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DevelopmentIllinoisIndustrialMidwest

Krusinski Construction Completes 66,000 SF Industrial Build-out in Woodridge, Illinois

by Kristin Harlow

WOODRIDGE, ILL. — Krusinski Construction Co. has completed the build-out of a 66,000-square-foot interior warehouse space on behalf of J&P Warehousing and Tardella Foods in the Chicago suburb of Woodridge. J&P Warehousing is a third-party logistics firm and will serve its food-and-beverage client, Tardella Foods, out of the Woodridge facility at 2250 W. 75th St. Krusinski previously completed construction of the building, a 100,400-square-foot facility, on behalf of developer Molto Properties. The interior build-out included minor office modifications, installing a demising wall to separate the J&P Warehousing space from the adjacent 34,400-square-foot tenant space. Krusinski also separated gas and electrical services to accommodate the multi-tenant property. Additional project elements consisted of installing tenant-specific electrical and HVAC equipment, including a charging station for electric pallet jacks and an air compressor. Harris Architects designed the building.

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DevelopmentIllinoisMidwest

Summit Design + Build Begins Phase III of Interior Renovations for The Bloc Nonprofit in Chicago

by Kristin Harlow

CHICAGO — Summit Design + Build has begun Phase III of interior renovations for The Bloc, a nonprofit in Chicago. The Bloc is a boxing club that also provides training, tutoring and mentorship to guide youth toward academic, social and athletic achievements. Summit has completed two phases of renovations, including major upgrades to the building’s mechanical systems, a full kitchen remodel and other finishes of the space. The third phase includes flooring upgrades, electrical repairs and the reconfiguration of restroom plumbing, fixtures and layouts. Future Film is the architect.

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400-Lake-Shore_Chicago
DevelopmentIllinoisMidwestMultifamilyTop Stories

Related Midwest Breaks Ground on 635-Unit Multifamily Tower in Chicago

by Hayden Spiess

CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a multifamily project in the Streeterville neighborhood on the Near North Side of Chicago. Situated on a waterfront site where Lake Michigan meets the Chicago River, the two-tower development will occupy the last undeveloped parcel at the location. 400 Lake Shore’s first phase will feature a 72-story, 858-foot tower. The building will feature 635 apartments, with 20 percent of the residences (127 units) designated as affordable housing. Units will include studio, one-, two- and three-bedroom apartments.  Related Midwest’s in-house contracting company, LR Contracting Co., will build the first phase of the project with BOWA Construction. Skidmore, Owings & Merrill designed the development, with building interiors designed by MAWD. Stantec is serving as the architect of record.  Related will also lead the development of a 3.3-acre park — with a $10 million commitment from the company — and an extension of the Chicago Riverwalk, in conjunction with the construction of the first tower. Dubbed DuSable Park, the park will comprise a portion of the 4.5 acres of public space included in the 400 Lake Shore project, which will also feature a plaza with amenities, two-story podium and public art. The …

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IllinoisLoansMidwestMultifamily

Concord Summit Capital Arranges $10M in Construction Financing for Luxury Apartment Complex in Chicago

by Kristin Harlow

CHICAGO — Concord Summit Capital LLC has arranged $10 million in mezzanine financing for the construction of a luxury apartment complex in Chicago. Daniel Eidson, David Larson and Keegan Burger of Concord Summit arranged the financing, which included a senior loan with a C-PACE component. The project will feature amenities such as a fitness center, lounge, game room, private event space, outdoor pool and ground-floor coworking spaces. The lender and borrower were not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $3.1M Sale of Multifamily Portfolio in Oak Lawn, Illinois

by Kristin Harlow

OAK LAWN, ILL. — Interra Realty has arranged the $3.1 million sale of a multifamily portfolio in Oak Lawn, a southwest suburb of Chicago. Each of the three buildings on Mansfield Avenue houses eight units. At the time of sale, the buildings were 96 percent occupied. Michael Duckler of Interra represented the seller, a private investor. The seller replaced water tanks, added new windows, repaired roofs and completed painting and carpeting.

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AcquisitionsIllinoisMidwestRetail

Core Acquisitions Buys Rice Lake Square Shopping Center in Suburban Chicago for $34.2M

by Kristin Harlow

WHEATON, ILL. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. The value-add center was 76.2 percent leased at the time of sale. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Old National Bank provided acquisition financing. Core Acquisitions will provide property management services, and Mid-America Asset Management, which has handled leasing at the property for 20 years, will continue to serve as the leasing agent.  

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

The Good News for Chicago’s Office Market

by Kristin Harlow

By Dougal Jeppe, Colliers Over the past few years, we have been inundated with less than positive industry news. While it’s true we are at a historic moment in commercial real estate, and users are facing complex, never-before-seen questions about how to use their space, there remain many positives as we head toward the second half of 2024. So, let’s take a look at the good news from the Chicago office market. For now, downtown Chicago remains a tenant’s market, a trend expected to persist throughout 2024. With over 47.2 million square feet of office space available, tenants have a plethora of high-quality options to choose from, making it an opportune time for businesses seeking favorable lease terms to secure space.  And companies are doing just that. There has been a recent uptick in large space renewals by long-term office tenants including some consolidations reflecting the commitments many Fortune 500 companies, such as Mesirow and PNC Bank, have made to the City of Chicago.  Notably, JPMorgan Chase announced plans to reinvest in Chicago by renovating its namesake tower and keeping its 7,200 employees in the city. Similarly, Google has committed to the Central Loop, and plans to move about 1,000 …

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 57,040 SF Self-Storage Property in Beach Park, Illinois

by Kristin Harlow

BEACH PARK, ILL. — Marcus & Millichap has brokered the sale of Self Storage of Beach Park, a 57,050-square-foot self-storage property in Beach Park, a city in northeast Illinois. The sales price was undisclosed. Completed in 2021, the asset features 197 non-climate-controlled units and 250 climate-controlled units within three single-story buildings. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Extra Space Storage. The property will be rebranded as Storage Express.

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AcquisitionsIllinoisMidwestMultifamily

DMG Capital Acquires Linkt Apartments in Chicago’s River West for $14.2M

by Kristin Harlow

CHICAGO — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group, has acquired Linkt Apartments in Chicago’s River West neighborhood for $14.2 million. The luxury apartment property includes 47 units and two street-level retail spaces. The asset is 95 percent occupied. DMG will manage the building and oversee a common area refresh and light unit rehabs. The fitness center, outdoor green space and lobby will all be part of upgrades that will occur in the second half of this year. The acquisition marks DMG Capital’s third in six months, totaling $40 million in new assets. Philip Galligan and Danny Kaufman of JLL Capital Markets arranged debt financing through Freddie Mac. Meredith Katz and Ariel Murray of Greenberg Traurig LLP represented DMG in the purchase. Craig Martin and Joe Smazal of Interra Realty brokered the transaction on behalf of the buyer and undisclosed seller.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 32,496 SF Industrial Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,496-square-foot industrial building in Elgin for an undisclosed price. Located on Church Road and built in 1979, the property is fully leased to three tenants. The facility features three docks, four drive-in doors and parking for 30 cars. Nick Kyriazes of 360 Real Estate Services represented the undisclosed seller, while Matthew Lee and Parker Ray of Core Industrial Realty represented Venture One. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

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