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Hospice Care Facility Changes Hands in Naperville

27 Aug 2015, 1:11 pm

By Ioana Neamt, Associate Editor

Seasons Inpatient Hospice facility - 2195 W Diehl Road

Seasons Inpatient Hospice facility – 2195 W Diehl Road

The Boulder Group arranged the sale of a net leased inpatient hospice and palliative care facility in Naperville, Ill.

The single-tenant Seasons Inpatient Hospice facility at 2195 W. Diehl Road sold for $5.3 million to a 1031 exchange investor from California. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction—a private real estate corporation.

The 10,342-square-foot facility was recently built and has more than seven years remaining on a lease that expires in January 2023. The lease features annual rental escalations and no landlord responsibilities.

“Properties featuring annual rental escalations continue to be highly sought after amongst the investor community as they provide an inflationary hedge,” said Randy Blankstein, president of The Boulder Group.

“We are seeing many investors turn their attention to medical properties as they are highly resistant to e-commerce,” added Goodman, partner at The Boulder Group.

Seasons Inpatient Hospice is the fourth largest hospice company in the U.S. The Naperville location received the last issued license in Illinois for an inpatient hospice facility in an area with a population of 200,000 to 700,000.

Image courtesy of The Boulder Group

AEW Scores $135M Office Deal in Windy City

26 Aug 2015, 4:23 pm

By Ioana Neamt, Associate Editor

525 W Van Buren

525 W Van Buren

A prime office asset in Chicago’s West Loop recently sold for a whopping $135 million in a deal secured by HFF.

AEW Capital Management Inc. acquired 525 W. Van Buren, a 16-story, 522,809-square-foot office tower in the city’s central business district, from Northwood Investors. An HFF investment sales team led by Senior Managing Directors Jaime Fink and Jeffrey Bramson and Managing Director Mark Katz represented the seller in the transaction. AEW purchased the property on behalf of one of its separate account clients.

“The property has true Class A tenancy and also offers a great opportunity to lease up the vacant space as Chicago’s central business district office market continues to improve,” said Fink.

The 13-year-old tower at the southwest corner of Van Buren and Canal streets incorporates a fitness center, conference center, an on-site café, 40 indoor executive parking spaces, a mezzanine floor with a Wi-Fi lounge, as well as a bike room with storage for 56 bikes. 525 W. Van Buren is adjacent to the Chicago Transit Authority’s elevated train system, while also being close to Union Station, Ogilvy Transportation Center and the I-290, providing workers and commuters easy access to the entire metropolitan area.

Image courtesy of Northwood Investors

Meridian Capital Group Closes $10.8M Financing for Mississippi Plaza

26 Aug 2015, 1:45 pm

By Adelina Osan, Associate Editor

Class A office property Mississippi Plaza, located in Davenport, got $10.8 million in CMBS financing after America’s most active debt broker, Meridian Capital Group, negotiated on behalf of Financial District Properties.

Mississippi Plaza

Mississippi Plaza

Silverpeak Real Estate Finance provided a 10-year loan closed in a 19-day time frame. The loan features a fixed-rate of 4.77% and interest-only payments for the first year. This transaction was negotiated by Meridian Capital Group Managing Director, Brian Flax, and Associate Corey Schwartz, who are both based in the Company’s New York City headquarters.

The 88,778-square-foot office property is located at 201 North Harrison Street in Davenport and is recognized as the “most appealing office building” in the area.

“This transaction presented a significant challenge as the two largest tenants, who occupy a combined 70% of the building, have leases with the same expiration date which roll during the term of the loan,” mentioned Schwartz. “Meridian worked closely with the talented team at Silverpeak on a creative structure that allows the sponsor to maintain sufficient ongoing cash flow while building up a reserve for tenant improvements and leasing commissions.”

Several major businesses are tenants in Mississippi Plaza including Lee Enterprises and RSM McGladrey.

Former Dominick’s Store Gets New Lease on Life

18 Aug 2015, 1:26 pm

By Ioana Neamt, Associate Editor

Town Square of Schaumburg - 140-200 S. Roselle Road

Town Square of Schaumburg – 140-200 S. Roselle Road

A former Dominick’s store in suburban Chicago is about to get a fresh start.

Tony’s Finer Foods acquired the 96,014-square-foot Town Square at Schaumburg store in Schaumburg, Ill. Transwestern’s Chicago office brokered the sale of the property with the help of its Capital Markets Directors Janice Sellis and Paul Barile. The Transwestern team represented the seller in the transaction—a pension fund also managed by the company. Tony’s Finer Foods was represented by Lawrence Tucker of Tucker Real Estate. Terms of the deal were not disclosed.

“Given the lack of grocery stores within a 3-mile radius of the property, this was a compelling opportunity for another grocer,” said Sellis. “The buyer is a well-established, family-owned chain that has a history of successfully converting former Dominick’s stores to fit its format. Tony’s will benefit from the location’s high traffic counts and densely populated neighborhoods in the surrounding area.”

Located at 140-200 S. Roselle Road, the 90 percent occupied store is home to tenants such as Scottrade Inc., Hair Cuttery, Bonefish Grill and Chiro One, among others. The property previously housed a Dominick’s retail store which closed in December 2013.

Image courtesy of Transwestern

The Boulder Group Goes Shopping in Peoria

17 Aug 2015, 5:50 pm

By Ioana Neamt, Associate Editor

200 Riverside Drive, Peoria, IL

200 Riverside Drive, Peoria, IL

The Boulder Group continues to add to its Windy City portfolio. The company recently completed the sale of a 1.86-acre retail property in Peoria, Ill. for $2.8 million.

The Northbrook, Ill.-based brokerage firm purchased the single-tenant OfficeMax property located at 200 Riverside Drive in East Peoria, the suburb’s primary retail area that is home to tenants such as Kohl’s, Target, Costco, Walmart Supercenter and many others. The asset is also strategically located along the I-74, which is accessed by more than 60,000 vehicles per day.

President Randy Blankstein and Partner Jimmy Goodman represented the seller—a family partnership based in the Midwest. The buyer of the property is a Northeast-based high net worth individual.

“Net lease properties with residual real estate value are highly sought after amongst the investment community,” said Randy Blankstein. “Investors are particularly attracted to properties where the tenant has a long operating history at a particular location,” added Jimmy Goodman.

According to The Boulder Group, there are more than eight years remaining on OfficeMax’s lease at the site, which expires in October 2023. The lease features two five-year renewal option periods, each with rental escalations.

Image courtesy of The Boulder Group


One Response to Chicago Archive

  1. Joselyn Overley

    Sep. 26, 2011 at 12:58 pm

    I just think it’s too hard for small businesses to try to purchase a property, renting or leasing is their only real option

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