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Monthly Archives: June 2015

Bradford Allen Represents Walton Isaacson in River North Office Relocation

CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that Senior Managing Director Ben Azulay and Director Justin Kessler have completed a new 19,538 square foot lease on behalf of Walton Isaacson at 325 N. LaSalle Street (Reid Murdoch Center) in Chicago.

Founded in 2006, Walton Isaacson is an independent marketing agency with offices in Los Angeles, New York, Chicago and Miami. Due to the firm’s organic growth and need for additional space, Walton Isaacson chose to relocate from 400 N. State Street where they are spread over multiple floors to the 5th floor of the Reid Murdoch Center where they will have room for continued growth.

Azulay and Kessler assisted the firm with its site selection analysis, ultimately securing space at the Reid Murdoch Center based on its location as well as the building’s large floor plates. Walton Isaacson will move into their new office this summer.

“We are pleased to have assisted Walton Isaacson in this relocation and in streamlining its operations to create greater efficiencies,” said Bradford Allen’s Kessler. “This transaction enables the firm to stay in River North, while also accommodating the need to house all of its employees on one floor.”

Azulay and Kessler represented Walton Isaacson in the lease negotiations. The Reid Murdoch Center, which is owned and leased by Friedman Properties, was represented by Robert Zimmerman.

 

About Bradford Allen Realty Services

Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.

 

I.H.P. Highland LLC Purchases 1920 S. Highland in Lombard From Ameriprise

CHICAGO, IL – I.H.P. Highland LLC has purchased 1920 S. Highland Avenue in Lombard, Illinois. The property acquisition was financed by a loan from A-10 Capital. Chuck Hoag, Senior Managing Director of Bradford Allen Capital arranged the financing on behalf of I.H.P. Highland LLC.

Built in 1988, 1920 S. Highland Avenue is a Class B, 53,195 square foot office building in the East-West Corridor located near the intersection of I-88 and I-355. The property is ideally located within minutes of an abundance of upscale shopping and dining destinations at Yorktown Shopping Center and along Butterfield Road.

The new owner engaged Bradford Allen Capital to secure financing for the property. Chuck Hoag was able to arrange a long term, non-recourse acquisition loan from A-10 Capital.

“The emergence of non-bank lenders like A-10 Capital, who pursue middle market opportunities, gave the partners several competitively priced non-recourse borrowing options,” said Hoag. “In the past for this type of asset their only option would have been a traditional loan from a local bank.”

This is the second acquisition I.H.P. Highland has completed this year. The owner purchased the adjacent property, 1910 S. Highland in March. 1910 and 1920 S. Highland will be marketed together and ownership plans to renovate the parking lot, HVAC systems and the common areas of the buildings. Bradford Allen’s Ryan Moen and John Millner will be representing both properties.

“The Principals of I.H.P. Highland chose to work with us again based on our relationship and successful track record,” said Moen. “We value and take pride in those we have the honor to work with on a repeat basis. It is a testament to our hard work and commitment to our clients.”

Like 1910, 1920 S. Highland was acquired from the properties prior lender following foreclosure.

 

About Bradford Allen Realty Services

Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.

 

Bradford Allen Obtains $30 Million in Financing for Beverly Hills Country Club

LOS ANGELES, CA – Bradford Allen has partnered with Security Benefit Life Insurance Company to provide $30.0 million in financing for the acquisition and renovation of the Beverly Hills Country Club, a bath and tennis facility located in the Cheviot Hills’ neighborhood of West Los Angeles.  The club was purchased by a joint-venture between Meriwether Companies of Boulder, Colorado, and Singerman Real Estate, a Chicago-based investment fund.

The Club is situated on 3.91 acres and is improved with a 34,885 sq. ft. clubhouse, 10 lit tennis courts and an outdoor swimming pool.  Ownership plans a series of renovations, which will dramatically improve the exterior appearance, interior, and amenities.

“We provided the sponsors with a complete financing solution and the certainty of execution they needed to acquire the property,” said Joseph Wittrock of the Security Benefit Investment team.  “We are excited to see the renovation come together and believe the resulting product will be very special for the members of the Club.”

The financing was originated by Chuck Hoag of Chicago-based Bradford Allen Capital, which has a correspondent lending relationship with Security Benefit.

“Financing for these kinds of assets, similar to golf clubs and marinas can be very challenging. In this case, we had the benefit of Meriwether’s development experience and Singerman’s financial strength combined with an irreplaceable location.” Hoag said. “Our partners at Security Benefit quickly saw the potential in the deal and made a decision to partner with the sponsors and move to close. We had a tight deadline, but we got it done thanks to a total team effort by the lender and sponsors.”

 

About Bradford Allen Capital

Bradford Allen Capital originates and services permanent, bridge and construction financing in the form of senior-secured commercial debt, mezzanine debt and preferred equity for commercial properties nationwide. The firm is part of Bradford Allen Realty Services, a Chicago-based, national commercial real estate company that provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.

 

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. A Look at How DTZ and Cushman & Wakefield’s U.S. Market Coverage Stacks Up – Backed by global investment giant TPG Capital, DTZ’s plan to buy Cushman & Wakefield for a reported $2 billion is the latest and by far largest in a series of high-level moves ushering in major changes across the U.S. commercial real estate services landscape... CoStar
  2. Adding on to the Willis Tower? – Chicago’s tallest building could get wider, too, now that Blackstone Group has finalized its $1.3 billion acquisition of 110-story Willis Tower today. After closing on its anticipated purchase this afternoon, the New York-based private equity firm is drawing up plans for dramatic changes to the 42-year-old tower… Crain’s Chicago
  3. An L.A. idea that smart Chicago landlords may soon steal – Developer Rick Caruso has a new plan for your workday: let your office building do your laundry, shop for groceries, pick up dinner and deliver it all to you by 5 p.m. “After a long day at the office, you want us to pack a couple of steaks and a bottle of wine in your car?… Crain’s Chicago
  4. South Street Expands Acquisition Scope – South Street Capital, a Chicago based, privately controlled real estate investment firm, has decided to expand the scope of its acquisition strategy into several Midwest states and core areas on the West Coast… Globe St.
  5. The $5 billion question: Will WeWork survive the next downturn? – In November, news broke that the shared-office provider WeWork raised $150 million in February 2014 from a number of high-profile investors, including Boston Properties’ Mort Zuckerman. The deal valued WeWork at $1.5 billion and catapulted it into the limelight. It was suddenly a “unicorn,” Silicon Valley-speak for a company that races to a $1 billion-plus valuation based on fundraising… The Real Deal 
 

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. 222 N LaSalle Signs Another Tech Firm – The owners of 222 N. LaSalle in downtown Chicago have launched an effort to make the 26-story tower into a destination for technology, advertising, media and information companies. And they recently scored another success by signing online personal lending company Avant Credit to a long-term lease for about 78,794 square feet... Globe St. 
  2. Is Chicago’s Next Big Neighborhood… The Loop? – During the build up to this year’s mayoral and aldmeranic elections, Chicago’s downtown was often depicted as the gluttonous beneficiary of preferential investment at the expense Chicago’s spurned neighborhoods… ChicagoNow
  3. Rejecting the Cubicle for an Expanse of Space – In the era of the coffee-shop office, where a bit of countertop can be enough room from which to run a business, some tenants in New York are clamoring for a very different kind of workplace: one that spans a cavernous 100,000 square feet or more… New York Times
  4. Rents rising for Chicago’s premier high-rise offices – Rents are on the rise in Chicago’s premier office buildings, according to a new report from JLL, a commercial real estate firm. Gross asking rents at Chicago’s 65 so-called skyline buildings rose 99 cents to $37.93 per square foot last year. In 2013, rents rose 47 cents to $36.94… Chicago Tribune
  5. Why tech loves quirky, old buildings – As giants like Facebook and Google build shiny new cities in Silicon Valley, other technology companies are doing just the opposite to the national office landscape. They are revitalizing and transforming older buildings and breathing new life into a market that had been on life support… CNBC