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Uber Capital Group Arranges $12.5 Million Acquisition Loan for Chicago Mall

by Alex Tostado

Chicago — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the borrower.

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IllinoisInvestment salesNewsRetailers

JLL Brokers Sale of 18,000-Square-Foot Retail Asset Leased to Goodwill in Glenview, Illinois

by Alex Tostado

Glenview, Ill. — JLL has brokered the sale of a newly constructed, 18,000-square-foot retail property that is triple net leased to Goodwill in the Chicago suburb of Glenview. The sales price was not disclosed. The building is situated on 1.7 acres at 2740 Old Willow Road. JLL marketed the property on behalf of the seller, a Chicago-based developer. Florida-based Best Properties LLC purchased the asset while completing a 1031 tax-deferred exchange. Goodwill Industrials of Southeastern Wisconsin Inc., which is the largest of the more than 165 Goodwill organizations worldwide, began …

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FinanceIllinoisNewsRetailers

Mag Mile Capital Arranges $12.5 Million Refinancing for Retail Property in Lincolnwood, Illinois

by Alex Tostado

Lincolnwood, Ill. — Mag Mile Capital has arranged a $12.5 million loan for the refinancing of a 63,453-square-foot retail property located at 6850 McCormick Blvd. in Lincolnwood. The property is home to Walmart’s new online grocery and consumer goods pick-up concept as well as Planet Fitness. R&R Global Partners acquired the building in November 2015, following an unsuccessful redevelopment attempt by its previous owner. The property had been vacant for more than two years after Dominick’s exited the market in 2013. Mac Dobson of Mag Mile arranged the seven-year, fixed-rate …

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FeaturesIllinoisRestaurantsRetailersSCBlog

F&B Dominates Discussion at ICSC’s Chicago Deal Making

by Alex Tostado

Chicago — The food and beverage industry dominated much of the programming and sessions at this year’s Chicago Deal Making, hosted by the International Council of Shopping Centers (ICSC). In fact, the keynote speaker was Fabio Viviani, a celebrity chef and hospitality developer. Examples of other food-oriented workshops and panels included “How to Craft Restaurant Deals,” “From Automation to Ghost Kitchens, Understanding the Trends Reshaping F&B” and “Small Bites: New Restaurant Concepts.” The two-day ICSC event took place at Navy Pier on Wednesday and Thursday, Oct. 16-17. The show kicked …

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IllinoisInvestment salesNewsRetailers

IRC Retail Centers Sells 80,708-Square-Foot Retail Center in Suburban Chicago

by Alex Tostado

Elk Grove Village, Ill. — IRC Retail Centers LLC has sold Mallard Crossing, an 80,708-square-foot retail center in Elk Grove Village. The sales price was not disclosed. Anchor tenants Aldi, Ross Dress for Less and Dollar Tree have all signed long-term leases within the past year. Located on Meacham Road, the property was recently renovated with a new roof, parking lot and façade. Janice Sellis of JLL represented the seller in the transaction. JLL also procured the buyer, a vehicle sponsored by AmCap Management LLC.

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IllinoisInvestment salesNewsRetailers

NewMark Merrill Acquires Shopping Center in Chicago for $17.3 Million

by Alex Tostado

Chicago — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. …

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Company newsGeorgiaIllinoisInvestment salesNewsRestaurants

Arby’s Parent Company to Acquire Jimmy John’s

by Alex Tostado

Atlanta and Champaign, Ill. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its …

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Company newsIllinoisNews

Envoy Heads Joint Venture to Fund Commercial Construction Projects

by Alex Tostado

Chicago — Envoy Net Lease Partners has formed a joint venture with an unnamed partner to fund development projects of commercial, industrial, office and net-lease properties nationwide. The partner is backed by more than $10 billion in assets, allowing Envoy to fund projects up to $20 million. Envoy expects to originate over $200 million of build-to-suit construction loans in the next two years.

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IllinoisInvestment salesNewsRetailers

Marcus & Millichap Arranges $2.2 Million Sale of Strip Center in Orland Park, Illinois

by Alex Tostado

Orland Park, Ill. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.

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FinanceIllinoisMixed-useNewsRetailers

JLL Arranges $140 Million Refinancing for Mixed-Use Development Adjacent to Wrigley Field

by Alex Tostado

Chicago — JLL has arranged a $140 million loan for the refinancing of Gallagher Way, a recently completed mixed-use development adjacent to Chicago’s Wrigley Field. The project includes more than 93,000 square feet of office space, 85,100 square feet of retail space, the 173-room Hotel Zachary and an 8,000-square-foot open-air entertainment plaza. Danny Kaufman, Christopher Knight, Jeff Bucaro and Nicole Aguiar of JLL arranged the 30-year, fixed-rate loan on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family. Barings, an international investment management firm …

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