Residential development faces $19-million foreclosure suit

(Crain’s) — A lender has filed a $19.1-million foreclosure suit on a 56-unit residential development on the Near West Side after developers cancelled their sales contracts and converted the property to apartments. A venture that includes Chicago developer Steven Golovan and two Highland Park ...

Bull & Bear owners, diner to open River North locations

(Crain’s) — The owners of the popular Bull & Bear pub and a local diner plan to open new locations this year in River North. The firm that owns the Bull & Bear and Stone Lotus, Twilight Traffic Control LLC, leased 12,000 square feet on the ground level and basement at 400 N. State St. for an ...

In brief: First Industrial | Oak Street deals | Congress Center

Shidler to leave First Industrial board First Industrial Realty Trust Inc.’s cofounder and largest shareholder, Jay H. Shidler, 63, is retiring as a director of the Chicago-based real estate investment trust. The Wednesday announcement comes nearly 13 months after the REIT announced that Mr. ...

List of BOMA/Chicago Gold Circle and TOBY winners

Below is information from a BOMA/Chicago news release announcing the winners of the BOMA/Chicago's Gold Circle and Office Building of the Year awards. See photos from the gala Gold Circle Award winners: • Property Management Professional of the Year: Laura Bossert, general manager ...

Our most-viewed stories in the past week

(Crain’s) — News that a new investor group bought the remaining units at the failed condo conversion at 222 E. Pearson St. from lender PrivateBank & Trust Co. was the most-viewed story in the past week at ChicagoRealEstateDaily.com. The top five as of Friday morning: New investors buy ...

Veteran office sales broker joins Colliers

(Crain’s) — Colliers Bennett & Kahnweiler Inc., a leader in local industrial brokerage, has set its sights on office building investment sales, snagging well-known broker Brian P. Nagle from rival Cushman & Wakefield Inc. Mr. Nagle, 55, joined Rosemont-based Colliers this week as an ...

Firm buys industrial property near O'Hare from bank

(Crain’s) — A New York industrial real estate investment firm bought a vacant warehouse near O’Hare International Airport for just $9 million as the company looks to double its local portfolio to more than 10 million square feet. KTR Capital Partners last month bought a 205,540-square-foot ...

Equity Residential's profitability up in fourth quarter

(Reuters) — Equity Residential, the largest publicly traded apartment landlord, reported quarterly funds from operations that rose in part because of a gain on the early extinguishment of debt. The real estate investment trust (REIT) posted fourth-quarter FFO of $126.9 million, or 43 cents per ...

Spire affiliate reports big loss linked to stalled tower

(Crain's) — A Dublin-based affiliate of Chicago Spire developer Garrett Kelleher reported a $207.6-million annual loss, much of which is attributed to the stalled Spire project. Clarinabbey Ltd. says in an annual financial report filed last week in Ireland that the company took a loss ...

French Market adds four vendors to lineup

(Crain’s) — Four more vendors have joined the Chicago French Market lineup, bringing the total number of shops at the indoor venue to 29. The 15,000-square-foot Chicago French Market at 131 N. Clinton St. opened on Dec. 3. It is a joint effort between developer U.S. Equities Realty, Metra, ...

Lawsuits follow collapse of Krahl Construction

(Crain’s) — Krahl Construction’s bank and a major insurer are suing Krahl President John Paderta for about $4.75 million to collect on personal guarantees Mr. Paderta provided the firms. Fifth Third Bank and a unit of Travelers Cos. filed suit in federal court in Chicago against Mr. ...

New investors buy failed condo conversion from PrivateBank

(Crain’s) — A failed condominium conversion in Streeterville is getting a second life with a new development group that recently took over the project from its lender, PrivateBank & Trust Co. The Chicago-based bank in late December sold the 30 remaining unsold condos in the 219-unit tower at ...

Trading firm exec buys prime Streeterville site

(Crain’s) — Derivatives trading executive turned real estate investor Donald Wilson Jr. has bought out of foreclosure a prime development site in Streeterville where developer Christopher Carley once proposed a 107-story tower including a Waldorf Astoria hotel. In a two-step transaction, a ...

Washington Post unit moving to 225 W. Wacker

(Crain’s) — The growing online education unit of Washington Post Co. has signed a long-term lease for about 77,000 square feet at 225 W. Wacker Drive in a deal that combines two downtown locations. Kaplan is better known for its test prep classes, but the degree-awarding online division had ...

Quinn claims victory in guv primary as vote count goes on

(AP) — Closely watched primary races for Illinois governor were still undecided Wednesday for both Republicans and Democrats as officials scrambled to count every last vote. Gov. Pat Quinn claimed victory in the Democratic primary over Comptroller Dan Hynes, though the margin was less than 1 ...

Jones Lang LaSalle's 4Q profit up on outsourcing biz, Asia

(Reuters) — Jones Lang LaSalle Inc., one of the world's largest real estate service companies, said Tuesday that fourth-quarter net income rose 26.8 percent, driven in part by its U.S. corporate outsourcing business and its Asia operations. The company posted a net profit of $52 million, or $...

In brief: Franklin Park | Romeoville sublease? | Carothers

Record-storage firm moving to Franklin Park A firm that stores medical and business records has leased 121,000 square feet in the former Franklin Park factory of defunct ladder manufacturer Werner Co. The 10-year lease with O’Hare Record Retention Center Inc. brings the building at 10800 W. ...

Closer highlights for Feb. 2

Sale A venture managed by Harlem Irving Cos. paid $2.8 million for the land under a new Jewel-Osco store at 370 N. Des Plaines St. developed in 2008 by Michael Marchese, chairman and CEO of the Chicago-based real estate firm. Jewel Food Stores Inc., which gave the venture an option to purchase the ...

Med school sues Smithfield for $1.5 million in Scholl site sale

(Crain’s) — In a twist, a North Chicago medical school is seeking to use former Alderman Edward Vrdolyak’s deal for a “finder’s fee” on the former Dr. Scholl’s property in the Gold Coast to recover $1.5 million from the buyer, an affiliate of Smithfield Properties LLC. Rosalind ...

General Growth seeks extension on exclusivity period

(Reuters) — Mall owner General Growth Properties Inc. has sought a six-month extension to exclusivity, or the period in which it has the sole right to propose a restructuring plan. In a court filing dated Friday, the company said the extension will help maintain progress in its Chapter 11 cases ...

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