Chicago Area News

Heath Fear Returning to GGP to Replace Retiring CFO

GGP Inc. (NYSE: GGP) announced that Michael B. Berman, its executive vice president and CFO since December 2011, plans to retire by March 1, 2018. As his replacement, GGP is bringing back Heath R. Fear as EVP of Finance, effective November 6, 2017. Following Berman's retirement, Fear will assume the role of CFO for the Chicago-based mall owner and operator. The appointment marks a return for Fear, who most recently served as the CFO and treasurer...
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Posted: September 21, 2017, 10:49 am

Chicago Housing Authority to Set Up Shop on Wabash Ave.

The Chicago Housing Authority leased 26,179 square feet of office space at 333 S. Wabash Ave. in downtown Chicago. The organization is expected to occupy its space in late 2019. The governmental agency known for building communities throughout the Chicago area will occupy six full floors of the building from the 8th to the 13th floors. The Chicago Housing Authority provides affordable housing for a vast number of low-income families while also...
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Posted: September 18, 2017, 9:25 am

Office Lease Up (September 18) NRG to Significantly Expand Presence in Downtown Houston with 400,000-SF Sublease at One Shell Plaza

NRG Energy (NYSE: NRG) has finalized a deal to sublet 431,037 square feet at One Shell Plaza in downtown Houston from Shell Oil Co. A leading American energy company dual-headquartered in Princeton, NJ and 1201 Fannin St. in downtown Houston, NRG will fully occupy 18 floors within the 50-story, 1,228,923-square-foot, Class A high-rise completed in 1970 in Houston's central business district. The Jackson Walker, LLP team of Pat Sharkey and Amanda...
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Posted: September 18, 2017, 1:00 am

UPDATED: KBS Looking To Cash Out Some Post-Recession Purchases

KBS Legacy Partners Apartment REIT has decided it’s time to cash out and sell the remaining multifamily properties it purchased through early 2014. The California-based non-traded REIT has already cut separate agreements to sell five of them and is seeking approval of the sale from stockholders. Funds affiliated with Houston-based Elite Street Capital agreed to pay $218.9 million for the properties containing 1,273 units, representing a price of...
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Posted: September 14, 2017, 10:15 am

Phillips Edison Picks Up Latest Investment in Chicago MSA

Cincinnati-based Phillips Edison & Co., on behalf of Phillips Edison Grocery Center REIT I, purchased Hoffman Village in Hoffman Estates, IL from a joint venture comprised of Walton Street Capital and NewQuest Properties. Terms of the deal were not disclosed. Hoffman Village is a 159,443-square-foot shopping center located south of I-80 and the St. Alexius Medical Center at 2503-2599 W. Golf Rd. The property is anchored by Mariano’s Fresh Market...
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Posted: September 14, 2017, 7:09 am

JLL Wins Assignment to Find Electric Vehicle Charging Sites in $2 Billion Volkswagen Investment

For years, CRE brokers have predicted that electric vehicle (EV) charging stations will become standard amenities at office buildings, shopping centers, hotels, service stations and even restaurants. Volkswagen subsidiary Electrify America just handed JLL an assignment to identify EV charging station sites in 17 metros, nearly half of them in California, in an investment that will significantly add to the more than 16,000 charging stations already...
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Posted: September 14, 2017, 2:40 am

H&M to Open 23,000-SF Store at Ford City Mall

Swedish multinational clothing-retail company H&M has signed a lease at the recently redeveloped Ford City Mall in Chicago where the retailer will open a new 23,000-square-foot store. Located at 7601 S Cicero Ave., the 1.2 million-square-foot shopping mall on Chicago's south side is anchored by Carsons, JCPenney, Sephora, and AMC Theater. H&M's new location is expected to open in the fall of 2018, and will add approximately 20 jobs to the mall...
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Posted: September 14, 2017, 1:13 am

Habitat Co. Leads Investment Team in Purchase of 28-Story Apt. Tower in South Loop

Chicago-based U.S. multifamily developer and manager The Habitat Co. teamed up with Newport Beach, CA-based Pacific Life and Township Capital out of Los Angeles to acquire a brand new 28-story multifamily high-rise in Chicago's South Loop for a reported purchase price of $125.1 million, or approximately $410,000 per unit. 1333 S. Wabash delivered last August two blocks from Grant Park near the Museum Campus, Soldier Field and McCormick Place. Developed...
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Posted: September 13, 2017, 1:29 am

Marcus & Millichap to Expand Market Share in Chicagoland Following Banner Year

Looking to improve its market share in the region, Calabasas, CA-based commercial real estate firm Marcus & Millichap signed a lease to occupy an additional 6,000 square feet at the company's Chicago offices at 333 W. Wacker Dr. The company, which currently has 47 agents and staff members in its downtown Chicago office, will consolidate its salesforce and support staff from the firm's O' Hare office to 333 W. Wacker and Marcus & Millichap's Oak...
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Posted: September 12, 2017, 4:29 am

Mergenthaler Joins Darwin Realty

Chris Mergenthaler joined Darwin Realty as an associate. Mergenthaler will focus on both sides of leasing representation, build-to suit projects, site acquisitions, and investment transactions. He previously owned his own company that took aerial photographs for developing properties. Mergenthaler is a recent graduate of Florida State University where he studied finance and entrepreneurship with a focus on real estate.
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Posted: September 12, 2017, 3:50 am

The Marketing Store Expands HQ at 55 W. Monroe

The Marketing Store finalized a deal with building owner John Hancock Life Insurance Co. to expand the company's corporate headquarters at 55 W. Monroe St. to 35,955 square feet. The customer engagement agency consolidated several suburban locations back in 2013 to establish its corporate headquarters at 55 W. Monroe, a 965,500-square-foot, 40-story tower completed in 1981 in Chicago's Central Loop. Privately held as part of supply chain manager...
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Posted: September 11, 2017, 4:42 am