Illinois

Skender Completes Interior Construction on 50,000 SF Office for AIT Worldwide Logistics in Itasca, Illinois

by Kristin Harlow October 23, 2023

ITASCA, ILL. — Skender has completed interior construction on the new 50,000-square-foot office for AIT Worldwide Logistics at Two Pierce Place within the Hamilton Lakes Business Park in Itasca. AIT, a global supply chain solutions company, occupies floors 20, 21 and 25 within the 25-story, 494,000-square-foot office tower. The build-out included 210 workstations, 43 enclosed offices, nine conference rooms, a boardroom, 2,000-square-foot café, dedicated reception area and game room, along with several collaboration areas throughout the floors. The project team included Partners by Design as architect, RLE as owner’s represtnative and Advance Consulting Group as engineer.

October 23, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $4.1M Sale of Apartment Building in Chicago’s West Ridge

by Kristin Harlow October 23, 2023

CHICAGO — Interra Realty has brokered the $4.1 million sale of a 35-unit apartment building in Chicago’s West Ridge neighborhood. Located at 2801 W. Lunt Ave., the property features 28 one-bedroom units, three two-bedroom units and four ground-level commercial spaces. The building was originally constructed in 1932. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, Teko Menetti. Joe Smazal of Interra represented the seller, a local private investor.

October 23, 2023

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Arranges $3.6M Sale of Oak Street Health-Occupied Medical Property in Chicago

by Kristin Harlow October 23, 2023

CHICAGO — Marcus & Millichap has arranged the sale of a 7,466-square-foot medical property occupied by Oak Street Health in Chicago for $3.6 million. The net-leased building is located at 6918 W. Archer Ave. and recently received a new roof along with interior and exterior renovations. Oak Street Health signed a new 20-year lease for the location. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the seller, a limited liability company. Jack Hopkins of Marcus & Millichap represented the buyer, a California-based private investor. Oak Street Health, which operates 170 locations in 21 states, was acquired by CVS earlier this year for $10.6 billion.

October 23, 2023

Development Illinois Leasing Activity Midwest Retail

Bathhouse Signs 40,000 SF Build-to-Suit Lease in Chicago

by Kristin Harlow October 20, 2023

CHICAGO — Spa provider Bathhouse has signed a 40,000-square-foot, build-to-suit lease at 1010 W. Madison St. in Chicago. The property will feature two levels of amenities as well as a rooftop pool and restaurant. The design of the concrete and glass building will pay homage to old-world bathhouses. Bathhouse offers hot saunas, cold plunges and massages. Guests can choose between day passes and specific treatments. The developer of the project, Fulton Street Cos., acquired the site in September 2020 from a private investor. It was a parking lot at the time.

October 20, 2023

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Acquires 11-Acre Industrial Property in Bensenville, Illinois

by Kristin Harlow October 20, 2023

BENSENVILLE, ILL. — Dayton Street Partners (DSP) has acquired an industrial property situated on 11 acres at 700 Larsen Lane in the Chicago suburb of Bensenville. The purchase price was undisclosed. The property features a 37-door truck terminal, two truck maintenance facilities and a warehouse with one acre of outdoor storage. The asset, which is located directly across the street from the Chicago O’Hare International Airport, was 85 percent leased at the time of sale. Jack Brennan of CBRE represented the seller, a private investor, and will market the property for lease. DSP will commence a multi-million-dollar renovation of the terminal in November.

October 20, 2023

Illinois Leasing Activity Midwest Retail

Beity, Voodoo Doughnuts Sign New Retail Leases in Chicago’s Fulton Market

by Kristin Harlow October 20, 2023

CHICAGO — Beity, a culinary concept inspired by Lebanese and French cuisines, and Voodoo Doughnuts, an Oregon-based doughnut chain, have signed new retail leases in Chicago’s Fulton Market. The Feil Organization owns both properties. Beity signed a 3,700-square-foot lease at 813 W. Fulton Market, a retail and residential development. Voodoo signed a 2,734-square-foot lease at 945 W. Randolph, a one-story, 12,400-square-foot retail space. Beity, which means “home” in Arabic, is the debut restaurant concept from Chef Ryan Fakih. Inspired by the cooking of his upbringing and the French cuisine that he honed while at Le Cordon Bleu in Paris, Fakih seeks to redefine French-Lebanese cuisine. The restaurant is expected to open in November. Quinn Thomas of Goldstreet Partners represented Beity in the lease. Voodoo’s lease marks its first location in Illinois. The doughnut company is known for its imaginative and creative confections. The Illinois location is scheduled to open in December. Sean Bossy and Ali Hicks of Tether Advisors represented Voodoo in the lease. Nick Dries represented Feil on an internal basis in both leases. The asking rent was $125 per square foot in both transactions.

October 20, 2023

Development Illinois Industrial Midwest

DSI Group Breaks Ground on 500,000 SF Industrial Facility for Ravago in Montgomery, Illinois

by Kristin Harlow October 19, 2023

MONTGOMERY, ILL. — DSI Group has broken ground on a 500,000-square-foot industrial facility for Ravago in Montgomery, a far west suburb of Chicago. The project will anchor the 200-acre Karis Center for Commerce. Founded in 1961 in Belgium, Ravago is a polymer and chemical distribution company. The new facility will support Ravago’s polymer distribution activities in greater Chicago and North America. The building will feature a clear height of 40 feet, 22 dock positions, four drive-in doors and 12,776 square feet of office space. The site offers 268 railcar positions, and 207 future railcar positions have been earmarked for Ravago’s project. Karis Industrial is the owner and developer of Karis Center for Commerce.

October 19, 2023

Development Illinois Midwest Mixed-Use

Heartland Real Estate Partners Underway on 30-Acre Mixed-Use Redevelopment Project in Crystal Lake, Illinois

by Kristin Harlow October 19, 2023

CRYSTAL LAKE, ILL. — Developer Heartland Real Estate Partners is underway on Water’s Edge, a mixed-use redevelopment project in the Chicago suburb of Crystal Lake. The 30-acre project will transform a former shopping center that used to anchored by Walmart before the retailer relocated in town. Plans call for 40,000 square feet of commercial space, 260 multifamily units, public open spaces and a direct connection to Three Oaks Recreation Area. A timeline for completion was not provided.

October 19, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $17.5M Sale of Chicago Apartment Building

by Kristin Harlow October 18, 2023

CHICAGO — Interra Realty has brokered the sale of a 60-unit apartment building in Chicago’s Lakeview East neighborhood for $17.5 million. Located at 528 W. Oakdale Ave., the building includes 20 studios, 36 one-bedroom units and four two-bedroom units. Constructed in 1970, the property has undergone a full modernization over the past 18 months that added new finishes and upgrades to amenity spaces, including a fitness center, package room, additional laundry room and outdoor seating. Craig Martin and Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, Horizon Realty Group.

October 18, 2023

Development Illinois Industrial Midwest

PREMIER Design + Build Group Completes 88,000 SF Headquarters for Alpha Tekniko in Lake Zurich, Illinois

by Kristin Harlow October 17, 2023

LAKE ZURICH, ILL. — PREMIER Design + Build Group has completed an 88,000-square-foot headquarters facility for Alpha Tekniko in Lake Zurich, a northwest suburb of Chicago. Alpha Tekniko is a contract manufacturer serving the healthcare industry. The firm designs, develops and produces sophisticated support surfaces, including high-tech mattresses, cushions and pads to fit an array of medical equipment like hospital beds, operating room tables and wheelchairs. The company launched in 2008 and continued to outgrow its spaces. In March 2022, the founders purchased land at 1400 Rose Road in Lake Zurich and selected PREMIER to manage design and build services for a permanent home. Construction began in October 2022. The new facility is primarily designed for manufacturing operations with some additional space devoted to offices. The building features eight dock positions and two drive-in doors. The new headquarters is fully solar powered with 444 solar panels. Additional sustainable features include high-efficiency rooftop HVAC units, high R-value precast concrete panels that increase insulating effectiveness, special emissions towers for air purification, motion-sensitive lighting and VOC-free paints. Project partners included Cornerstone Architects Ltd. and civil engineer SpaceCo.

October 17, 2023

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