Wednesday, August 20, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Illinois

AcquisitionsIllinoisMidwestRetail

Quantum Brokers $6.8M Sale of Retail Center in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.8 million sale of Aspen Pointe, a multi-tenant retail center in Vernon Hills, a suburb of Chicago. Built in 2005, the 26,593-square-foot property is located at 271 Townline Road. It was fully occupied at the time of sale by Starbucks, For Eyes, Maciano’s Pizza, FedEx, Cold Stone Creamery and a few local tenants. Jason Lenhoff of Quantum, along with Beth Sansiper and Jeff Gurian of Becker & Gurian,  represented the buyer, Newcastle Properties. Drew Trammell of Newcastle managed the underwriting and closing of the acquisition. The seller was a private real estate investment firm from Chicago.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 146,029 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Colliers International Chicago has brokered the sale of a 146,029-square-foot industrial building in Elk Grove Village, a northwest suburb of Chicago. The sales price was undisclosed. Completed in 2020 and located at 500 E. Devon Ave., the property features a clear height of 32 feet. The facility was 71 percent leased to three tenants at the time of sale. Colliers will continue to represent the new ownership in marketing the vacancy for lease. Jeff Devine and Steve Disse of Colliers represented the seller, CA Ventures. A fund managed by Goldman Sachs was the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Wrigleyville

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sale of a 12-unit apartment building in Chicago’s Wrigleyville neighborhood for $5.4 million. The property is located at 915 W. Addison St., just steps from Wrigley Field. The building was originally constructed in 1920, but recently underwent an extensive capital improvement program by the seller. The property was fully leased by the time of sale. Joe Smazal of Interra represented the private local buyer. Craig Martin of Interra represented the seller, Horizon Realty Group.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRetail

Red Mountain Group Acquires 600,000 SF Algonquin Commons Power Center in Suburban Chicago

by Kristin Harlow

ALGONQUIN, ILL. — Red Mountain Group Inc. has acquired Algonquin Commons, a 600,000-square-foot power center in Algonquin, a northwest suburb of Chicago. The purchase price and seller were undisclosed. Located at 1504-2298 S. Randall Road, the center sits on 70 acres. Built in 2004, the property is 75 percent occupied by tenants such as Trader Joe’s, Ulta, Nordstrom Rack, DSW, Pottery Barn, Victoria’s Secret, Express, On the Border and Bonefish Grill. Red Mountain plans to invest nearly $30 million for the renovation and repositioning of the asset. Plans call for an indoor-outdoor covered entertainment area with an acre of open space. While in escrow, Red Mountain executed a new lease with Ashley Furniture. The company says it is currently working with two other large-format national retailers. Red Mountain’s portfolio comprises 95 shopping centers across 18 states.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestOffice

KBS Begins $22M Renovation of Chicago’s Accenture Tower

by Kristin Harlow

CHICAGO — KBS has begun a $22 million renovation project at Accenture Tower, a 40-story office building in downtown Chicago. Planned upgrades include a new lobby, conference center, tenant lounge and an outdoor deck with a fire pit and bar area. Chicago-based GREC Architects designed the renovation plans. In addition to the building upgrades, KBS is adding 90,000 square feet of spec suites, which involves building out tenant suites without a committed tenant. Originally built in 1987, Accenture Tower spans nearly 1.5 million square feet. It features a 14,000-square-foot fitness center and more than 20 dining options. Its first two levels feature 80,000 square feet of retail space. Commercial real estate owner KBS is working with Leonardo Cos. on the planned upgrades. Wendy Katz and Matt Lerner of Stream Realty are the leasing agents for the property.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestMultifamily

McHugh, Crea Construction Complete Interior Renovations on 150 Units at Chicago’s Prairie Shores

by Kristin Harlow

CHICAGO — James McHugh Construction Co. and Crea Construction have completed interior renovations to more than 150 units at Prairie Shores, a five-tower apartment complex in Chicago’s Bronzeville neighborhood. Located on 20 acres at 2801-3001 S. Martin Luther King Drive, Prairie Shores includes a total of 1,675 units and is undergoing a multi-phase renovation. The property was developed from 1957 to 1961. Golub & Co. and Farpoint Development, along with Goldman Sachs, purchased the asset in 2019. McHugh and Crea are overseeing the installation of new appliances, countertops, flooring, plumbing, fixtures and lighting, as well as electrical system upgrades and painting. Designed by Evanston, Ill.-based Kaufman & O’Neil, the renovated units feature white cabinetry and granite countertops in the kitchens as well as more open floor plans.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingIllinoisLoansMidwestMultifamilySeniors Housing

Bellwether Enterprise Provides $28.5M in Financing for Renovation of Affordable Seniors Housing Asset in Chicago

by Kristin Harlow

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has provided a $28.5 million FHA 221(d)(4) construction and permanent loan, along with 4 percent low-income housing tax credits for the renovation and preservation of Heiwa Terrace in Chicago. The affordable seniors housing community includes 200 units and is located at 920 W. Lawrence Ave. The borrower, the Japanese American Service Committee, originally developed the property in 1978 using the HUD 202 program to create housing for low-income seniors. The renovation will replace all mechanical systems, fully modernize the building and significantly upgrade the units. The first floor will be redesigned to improve circulation and natural lighting. The borrower is also renewing a long-term Section 8 contract for residents. Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

Clear Height Properties Sells 100,000 SF Industrial Building in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Clear Height Properties has sold a 100,000-square-foot industrial building in Arlington Heights, a northwest suburb of Chicago. The buyer and sales price were undisclosed. Located at 3456 N. Ridge Road, the property was occupied by three tenants at the time of sale. Clear Height owned the asset since May 2018. Pat Turner and Brendan Green of Colliers International represented Clear Height in the sale. Clear Height is a real estate investment and management company headquartered in Oak Brook, Ill. Its portfolio totals 2.8 million square feet across 32 properties.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisIndustrialMidwest

McShane Underway on 429,524 SF Industrial Expansion for Abt Electronics in Glenview, Illinois

by Kristin Harlow

GLENVIEW, ILL. — McShane Construction Co. is underway on a 429,524-square-foot addition to the existing warehouse and showroom facility for Abt Electronics in Glenview, about 15 miles northwest of Chicago. The expansion will incorporate two three-story office blocks totaling 22,230 square feet and 407,294 square feet of warehouse space. The office buildout will include trucking offices, security offices, a breakroom and open office space. The warehouse will feature a clear height of 32 feet, and 39 semi-truck docks. Completion is slated for October. Camburas & Theodore is the project architect. Abt is an electronics, appliances and home goods retailer.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisIndustrialMidwest

Lion Electric to Invest $70M in Joliet, Build Electric Vehicle Manufacturing Facility

by Kristin Harlow

JOLIET, ILL. — Lion Electric Co., a Canadian manufacturer of all-electric buses and trucks, has unveiled plans to build its first-ever U.S. manufacturing facility in Joliet. A minimum of $70 million will be invested to build a new facility dedicated to producing electric vehicles. The 900,000-square-foot project is expected to come online in the second half of 2022. Annual production capacity is estimated at 20,000 zero-emission vehicles per year, creating at least 745 jobs for Illinoisans. Lion is known for its production of electric school buses. The Illinois Department of Commerce and Economic Opportunity worked with the state’s public-private economic development partner, Intersect Illinois, to put together a site selection process that involved both virtual and in-person site visits, economic analysis and coordination with local officials and utilities. Lion has qualified for the state’s EDGE incentive program, a tool to support companies making large-scale capital investments that lead to significant job creation.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts