Illinois

Key Industrial Industry Sectors in St. Louis Region Attract Investment

by Kristin Harlow September 12, 2024

By Mary Lamie, Bi-State Development, St. Louis Regional Freightway The St. Louis regional industrial market continues to be a magnet for investment, with significant capital investment dollars flowing into four target industry sectors that remain key drivers of the bi-state economy. These sectors include metals, advanced manufacturing, food and AgTech, and chemicals. They are legacy industry sectors poised for continued innovation, job creation and economic diversification, in part due to the region’s exceptional logistics and transportation assets and established talent pipelines. Metals The St. Louis metropolitan area ranks second in the United States for mineral and ore exports. With more than $2.9 billion exported in 2022, the figures prove the market is well established for metals manufacturing, processing and shipping. The metals market is expected to grow with nearly 17,000 metals industry workers already in the region, and with copper supplier Wieland making a $500 million investment at its East Alton, Illinois, facility — a move that will retain 800 jobs in the region. “Wieland is committed to a sustainable future and is taking significant steps to modernize its East Alton facility,” says Greg Keown, president of Wieland Rolled Products North America. “This effort solidifies our ability to supply the …

September 12, 2024

Development Illinois Midwest Multifamily

Michaels, Brinshore Receive Approval from Chicago Plan Commission for Sixth Phase of Legends South Master-Planned Community

by Kristin Harlow September 11, 2024

CHICAGO — The Michaels Organization and Brinshore Development have received approval from the Chicago Plan Commission for the sixth phase of the Legends South master-planned community in Chicago’s Grand Boulevard neighborhood. Located at 4520 S. State St., the development is a revitalization of the former site of the Robert Taylor Homes public housing towers. Designed by LBBA and Brook Architecture, the new apartment community will offer a mix of one-, two- and three-bedroom units across two separate buildings. The project will also include 3,600 square feet of ground-floor commercial space and various community amenities. Complementing the apartments will be a small plaza at the intersection of State and 45th streets designed to foster community gatherings and enhance the neighborhood’s public space. The development also includes 47 parking spaces. The $40 million project is being funded through a combination of tax credit equity, City of Chicago soft funds, private loans, Chicago Housing Authority loans and tax-increment financing. The other phases of Legends South, which Brinshore and Michaels began developing in 2005, include more than 600 mixed-income rental units.

September 11, 2024

Illinois Industrial Leasing Activity Lee & Associates Midwest

RJW Logistics Group Signs 639,917 SF Industrial Lease in Joliet, Illinois

by Kristin Harlow September 11, 2024

JOLIET, ILL. — RJW Logistics Group has signed a 639,917-square-foot, full-building industrial lease at 275 W. Laraway Road in Joliet. Jeffrey Galante and Jeffrey Janda of Lee & Associates represented the owner, Pritzker Realty Group. Dominic Carbonari of JLL represented the tenant. PRG recently completed the property.

September 11, 2024

Acquisitions Illinois Midwest Retail

JLL Brokers $18.7M Sale of Hawthorne Commons Retail Property in Vernon Hills, Illinois

by Kristin Harlow September 11, 2024

VERNON HILLS, ILL. — JLL Capital Markets has brokered the sale of Hawthorne Commons in the Chicago suburb of Vernon Hills for $18.7 million. Northwestern Medicine anchors the 48,942-square-foot retail and medical property. Completed in 2016, the two-story building is 88 percent leased to eight tenants and is located at 850 N. Milwaukee Ave. Alex Sharrin, Keely Polcyznski and Michael Nieder of JLL represented the seller, a joint venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital Trust, in a joint venture with Pantheon, purchased the asset.

September 11, 2024

Acquisitions Healthcare Illinois Midwest

MCB Science + Health Acquires 72,000 SF Medical Office Building in Suburban Chicago for $28M

by Kristin Harlow September 10, 2024

NAPERVILLE, ILL. — MCB Science + Health has acquired a more than 72,000-square-foot medical office building in the Chicago suburb of Naperville for $28 million. Located at 1331 W. 75th St. and known as iMed Naperville Medical Office, the four-story asset was 96 percent leased at the time of sale and anchored by Endeavor Health, formerly known as Edward-Elmhurst Health. Additional tenants include ABC Pediatrics, Basko Dermatology, DuPage Children’s ENT & Allergy and Naper Grove Vision Care. The property was completed in 2015. MCB Science + Health, a division of Baltimore-based MCB Real Estate, acquires and develops projects serving the life sciences, medical office and seniors housing sectors. Jason St. John of Greenstone Partners represented the seller, DynaCom Management Inc.

September 10, 2024

Development Illinois Midwest Retail

Save A Lot, Yellow Banana to Reopen Six Remodeled Grocery Stores in Chicago

by Kristin Harlow September 9, 2024

CHICAGO — Save A Lot, a discount grocery chain, and Yellow Banana, a retail grocery platform that owns and operates Save A Lot locations, are reopening six remodeled stores in different neighborhoods across Chicago. The stores have undergone extensive interior and exterior renovations. The property at 420 S. Pulaski Road opened Sept. 5, while the stores at 10700 S. Halsted St., 2858 E. 83rd St., 7240 S. Stony Island Ave., 7908 S. Halsted St. and 4439 W. 63rd St. will reopen later this fall. Renovations include new flooring, lighting, equipment, HVAC systems, dairy and meat cases, paint, décor, fixtures and signage. The project is a collaboration between Yellow Banana, the City of Chicago, city representatives and community organizations. The city committed more than $13 million to support the capital improvement needs of the six stores. According to a release, the temporarily closed stores faced several challenges, including delays in construction, equipment setbacks due to supply chain disruptions and utility connection issues following vandalization incidents that left two stores without power for nearly three months. Founded in 1977, Save A Lot is the largest independently owned and operated discount grocery store chain in the U.S. with roughly 750 stores in 32 …

September 9, 2024

Acquisitions Illinois Midwest Retail

AXIS 360 Brokers Sale of Car Wash Property in Bloomington, Illinois

by Kristin Harlow September 9, 2024

BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the sale of a car wash property located at 1701 Morrissey Drive in the Chicago suburb of Bloomington. The sales price was undisclosed. Meghan O’Neal-Rogozinski of AXIS 360 represented the buyer, 150 Partners LLC, which plans to continue operating the car wash while implementing significant upgrades in the coming months. Matthews Real Estate Investment Services represented the seller, Parkway Car Wash LLC.

September 9, 2024

Acquisitions Development Illinois Industrial Midwest

Cawley CRE Brokers 140-Acre Land Sale for $1B Freezer Cooler Facility in Belvidere, Illinois

by Kristin Harlow September 5, 2024

BELVIDERE, ILL. — Cawley Commercial Real Estate (Cawley CRE) has brokered the sale of 140 acres in Belvidere, about 13 miles east of Rockford. A leading Fortune 500 company purchased the site with plans to build a 1.2 million-square-foot freezer cooler facility. Project costs are estimated at $1 billion. The project will include more than 1,000 trailer stalls as well as automation technology and will support the delivery of fresh and frozen food products across the Midwest. Completion is slated for 2027. David Conroy of Cawley CRE brokered the transaction.

September 5, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $7.8M Sale of Sunset Village Apartment Property in Waukegan, Illinois

by Kristin Harlow September 5, 2024

WAUKEGAN, ILL. — Interra Realty has brokered the $7.8 million sale of Sunset Village, an 84-unit multifamily property in the Chicago suburb of Waukegan. Located at 2205-10 N. Butrick St., the community was built over two phases in 1992 and 2001. There are 79 one-bedroom units and five two-bedroom units. Amenities include a secured entrance, lobby and lounge, fitness space, multiple laundry facilities and onsite parking. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the confidential seller. Waterloo and Zito represented a private local partnership in its acquisition.

September 5, 2024

Acquisitions Illinois Midwest Multifamily

Greenstone Partners Brokers $7.1M Sale of Apartment Building in Chicago

by Kristin Harlow September 4, 2024

CHICAGO — Greenstone Partners has brokered the $7.1 million sale of a 24-unit apartment building in Chicago’s Lincoln Square neighborhood. The property, located at 2247-49 W. Lawrence Ave., also features 1,950 square feet of ground-floor live-work space along with a rooftop deck. Jordan Multack of Greenstone represented the buyer, Breneman Capital, and the undisclosed seller.

September 4, 2024

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