Illinois

Nassimi Realty Acquires Two Shopping Centers in Illinois, Ohio for $30M

by Kristin Harlow November 8, 2023

NILES, ILL. AND GARFIELD HEIGHTS, OHIO — Nassimi Realty has acquired two shopping centers in Illinois and Ohio for approximately $30 million. The two properties total about 500,000 square feet. Four Flaggs, a 326,084-square-foot center, is situated at the southeast corner of Golf Road and Milwaukee Avenue in Niles, a northern suburb of Chicago. The property is 75 percent leased to tenants such as Fresh Farms, Marshalls, PetSmart, Old Navy, JoAnn, Five Below and Ashley Furniture. Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree. Turney Town Plaza is located on Turney Road in Garfield Heights, a southern suburb of Cleveland. Tenants include Dave’s Market, Advance Auto Parts and Sherwin-Williams. Seller information was not provided.

November 8, 2023

Illinois Leasing Activity Life Sciences Midwest

Illinois Tech Leases 34,295 SF at Fulton Labs in Chicago

by Kristin Harlow November 8, 2023

CHICAGO — Illinois Institute of Technology (Illinois Tech) has leased 34,295 square feet at Fulton Labs in Chicago. Trammell Crow Co. (TCC) is the owner and developer of the property. Illinois Tech will occupy the entire seventh floor of the wet lab facility at 400 N. Aberdeen St. The facility will serve as the university’s first off-campus move to a commercial research hub. Illinois Tech expects to take occupancy by late summer 2024. Illinois Tech researchers will focus on biomedical and biological engineering, including sensors, separation science and electrochemical energy materials along with more biology-focused research such as therapeutics development. Dan Lyne of CBRE represented TCC, while Max Zwolan and Scott Brandwein of JLL represented Illinois Tech. Perkins & Will designed the new space for Illinois Tech. Power Construction will serve as general contractor for the build-out. Fulton Labs totals 725,000 square feet across two buildings.

November 8, 2023

Development Illinois Midwest Multifamily

Optima Completes 100-Unit Luxury Apartment Complex in Wilmette, Illinois

by Kristin Harlow November 7, 2023

WILMETTE, ILL. — Optima Inc. has completed Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The property is 72 percent leased. The property features one-, two- and three-bedroom layouts and penthouse configurations ranging from 660 to 2,790 square feet. Monthly rents range from approximately $3,000 to nearly $12,000. Designed by David Hovey Sr. and David Hovey Jr., the community features a seventh-floor sky deck. The rooftop common area features a sun deck, barbecues, herb gardens, a bocce court, fire pits, party room, game room, sauna and heated lap pool with retractable glass walls designed for year-round use. Indoor amenities can be found on the building’s first floor and include a pickleball/basketball court, fitness center, yoga studio, massage rooms, sports lounge, golf simulator, kids’ playroom, dog run, library lounge and work-from-home spaces. The community is slated to achieve Two Green Globes certification via the use of bird-friendly glass, eco-friendly induction cooktops and outdoor electric grills. Optima Verdana features the Chicago-area debut of Optima’s propriety exterior vertical landscaping system, which includes plants staying green year-round and promoting evaporative cooling, air purification, noise reduction and stormwater detention.

November 7, 2023

Development Illinois Loans Midwest Multifamily

PACE Equity Provides $10.9M in C-PACE Financing for Multifamily Conversion Project in Rockford, Illinois

by Kristin Harlow November 3, 2023

ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a multifamily conversion project in Rockford. The C-PACE capital will help fund energy-efficient improvements for a 215-unit multifamily development to be built at 150 Loomis St. Specifically, the financing is for HVAC, LED lighting, windows, walls, roof and water conservation improvements. The property previously served as industrial space and consists of two buildings. The Illinois Energy Conservation Authority (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.

November 3, 2023

Development Illinois Industrial Midwest

PREMIER Design + Build Group to Construct 112,000 SF Headquarters for Heathrow Scientific in Suburban Chicago

by Kristin Harlow November 3, 2023

VERNON HILLS, ILL. — PREMIER Design + Build Group will soon break ground on a new headquarters for Heathrow Scientific, a global manufacturer of laboratory supplies and instruments designed to support scientific research, analysis and experimentation. The new facility will be located at 440 N. Fairway Drive in the Chicago suburb of Vernon Hills and will house the company’s manufacturing, laboratory and office operations. Construction of the two-story, 112,000-square-foot building will commence once demolition of an existing structure on the site is complete. The project will feature a large laboratory, employee fitness center, outdoor dining area, 12 dock positions, two drive-in doors and parking for 63 vehicles. Completion is slated for August 2024. PREMIER is actively exploring green building initiatives, including a solar array and hybrid rooftop units that use electricity instead of natural gas. The project team includes Cornerstone Architects Ltd. and SPACECO Inc. as civil engineer. Brett Kroner of Cushman & Wakefield brokered the sale of the site.

November 3, 2023

Illinois Industrial Leasing Activity Midwest

Cherokee Manufacturing Leases 50,000 SF Industrial Building in Wauconda, Illinois

by Kristin Harlow November 3, 2023

WAUCONDA, ILL. — Cherokee Manufacturing has leased a 50,000-square-foot industrial building located at 1225 Karl Court in Wauconda, a far north suburb of Chicago. The property features a clear height of 30 feet, six exterior docks and one drive-in doors. Brian Bocci of Entre Commercial Realty represented the undisclosed landlord, while Joe Karmin of Transwestern represented the tenant.

November 3, 2023

Acquisitions Illinois Midwest Multifamily

JLL Negotiates $95M Sale of Woodlands of Crest Hill Apartment Community in Suburban Chicago

by Kristin Harlow November 2, 2023

CREST HILL, ILL. — JLL Capital Markets has negotiated the sale of Woodlands of Crest Hill for $95 million. The 730-unit apartment community is located in Crest Hill, a southwest suburb of Chicago. Built in 1972, the property has undergone various renovations since 2018. Woodlands of Crest Hill offers studio, one- and two-bedroom units with an average size of 649 square feet. Amenities include a pool, sundeck, clubroom and fitness center. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the sellers, a fund managed by DRA Advisors and Marquette Cos. Buyer information was not provided.

November 2, 2023

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 226,029 SF Randall Square Shopping Center in Geneva, Illinois

by Kristin Harlow November 2, 2023

GENEVA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Randall Square in Geneva, a western suburb of Chicago. The sales price was undisclosed. The 226,029-square-foot shopping center is home to Marshalls, Michaels, Ulta, Old Navy, PetSmart, Men’s Wearhouse and more. Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. Viking Partners was the buyer. Pine Tree served as property manager.

November 2, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Heisler Hospitality Signs 10,000 SF Lease in Chicago’s Fulton Market for New Restaurant

by Kristin Harlow November 2, 2023

CHICAGO — Heisler Hospitality has signed a 10,000-square-foot lease to occupy the entire building at 165 N. Morgan St. in Chicago’s Fulton Market. Heisler, led by entrepreneur Matt Eisler and designer Kevin Heisner, plans to open Pizza Lobo in the space in summer 2024. The lease marks Heisler’s fourth establishment in Chicago. The restaurateurs also operate Nights & Weekends and Lone Wolf in the West Loop and Estereo FM in Fulton Market. Fulton Street Cos. (FSC) owns the building at 165 N. Morgan St. along with partner Fred Latsko of Latsko Interests, which brought Guinness Open Gate Brewery to Chicago. FSC purchased the single-tenant property in December 2021 from a private investor. Previously housing the corporate offices of Tenzing Wine & Spirits, the building features a private, 2,500-square-foot outdoor courtyard.

November 2, 2023

Development Illinois Midwest Office

Onni Group Nears Completion of 643,323 SF Office Building Renovation in Chicago

by Kristin Harlow November 1, 2023

CHICAGO — Onni Group is nearing completion of the renovation of 200 N LaSalle Street in Chicago. The owner expects to finish the project by the end of the year. Onni purchased the 643,323-square-foot office building in 2012. The third floor of the property is being transformed with a new tenant lounge and bar, refreshed conference center with seating for up to 150 people, private lounge for hosting events, café and bar seating, wine and whiskey lockers, an upgraded fitness center, massage and treatment room, and multiple wellness rooms. Additional features include a lobby-level lounge and game room, golf simulator, arcade games, seating areas, a catering kitchen, secure indoor bike parking and changing rooms. Mark Gunderson and Ben Cleveland of Stream Realty Partners handle leasing for the property. Since earlier this year, the duo has leased more than 60,000 square feet of office space at the property to companies such as Wasserman, CoxReps, The Planet Group and Everest Transportation Systems.

November 1, 2023

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