Atlanta -- Atlanta-based RCG Ventures has acquired The Landings, a 112,622-square-foot shopping center located in the Chicago suburb of Bolingbroke, Illinois.
The center is anchored by Planet Fitness, PetSmart and Office Max, and is shadow-anchored by The Home Depot and Meijer. Jeff Miller represented RCG internally, and Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller in the transaction. Terms of the sale were undisclosed. RCG has also sold four properties located in Georgia, North Carolina and Wisconsin. Dispositions include First Tuesday Center, a 158,795-square-foot shopping center located 45 miles west of Atlanta in Carrollton, Georgia; May’s Crossing, a 138,241-square-foot center located 16 miles south of Atlanta in Stockbridge, Georgia; Pamlico Plaza, an 89,967-square-foot center located in Washington, North Carolina; and Shawano Plaza, a 192,675-square-foot center located in Shawano, Wisconsin. Terms of the transactions and buyers were undisclosed. First Tuesday Center is home to tenants including Roses, Food Depot, Farmers Home Furniture and Dollar Tree. Margaret Caldwell and Margaret Jones of JLL represented RCG in the transaction. May’s Crossing is anchored by Big Lots, dd’s Discounts and Dollar Tree. RCG was represented by Mark Joines and Drew Fleming of Newmark Knight Frank in the disposition. Pamlico Plaza in North Carolina is anchored by Burke’s Outlet and Office Depot, and shadow-anchored by Walmart. Ryan McArdle, David Rivers and Steve Collins of The Palomar Group represented RCG in the transaction. Dunham’s Sports anchors Shawano Plaza in Wisconsin. Tom Fisk and Adam Meyers of NAI Pfefferle represented RCG in the disposition.
Wingspan Development Group, LLC and Nicholas and Associates, Inc. received Village Board approval for their new luxury apartment community near downtown Plainfield IL. The new community will feature 284 units spread among eight buildings with a fully amenitized clubhouse in the center. Previously, the development had received a unanimous approval recommendation by the Village’s Plan Commission. The development, called Sixteen30, will sit on nearly 15 acres along Wallin Drive approximately ¼ mile north of Lockport Street. “We’re very excited to bring this type of luxury lifestyle community to downtown Plainfield. Plainfield and its downtown have so much to offer.” said Chris Coleman, VP of Development for Wingspan.
As the Village’s website aptly describes, downtown Plainfield is a vibrant, pedestrian-focused destination for shopping, dining, and entertainment. The dramatic streetscape enhancement and road reconstruction, completed in 2009, created raised intersections, mid-block pedestrian crossings, and wide sidewalks to establish a comfortable environment for pedestrians to shop and enjoy the backdrop of many of the beautifully restored historic buildings. The expanded sidewalks provide room for restaurants to offer al fresco outdoor dining. Decorative signage and extensive landscaping complement the historic architecture and contribute to Downtown Plainfield's distinctive sense of place.
“In the spring, summer and fall, the 15 minute walk from Sixteen30 to all the downtown shops, dining and entertainment will make this community unlike any other south suburban rental option. Also, the new Pace Express park-n-ride is less than a ½ mile walk. You typically just don’t see this type of convenience in a suburban setting,” added Coleman. Construction on Sixteen30 is expected to begin in late spring of 2019 with the clubhouse opening anticipated for late summer. The clubhouse amenities will include a pool, hot tub, outdoor grill, fitness center, yoga studio, club room, cyber café and package room. The community will feature a mix of studio, one bedroom, two bedroom and three bedroom floorplans.
Wingspan Development Group delivers the highest quality projects across multiple real estate segments; residential, commercial and land development. The firm’s core team has over 80 years of real estate and construction experience combined with an unparalleled commitment to detail and execution. By blending broad capabilities and a nimble organization, Wingspan capitalizes on diverse market opportunities to create value for clients and stakeholders. Wingspan has offices in Illinois and Wisconsin.
For more information, contact Christopher Coleman at 847.394.6200 or CColeman@WingspanDevelopmentGroup.com.
Mount Prospect, IL 11/8/18 Wingspan Development Group, LLC and Nicholas and Associates, Inc. announced that Geneva Capital provided $17.0MM in construction financing for its new boutique luxury apartment development in downtown Mount Prospect. The new 73 unit podium style apartment property in Chicago’s northwest suburbs is scheduled to open in late summer of 2019. “Geneva was a great partner throughout the financing process. They bring a lot of market knowledge and industry experience to the table.” said Chris Coleman, VP of Development for Wingspan.
Established in 1989 and based in Wheaton, IL, Geneva began as an outgrowth of Dekalb Financial Services by real estate finance veterans seeking to serve and expand their client and bank funding partners. Since Geneva’s beginning, it has funded in excess of $2.6 billion in a variety of construction/development and term loans from floating rates to long term non-recourse fixed rate loans. According to Geneva’s president, A. Wayne Massey, “Geneva works with established good quality borrowers like Wingspan and Nicholas to meet both their short- and long-term financing goals and always strives to deliver what we say we will when we say we will.”
20West sits in the heart of downtown Mount Prospect, across the street from the Metra station with service to Chicago’s Ogilvie Station in less than 35 minutes. The property features several resident amenity spaces including an outdoor terrace with grilling stations, fire pits, sun cabanas, and lounge chairs. Inside, there’s a demonstration kitchen, club & gaming room, fitness center and yoga studio. The property also includes a 4,000 square foot two story restaurant space. “20West has a lot of amenities for a building its size. There’s been a lot of buzz about this development because there’s nowhere for people to live in Mount Prospect who want this kind of luxurious environment. And, the location is ideal.” said Nick Papanicholas, Jr., President of Nicholas & Associates, Inc. Papanicholas added, “We know Geneva and knew they could get the deal done.”
Wingspan Development Group delivers the highest quality projects across multiple real estate segments; residential, commercial and land development. The firm’s core team has over 80 years of real estate and construction experience combined with an unparalleled commitment to detail and execution. By blending broad capabilities and a nimble organization, Wingspan capitalizes on diverse market opportunities to create value for clients and stakeholders. Wingspan has offices in Mount Prospect, IL and Milwaukee, WI. For more information, contact Christopher Coleman at 847.394.6200 or CColeman@WingspanDevelopmentGroup.com.
John Hersey High School has begun collecting food items as part of its annual food drive to help those in need.
The food drive is one of Hersey's biggest philanthropic undertakings, and thanks to the community, the school has collected record amounts of food during the past few years to benefit those experiencing difficult times.
On Nov. 5, Hersey students began canvassing area neighborhoods to place bags donated from Jewel on doorsteps with instructions on how to participate. On Tuesday, Nov. 13, Hersey students will return to the neighborhoods to pick up donated items in the filled bags.
Students will box and label the donations before loading everything onto trucks provided by U-Haul on Friday, Nov. 16, and deliver the food to local food pantries.
Hersey is also seeking boxes that are close to 16-by-13-by-13-inch or of a similar size. If you have boxes to donate, please contact Assistant Principal John Novak at firstname.lastname@example.org or (847) 718-4818.
Voters in Community Consolidated School District 21 appeared Tuesday to strongly support a referendum that would allow school officials to borrow $69 million to fund security upgrades and other building improvements.With 33 of 37 precincts reporting Tuesday evening, about 73 percent of voters had cast ballots in favor of the referendum, while around 27 percent opposed it, according to unofficial numbers from the Cook County Clerk's office.
“We’re up quite a bit right now, and I think one of the reasons is because everyone in the community understands we’re living in a world right now where everyone is more concerned about school security,” said Superintendent Michael Connolly, who also credited volunteers for rallying support for the referendum.
If the referendum ultimately is approved, a major share of the $69 million bond issuance would go toward building security, including the remodeling of the main entrances to the district’s 13 elementary and middle schools, as well as the creation of a “three checkpoints” system for visitors.
The upgrades are especially needed, school officials have said, at a time when mass shootings across the U.S. have put a spotlight on school security.
The borrowing plan also would allow officials to create classrooms that could, one day, accommodate a full-day kindergarten program, which District 21 board members recently have begun discussing.
“I also think that for parents with young children who are close to school age, they understand the need for having a full-day kindergarten program in the district,” Connolly said.
Phil Pritzker, president of the District 21 board, said officials spent nearly 18 months engaging with residents and other community stakeholders to ensure their voices were heard and to encourage them to be part of the decision-making process.
“It just all came down to a lot of hard work and the right story … the need for better school security, air-conditioned buildings and an all-day kindergarten,” Pritzker said.
Serving 6,500 students in nine elementary and three middle schools, as well as one early childhood center, District 21 enrolls students who live in Arlington Heights, Buffalo Grove, Mount Prospect, Prospect Heights, Wheeling and a portion of Northbrook.
Kelly Eidson, chairwoman of the District 21 Citizens Committee, is among the District 21 residents who have been working since last August to encourage voters to support the referendum.
“My oldest child was in first grade when there was the school shootings in Sandy Hook, and I’ll never forget that day,” Eidson said. “As a parent, school security is always on my mind, and it’s a big part of why I’ve worked so hard to pass this referendum.”
Since the proposed bond sale, if approved, would result in slightly higher district property taxes for area homeowners, Eidson said, district officials have made every effort to involve residents.
In addition to releasing community surveys, officials hosted town hall-style meetings, engaging in what Eidson said were “some very heated conversations.”
“I feel the district’s leadership was determined to get community feedback, and to hear what residents want to see in their schools and what issues they’re concerned about, and not concerned about,” Eidson said.
If the proposed $69 million bond sale is approved, a District 21 homeowner with a property valued at $300,000 is estimated to see an annual property tax increase totaling $78.
A homeowner with a home valued at $400,000 would see the district’s portion of their property tax bill increase by $107 each year, while an owner with a home valued at $500,000 would see an annual increase of $136, according to district estimates.
The election Tuesday marks the first time District 21 officials have placed a referendum measure on the ballot since 2003, when voters approved an operating fund rate increase.
Other security upgrades that would be paid for with funding from the proposed borrowing plan would include the installation of digital security cameras and enhanced exterior lighting in school buildings, officials have said.
The installation of air conditioning systems in all of the district’s buildings and the purchase of new classroom furniture, including desks and chairs, would also be done, if the referendum is approved.
District officials also have begun discussing the idea of a district-wide, full-day kindergarten program after more than 80 percent of residents who participated in a recent community survey said they support the initiative, officials have said.
The district currently offers a full-day kindergarten program at only the three elementary schools that receive federal dollars for serving a high percentage of low-income students.
The 22nd annual Mount Prospect Toys for Kids program offers residents and businesses an opportunity to make the holidays brighter for hundreds of local children by donating toys or gift cards. Last year alone, the program assisted more than 300 children from over 100 families.
"This event helps to relieve financial stress so that parents can enjoy the holidays with their children. For some children, this is one of the few gifts they receive to open on the holiday," said Mount Prospect Human Services Director Julie Kane.
Village staff reviews financial assessments that qualify the children and families to participate and they are invited to Fire Station 14 on Saturday, Dec. 15, to pick up their toys and visit with Santa Claus.
Residents or businesses can drop off new, unwrapped toys at any Mount Prospect fire station through Friday, Dec. 7. Officials say they especially need for donations for children ages 7-13. Older children especially appreciate gift cards to major department stores.
The developer looking to construct a mix of residential and retail space along Prospect Avenue in downtown Mount Prospect held a second open house Oct. 10 at a completed development in Des Plaines, to show the public the various amenities one of the new Mount Prospect apartment buildings will include.
Developer Nicholas & Associates held the meeting at its newly constructed luxury apartment building Buckingham Place on Northwest Highway in Des Plaines.
“The purpose of the open house at that location was to give people an idea of all the amenities that will occur at the eight-story proposed apartment building for Maple Street Lofts, in terms of the individual spaces and overall feel of the community,” Chris Coleman, vice president of development for Wingspan Development Group, a company within Nicholas & Associates, said.
The eight-story building on the former Parenti & Raffaelli architectural millwork property at Prospect Avenue and Maple Street will include an outdoor pool, a club room, community kitchen, fitness center, yoga studio, business center, and a dog spa — all currently offered at Buckingham Place.
Additionally, during the open house, the public was able to tour some of the units, which will look similar to those eventually constructed in Mount Prospect. The eight-story luxury apartment building is expected to consist of 192 units including studios, one-bedroom and two-bedroom.
The monthly rental cost for studio units in Maple Street Lofts is expected to start around $1,600; over $2,000 for one-bedroom units and $2,350 for two-bedroom units.
Coleman said the monthly rental prices for Maple Street Lofts will be about 8%-10% higher than the Des Plaines development.
Between 10,000 sq. ft.-15,000 sq. ft of retail space will also be located on the first floor of the building. A three-level parking structure will be constructed for those residents.
If construction begins in the spring, work is expected to take 15-16 months to complete.
As part of this development, Nicholas & Associates also plans to construct a seven-story luxury apartment building on the other side of the first apartment building. This development would consist of 65 units including studios, one- and- two-bedrooms with similar square footage and pricing points as the other building. Fewer amenities would be available in this building. Construction would take about 12 months to complete.
Around that same time, 66 rowhomes containing two to three bedrooms each, and two-car garages, ranging from 1,900 sq. ft. to 2,100 sq. ft. at the northeast corner of Maple and Lincoln would be constructed. Prices would range from the high $300,000s to the low $400,000s.
According to Coleman, preliminary approval is expected to go to the Mount Prospect Planning & Zoning Commission Thursday, Nov. 8, followed by the village board Tuesday, Nov. 20.
Nicholas & Associates will work on final construction and engineering plans and come back to the planning commision in January for final approval and village board in February.
Hoffman Estates, Ill.— Sears Holdings Corp. (NASDAQ: SHLD) has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. A $134 million debt payment was due today.
Eddie Lampert will step down as Sears chief executive, but will remain the company’s chairman.
The Hoffman Estates-based company oversees both Sears and Kmart-branded department stores. The company has negotiated $300 million in senior financing from its lenders and is also in the process of negotiating a $300 million loan with ESL Investments Inc., which is Lampert’s hedge fund.
“While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer,” says Lampert. “The Chapter 11 process will give [Sears] the flexibility to strengthen its balance sheet, enabling the company to accelerate its strategic transformation, continue right-sizing its operating model and return to profitability.”
Sears and Kmart stores will remain open for business, but the company plans to close 142 unprofitable stores by the end of the year. Liquidation sales at these stores are expected to begin shortly. This is in addition to the previously announced closure of 46 unprofitable stores that is expected complete by November.
Over the last five years, the company has lost about $5.8 billion, according to the New York Times. Over the past decade, it shut more than 1,000 stores. As of the filing, Sears has approximately 700 remaining stores and 68,000 employees, according to media reports.
“Occasionally a retailer can succeed by downsizing,” says Rick Scardino, principal and retail veteran with Lee & Associates of Illinois. “Possibly a successful 40,000-square-foot Sears store is trapped in an 80,000- to 100,000-square-foot store. Sears could then lease the space to a synergistic tenant, like what Aldi is doing with some of the downsized Kohl’s stores.”
Weil, Gotshal & Manges LLP is serving as legal counsel; M-III Partners is serving as restructuring advisor; and Lazard Frères & Co. LLC is serving as investment banker to Sears.
On Friday, Oct. 12, the company’s stock price closed at 41 cents per share, down sharply from $5.99 per share one year ago. The company’s five-year high was $48.60 on Nov. 11, 2013.
— Kristin Hiller
An approximate $120 million redevelopment project for downtown Mount Prospect spearheaded by developer Nicholas & Associates was unveiled to the public Wednesday, Sept. 19 during an open house, which drew close to 100 people.
Some residents were in favor of the plans that call for a mix of housing and retail on seven acres. Others voiced concerns over traffic and impacts on local schools.
Nicholas is looking to redevelop the former Parenti & Raffaelli architectural millwork property and the Maple Street commuter parking lot at the southeast corner of Prospect Avenue and Maple. The proposed development is called Maple Street Lofts.
The development would be built in phases over the next two years. It is expected to generate approximately $25 million in Tax Increment Financing (TIF) benefit for the village over the life of the Prospect & Main TIF district, which expires in 22 years.
The first phase of work demolished the former Parenti buildings along Prospect Avenue after Parenti relocated to the Kensington Business Center in 2017. Those buildings are gone and the parcels remain vacant today.
Nicholas expects to break ground in the spring and construct an eight-story luxury apartment building consisting of 192 units including studios, one-bedroom and two-bedroom units at the southeast corner of Maple and Prospect. The studios would be around 600 sq. ft. in size, approximately 760 sq. ft. for the one bedrooms, and an 950 sq. ft. for the two bedrooms.
Monthly rental cost for the studios is expected to start around $1,600 per month; over $2,000 for the one-bedroom units and about $2,350 monthly for the two-bedroom units.
According to Chris Coleman, vice president of development for Wingspan Development Group, a company within Nicholas & Associates, several amenities are planned with the apartment building. There will be a community room, a large demonstration kitchen for residents to host cooking parties, a separate fitness center, yoga studio, “Super Bowl” room where residents can gather in front of a large screen to watch sporting events, along with a 20,000 sq. ft. “sky park” on the second floor that will feature a swimming pool and hot tub, grilling stations, a puppy park and outdoor lounge areas.
Residents in that building will also receive concierge dry cleaning service where they can drop off laundry and have it delivered back to their units, in addition to a washer and dryer inside each apartment.
Coleman said developers anticipate the average age group of residents to be between 25-35 or 45-65.
Approximately 10,000 sq. ft.-15,000 sq. ft of retail space will be situated on the first floor of the building. According to Coleman, developers expect one restaurant to operate at the corner since there will be an open plaza. Other possible complementary uses for residents of the building and area are planned, such as a coffee shop, an ice cream store, and even a bike shop. Those ideas have yet to be determined.
The building, Coleman said, would take about 15-16 months to complete and Nicholas will not begin to pre-lease until 30-60 days prior to first occupancy. He added it will take about 10-15 months to fully occupy the building. The other component of this phase is constructing a three-level parking structure next to the eight-story apartment building.
“We will install a temporary expansion of the Metra parking lot along Lincoln Street,” Coleman said. “The current parking lot is long and narrow and goes south and north. We will expand the southern portion of the lot.”
Currently, 285 commuter spots are available, but with the expansion and eliminating the north part of the lot, only 13 spots will be lost during construction. To offset that, the village will create 100 spots in the parking garage connected to village hall and the library for commuters.
Once the new parking structure is completed, it will provide room for 250 vehicles. The 100 spaces will continue to be provided in the parking garage between the library and village hall.
“This allows residents on the north side the opportunity to park on the north side of the tracks and avoid crossing over the railroad tracks to get to the Maple Street lot,” Coleman said. “The benefit or expectation is, it will be a shorter commute for north side residents and will help alleviate congestion on Emerson and Maple streets.”
Phase 3In the fourth quarter of 2019, Nicholas would begin constructing a seven-story luxury apartment building at Prospect Avenue and Elm Street on the other side of the first apartment building. This development would consist of 65 units including studios, one- and- two-bedrooms with similar square footage and pricing points as the other building.
Fewer amenities would be available in this building, meaning it won’t have a “Super Bowl” room or puppy park as well as any retail on the ground floor. It would contain a common room, a blended community kitchen, gaming room, fitness center and small fitness studio. Coleman said construction would take about 12 months to complete.
He said both apartment buildings would be leased out simultaneously.
Around the same time as construction occurs on the second building, Nicholas would also construct 66 rowhomes containing two to three bedrooms each, and two-car garages ranging from 1,900 sq. ft. to 2,100 sq. ft. at the northeast corner of Maple and Lincoln. Prices would range from the high $300,000s to the low $400,000s.
Coleman said these homes would not include basements, but would feature high-end interior finishes.
According to Coleman, the first residents of the rowhomes would likely begin moving in at the end of 2020.
FinancesOf the $25 million that is expected to be generated by the development over the next two decades, $3 million in TIF money has already been provided to Parenti for relocating; $6 million would be spent to construct the new parking structure and approximately $2 million would be used to offset stormwater management costs such as creating water detention areas. The remaining $14 million would be kept by the village for other development purposes in the TIF district.
Coleman emphasized the entire $120 million project is privately funded by Nicholas, minus the $3 million relocation reimbursement and $2 million for stormwater.
Reaction“People were glad to see this being redeveloped as a non-industrial type or manufacturing use,” Coleman said of the Sept. 19 open house held at Mrs. P & Me restaurant. “Many like having additional retailer and merchant options in the downtown area.”
Negatives he heard dealt with traffic congestion in the area along with impacts on nearby schools.
Resident John Krupa called the proposal “exciting” and said Mount Prospect needs more development in the downtown area.
Resident Christine O’Grady, who lives near the development site, said she is all for redevelopment, but has concerns about morning and afternoon rush hours being congested with traffic, especially if residents living in the apartments have more than one vehicle. She pointed out there are other parts of town that continue to remain vacant. Another issue she touched on was the added student enrollment generated by the development, that would have to be absorbed by Mount Prospect Elementary School Dist. 57.
Fire Chief Brian Lambel stated the eight-story apartment building would stand 105-ft. at its highest. The department’s ladder truck goes as high as 100-ft. If the ladder truck had to access the top floor, the situation could become “tight” due to the additional five feet. Based on his numbers and the age groups expected to move in, Lambel said the development would generate 48 calls per year. With Fire Station 13 moving to a new site on Rand Road, response times would remain within four minutes, he said.
Next StepsA second neighborhood meeting for the project is scheduled from 5 to 7 p.m. Wednesday, Oct. 10 at another Nicholas & Associates development, Buckingham Place, 750 E. Northwest Hwy., Des Plaines. Coleman said this will give the public a preview of what units would like in the new development in Mount Prospect.
Once all feedback is provided, a formal project submittal to the Mount Prospect Planning & Zoning Commission is expected in November followed by the village board for preliminary approval in December. Final approval by the village board, Coleman anticipates, would occur in January or February.
“It is important for us to be sensitive to comments and concerns of the residents. We know this is an important development in the village and we want to do the right thing,” Coleman said. “The Papanicholas family has been in Mount Prospect for a long time and they are excited about building something wonderful for Mount Prospect and are happy to listen to the concerns and suggestions of the residents to deliver the best project.”
Chris Coleman, VP of Development at Wingspan, periodically shares his thoughts and observations on property development news.