Chicago Real Estate News

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Morguard Pays $222.5 Million for Coast at Lakeshore East in Chicago

The title for the largest single multifamily sale in Chicago in 2017 changed hands in record time after Morguard North American Residential REIT (TSX: MRG.UN) closed on one of its largest acquisitions to date with the Toronto-based firm’s purchase of Coast at Lakeshore East at 345 E. Wacker Dr. in downtown Chicago for $222.5 million, or approximately $432,000 per square foot.

Coast at Lakeshore East was completed in 2013 as part of Lakeshore East…

Focus Healthcare Raises $312 Million for Senior Housing Fund

Focus Healthcare Partners LLC, a Chicago-based private real estate investment firm targeting the senior housing sector, held the closing of its first discretionary investment fund, Focus Senior Housing Fund I LP.

With moderate levels of institutional debt, the $312 million private equity fund expects to acquire approximately $900 million of senior housing assets over the next several years. It plans plans to target housing providing private pay…

Amazon to Open New 438,000-SF Package Sorting Center in Crest Hill This Fall

Amazon (NYSE: AMZN) has signed a lease to fully occupy a 438,150-square-foot industrial facility within the Crest Hill Industrial Park in Crest Hill, IL, where the company will operate a new package sorting center.

The Seattle-based online retailer’s new package sorting center is located at 16824 Enterprise Blvd., a single-story complex completed last July on a speculative basis by Atlanta-based developer Ridgeline Property Group and Boston-based…

Golub, Alcion Close on 300 South Wacker

Chicago-based international real estate investment and development firm Golub & Co. has partnered with Alcion Ventures, a real estate private equity firm out of Boston, to acquire 300 S. Wacker in Chicago’s West Loop from Beacon Capital Partners.

The buyers declined to disclose the price paid for the 35-story, 536,638-square-foot office tower. Published reports pegged the purchase price at approximately $155 million, or about $275 per square foot…

CoStar’s People of Note (July 14) – Skanska Selects Ward, C-III Taps Davis, Cushman Promotes Bryant…

It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: Washington DC, New York City, Raleigh / Durham, Dallas / Ft. Worth, Minneapolis, Chicago, South Florida, California and more!
Ward Appointed President, CEO of Skanska USA
By Bryce Meyers

Ivanhoé Cambridge Acquires Evergreen Industrial Properties from TPG Real Estate

Montreal-based Ivanhoé Cambridge made its first major move into the ‘last mile’ warehouse market this week, closing on its purchase of Evergreen Industrial Properties from private equity investment firm TPG Real Estate. The investment unit of Montreal pension fund advisor Caisse de Depot et Placement du Quebec announced it plans to buy more.

Financial terms of the transaction were not disclosed, although media reports speculated the owner/operator…

FMV, Second City Real Estate Buy Class A Office Bldg. in Rosemont

Chicago-based Free Market Ventures (FMV) partnered with Second City Real Estate out of Vancouver to acquire a Class A office building in the Chicago suburb of Rosemont, IL from Crossroads Partners. Terms of the deal were not disclosed.

Completed in 1980, 6400 Shafer Ct. is a 179,442-square-foot, seven-story building located along I-294 just north of the I-294/I-90 junction and minutes northeast of Chicago O’Hare International Airport in the O’Hare…