friday to buyers who want to preserve the structure, which boasts a past as colorful as its unusual bricks. North Capital Group LLC bought the building and its surrounding 8.5 acres for $8.3 million... Read the full story  http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10100Wed, 09 May 2012 12:58:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10100Chicago Real Estate News from Bisnow To MB Real Estate president and private investor John Murphy, "B" is beautiful: he just purchased a Class-B Central Loop office building and refinanced another in the West Loop. Also enticing is the rare breed of upscale condos: He's completing construction of a super-luxury high-rise in Lincoln Park....http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10075Mon, 07 May 2012 14:54:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10075Chicago Real Estate News from Bisnow Lowe Enterprises Investors acquired the 28-story, 213-room Affinia Chicago Hotel at 166 E Superior St, one block north of North Michigan Avenue, from Denihan Hospitality Group. Lowe affiliate Destination Hotels & Resorts will manage it and rebrand it as MileNorth, a Chicago Hotel. It has 3,000 SF of meeting space, a...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10051Fri, 04 May 2012 11:46:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10051Chicago Real Estate News from Bisnow Ares Management senior partner Bruce Cohen tells us there's no shortage of equity in existing funds anxious to be deployed in CRE projects. (Equity gets really antsy when it's sitting in funds, twiddling its numbers.) But for equity providers, raising equity for new funds is a lot more problematic. Shameless plug: Bruce is a...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10040Thu, 03 May 2012 07:05:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10040It may be difficult to improve upon last year’s numbers, but industrial construction levels should continue to improve in 2012 with an increased level of build-to-suit projects. Industrial development activity more than doubled from 2010 with 3.4 million square feet completed in 2011, according to an industrial market report by Cushman & Wakefield... Read the full story http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10034Thu, 03 May 2012 04:05:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10034Chicago Real Estate News from Bisnow Since 1992 when Quintin Primo founded Chicago-based Capri Capital Partners, he has managed some $3.6B in assets on behalf of pension fund and institutional clients. His success as an entrepreneur and business leader (the Primo Center for Women and Children has raised over $5M in the last three decades) is legendary. ...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10032Wed, 02 May 2012 15:00:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10032A greater number businesses looking for available land and qualified labor are turning toward the I-39 corridor in North Central Illinois for a solution. Mark Goode, principal of Venture One Real Estate, said some companies from communities such as Elgin, Schaumburg and Elk Grove are looking to relocate to the I-39 corridor because the corridor has enough land to facilitate larger...http://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10022Mon, 30 Apr 2012 14:18:00 PDThttp://www.connexiones.com/commercial-real-estate?blogm=view&blogid=10022Chicago Real Estate News from Bisnow BIG DEAL! CME Group sold two of the three Chicago Board of Trade buildings at 141 W Jackson (north and south towers, 1.3M SF) to...