Condo auctions draw many sales at big price cuts(Crain’s) — Two auctions of units in condo projects in the South Loop and Near South Side yielded more than 60 sales, at discounts ranging from 27% to 45% of the last asking prices. In the larger of the two sales, 43 units were auctioned off at Michigan Avenue II, a 269-unit condo tower at ... In brief: Hyatt | Prime Group | Inland AmericanSingapore takes stake in Hyatt The government of Singapore said it bought a 6.9% of the Class A stock in Hyatt Hotels Corp. The Asian city-state bought 3 million shares in Chicago-based Hyatt, according to a filing Thursday with the Securities and Exchange Commission. Hyatt said it sold 47.3 ... William Blair renews at Franklin Center(Crain’s) — William Blair & Co. has renewed a lease for 324,700 square feet at the Franklin Center office complex in the West Loop, in one of the largest office leases of the year. As a part of the deal, the Chicago-based investment firm has agreed to remain in the two-building complex ... Our most-viewed stories in the past week(Crain’s) — News that Sam Zell told investors this week in Chicago that expectations of an impending crash in commercial real estate that would create bargain-hunting opportunities are “greatly exaggerated” was the most-viewed story in the past week at ChicagoRealEstateDaily.com. The top ... Company relocating HQ from Park Avenue to Downers Grove(Crain’s) — The Quinn administration is expected to announce Thursday that industrial conglomerate Dover Corp. is moving its headquarters from New York to Downers Grove, where it will employ more than 100 people. Dover is moving to 3005 Highland Parkway in the Highland Landmark office complex ... Local foreclosure activity jumps after artificially low period(AP) — The number of Illinois homeowners on the brink of losing their homes jumped in October compared with the previous month, largely due to the effect of a law that gave homeowners more time to fix delinquent mortgages. Foreclosure activity dipped nationwide. Nearly 20,000 properties in ... In brief: Bronzeville TIF | Jones Lang | Inland WesternPanel backs TIF grant for Bronzeville project The city’s Community Development Commission Tuesday approved a $3-million subsidy for a restaurant and produce market project in Bronzeville. Bernard Loyd, founder of Chicago-based Urban Juncture Inc., has said the tax-increment-financing (TIF) would ... Barrage of foreclosure suits hits developer(Crain’s) — Four banks have filed foreclosure lawsuits seeking to recover more than $24 million on a hodge-podge of small retail properties and development sites from Gurnee to Homer Glen controlled by developer John Terzakis. A developer for 30 years, Mr. Terzakis for most of his career has ... Spire developer accuses B of A of overcharging interest(Crain’s) — The developer of the Chicago Spire has filed a countersuit against Bank of America Corp., alleging that the bank intentionally charged too much interest in two loans related to the project. Shelbourne Development Group Inc. and its president, Garrett Kelleher, allege that ... Bidder sues Smithfield over Scholl site sale(Crain’s) — The Farley family, longtime North Side real estate investors, has sued former Chicago Alderman William Singer and developer William H. Smith, alleging they wrongfully thwarted the Farleys’ bid to buy the former Dr. Scholl’s property in the Gold Coast. The civil lawsuit comes ... Zell: Predictions of commercial crash ‘greatly exaggerated’(Crain’s) — Expectations of an impending crash in commercial real estate that would create bargain-hunting opportunities are “greatly exaggerated,” Sam Zell told several hundred investors Tuesday in Chicago. “Everyone is waiting for the grave dancer to come and exercise his magic ... Elysian drops condo-hotel plan(Crain’s) — After months of negotiations with its lender, the developer of the Elysian Hotel & Private Residences has scrapped a plan to sell the project’s 188 hotel suites as condominiums, removing a cloud of uncertainty over the new $280-million Gold Coast high-rise. Elysian Hotel & ... Wyndham name could come off Glenview hotel(Crain’s) — The investors who recently bought the Wyndham Glenview Suites hotel out of foreclosure are being mum about their plans, though the Wyndham name could soon be coming down. A spokeswoman for Parsippany, N.J.-based Wyndham Hotel Group says the receiver for the 253-room hotel had a ... 2 apartment properties to sell for $52 million(Crain’s) — Apartment investors are getting busier in the Chicago suburbs, where deals are in the works for two properties, one in Naperville and one in Oak Park, for a combined $52 million. Prime Property Investors Ltd., a Northbrook firm that specializes in student housing, has agreed to ... Closer highlights for Nov. 10Sale A Dallas real estate firm backed by NFL Hall of Fame quarterback Roger Staubach has completed two sale/leaseback transactions with CVS Caremark Corp. for CVS drugstores in Olympia Fields and Mokena. Affiliates of SCP Capital Inc. paid $4.8 million for the Olympia Fields property at 21060 ... In brief: Broker dies | uBid parent | Ex-RREEF exec suesFormer John Buck Co. executive dies at 36 Cameron Benninghoven, a commercial real estate broker who formed his own company earlier this year, died last week at his home in Lincoln Park from a seizure disorder, according to the Cook County Medical Examiner’s office. He was 36. Mr. Benninghoven, a ... Foreclosure suit hits site of baseball school(Crain’s) — Harris Bank has filed a foreclosure suit to collect more than $8.5 million on a 78,000-square-foot building on the far Northwest Side anchored by Frozen Ropes of Chicago Inc., a baseball training academy. Built in 2003, the unusual building at 6000 W. Touhy Ave. includes a ... In brief: Michigan Avenue move | Grubb CEO | Retail 'less worse'Planning group moving to Michigan Plaza The American Planning Assn. is moving its headquarters to 205 N. Michigan Ave. from 122 S. Michigan Ave. The non-profit community planning group is taking the entire 12th floor, 21,258 square feet, at 205 N. Michigan, part of the two-tower Michigan Plaza ... Local quarterly home sales up for first time since late 2005(Crain's) — For the first time in almost four years, quarterly Chicago-area home sales rose compared with the same quarter the previous year, according to the Illinois Assn. of Realtors. Meanwhile, sales in just the city of Chicago fell in the third quarter compared with third-quarter 2008, the ... In brief: New Jones Lang exec | River North stores | New sub chainAnn Sperling Jones Lang taps Trammell Crow vet for exec post Ann Sperling, 54, has joined Jones Lang LaSalle Inc. as chief operating officer for the Americas region. Ms. Sperling replaces Bill Thummel, who has been in the position since 2005 and was named to a new post of chief operating officer ... |
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