Plymouth Industrial goes on a Chicago shopping spree, Obama Center’s impact on real estate already being felt: Daily Digest

A daily round up of Chicago real estate news, deals and more for September 5, 2019.

TRD CHICAGO /
Sep.September 05, 2019 04:50 PM

Each day, The Real Deal rounds up Chicago’s biggest real estate news. We update this page in real time, starting at 10 a.m. Please send any tips or deals to [email protected].

 

Plymouth Industrial REIT bulked up its extensive property portfolio in Chicago. The REIT acquired seven properties and 1 million square feet of space in the over the Labor Day weekend, in what continues to be a hot industrial market. [TRD]

 

Friedkin Property Group and Bridge Capital Partners acquired a 206-unit Naperville complex. The sellers were Marquette and Heitman, which bought the 11-building property three years ago for $48 million. The recent sale price was not revealed. [Crain’s

 

The Obama Presidential Center is still under a federal review process, but its impact on local real estate is already being felt. A new study shows that Woodlawn residents cannot afford the rising rents, despite the Obama Foundation’s promises to monitor displacement. [Block Club

 

Old Main Post Office (Credit: Gensler)

WeWork eyes a big lease at 601W Companies’ Old Post Office redevelopment. The co-working giant may take 120,000 square feet, adding to its 12 existing Chicago locations. The move would make it the city’s largest non-governmental tenant.[ReJournals]

 

Part of the former Motorola Solutions campus in Schaumburg will serve as a backup network operations center. A confidential tenant will take 195,000 square feet in the redeveloped complex. Security upgrades will include an eight-foot fence and gated entry. [Daily Herald]

 

Campbell Coyle Real Estate and partners began interior demolition of the historic Logan Square Boys & Girls Club, promising to preserve the facade. The firm purchased the property, a former synagogue, for $1.25 million in February and will convert the space into 14 apartments. [Crain’s]

 

Lincoln at CityGate Center, a 285-unit luxury apartment complex in Naperville, has received the go-ahead for construction despite controversy. The developer, Lincoln Property Company, offered to make a $200,000 donation toward Naperville’s affordable housing crisis. [Daily Herald]

 

Conagra Brands is planning a 40,000-square-foot innovation center in River North. The snack research and development center will expand on the company’s current North Orleans Street location and is scheduled to open in 2020. [ReJournals]

 

Jeffrey Epstein’s address book lists more than 1,000 names. An anonymous man identified in records associated with Jeffrey Epstein has filed a motion to fight the release of his name, arguing it could cause severe reputational damage. “There are hundreds of other people implicated in dockets,” said Jeffrey S. Pagliuca, an attorney involved in the litigation — suggesting more cases could be on the horizon. [NYT]

 

The world’s most liveable cities. If you haven’t been to Vienna, now’s the time to go. The Austrian capital was named the world’s most liveable city for the second year in a row this week. Others in the top 10 included, Sydney, Melbourne, Osaka, Tokyo and Copenhagen. New York placed 58th, and London 48th. [Bloomberg]

 
Sam Zell (Credit: Getty Images)

Sam Zell (Credit: Getty Images)

Real estate billionaire Sam Zell criticizes WeWork. Real estate mogul Sam Zell has criticised WeWork’s business model ahead of the co-working giant’s initial public offering in September, stating in an interview that “every single company in this space has gone broke.” [Business Insider]

 

Canadian department store chain Hudson’s Bay struggles to find younger audience. A plan to scoop up multiple stores left vacant by Sears Canada seemed like a good one back in 2017, but two years down the line, the CEO of Hudson Bay has expressed regret over the strategy as the Canadian company struggles to attract younger consumers. At least Saks Fifth Avenue is doing alright. [Bloomberg]

 

Compass CEO Robert Reffkin and Realogy CEO Ryan Schneider

‘Dummy job’ at Compass created to circumvent Realogy rules. Compass created a “dummy job” for a former Realogy finance executive as a way of getting around his non-compete, a New Jersey judge has ruled. [TRD]


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