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Illinois

IllinoisLeasing ActivityMidwestRestaurantRetail

The White Sheep to Open 5,424 SF Restaurant in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — The White Sheep, a breakfast and brunch restaurant, has signed a 5,424-square-foot lease to open a restaurant at 22 E. Chicago Ave. in Naperville. The space is located in the River District Shopping Center, adjacent to North Central College. The restaurant is slated to open in the second quarter. Rick Scardino of Lee & Associates represented the tenant. Brooke Spinell of Mid-America Real Estate Group and Tom Bernier of Bucksbaum Properties LLC represented the landlord, Bucksbaum Properties. The lease marks the second location for The White Sheep, which maintains a restaurant in Orland Park.

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AcquisitionsIllinoisIndustrialMidwest

NAI Hiffman Negotiates $1.5M Sale of Industrial Outdoor Storage Property in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — NAI Hiffman has negotiated the $1.5 million sale of an industrial outdoor storage (IOS) property in Joliet. The 7-acre fenced and secured site at 18424 NW Frontage Road features an 11,000-square-fot repair facility with four repair bays and approximately 100 trailer parking positions. It is situated 15 miles north of the CenterPoint Intermodal facility — Noth America’s largest inland port — and near I-55 and I-80. NAI Hiffman’s Disser Team, comprising Kelly Disser, Mike Freitag, Bill Byrne and TJ Feeney, represented the seller. Both the buyer and seller were privately owned trucking companies.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers Sales of Three Chicago Multifamily Properties for Combined $10.4M

by Kristin Harlow

CHICAGO — Kiser Group has brokered the sales of three fully occupied multifamily properties in Chicago’s Edgewater neighborhood for a total of $10.4 million. The buildings, all constructed in 2016, consist of large two- and three-bedroom units with ground-floor commercial space. All are predominately occupied by students and are situated near Loyola University. The assets were originally listed as a portfolio sale, but Kiser decided to split the buildings for individual sale, citing the rise in interest rates at the time of launch. All three buildings sold to new entrants in the market — a doctor from Columbus, a 1031 exchange buyer from the northwest suburbs and a local retail investor purchasing its first mixed-use property. Andy Friedman and Jake Parker of Kiser brokered the sales.

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IllinoisLeasing ActivityMidwestOffice

Colliers Negotiates Two Office Leases in Suburban Chicago Totaling 33,771 SF

by Kristin Harlow

DOWNERS GROVE AND SCHAUMBURG, ILL. — Colliers has negotiated two new office leases totaling 33,771 square feet in the western suburbs of Chicago. In the first transaction, Mason Logistics leased 20,971 square feet in the master-planned Esplanade at Locust Point development in Downers Grove. The transportation, warehousing and supply chain services company will relocate from 1815 S. Meyers Road in Oakbrook Terrace, where it maintains roughly the same footprint, in August. Sven Sykes, Tom Volini and Brent Jacob of Colliers represented the tenant. Phil Sheriden represented the landlord, Hamilton Partners, on an internal basis. Sykes and Volini arranged a 12,800-square-foot lease for Meltzer, Purtill & Stelle LLC at Schaumburg Towers in Schaumburg. The law firm will vacate its 12,800 square feet at 1515 Woodfield Road, also in Schaumburg, in August. Doug Shehan and Dan Svachula of JLL represented ownership. Schaumburg Towers totals 890,000 square feet across two 20-story buildings.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

F.H. Paschen Tops Out Construction of $43M Workforce Housing Development in Metro Chicago

by Kristin Harlow

BELLWOOD, ILL. — F.H. Paschen has topped off the first phase of the Bellwood Gateway Development, a $43 million workforce housing project in the Chicago suburb of Bellwood. The four-story, 71-unit community will feature 6,000 square feet of ground-floor commercial space and is set to open in spring 2026. Serving as the developer and general contractor, F.H. Paschen now moves toward the enclosure of the structures. Once enclosed, work will move on to mechanical, electrical, plumbing and fire protection installations, followed by drywall, windows and façade work. Construction began in July 2024 on the project, which involves the repurposing of the former Village Hall, police and fire stations, and emergency management office. Chicago-based DesignBridge was the architect. The project is financed through a combination of tax-increment financing, a State of Illinois grant and workforce housing bonds.

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IllinoisLeasing ActivityMidwestOffice

Tishman Speyer Inks 240,000 SF Office Lease Renewal with BP at CME Center in Chicago

by Kristin Harlow

CHICAGO — Tishman Speyer has inked a 240,000-square-foot office lease renewal with BP at CME Center in Chicago’s West Loop. Global energy leader BP will maintain the same footprint it currently occupies on the entire seventh through 10th floors of 10, 20 and 30 South Wacker Drive. A tenant at the property since 2009, BP’s lease renewal will keep its Chicago office at the campus through at least 2032. CME Center consists of two 40-story office towers, which are connected by a 10-story center structure. Completed in phases during the 1980s, the 2.3 million-square-foot property holds the distinction of being Chicago’s first all-concrete skyscraper. Working with Chicago-based architect Krueck Sexton Partners, Tishman Speyer recently completed a reimagining of CME Center’s lobby, façade and entrances, and expanded the amenity offerings. Tenants and their guests now have access to ZO Clubhouse, an amenity center with a lounge, library, bar area, huddle and wellness rooms, a boardroom and conference room. There is also a 19,500-square-foot fitness facility. Tenants at CME Center include Chicago Mercantile Exchange, Wells Fargo, Reed Smith and RSM. Ellen May represented Tishman Speyer on an internal basis. Matt Carolan, Andy Strand and Kevin Morgan of JLL represented BP.

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Build-to-RentDevelopmentIllinoisLoansMidwestSingle-Family Rental

JLL Secures $55.6M in Financing for Build-to-Rent Development in Deerfield, Illinois

by Kristin Harlow

DEERFIELD, ILL. — JLL Capital Markets has secured a $45.7 million construction loan and a $9.9 million mezzanine loan for Park5 Luxury Rental Townhomes, a 144-unit build-to-rent community in the northern Chicago suburb of Deerfield. Located just west of I-94, Park5 will feature two- and three-bedroom townhomes averaging 1,953 square feet with two-car attached garages and private yards. Matthew Schoenfeldt and Mary Dooley of JLL secured the senior construction loan through Bank OZK and the mezzanine financing through an insurance company on behalf of the borrower, VennPoint Real Estate. Dan Reynolds and Chris Cummins of JLL consulted on selling the land for $10.2 million on behalf of the seller, Quadrangle.

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IllinoisIndustrialLoansMidwest

IPA Arranges Loan for Refinancing of 508,088 SF Industrial Portfolio in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — IPA Capital Markets has arranged the refinancing of a two-building industrial portfolio totaling 508,088 square feet in Alsip. The properties are leased to Crown Cork & Seal Co., a subsidiary of Crown Holdings Inc., a designer and manufacturer of steel and aluminum cans. The building at 5555 W. 115th St. serves as the manufacturing site, while the facility at 11535 S. Central Ave. functions as the shipping and receiving site. Frank Montalto and Ethan Splan of IPA arranged the financing through a local credit union on behalf of the borrower, a national investment company. The fixed-rate, nonrecourse loan features a 6.31 percent interest rate, 30-year amortization schedule and 65 percent loan-to-value ratio.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 218,617 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 218,617-square-foot industrial building located at 2431 Delaney Road in the Chicago suburb of Waukegan. Venture One inked a long-term lease with a tenant for 158,743 square feet prior to closing on the property. Constructed in 2014, the facility features a clear height of 30 feet, 28 exterior docks, four drive-in doors, parking for 250 cars and an ESFR sprinkler system. Eric Fischer, Brett Kroner, Keith Puritz and Marc Samuels of Cushman & Wakefield represented the seller, while White Heitman and Jack Fitzpatrick of CBRE represented Venture One and the tenant. Heitman and Fitzpatrick have been retained to market the remaining 60,034 square feet of vacant space. VK Industrial VII is co-sponsored by Venture One Real Estate and Kovitz Investment Group.

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DevelopmentIllinoisLoansMidwestMultifamilyStudent Housing

Cushman & Wakefield Arranges Equity Financing for University of Illinois Student Housing Development with 241 Beds

by Kristin Harlow

CHAMPAIGN, ILL. — Cushman & Wakefield has arranged limited partner (LP) equity financing for the development of 505 S 5th Street, a Class A student housing project in Champaign serving students attending the University of Illinois’ Urbana-Champaign campus. The project will be located adjacent to campus and in the heart of Campustown. The development site is fully entitled and shovel-ready, with groundbreaking slated for this month. Completion is anticipated ahead of the 2026-2027 academic school year. The community will feature 241 beds and amenities such as a fitness center, yoga studio, sauna, study rooms, business center, clubroom and outdoor lounge area. Kristian Brown, Travis Prince, Shawn Lubic, Victoria Marks, Susan Tjarksen and Brendon Urban of Cushman & Wakefield arranged the financing on behalf of Hartman Capital, a Champaign-based firm specializing in student housing at the University of Illinois. Quilvest Capital Partners, a global private investment firm, provided the LP equity.

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