Arlington Heights development falls into foreclosure
(Crain’s) — A foreclosure suit seeking nearly $20 million has hit Arlington Town Square, a publicly subsidized mixed-use project that sparked a revival of the northwest suburb’s downtown. The project’s nearly 137,300-square-foot commercial space is owned by a group of 30 individual…
American Apparel joining ‘younger and fresher’ State Street
(Crain’s) — American Apparel Inc., a trendy retailer known for its basic T-shirts and provocative advertising, has signed a lease for a downtown store on State Street. The two-level store is to open late this summer in the historic Mentor Building at 39 S. State, replacing a Children’s…
Hines puts 300 N. LaSalle on the block
(Crain’s) — Despite the dormant market for mega-deals, developer Hines Interest L.P. is putting up for sale a new skyscraper anchored by Kirkland & Ellis LLP that could fetch a blockbuster price of $620 million. Hines has hired real estate firm Holliday Fenoglio Fowler L.P. to market 300 N…
Foreclosure suit tarnishes Silver Tower condo project
(Crain’s) — Bank of America has filed a $40-million foreclosure lawsuit on a 225-unit River North condominium project in what could be a preview for other slow-selling downtown high-rises. The developer of the 38-story Silver Tower didn’t pay back B of A’s loan by its Dec. 29 due date…
Loop project poised to get another big TIF boost
(Crain’s) — A city panel approved another major increase in financial assistance for planned Loop apartment development that has struggled to get off the ground because of rising costs and the tough lending climate. The Community Development Commission signed off Tuesday on a $34-million tax-i…
Strategic Hotels names Freed, Equity Office vet as new CFO
(Crain’s) — Strategic Hotels & Resorts Inc. has named a former executive at Joseph Freed & Associates LLC and Equity Office Properties Trust as its chief financial officer. Diane Morefield, 51, will replace James Mead, who has left the company, Strategic said in a news release Tuesday. Ms…
Closer highlights for March 9
Sale Lawrence Price, who started the Schoolyard Tavern, a popular watering hole at 3258 N. Southport Ave. in Lakeview, sold the building for $2.1 million to a venture managed by Andrew Gloor, a real estate investor and a co-owner of a small group of bars including Kirkwood Bar & Grill, 2934 N…
City to rebid big Loop project after Walsh Construction sues
(Crain’s) — The Daley administration is throwing out all the bids to rebuild the Wacker Drive and Congress Parkway interchange after the politically powerful Walsh Construction Co. sued to knock out two rivals for the work and have its $85.8-million bid declared the winner. Chicago-based…
In brief: Banana buy | Ex-Sharpie plant | 208 S. LaSalle
Chocolate-banana firm buys building to expand Diana’s Bananas Inc. paid $1.18 million for a 30,529-square-foot industrial building on the West Side, where it will expand its chocolate-covered frozen banana manufacturing operation by 80%. The facility at 2733 W. Harrison St. will accommodate the…
Jones Lang LaSalle to boost staff in China
(Reuters) — Property investment and advisory firm Jones Lang LaSalle Inc. will increase its Greater China staff by 5 percent this year on a robust commercial property market outlook, a senior executive said. There had been a shift in buyers of Chinese commercial buildings to local companies…
