Chicago Cheat Sheet: New York firm picks up Lisle office complex…& more

Also, craft brewery owned by state lawmaker closes as landlord tries to evict

Chicago /
May.May 09, 2019 05:30 PM
From left: Sidhartha Singh, Seth Berkowitz, and Sebastian Palazio with Westwood of Lisle

From left: Sidhartha Singh, Seth Berkowitz, and Sebastian Palazio with Westwood of Lisle

Briar Meads buys distressed office complex

A New York real estate firm picked up a distressed Lisle office complex, buying a $45 million loan on the property out of receivership. It’s unclear how much Briar Meads Capital paid for the loan on the Westwood of Lisle office complex at 2441 and 2443 Warrenville Road. But it was sold through a commercial mortgage-backed securities offering and had a remaining balance of $40.5 million. El Segundo, California-based Griffin Capital paid $57.8 million for the complex in 2006, but fell into foreclosure after anchor tenant Catamaran moved out in 2013. [Crain’s]

Eviction nearing, Vice District Brewing closes South Loop taproom

A South Loop craft brewery has closed under the cloud of eviction proceedings. Vice District Brewing, 1454 South Michigan Avenue, is owned by State Rep. Curtis Tarver, who was elected in November. But the building’s landlord went to court to demand back rent and repossess the property, claiming damages of more than $114,000. Co-owner Quintin Cole said the brewery was financially overextended because of problems opening a second location in the south suburbs. But it’s trying to negotiate to stay in the building and re-open, he said. [Block Club]

Libertyville landlord wants to convert long-gone theater into rentals

The owner of a long-forgotten Libertyville theater wants to put apartments in the 116-year-old building. Jeff Lovinger bought the building at School Street and Milwaukee Avenue in 1985, and now wants to convert the upper two floors into eight rental units. The top two floors once housed the La Villa Theatre, which closed in 1937. They are now used by performing arts group Dancenter North, which is moving to Gurnee. The ground floor is occupied by Starbucks, Clucker’s restaurant and Avenue 21. [Daily Herald]

One Eleven Food Hall opens in CNI retail development

The city’s first food hall south of Chinatown is now open in Pullman. One Eleven Food Hall is part of developer Chicago Neighborhood Initiatives’ 111th Street Gateway retail project. The small facility’s lineup features Laine’s Bake Shop, Majani Restaurant, Exquisite Catering and a fourth space that will be used by a rotating pop-up. [Chicago Tribune]

Consultant slams K. Hovnanian subdivision plan

K. Hovnanian Homes’ plan to build a massive subdivision on 191 acres at Indian Lakes Resort got a thumbs down from consultants hired by the village of Bloomingdale. The homebuilder wants to redevelop the resort’s former golf course into an “active lifestyle” community called Four Seasons at Indian Lakes with 535 ranch-style houses for seniors and a 14,000-square-foot clubhouse. But a consultant said the current plans have an “excessive massing” of homes “not compatible with the trend and character of nearby land use and zoning.” A K. Hovnanian spokesperson said the builder is confident it can “refine and improve” the plan. [Daily Herald]


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