Regions  Midwest | Chicago
206-Unit Chicago-Area Apartment Complex Trades in Off-Market Deal
Aug 04, 2009

A 206-unit luxury apartment complex in the Chicago suburb of Lake Zurich, Ill., has been sold by Landings Acquisition Co. in an off-market deal brokered by Apartment Realty Advisors. Constructed in 2001, the Landings of Lake Zurich is located some 37 miles northwest of Downtown Chicago, and is comprised of 10 buildings housing one- and two-bedroom units. Despite the currently sluggish state of the investment market, the Landings was able to divest the complex smoothly, with closing coming just 81 days after agreement execution, according to Apartment Realty Advisors principal Debbie Corson, who represented the seller in conjunction with Susan Lawson, a sales associate with ARA. According to Corson, the property drew seven bids, including that of eventual buyer Eagle Management, an Illinois-based property owner and operator. At the time of the sale, the Landings of Lake Zurich was 89 percent occupied.

 
Recent Chicago Headlines
ProLogis Continues to Pay Down Debt, Remains Active in Chicago
Jul 21, 2009
Like all commercial property players, industrial REIT ProLogis has had to deal with the challenges of the sagging economy and sluggish leasing market. Despite the tumultuous environment though, the firm is still getting deals done—including some very sizable transactions, like a 250,000-square-foot lease the firm recently inked with Roosevelt Paper Co. near Chicago. That deal was the largest splash made by ProLogis in the region during the second quarter, during which it racked up a total of nearly 600,000 square feet in leases.
ProLogis Signs 215,000-SF Lease with Sanyo Logistics in Chicago
Apr 23, 2009
ProLogis has leased 215,000 square feet of recently completed distribution space near Chicago to Sanyo Logistics Corp., a logistics services provider and business unit of Sanyo Electric Co. Ltd.
206-Unit Chicago-Area Apartment Complex Trades in Off-Market Deal
Aug 04, 2009
A 206-unit luxury apartment complex in the Chicago suburb of Lake Zurich, Ill., has been sold by Landings Acquisition Co. in an off-market deal brokered by Apartment Realty Advisors.
BOMA Chicago Initiates Country's First Office Building Smart Grid Program
Aug 07, 2009
The Building Owners and Managers Association of Chicago has launched an effort to develop the country's first commercial office building smart grid program, delivering a utility-scale, clean, virtual generator through implementation of smart grid technology in more than 260 commercial buildings in downtown Chicago. With the potential to provide as much as 200 megawatts of demand response capability, the program would lower costs and avoid the need to construct expensive new generation plants. It requires upgrading the buildings' electric metering infrastructure, with significant building-level upgrades. To help address the estimated $185.4 million program cost, the city's BOMA chapter filed an application for $92.7 million in matching funds from the U.S. Department of Energy's Smart Grid Investment Grant Program, which was formed under the recently passed American Reinvestment and Recovery Act.
Sears Tower Officially Renamed
Jul 16, 2009
Sears Tower, the tallest building in the Western Hemisphere, became Willis Tower yesterday in a ceremony featuring Joseph Plumeri, chairman & CEO of insurance broker Willis Group Holdings, and Chicago mayor Richard Daley. Willis will occupy more than 140,000 square feet in the 36-year-old building this summer in a consolidation of 500 associates from five area offices. The site will join New York City and London as one of the company's largest offices.
General Board of Pension Breaks Ground on 110,000-SF Chicago HQ
Apr 29, 2009
General Board of Pension and Health Benefits of The United Methodist Church broke ground on their new headquarters building in Glenview, Ill.
 
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