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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of Three-Building Industrial Portfolio in Bolingbrook, Illinois

by Kristin Harlow

BOLINGBROOK, ILL. — Colliers has brokered the sale of a three-building industrial portfolio totaling 187,485 square feet in the Chicago suburb of Bolingbrook for an undisclosed price. The properties are located on Territorial Drive within the heart of the I-55 Corridor, which links the Joliet intermodal yards to metro Chicago. The buildings are fully leased to two tenants with a weighted average lease term just under two years. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, an institutional real estate investor. The buyer was an institutional real estate private equity fund.

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IllinoisLeasing ActivityMidwestOffice

Medline Expands Office Lease to 161,000 SF at The MART in Downtown Chicago

by Kristin Harlow

CHICAGO — Medline has expanded its office lease from 51,000 to 161,000 square feet at THE MART in downtown Chicago. Vornado Realty Trust owns the 3.7 million-square-foot property. Medline’s contiguous space will take up the majority of the 12th floor, and the lease term is through 2036. Headquartered in Northfield, Ill., Medline is a medical-surgical product manufacturer, supply chain provider and clinical solutions partner. The company currently has more than 39,000 employees worldwide. Spanning two full city blocks, THE MART is home to companies such as Motorola Mobility, PayPal, Conagra Brands, Allstate and Grainger. The 25-story building also features more than 250 design showrooms. Vornado recently completed the final phase of a more than $70 million renovation, which incorporates a grand staircase leading to a second-floor amenity program and gathering space. There are a range of food-and-beverage options, a fitness and conference center, exclusive tenant lounge and landscaped River Park. J. Frank Franzese and Steven Bauer of Colliers represented Medline, while Andrea Saewitz, Wendy Katz and Ben Cleveland of Stream Realty represented Vornado.

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IllinoisIndustrialLoansMidwest

Logistics Property Co. Receives $205M Loan for Five Projects Totaling Nearly 2.7 MSF Across Three Markets

by Kristin Harlow

CHICAGO — Chicago-based Logistics Property Co. LLC has received a $205 million permanent loan from PGIM Real Estate. The loan included five projects within the firm’s first develop-to-core fund, LPC Logistics Venture One LP. The five projects total nearly 2.7 million square feet across seven buildings. Frederickson ONE, Building 4 and Building 7 are in the Seattle market, 94 Logistics Park is in the Chicago market and Logistics 83 and North Penn Logistics Center are in the Southeast Pennsylvania/New Jersey market.

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DevelopmentIllinoisMidwestOffice

New Ownership Group Revitalizes 161 North Clark Office Tower in Chicago

by Kristin Harlow

CHICAGO — Chicago office tower 161 North Clark has emerged from receivership with a new ownership group that has inked 75,000 square feet of leases so far this year. The 50-story property features a refreshed lobby and a soon-to-open Veteran Roasters coffee shop. The new ownership group is an entity doing business as 161 North Clark Newco LLC. Telos Group is overseeing leasing, CBRE is the property manager and Xroads Real Estate Advisors is the asset manager. The 1 million-square-foot property is situated directly across from Google’s new Chicago headquarters, which are slated to open in 2026. Established in 2017, the veteran-owned Veteran Roasters is opening in the retail space formerly occupied by Freshii. Visitors will also enjoy a multimedia art exhibit from local artist Tom Rossiter. Tenant amenities include a conference center, 12th-floor outdoor roof terrace, fitness center and lounge. The new ownership is working on plans to expand and update the amenity and conference center floor.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Completes 282,588 SF Tenant Improvement Project for Tailored Brands in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Principle Construction has completed a 282,588-square-foot tenant improvement project for Tailored Brands at 2000 Deerpath Road in Aurora. The fashion retailer owns brands such as Men’s Wearhouse, Jos A. Bank and K&G Fashion Superstore. The new building will service Chicago, Cincinnati, Detroit and Minneapolis, each of which is currently serviced by other distribution centers in Houston, Pittston and Atlanta. Principle added a dedicated 13,491-square-foot boiler and dry-cleaning room with a specialized mezzanine for pipe support and a new 4,000-amp electrical service to accommodate the facility’s energy demands. Improvements also included 20 new rooftop air conditioning units, 14 interlocking exhaust fans, an ESFR sprinkler system and 29 new loading docks. Partners in Design was the architect.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers Sale of 47,997 SF Tesla Sales, Service Center in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — JLL Capital Markets has brokered the sale of a flagship Tesla sales, service and delivery center in the Chicago suburb of Northbrook for an undisclosed price. The newly developed build-to-suit for Tesla is located at 1000 Skokie Blvd. The 47,997-square-foot property is Tesla’s only custom build-to-suit sales, service and delivery center in Chicagoland. Designed to support several retail showrooms throughout Chicago’s northern suburbs, the Northbrook facility provides new vehicle delivery, vehicle preparation and maintenance services. The building also features a showroom and ancillary office spaces. Alex Sharrin and Josh Katlin of JLL represented the seller, a joint venture between Focus and Fort Union. Kingsbarn Realty Capital was the buyer.

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DevelopmentIllinoisIndustrialMidwest

S&C Electric Co. Opens 275,000 SF Manufacturing Facility in Palatine, Illinois

by Kristin Harlow

PALATINE, ILL. — S&C Electric Co. has opened a new 275,000-square-foot manufacturing facility in Palatine, a northwestern suburb of Chicago. The expansion created 200 production and engineering jobs. The property is situated about 25 miles from S&C’s headquarters and manufacturing campus in Chicago’s Rogers Park neighborhood. Production in Palatine includes circuit-washers, devices that protect transmission substation transformers and other grid-hardening equipment.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of Fully Leased Retail Property in Chicago’s Streeterville Neighborhood

by Kristin Harlow

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a fully occupied, multi-tenant retail property in the heart of Chicago’s Streeterville neighborhood for an undisclosed price. The standalone building at 227 E. Ontario St. is leased to Sweetgreen, Nando’s, CorePower Yoga, Big City Optical and Movement Physical Therapy. Joe Girardi and Emily Gadomski of Mid-America represented the undisclosed seller. The Shiner Group was the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $19.3M Sale of Multifamily Portfolio on Chicago’s Northwest Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a five-building, 97-unit multifamily portfolio in Chicago for $19.3 million. Joe Smazal and Mark Dykstra of Interra represented the buyer, Silver Property Group Ltd., a Chicago-based real estate investment and management company. The duo also represented the seller, an East Coast-based investment group. The portfolio consists of the following properties: 4654 N. Monticello Ave., 4718-24 N. Bernard St., 1501 N. California Ave., 4226-30 N. Whipple St. and 4057 W. Melrose St.

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AcquisitionsDevelopmentIllinoisIndustrialMidwestMultifamily

SVN Chicago Commercial Arranges Sale of 45,000 SF Industrial Building in Aurora for Multifamily Conversion

by Kristin Harlow

AURORA, ILL. — SVN Chicago Commercial has arranged the sale of a 45,000-square-foot industrial building in Aurora for $1.5 million. Located at 325 S. Union St., the 111-year-old property, once utilized for manufacturing World War II vehicle parts, is slated to be converted into multifamily units. James Mead of SVN represented the undisclosed seller. The buyer, specializing in adaptive reuse projects, plans to use historic tax credits to complete the project.

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