Thursday, July 17, 2025
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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers Sale of Two-Tenant Retail Property in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of 1160 S. Michigan Ave., a two-tenant, ground-floor retail property in Chicago. Located at the base of The Columbian, a 47-story residential tower, the fully leased property is home to Burger Bar Chicago and Elements Massage. The two tenants have been in place for over a decade and recently extended their leases. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a limited liability company. Kiven and Kanich procured the buyer, Zam Investment LLC, along with colleague Carson Dodge.

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IllinoisMichiganMidwestMinnesotaOhio

Census: Midwest Shows Modest Year-Over-Year Population Growth

by Kristin Harlow

WASHINGTON, D.C. — The Midwest showed modest population growth from 2023 to 2024 with average rates varying by population size, according to the U.S. Census Bureau’s Vintage 2024 estimates released May 15. Places with fewer than 5,000 residents saw an average growth of 0.1 percent. Those with populations between 5,000 and 9,999 recorded a 0.6 percent average increase, while cities and towns with 10,000 to 49,999 residents grew by an average of 0.7 percent — the same rate observed in places with populations of 50,000 or more. Nationally, cities with populations fewer than 5,000 grew by 0.3 percent on average, compared with average growth rates of 1 percent for those with populations of 5,000 to 9,999; 1.1 percent for populations of 10,000 to 49,999; and 1 percent for populations of 50,000 or more. Between 2023 and 2024, 22 cities and towns in 16 states nationwide crossed the 20,000-population threshold. Four were in the Midwest. Rosemount, Minnesota, was ranked as one of the top 10 fastest-growing cities and towns with populations of 20,000 or more. The population grew 10.6 percent to 30,581. Rosemount was the only city in the Midwest to make the top 15 list. Chicago was ranked No. 7 …

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $3.4M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Interra Realty has arranged the $3.4 million sale of a 34-unit apartment building in Chicago’s Albany Park neighborhood. Located at 4901 N. Christiana Ave. and built in 1928, the property includes 33 studios and one one-bedroom unit. The building was 97 percent occupied at the time of sale and recently received capital improvements to 23 units. Patrick Kennelly of Interra represented the local buyer, 606 Realty. Joe Smazal of Interra represented the seller, an entity led by Mike Root of Chicago-based Root Realty.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 56,068 SF Industrial Building in Chicago’s Kinzie Corridor

by Kristin Harlow

CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 56,068-square-foot industrial building located at 235 N. Artesian Ave. in Chicago. The property was vacant at the time of acquisition. Situated in the Kinzie Industrial Corridor, the building features direct access to the central business district. The facility features three docks, one drive-in door and parking for 38 cars. Venture One plans to improve the asset with office renovations, warehouse paint, parking lot paving, energy-efficient warehouse lights, roof replacement and landscaping. Cal Kropke and John Huguenard of JLL represented the undisclosed seller. Larry Goldwasser, Matt Cowie and John Marks of CBRE will market the property for lease. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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Affordable HousingIllinoisLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $22.6M in Equity for Chicago Affordable Housing Community

by Kristin Harlow

CHICAGO — Walker & Dunlop Inc. has arranged $22.6 million in equity for Parkside 5, the fifth and final phase of the Parkside at Old Town development, a 99-unit community located on the former Cabrini-Green public housing site in Chicago’s Near North Side. Jennifer Erixon led the Walker & Dunlop team that syndicated Low-Income Housing Tax Credits and Illinois Donation Tax Credits on behalf of the borrower, Holsten Real Estate Development Corp. Walker & Dunlop Affordable Equity syndicated the equity to JP Morgan, resulting in $22.6 million of equity to support the development. In addition to syndicating the credits, JP Morgan is also providing a construction loan. The funding will support the construction of a mix of market-rate and affordable units, with 37 of the units benefitting from a 20-year Section 8 Housing Assistance Payment contract. The affordable units will be reserved for households earning between 50 and 60 percent of the area median income. Parkside 5 will feature three three-story, walk-up buildings and an eight-story mid-rise structure with townhome units at its base. Planned amenities include a community room, fitness center and onsite social services for residents. A playground and dog park will be open to the community.

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DevelopmentIllinoisMidwestOffice

Aspire Properties Spearheads $13M Renovation of Historic Chicago Office Tower

by Kristin Harlow

CHICAGO — Aspire Properties is underway on a $13 million renovation of 25 E. Washington, a 20-story office tower in Chicago’s Loop. Aspire has handled management and leasing of the property since 1996. The owners are Amsterdam-based Kroonenberg Groep and Aventura, Fla.-based Trump Group. Designed by geniant + Eastlake Studio, the renovation is slated for completion in September. A 15,000-square-foot, seventh-floor amenity center will feature a 3,000-square-foot open-air courtyard, lounge, game room, conference center and fitness facility. With over 45,000 square feet of new and renewed leases in the first quarter of 2025, the Daniel Burnham-designed building now boasts an 85 percent occupancy rate. Recent leasing highlights include: Siteline, which renewed its 13,000-square-foot space; ATS Institute, which expanded by 10,000 square feet; National Community Investment Fund, which relocated from LaSalle Street into more than 4,600 square feet; Millennium Counseling Center, which signed a new 3,500-square-foot lease; and Gertie Enterprises, which leased 3,000 square feet of new space.

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DevelopmentIllinoisIndustrialMidwest

Mapletree to Build 276,000 SF Logistics Facility in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Singapore-based Mapletree Investments has acquired an 18.1-acre site on Vetter Road in Joliet with plans to build a 276,000-square-foot logistics facility. Situated along the I-80 and I-55 interchange, the site offers convenient access to the Joliet Intermodal Center, which is comprised of the Union Pacific Joliet Intermodal Terminal and BNSF Joliet Intermodal Terminal. Sean Henrick of Cushman & Wakefield represented Mapletree in the land acquisition. Henrick and colleague Jason West will market the project for lease. Mapletree’s Chicago industrial portfolio comprises 65 assets totaling approximately 10.3 million square feet.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 44,458 SF Industrial Lease in Glenview, Illinois

by Kristin Harlow

GLENVIEW, ILL. — Lee & Associates of Illinois has negotiated a long-term lease for a 44,458-square-foot industrial building located at 1870 Elmdale Ave. in the Chicago suburb of Glenview. Jeff Janda, John Cassidy and Brad Simousek of Lee & Associates represented the owner, DRA Advisors. Nick Schurer of Vestian Global Workplace Services represented the tenant, Lakeshore Academy Gymnastics North. The property marks the gymnastic school’s third location.

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IllinoisLeasing ActivityMidwestOffice

Workbox to Open its Largest Coworking Space in Chicago’s Civic Opera Building

by Kristin Harlow

CHICAGO — Workbox, a national workspace operator, has unveiled plans to open its largest U.S. location at the Civic Opera Building in Chicago’s Loop. Workbox Chicago – Civic Opera will offer local entrepreneurs and businesses the opportunity to be part of a coworking community. In addition to flexible workspace solutions, member benefits include direct connection to more than 100 capital and operating partners, programming and networking events as well as connection to affiliates such as Workbox Ventures. The new location is set to open Monday, June 2 and marks the company’s seventh workspace in Chicago and 13th nationwide. Workbox Chicago – Civic Opera will be located along the Chicago River at 20 N. Wacker Drive, Suite 1000. Totaling 68,000 square feet, the location spans two floors with lounges, conference rooms, public outdoor space, a workout facility and modern amenities. Offices and suites will be available for teams ranging in size from 1 to 50 employees. Workbox is offering a variety of leasing specials for private offices and suites. There are also floating membership and reserved desk options for those looking for individual plans.

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DevelopmentIllinoisIndustrialMidwest

Keeley Construction Underway on 132,000 SF Industrial Expansion for Helukabel USA in Illinois

by Kristin Harlow

WEST DUNDEE, ILL. — Keeley Construction is underway on a 132,000-square-foot industrial expansion for Helukabel USA at its facility at 1201 Wesman Drive in West Dundee, a far northwest suburb of Chicago. The project will introduce new warehouse, office and climate-controlled manufacturing space — marking the first time manufacturing will occur at the site. An expanded office will feature a gym, cable testing and assembly areas, new locker rooms, showers and a modern breakroom. The project team includes Skedio Architecture, J&H and Benchmark Developers, serving as the owner’s representative. Helukabel USA is a manufacturer and supplier of cables, wires and cable accessories.

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