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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $12M Sale of Apartment Building in Chicago’s Lakeview Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $12 million sale of The Bel in Chicago’s Lakeview neighborhood. The property at 937-41 W. Belmont Ave. comprises 37 apartment units and two ground-floor commercial spaces. Built in 2019, the transit-oriented development consists of eight studios, 27 one bedrooms and two two-bedroom layouts along with two retail spaces totaling approximately 4,000 square feet. The commercial units are leased to Pedestrian Coffee and Devil Dawgs. Joe Smazal and Mark Dykstra of Interra represented the local private buyer. The duo represented the seller, a local private developer, along with colleague Lucas Fryman.

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AcquisitionsIllinoisMidwest

Cresa Acquires Pacific Program Management

by Kristin Harlow

CHICAGO — Chicago-based Cresa has acquired Pacific Program Management (PPM), a project management firm based in Seattle and serving North America. The multimillion-dollar merger integrates PPM’s 180 professionals into Cresa’s existing project management group, creating a team of 280 professionals across 35 markets throughout North America. PPM CEO Clark Lindsay will assume the role of managing principal and president of project management at Cresa, while Mark Wanic, Christy McFall and Sandra Yencho will assume key leadership positions. PPM has expertise in portfolio program management, workplace consulting, capital project management and transition and relocation management. Lindsay founded PPM, then Lindsay & Associates, in 2009. The company serves owners, developers, investors and occupiers in the food and beverage, medical, life sciences, retail, e-commerce, gaming, entertainment, data center and technology industries. Cresa’s project management division, which is tenant-focused, is an integrated service that functions both as a standalone and a complement to its transaction management and workplace strategy teams. The acquisition of PPM marks Cresa’s seventh purchase in the past two years.

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IllinoisIndustrialLeasing ActivityMidwest

Dynamic Manufacturing Signs 79,532 SF Industrial Lease in Hillside, Illinois

by Kristin Harlow

HILLSIDE, ILL. — Dynamic Manufacturing Inc., a family-owned and operated automotive manufacturer, has signed a 79,532-square-foot industrial lease at 4160-4190 Madison St. in Hillside, a western suburb of Chicago. The tenant will occupy the entire facility, which is part of a seven-building portfolio that EQT Exeter recently acquired. The property features a clear height of 19.5 feet, LED lighting, four dock doors, two drive-in doors and ample car parking. Corey Chase of Newmark represented the tenant.

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IllinoisLeasing ActivityMidwestOffice

Transwestern Negotiates Two Office Lease Renewals Totaling 52,300 SF in Chicago

by Kristin Harlow

CHICAGO — Transwestern Real Estate Services has negotiated two long-term office lease renewals at 203 N. LaSalle St. in Chicago’s Central Loop. Kathleen Bertrand, Eric Myers and John Nelson of Transwestern represented ownership, Sumitomo Corp. of Americas. Transwestern also manages the 27-story, 624,724-square-foot tower. The Office of the State Appellate Defender renewed its lease for the entire 24th floor totaling 36,000 square feet. Masuda Funai, a law firm that represents foreign companies entering and operating in the U.S. market, signed a lease for 16,300 square feet and is relocating to the 17th floor. John Ziesmer of Transwestern Commerial Services represented Masuda Funai. Leasing activity year-to-date at the property is roughly 134,000 square feet.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $4.4M Sale of Multifamily Property in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of Oakridge Apartments in Peoria. Built in 1990 and 2013 by previous ownership, the 48-unit multifamily property consists of four 12-unit buildings. The asset is located at 2700 W. Willowlake Drive near I-74 and Illinois Route 6. David Tarnoff, Patrick Suffield and Yianni Mouflouzelis of Marcus & Millichap represented the seller, an Illinois-based limited liability company. Christopher Malay and Eric Bell of Marcus & Millichap represented the buyer, a California-based investment group.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Skender Breaks Ground on Three-Building Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — Skender has broken ground on United Yards, a three-building affordable housing development in Chicago’s Back of the Yards neighborhood. Celadon Partners and Blackwood Group are the developers, and DesignBridge is the architect. The project will consist of a 45-unit, six-story apartment building with a ground-floor business entrepreneur hub and youth programming space at 4703 S. Justine St. as well as two three-flat, modular apartment buildings at 1639 and 1641 W. 47th St. Completion is slated for October 2025. Tandem Ventures is managing regulatory compliance, maximizing community engagement and creating local employment opportunities on the project. Other partners include Virgilio & Associates as structural engineer and Element Energy as mechanical, electrical and plumbing engineer.

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AcquisitionsHealthcareIllinoisMidwest

IRA Capital Purchases 41,500 SF Medical Outpatient Facility in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Southern California-based private equity firm IRA Capital has acquired a 41,500-square-foot medical outpatient facility in Chicago’s South Loop. The purchase price was $21.8 million, according to Crain’s Chicago Business. Located at 1411 S. Michigan Ave., the facility occupies five floors of a 15-story building and is fully leased to Rush University Medical Center. Constructed in 2018 as a build-to-suit for Rush, the facility is one of the healthcare provider’s largest outpatient centers, offering both adult and pediatric primary care as well as more than 20 medical specialties. The multispecialty clinic includes 61 exam and procedure rooms and is supported by a team of over 60 physicians.

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IllinoisLeasing ActivityMidwestRetail

Hyper Kidz Signs 26,941 SF Retail Lease at Main Street Plaza in Wheaton, Illinois

by Kristin Harlow

WHEATON, ILL. — Hyper Kidz has signed a 26,941-square-foot retail lease at Main Street Plaza in the Chicago suburb of Wheaton. Brad Belden and Chris Irwin of Colliers represented the landlord, RMS Properties Inc. Brendan Watt of Great Street Realty represented Hyper Kidz, which offers an indoor playground, attractions and play zones. The lease brings the 116,759-square-foot property to 75 percent occupancy. Jewel-Osco is the anchor tenant.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Arranges Sale of 890-Unit Self-Storage Portfolio in Carbondale, Illinois

by Kristin Harlow

CARBONDALE, ILL. — Marcus & Millichap has arranged the sale of a four-property self-storage portfolio totaling 890 units in Carbondale, a city in southern Illinois. The sales price was undisclosed. There are 834 non-climate-controlled units and 56 climate-controlled units totaling 98,363 rentable square feet. The properties are located at 710 E. Main St., 1535 N. Reed Station Road, 707 E. College St. and 1295 Harmony Lane. Marla Čolić of Marcus & Millichap represented the undisclosed seller. A regional storage investment group purchased the portfolio. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction.

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IllinoisLeasing ActivityMidwestRetail

Two New Retail Tenants Open at Deer Park Town Center in Suburban Chicago

by Kristin Harlow

DEER PARK, ILL. — Ancho & Agave and Bluemercury are slated to open next week at Deer Park Town Center in the Chicago suburb of Deer Park. Ancho & Agave is a Mexican restaurant that is opening its second Illinois location. The restaurant totals 8,500 square feet. Luxury beauty retailer Bluemercury occupies 2,543 square feet. Deer Park Town Center also welcomed Victoria’s Secret, The Shade Store, Aerie and Clean Juice to the shopping center earlier this year. Managed by JLL, the outdoor lifestyle center is home to more than 60 retail, restaurant and service brands.

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