RESolutions Celebrates its 10th Year

February 24, 2018

10 years resolutions commercial real estate chicago

“We are proud to have served our clients by delivering superior results to enhance the performance of over 4,000,000 square feet of commercial real estate over the past ten years. Our focus on maximizing asset value has allowed us to build deep relationships with our portfolio of real estate owners, private equity funds, special servicers

and banks.”

S.L. van der Zanden, Managing Principal  |  Brian Goldman, Principal & COO

 

Thank you also for the generosity of your time, effort and professional assistance throughout the year with Centier Bank’s property management/liquidation assignments, periodic note sale needs and availability to answer all of our general inquiries. Your firm is second to none in people resources, capabilities and responsiveness. It has been my privilege to work with all of you and your extended team. I look forward to our continued, and long-term relationship.

Brian D. Miller, Vice President Group Manager Risk Management, Centier Bank

224 des plaines - commercial real estate chicago

224 Des Plaines

Chicago, IL

211 w wisconsin ave - commercial real estate chicago

211 W Wisconsin Ave

Milwaukee, WI

There are lots of receivers, and most are good at working the court

system and chasing tenants for rent, but RESolutions brings a true asset management perspective which is a big differentiator – that adds a

lot of value to the equation…

Gianluca Montalti, Senior Vice President, Torchlight Investors

glen town center - commercial real estate chicago

Glen Town Center

Glenview, IL

medical mutual headquarters - commercial real estate chicago

Medical Mutual Headquarters

Cleveland, OH

RESolutions is a very professional and experienced commercial property manager. They increased our occupancy to 100% with an aggressive tenant retention as well as leasing strategy.

Gerald Nudo, Principal, Marc Realty

enterprise corporate center - commercial real estate chicago

Enterprise Corporate Center

Andersen, IL

valparaiso walk sc - commercial real estate chicago

Valparaiso Walk SC

Valparaiso, IN

 

FOR LEASE: 1148 W Chicago Ave, Chicago – River West, IL

Highly finished build-out in a commercial condo in River West neighborhood available for rent. Great for a loft retail/showroom/office user just west of the busy Ogden, Milwaukee, and Chicago intersection. 3 parking spots included. Easy access to 90/94.

  • 2,700 SF available
  • Located at the highly trafficked intersection of Milwaukee, Ogden, and Chicago Avenues under a residential condo building, next to the Chicago Center for Music Education
  • Excellent visibility
  • Area retail includes Big Shoulders Coffee, Pie-Eyed Pizzeria, Subway, Dunkin Donuts, CVS and US Bank

FOR LEASE 1148 W Chicago Brochure

 

FOR LEASE: 8730 S Kedzie, Evergreen Park, IL

Evergreen Park Town Center, a 6,500 SF multi-tenant retail strip center has one endcap space remaining of 1,682 SF! Shadow anchored by Walgreens and Aldi Foods. Formerly a drive-through Starbucks, the center was recently built in 2005 and has excellent traffic counts of 23,000+ vpd on Kedzie and 31,000+ vpd on 87th Street. Located in Evergreen Park, Illinois, 12 miles south of downtown Chicago.

FOR LEASE: 14600 S LaGrange Road, Orland Park

Great location for small business or service retailer. High Vehicular Traffic of 36,400 per day. Convenient drive‐up parking for tenants/customers.

RESolutions News 12/2017

December 13, 2017 – RESolutions sells Peoria apartment portfolio and hires Patrick Schenk.

resolutions commercial real estate chicago - logo
COMPANY NEWS:

ANNOUNCEMENT:

RESolutions represents Asian buyer in purchase of Peoria multifamily assets.


NEW HIRE:

Patrick Schenk has joined RESolutions.


REFERRAL REWARDS:

Contact us to learn how you can easily monetize your real estate network by referring business to us.



CONTACT US:

RESolutions

Property Management,

Investment Sales & Leasing

  Send us an Email

Phone: (312) 257-3252

Web: www.resolutionsemr.com

Address:  79 W Monroe, Suite 905, Chicago, IL  60603


SOLD: Peoria Apartments Purchased by Asian  Investor

(Peoria, IL) – RESolutions is pleased to announce its representation of an Asian buyer in the recent purchase of a 33 unit apartment portfolio located on Moss Avenue in Peoria, Illinois for $1.3 Million. While not exclusively leased to students, the properties’ location between the University of Illinois Medical School and Bradley University, results in a strong student occupancy.

Brian Goldman and Saar Schnitman identified the opportunity and represented the buyer in the purchase. In order to complete the transaction, we also negotiated a release of a potentially detrimental easement over the property by the owner of the land next door.

NEW HIRE

Patrick Schenk

Associate

Property Management & Leasing           

patrick schenk - resolutions real estate

RESolutions is pleased to announce that Patrick Schenk has joined the company in the Property Management & Leasing group. 

Patrick graduated from DePaul University’s Driehaus College of Business this past spring after successfully completing his degree in Real Estate Finance. Patrick comes to us from The Walsh Group and will be initially working on property management and leasing.

Please note:  This is an opt-in newsletter and is only received by those who joined it or have had interactions with RESolutions EMR.  RESolutions EMR respects your privacy and will never share your email address or any other personal information with anyone.

 

 

Fountain Park Shopping Center in Schererville, IN

commercial real estate chicagoCLIENT: Regional Bank
ASSIGNMENT: Receivership, Property Management, Leasing & Disposition
STATS: 3 building, 94,000 SF multi-tenant shopping center located along retail corridor in Schererville.  Recent departure of Ashley’s furniture requires backfill to maximize property’s potential.

FOR LEASE: Contact Brian Goldman at 312.257.3252

8730 S Kedzie, Evergreen Park, IL

evergreen park - commercial real estate chicagoCLIENT: Investor
ASSIGNMENT: Property Management
STATS: 8,000 SF strip center leased to Harold’s Chicken, Edible Arrangements, and Boost Mobile among others.

 

SOLD: Medical Mutual Headquarters In Downtown Cleveland For $37.9 Million

Medical Mutual Headquarters - commercial property managementCLIENT: SPECIAL SERVICER
As advisor to a special servicer on a defaulted CMBS loan, we arranged the sale of the 381,000 square foot historic Rose Building to its current tenant, Medical Mutual of Ohio for $37.9 million. Our initial role was to negotiate a “blend and extend” of the absolute triple net lease with Medical Mutual – to extend the term with less than four years remaining to at least 11 years. Over the course of nearly a year, and despite many stops and starts, a deal was struck in June 2017 at the final purchase price. The sale price was about $10 million less than what BentleyForbes paid in 2000, but still a notably high number for an older downtown building, based on the prices that other, comparable properties have sold for. 

Press here to learn more.

RESolutions Brokers Sale of Cleveland’s Rose Building for $37.9 Million

FOR IMMEDIATE RELEASE:
Tuesday, September 27, 2017

Rose Building

Medical Mutual Headquarters, Cleveland, Ohio

(Chicago, IL) – Last week, as advisor to a special servicer, Torchlight Investors, on a defaulted CMBS loan, S.L. van der Zanden, Managing Principal of RESolutions, arranged the sale of the 381,000 square foot historic Rose Building to its current tenant, Medical Mutual of Ohio for $37.9 million. The sale is being viewed as a successful conclusion to a process that began over a year ago. That was when the lender, a group of bondholders represented by U.S. Bank, filed for foreclosure against Bentley Forbes, a California-based landlord, and a court-appointed receiver was installed.

The Rose Building, which was briefly the tallest building between New York City and Chicago, has been home to Medical Mutual since 1947 and they owned the 10-story building and its six-story annex from 1984 to 2000. Seventeen years ago, Medical Mutual sold the complex, along with other buildings, to Bentley Forbes to free up cash. Due to the near-term lease expiration of the building’s sole tenant, they were unable to refinance. Thus resulting in a maturity default.

S.L. van der Zanden’s Role

S.L. van der Zanden’s initial role was to negotiate a “blend and extend” of the absolute triple net lease with Medical Mutual. To extend the term with less than four years remaining to at least 11 years.

“My assignment was to put the property on a secure financial footing conducive for a buyer to obtain long-term financing and thereby facilitate a property sale at an attractive cap rate,” he says. “We were surprised that Medical Mutual’s response to our initial proposal was an offer to purchase with a net economic value of slightly less than thirty million dollars.”

Over the course of nearly a year, and despite many stops and starts, a deal was finally struck. In June of 2017, the deal closed at the final purchase price. The sale price was about $10 million less than what BentleyForbes paid in 2000. But it’s still a notably high number for an older downtown building. This is based on the prices that other, comparable properties have been fetching. Cuyahoga County estimates that the property is worth $16.2 million.

“We were excited to work on this assignment since we specialize in improving operations and leasing of large commercial properties. We have repeatedly demonstrated that we can add significant value while guiding distressed assets through the foreclosure process,” said S.L. van der Zanden, Managing Principal and CEO of RESolutions.

FOR LEASE: Prime Retail Space in Crest Hill

Endcap location (1,565 SF to 3,130 SF) next to new Amazon Distribution Center available for immediate occupancy! Come join existing tenants La Danse Academy, Hour Playhouse, 160 Driving Academy, as well as Best Practices Staffing.

 

Ample parking and large pylon signage attract shoppers!