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DevelopmentIllinoisIndustrialLoansMidwestOfficeSelf-Storage

Byline Bank Provides $9.2M Loan for Office Conversion Project in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — Byline Bank’s Commercial Real Estate Group has provided a $9.2 million loan for the conversion of a 103,109-square-foot office building into self-storage space in the Chicago suburb of Lombard. LSC Development is the developer and borrower. The building, located at the intersection of I-355 and North Avenue, will be transformed into 67,853 square feet of climate-controlled self-storage space with 64 secured surface parking spaces for both RVs and regular vehicles across 14,800 square feet. Two loading docks with overhead doors will also be installed. The project is slated for completion in the first half of 2026. Law firm Blank Rome represented Byline Bank, while Duggan Bertsch LLC represented LSC Development.

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AcquisitionsIllinoisMidwestMultifamily

The Apartment Source, Westward360 Unveil Strategic Merger in Chicago

by Kristin Harlow

CHICAGO — The Apartment Source (TAS), a real estate firm specializing in multifamily leasing, has unveiled the merger of its property management division with Westward360, a provider of real estate property management services for rental property owners and community associations. The merger brings together two companies in the Chicago real estate market. According to a release, Westward360’s reputation in property management will help TAS expand into new Chicago and suburban markets, while Westward360 will broaden its portfolio.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 37,287 SF Industrial Building in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 37,287-square-foot industrial building in Elmhurst. The single-tenant property is currently leased on a short-term basis and will be available for lease in September. Constructed in 1970, the building sits on 1.7 acres and features a clear height of 16 feet, two docks, two oversized drive-in doors, parking for over 21 cars and an additional 0.4 acres of secured yard for outdoor storage or additional parking. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern represented the seller and will be retained to market the property for Venture One. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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DevelopmentIllinoisMidwest

Mount Carmel High School Debuts New Performing Arts Center in Chicago

by Kristin Harlow

CHICAGO — The Barry-Hughes Performing Arts Center at Mount Carmel High School in Chicago is now complete. Ware Malcomb provided interior architecture and design services for the renovation of the 70-year-old brick and wood bow-truss building, which is located near Jackson Park in the city’s Woodlawn neighborhood. Mount Carmel High School is an all-boy Catholic high school established in 1900. The latest in a series of campus renovations, the school’s Barry-Hughes Performing Arts Center project transformed an underutilized building into a fully equipped performing arts, music and recording studio facility. The large open space within the performing arts center comprises a flexible theater space that can accommodate audiences of up to 250 patrons. Ancillary uses in the performing arts center include a visual arts flex space, and art and pottery studio, study nooks, a student-run café and storage spaces.

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IllinoisIndustrialLoansMidwest

JLL Arranges $22.5M in Financing for Metro Chicago Industrial Portfolio

by Kristin Harlow

ARLINGTON HEIGHTS, ELK GROVE VILLAGE, SCHAUMBURG AND NORTHBROOK, ILL. — JLL Capital Markets has arranged $22.5 million in financing for a four-property, shallow-bay industrial portfolio totaling 382,762 square feet in metro Chicago. The financing included proceeds for the refinance of three assets and the acquisition of a fourth property. The portfolio consists of: Arlington Center, a two-building, 213,963-square-foot complex in Arlington Heights; Stanley, a five-building, 56,416-square-foot asset in Elk Grove Village; Remington, a 51,662-square-foot property in Schaumburg; and Old Willow Industrial Complex, a 12-builidng, 60,721-square-foot asset in Northbrook (acquisition). The properties are all at least 90 percent leased. Jeff Sause, Chad Morgan, Brian Walsh and Lauren Sackler of JLL arranged the financing through a life insurance company on behalf of the borrower, Unilev Capital Corp. and an affiliate of Palladius Capital Management. Raymond Levy, Ian Konowitch and Peter Berges of JLL led the Unilev team.

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AcquisitionsIllinoisIndustrialMidwest

Cawley CRE Brokers Sale of 168,000 SF Industrial Building in Chicago

by Kristin Harlow

CHICAGO — Cawley Commercial Real Estate (CRE) has brokered the sale of a 168,000-square-foot industrial building located at 4343 W. Ohio St. in Chicago. The sales price was undisclosed. The property is situated on 7.8 acres within the Northwest Industrial Park and features overhead cranes, an active interior rail spur, zoning allowances for outdoor storage and access to heavy power. Frank Melchert and Stevan Arandjelovic of Cawley CRE represented the seller, Plant One LLC. Adam Schneiderman and Dale Strauss of Strauss Realty represented the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Brennan Purchases 38,135 SF Industrial Property in Broadview, Illinois

by Kristin Harlow

BROADVIEW, ILL. — Brennan Investment Group has purchased a 38,135-square-foot industrial property in Broadview, about 12 miles west of downtown Chicago. The single-tenant building is located just off I-290 at the four-way 25th Avenue interchange. The property is fully leased to MYR Group, an electrical construction business. Bill Lussow of Bespoke Commercial Real Estate represented the undisclosed seller.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 31,394 SF Industrial Building in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 31,394-square-foot industrial building in the Chicago suburb of Batavia. Located at 1563 Hubbard Ave., the single-tenant property was fully leased at the time of sale. Constructed in 1980 and situated on 2.2 acres, the building features two exterior docks, one drive-in door and parking for over 80 cars. Matthew Stauber of Colliers represented the undisclosed seller. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

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DevelopmentHealthcareIllinoisMidwest

Keeley Construction Completes 19,475 SF Hanger Clinic Facility in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Keeley Construction has completed a 19,475-square-foot Integrated Care Center (ICC) for Hanger Clinic in the Chicago suburb of Schaumburg. The new facility is located at 640 E. Golf Road. Hanger Clinic is a provider of orthotic and prosthetic solutions, with more than 900 locations across the country. The new ICC is designed to elevate patient care for individuals with limb loss, limb difference and other physical disabilities. The clinic features a rock-climbing wall, gym area, golf simulator, running track, kitchen and demo apartment. The amenities provide patients with the opportunity to test various prosthetic technologies in real-life scenarios. The ICC also features multiple medical exam rooms, dedicated office space with a Clinician Collaboration Center, a reception and waiting area and onsite fabrication lab. Sarfatty Associates was the architect and Ware Malcomb served as interior designer. Brian Edgerton of NAI Hiffman represented Hanger Clinic in the lease, starting with strategic planning and site selection in February 2022. Les Kristof of CBRE represented the landlord, Golfwood Square LLC.

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

Chicago Office Market: the Trophy Spillover Effect

by Kristin Harlow

By Steven Bauer, Colliers The office towers that define Chicago’s landscape have unique histories and personalities, but not all are created equal in the eyes of the tenant. Buildings seeing the highest demand, classified even higher than Class A, are “trophy buildings” — buildings with high-quality finishes, newer and more efficient construction, and are often amenity rich with exclusive lounges, rooftop decks, fitness centers and private bars.  It’s especially important in today’s market to distinguish between the two distinct building categories because while Chicago’s real estate market is a vibrant and complex one, there is more to the story than what you see in the headlines. While the overall vacancy rate in the Loop remains at a historic high above 25 percent, trophy space vacancy is under 10 percent, and demand continues to be robust.  The story of flight to quality and flight to trophy assets has been told repeatedly since the COVID pandemic — complete with statistics that back the trend up. In the fourth quarter of 2024 alone, owners of trophy class buildings finalized anchor tenant renewals with Mayer Brown and PwC, both of whom kept roughly the same square footage as they had previously leased. With the …

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