Commercial News Costar


TGM Grabs Chicago Area Apartment Tower

New York real estate investor TGM has scooped up another Chicago area apartment building, its sixth purchase in the market in recent years. TGM NorthShore, known until now as NorthShore 770, is at 770 Skokie Blvd. in Northbrook, Illinois, about 25 miles north of downtown Chicago. The 10-story building comprises 347 apartments, and was developed in 2016. CBRE brokered the deal for developers Morningside Equities Group and Crossroads Partners, both...

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Ivanhoé Cambridge Acquires Callahan Capital Properties

View of 10 and 120 Riverside Plaza in Chicago, which Ivanhoé Cambridge and Callahan Capital Properties acquired in 2013 for $361 million.Montreal-based Ivanhoé Cambridge has acquired Chicago-based Callahan Capital Properties, a strategic partner since 2012 of the real estate subsidiary of the Caisse de dépôt et placement du Québec. No financial terms were disclosed. The transaction will internalize all investment and asset management responsibilities...

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Willis Tower Revamp Looks Back to Sears for Inspiration

The main feature of Willis Tower's addition is called Catalog, a nod to the building's past with Sears, Roebuck and Co. Chicago's Willis Tower, the world's tallest building when it was built and housed the headquarters of Sears when it was the world's biggest retailer, plans to embrace that legacy by calling

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ML Realty Partners Promotes Shannon to Senior Vice President

ML Realty Partners has promoted Patrick Shannon to senior vice president. The former company vice president will now head up leasing and acquisition efforts for industrial space in the Chicago area. Shannon holds a bachelor’s degree from the University of St. Francis and is an active member of the Association of Industrial Real Estate Brokers (AIRE) and an associate member of the Society of Industrial and Office Realtors (SIOR).

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Exclusive: Triple Five To Acquire Prime Beverly Hills Site

Rendering of the One Beverly Hills project for Wanda Group. Triple Five Group Ltd., the Canadian developer of the Mall of America, is under contract to buy one of the prime development sites in Beverly Hills, California, from China-based conglomerate Dalian Wanda Group. The Edmonton-based company, led by the Ghermezian family, has agreed to purchase the site at 9900 Wilshire Blvd. known as One Beverly Hills that's entitled for a 5-star hotel and...

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Foreign Investor Closes On Its Biggest U.S. Industrial Deal to Date

Investcorp has purchased 56 industrial properties in seven U.S. markets for $300 million. A Bahrain-based global investor with $22 billion in assets closed on its biggest U.S. industrial portfolio yet, giving the firm another 4.5 million square feet spanning 56 properties throughout seven major markets including Chicago and Dallas. Investcorp, which now owns 14 million square feet of U.S. industrial properties, has been gobbling up industrial...

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Sears Holdings Store Closings to Slow in Coming Months

Pictured: Eddie Lampert, CEO of ESL Investments and Sears Holdings Corp.Courtesy: Sears.Sears Holdings said the amount of closings of its Sears and Kmart stores may ease as the national retailer takes other aggressive measures amid what Chief Executive Eddie Lampert calls its “paradigm shift from traditional retailing to a member-centric company.” The gush of announced store closings is expected to end as sales start to strengthen and t

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Pebblebrook to Sell $1.72 Billion in Hotel Assets to Help Cover $5.2 Billion Purchase Price of LaSalle

Pebblebrook already has agreed to sell three LaSalle properties for $715 million, including Park Central New York, and expects to unload as much as $1 billion in assets.Pebblebrook Hotel Trust Chief Executive Jon Bortz’s plans to bring the two luxury lodging groups he founded under one roof include asset sales of as much as $1.715 billion of LaSalle Hotel Properties’ hotels. Bortz told analysts he intends to follow up on a promise he made during...

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Chicago’s $1 Billion Historic Union Station Redevelopment Gets a New Look

New plans for Chicago’s Union Station redevelopment call for a 50-story office tower next door in lieu of a maligned boxy structure atop the original building; Photo credit: Goettsch Partners. Developers removed a proposed boxy modernist structure that architecture buffs complained would mar Riverside Inv

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Transwestern Adds Bertrand to Chicago Agency Leasing Team

Transwestern bolstered its agency leasing team in Chicago with the addition of former MB Real Estate broker Kathleen Bertrand as a senior vice president. Bertrand brings 14 years of commercial real estate experience to the firm. In her career, she has managed approximately 2.5 million square feet in office and retail leases while working on such notable assignments as Michigan Plaza at 205 and 225 N. Michigan, 500 W. Washington St., 1 North Dearborn...

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Mesirow Financial Raises $567 Million for Third Real Estate Value Fund

Mesirow Financial Real Estate Value Fund III's most recent buy in May was the 293-unit Landing Double Creek in Austin for $42.5 million. Mesirow Financial has raised $567 million for its third real estate value fund, pulling in about 30 institutional investors from across the U.S., Europe and Australia as they seek double-digit returns on their investment in upgrading properties. Launched in March 2017, the fund was targeting raising $750 million...

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Takeda Exit Creates High-Profile Vacancy in Chicago’s ‘Pharma World’

Takeda Pharmaceuticals announced plans to relocate its U.S. headquarters from Deerfield, Illinois, to the Boston area.Takeda Pharmaceuticals, which has been trimming its Chicago-area headquarters for a few years, will make the final cut in the coming months as it relocates its U.S. base to the Boston area, creating a major office vacancy in suburban Deerfield, Illinois. The Tokyo-based biopharma firm said Tuesday it will relocate some 1,000 workers...

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Iowa Pension Fund Invests in Chicago’s Burgeoning South Loop

An Iowa pension fund has snapped up a retail center in Chicago’s South Loop near an underused waterfront area that could see a massive transformation. The Iowa Public Employees Retirement System paid Highland Park, Illinois-based Tucker Development $50.05 million for the South Loop Marketplace at 1226-1340 S. Canal St., according to CoStar research. Tucker bought the 125,000-square-foot strip mall in 2005 for $36.25 million. The shopping center...

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Carlyle Group Raises $5.5 Billion for Eighth U.S. Real Estate Fund, Exceeding Target

The Carlyle Group purchased the 144-unit Brookside Apartments in Boulder, Colorado, earlier this year for $51 million. Global alternative asset manager Carlyle Group's eighth U.S. real estate fund, focused on opportunistic targeted investments across the United States, closed after raising $5.5 billion, exceeding its target of $5 billion in a sign of strong demand for higher-risk strategies. With the search for higher returns increasing, opportunistic...

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Good News Chicago: Flourishing Multifamily Housing Sector Should Stay That Way, DBRS Says

Hines' 698-unit Wolf Point East project currently under development in River North.The explosion of new office space development in Chicago, the nation’s third-largest metropolitan area, is fueling another development boom: Multifamily housing that ratings agency DBRS projects will continue to lead to a competitive lending landscape. "As a result of employment and household growth in the Chicago metropolitan area, new office development in the...

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Former Mack-Cali Chief Rudin Named President of Savills Studley

Mitchell E. Rudin, a veteran New York real estate executive who previously held senior positions at CBRE, Brookfield and Mack-Cali Realty Corp., will join Savills Studley as its next president, succeeding Michael Colacino who is stepping down at the end of 2018. Former Mack-Cali Realty Corp. Chief Executive Mitchell Rudin, who abruptly departed the New Jersey-based REIT in June, has landed at Savills Studley, the U.S. affiliate of London-based global...

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Hauert Joins NAI Hiffman as Senior Project Manager

NAI Hiffman has hired Timothy Hauert to head up its project management platform as senior project manager. Hauert joins the company from DCT Industrial, where he also served as a senior project manager responsible for new development, shell construction, tenant improvements and capital expenditures for the company's 11 million-square-foot portfolio. At NAI Hiffman, Hauert will assist the firm’s management services team in capital project construction...

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Andersen Tax Moving West Loop Office to 71 S. Wacker

One of the largest independent tax firms in the U.S. is moving its West Loop office to 71 S. Wacker. Andersen Tax, a San Francisco-based tax, valuation, financial advisory and consulting services firm and founding member of international association Andersen Global, signed a lease for 26,000 square feet at 71 S. Wacker, a 1.49 million-square-foot, 48-story trophy high-rise owned by The Irvine Co. The company will relocate from The Franklin at...

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