Murphy Real Estate Services is that extremely rare breed of developer that has been able to maintain its access to community bank financing, which is probably the lowest cost of capital available on the market. Unfortunately for many, though, these banks have been significantly scaling back CRE lending in the face of mounting industry woes and increased regulatory scrutiny.
A Winnetka site idled for years after a developer failed to start a luxury apartment building he proposed in 2012 is on the verge of being reactivated after another developer’s proposal got the nod from village leaders.
Crain's exclusive Who's Who is back with over 400 names you should know. Since last year's publication, Chicago has elected a new mayor and seen subsequent shake-ups in City Hall, faced comings and goings among corporate and civic leaders, celebrated emerging movers and shakers and said goodbye to veteran figureheads. From esteemed chefs to lawyers, real estate magnates to educators, philanthropists to entrepreneurs and everyone in between, Crain's presents an authoritative guide to power in Chicago.
"This investment offers stable cash flow provided by the long-term tenants and we are excited about this addition to our portfolio. We look forward to expanding our presence in the industrial sector and pursuing new investment opportunities," said John T. Murphy, Chairman and Chief Executive Officer of Murphy RES.
A Chicago-based real estate company is dipping its toes in the Northeast Ohio industrial market, where its CEO sees strong potential for additional investments. Murphy Real Estate Services recently bought an Elyria warehouse that is fully leased to Great Lakes Honda West and Alexis Exhibits, a business that specializes in custom trade show displays.
This is no ordinary Hampton Inn. This property is located inside the 17-story Chicago Motor Club, an Art Deco building that once housed the offices of the automobile association. The property offers the comforts of a Hampton Inn inside a building sure to make you hear the call of the open road. Inside you’ll find a map of the United States and a classic car. The stay is a great option for travelers looking to spend time at Navy Pier.
The developers of a 47-story luxury apartment tower in the South Loop have put the building back on the market, joining a growing crowd of downtown multifamily landlords eager to cash out. A joint venture of Chicago developer John Murphy and Los Angeles investor CIM Group has hired Newmark to sell the Paragon Chicago, a 500-unit high-rise at 1326 S. Michigan Ave., according to a Newmark marketing brochure for the property. The tower, which opened in 2019, cost about $165 million to build.
A Chicago developer known for turning vintage downtown buildings into hotels lines up an ambitious project for the 522-room inn, which sits atop an office building next to the future Salesforce Tower.
Murphy is leading a venture to acquire the leasehold interest in the 522-room Holiday Inn Chicago Mart Plaza atop the office building at 350 N. Orleans St., according to sources familiar with the property. The venture is finalizing a deal to pay close to $23 million, or around $43,000 per room, for the property, with an ambitious plan to renovate and reposition it with a more upscale brand, sources said.
Perrigo broke ground on its new North American headquarters in downtown Grand Rapids on Wednesday.
The Dublin-based drug manufacturer and maker of self-care consumer products hosted its groundbreaking ceremony at 1 p.m. with Health Innovation Partners, the real estate development joint venture between Rockford Construction/Rockford Development, Walsh Construction/Walsh Investors, Murphy Development Group and Michigan State University (MSU), which is partnering on the headquarters project.
The project is part of the growing MSU Grand Rapids Innovation Park. Construction is expected to be complete in 2022.
Local economic development leaders have long sought to bring a global headquarters to downtown Grand Rapids, and it will soon become a reality as Perrigo Co. plc moves its North American corporate offices to the Medical Mile.
The pharmaceutical giant will occupy three upper floors of a building in Michigan State University’s Grand Rapids Innovation Park at 430 Monroe Ave. NW in what will be a $44.8 million project. Perrigo announced plans to relocate its offices to downtown Grand Rapids on Oct. 27, the same day the Michigan Strategic Fund board approved a $2 million Michigan Business Development Program grant, which was based on the anticipated creation of 170 jobs in Michigan.
