Joe Walsh is taking on President Trump and taking his home off the market, 3 West Loop offices sell for $65M: Daily digest

A daily round up of Chicago real estate news, deals and more for August 27, 2019

TRD CHICAGO /
Aug.August 27, 2019 04:00 PM
Each day, The Real Deal rounds up Chicago’s biggest real estate news. We update this page in real-time. Please send any tips or deals to [email protected].

This page was last updated at 5:00 p.m. CST.

 

Joe Walsh (Credit: Facebook and iStock)

Joe Walsh will take on Trump, not the local housing market. After announcing a primary challenge to President Trump, former Congressman Joe Walsh is taking his Mundelein home off the market. The talk radio personality listed his home in May, asking $697,000 in what is a soft market for suburban home sales. [Crain’s]

 

Onni Group breaks ground on last portion of Old Town Park. The Canadian developer is now working to construct its third of three planned apartment towers as part of its Atrium Village redevelopment. The final tower will be 41 stories and include 456 rentals and a 193-car garage. [Curbed]

 

West Loop office building finds investor. Chicago-based Heitman led a venture that paid $65 million for three vintage office buildings in the West Loop. The seller, R2 and Walton Street Capital, acquired the properties as part of a larger, $86 million deal in 2016. It has sold the majority of those parcels at tidy profits. [Crain’s]

 

Suburban mansions sells at double its previous amount. An extremely unique, 13,000-square-foot home in Barrington sold this month for $1.9 million, more than $800,000 higher than its previous sale in 2011. That bucks a trend for luxury listings, particularly suburban mansions, which are languishing amid a housing market slowdown. [Chicago Tribune]

 

Tech executive picks up O’Hare Hotel. Ketu Amin led a venture that acquired the 265-key Chicago Marriott Suites O’Hare in Rosemont for $39 million. Its previous owner bought the hotel in 1998 for $41 million, and has injected $23 million into the property. [Crain’s]

 

Former McDonald’s HQ in Oak Brook to soon be razed. A demolition permit was issued by Oak Brook to allow developer Hines Interests to begin on its $500 million redevelopment of the vacant suburban office complex. Demolition is slated to begin this week for the office high-rise that was built to house the McDonald’s headquarters in 1971. [Oak Brook Doings]

 

Last week’s biggest listings. One Lakeview single-family and four Near North Side condos made up last week’s five priciest new residential listings. The Lakeview home has been listed for the third time this year, and is now on the market for just over $3 million. [TRD]

 
A new poll shows the real estate community is unsure of Chicago’s development future. (Credit: iStock)

A new poll shows the real estate community is unsure of Chicago’s development future. (Credit: iStock)

The real estate community has mixed feelings on Chicago’s development future. Respondents to Bisnow’s poll showed that 40 percent believe Chicago’s reputation as a good investment has strengthened in the past years, while 40 percent thought its reputation had faltered. With a number of megaprojects still in the works, 30 percent said developers are planning too many large-scale projects at once. [Bisnow]

 

North Shore mansion owned by casino-and-real-estate magnate’s daughter sells. Meredith Bluhm-Wolf, the daughter of billionaire gaming mogul Neil Bluhm, has sold her Winnetka home for $4.1 million. The socialite and her husband bought the home in 2004 for $3.1 million and listed it in May at $4.65 million. [Crain’s]

 

Sterling Bay sells Fulton Market building to family of its managing principal. Henry Crown & Company paid $33 million for the developer’s former headquarters in Fulton Market, which Sterling Bay bought in 2012 for nearly $5 million. Crown & Company is run by relatives of Sterling Bay’s managing principal Keating Crown. [TRD]

 

Hotel development pipeline slowing. After years of elevated hotel deliveries, the pipeline for new rooms in Chicago has slowed. The slew of new hotels coming online caused a slight downturn in occupancy, which sits at 83.5 percent. [GlobeSt]

 

Nonprofit wants to turn Itasca hotel into rehab clinic. Chicago-based nonprofit Haymarket Center is asking the Village of Itasca for approval to buy a local hotel and convert it into a 200-bed rehab facility. After an informal presentation on the plan, village officials will begin the approval process early next month. [Daily Herald]

 

Compiled by Joe Ward


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