CHICAGO— ASHRAE's IL chapter recently gave the engineering team for 500 West Madison its 2016 Excellence in Engineering award, which recognizes outstanding achievements by members who have successfully applied innovative building design in the areas of occupant comfort, indoor air quality and energy. The building is owned by KBS Real Estate Investment Trust III, a non-traded trust based in Newport Beach, CA. Over the past two years, the team participated in a monitoring-based commissioning project, which identified low-cost, rapid-payback energy reduction measures. These efforts resulted in seven energy reduction measures at the 1.46 million square foot tower that totaled 1,992,168 kWh, a projected value of over $110,000 in annual savings for tenants. In addition, Feltain Miller, one of the supervisors of the property's security team, was awarded the Illinois Security Professionals Association's Security Life Saving Award for helping to save the life of someone onsite who had a medical emergency.

CHICAGO—Avison Young has been awarded the exclusive sale listing for a 57,860-square-foot industrial building at 1800 Sycamore Rd. in south suburban Manteno, IL. Principals Erik Foster and Mike Wilson, both based in the company's Chicago office and members of the firm's national industrial capital markets group, will represent the owner, Agracel, Inc., a regional industrial development firm based in Effingham, IL. The property has been fully leased to Zip-Pak, an Illinois Tool Works company, since 1988. The food packaging manufacturer recently renewed its lease for the eighth time, has invested considerable capital in the building and plans to remain in place. The 4.92-acre property was originally built for Zip-Pak and is located on an easily accessed parcel near I-57 and Rte. 50.

DEALTRACKER

CHICAGO—Alpha Alternatives, a commercial real estate capital markets firm, has closed $14.5 million in high-leverage bridge loans for two retail properties located in CO and IN. Bloomfield Capital provided financing for the construction and tenanting of both assets. The first property is a 100% pre-leased, newly constructed shopping center in Littleton, CO. Starbucks, Subway and other national credit tenants occupy the 17,000-square foot asset. In Indianapolis, two partially leased strip malls totaling 270,000 square feet also secured financing. The transaction included a $4.5-million bridge loan, with an additional $2.5-million credit facility to redevelop and tenant the property. Both notes have interest rates of 10%.

JOLIET, IL—Marcus & Millichap has just completed the sale of Bellarmine Apartments, a 36-unit apartment property located in Joliet, IL, according to Steven D. Weinstock, first vice president/regional manager/managing broker of the firm's office in Oak Brook, IL. The asset sold for $2,355,000. Adam Fortino, an investment specialist in the same office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Fortino. The buildings are located at 518, 522, 524 E. Bellarmine Dr. The unit mix consists of one one-bedroom, 35 two-bedroom and one three-bedroom units. Many recent capital improvements have been completed to the buildings such as new tear-off roofs in 2012 and more than 80% of the units have been renovated.

BUILDING BLOCKS

GRAYSLAKE, IL—CA Ventures LLC and Pathway^® Senior Living recently celebrated the grand opening of Travanse Living^TM at Grayslake, a 96-unit senior living community at 1865 E. Belvidere Rd. in Grayslake, IL. Designed by Chicago-based Worn Jerabek Wiltse Architects, the $28 million development offers a mix of assisted living and memory care residences, including private and shared apartments, in a highly accessible location near the intersection of US Hwy. 45 and Belvidere Rd. in the Rte. 120 corridor, which includes complementary uses such as medical facilities. Developed by CA Ventures and operated by Pathway, Travanse Living at Grayslake offers a total of 68 assisted living residences, including 29 studios, 37 one-bedroom/one-bath units and two two-bedroom/one-bath units. This is the second senior housing community delivered by CA Ventures. In August, the developer opened Travanse Living at Olathe, a 132-unit assisted living and memory care community in Olathe, KS.

BY THE NUMBERS

CHICAGO—Slowing absorption and a pending wave of new supply are setting the stage for muted growth in the office sector. That is one of the conclusions of JLL drew after examining data on the fourth quarter. “A combination of decelerating leasing velocity and a lower level of “mega leasing” resulted in just 6.5 million square feet of net absorption during the fourth quarter,” according to the report. And low unemployment and a shortage of skilled talent suppressed leasing activity in several major technology hubs. Tech remained the office market's primary demand driver, representing 24.4% of national leasing activity and helping offset suppressed tenant demand in the legal and financial services sectors.

NEWS & NOTABLES

CHICAGO— ASHRAE's IL chapter recently gave the engineering team for 500 West Madison its 2016 Excellence in Engineering award, which recognizes outstanding achievements by members who have successfully applied innovative building design in the areas of occupant comfort, indoor air quality and energy. The building is owned by KBS Real Estate Investment Trust III, a non-traded trust based in Newport Beach, CA. Over the past two years, the team participated in a monitoring-based commissioning project, which identified low-cost, rapid-payback energy reduction measures. These efforts resulted in seven energy reduction measures at the 1.46 million square foot tower that totaled 1,992,168 kWh, a projected value of over $110,000 in annual savings for tenants. In addition, Feltain Miller, one of the supervisors of the property's security team, was awarded the Illinois Security Professionals Association's Security Life Saving Award for helping to save the life of someone onsite who had a medical emergency.

CHICAGO—Avison Young has been awarded the exclusive sale listing for a 57,860-square-foot industrial building at 1800 Sycamore Rd. in south suburban Manteno, IL. Principals Erik Foster and Mike Wilson, both based in the company's Chicago office and members of the firm's national industrial capital markets group, will represent the owner, Agracel, Inc., a regional industrial development firm based in Effingham, IL. The property has been fully leased to Zip-Pak, an Illinois Tool Works company, since 1988. The food packaging manufacturer recently renewed its lease for the eighth time, has invested considerable capital in the building and plans to remain in place. The 4.92-acre property was originally built for Zip-Pak and is located on an easily accessed parcel near I-57 and Rte. 50.

DEALTRACKER

CHICAGO—Alpha Alternatives, a commercial real estate capital markets firm, has closed $14.5 million in high-leverage bridge loans for two retail properties located in CO and IN. Bloomfield Capital provided financing for the construction and tenanting of both assets. The first property is a 100% pre-leased, newly constructed shopping center in Littleton, CO. Starbucks, Subway and other national credit tenants occupy the 17,000-square foot asset. In Indianapolis, two partially leased strip malls totaling 270,000 square feet also secured financing. The transaction included a $4.5-million bridge loan, with an additional $2.5-million credit facility to redevelop and tenant the property. Both notes have interest rates of 10%.

JOLIET, IL—Marcus & Millichap has just completed the sale of Bellarmine Apartments, a 36-unit apartment property located in Joliet, IL, according to Steven D. Weinstock, first vice president/regional manager/managing broker of the firm's office in Oak Brook, IL. The asset sold for $2,355,000. Adam Fortino, an investment specialist in the same office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Fortino. The buildings are located at 518, 522, 524 E. Bellarmine Dr. The unit mix consists of one one-bedroom, 35 two-bedroom and one three-bedroom units. Many recent capital improvements have been completed to the buildings such as new tear-off roofs in 2012 and more than 80% of the units have been renovated.

BUILDING BLOCKS

GRAYSLAKE, IL—CA Ventures LLC and Pathway^® Senior Living recently celebrated the grand opening of Travanse Living^TM at Grayslake, a 96-unit senior living community at 1865 E. Belvidere Rd. in Grayslake, IL. Designed by Chicago-based Worn Jerabek Wiltse Architects, the $28 million development offers a mix of assisted living and memory care residences, including private and shared apartments, in a highly accessible location near the intersection of US Hwy. 45 and Belvidere Rd. in the Rte. 120 corridor, which includes complementary uses such as medical facilities. Developed by CA Ventures and operated by Pathway, Travanse Living at Grayslake offers a total of 68 assisted living residences, including 29 studios, 37 one-bedroom/one-bath units and two two-bedroom/one-bath units. This is the second senior housing community delivered by CA Ventures. In August, the developer opened Travanse Living at Olathe, a 132-unit assisted living and memory care community in Olathe, KS.