Friday, May 23, 2025
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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Logistics Property Co. Buys Development Site Next to Chicago O’Hare Airport, Plans to Build 123,000 SF Warehouse

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Logistics Property Co. LLC has acquired a nearly 6-acre site at 2700 York Road in Elk Grove Village located just west of the Chicago O’Hare International Airport. Construction on the site is expected to commence in May. When complete, the development will feature a 123,000-square-foot rear-load warehouse with 16 dock doors, two drive-in doors and 125 auto parking spaces. Aaron Martell and Ben Fish of Logistics Property Co. worked with Ed Lowenbaum of Cresa on the purchase. Jacob & Hefner Associates is the civil engineer. The project is slated for completion in the second quarter of 2026.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $3.4M Sale of Retail Property in Urbana, Illinois

by Kristin Harlow

URBANA, ILL. — Marcus & Millichap has brokered the $3.4 million sale of Gateway Shoppes at Five Points in Urbana. The 12-suite retail property consists of two strip centers totaling 29,595 square feet that were 95 percent leased at the time of sale. Jeremie Johnson and Nathan Whalen of Marcus & Millichap represented the seller, Prairie Holdings Newton LLC. David O’Keefe, Steve Bogoyevac and Johnathan Weir of Marcus & Millichap procured the buyer, Nikolas Chugay. Michael Derk of Marcus & Millichap Capital Corp. secured a $2.7 million acquisition loan on behalf of the buyer. The 10-year loan features a 6.74 percent interest rate with a 30-year amortization period and 80 percent loan-to-value ratio.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Two Multifamily Sales in Suburban Chicago Totaling 53 Units

by Kristin Harlow

DOLTON AND OAK LAWN, ILL. — Interra Realty has arranged two multifamily sales in suburban Chicago totaling 53 units. A three-building, 41-unit portfolio in Dolton sold for $3.2 million, while a 12-unit building in Oak Lawn transacted for $1.8 million. Michael Duckler of Interra represented the confidential buyers and sellers in both deals. The Dolton portfolio was nearly fully leased at the time of sale. Half of the units have recently undergone full or partial renovations, including new laminate flooring and updated kitchens. The Oak Lawn asset was fully leased at the time of sale. The price represented one of the highest price-per-unit sales in Oak Lawn in the last decade, according to CoStar data.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Arranges $8M Sale of Multifamily Portfolio Near University of Chicago

by Kristin Harlow

CHICAGO — Kiser Group has arranged the sale of a two-building multifamily portfolio located near the University of Chicago for $8 million. The portfolio includes 5111 S. University Ave. (41 units) and 5135 S. Blackstone Ave. (36 units). The properties are situated on residential streets in Hyde Park and feature a mix of studio and one-bedroom units. The portfolio was 98 percent leased at the time of sale. Lee Kiser, Kyle Sissell and Will Cornish of Kiser represented the seller, TLC Management, while Katie LeGrand and Jacob Price of Kiser represented the buyer, Harbor Property Management LLC.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $6.1M Sale of Diamonds Direct-Occupied Retail Property in Metro Chicago

by Kristin Harlow

OAK BROOK, ILL. — Marcus & Millichap has brokered the sale of a retail property net leased to Diamonds Direct in the Chicago suburb of Oak Brook for $6.1 million. Located at 1150 W. 22nd St., the single-tenant building totals 6,000 square feet and is part of the 17-acre Oak Brook Commons mixed-use development. There are just under 14 years remaining on the tenant’s lease. Nicholas Kanich of Marcus & Millichap represented the seller, a global real estate investment manager. A broker with a boutique Chicago firm procured the buyer, a family partnership based in South Dakota completing a 1031 exchange.

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IllinoisLeasing ActivityLife SciencesMidwest

TCC Inks Two Expansions, One Headquarters Lease at Fulton Labs in Chicago

by Kristin Harlow

CHICAGO — Trammell Crow Co. (TCC) has inked leases with three tenants at 400 North Aberdeen within its Fulton Labs campus in Chicago’s Fulton Market neighborhood. The leases total approximately 40,000 square feet and include extensions and expansions from Portal Innovations and Chan Zuckerberg Biohub Chicago and a headquarters relocation for P33 Chicago. All three tenants are expected to occupy their new spaces by this summer. Portal Innovations is a venture development platform that invests financial, physical and human capital to fuel life sciences breakthroughs. The company has extended its existing lease of 40,000 square feet and grown its footprint to 53,000 square feet, expanding to the 10th floor. Portal’s expansion at its flagship location will help accommodate its growing portfolio, which now includes more than 50 companies. Portal also operates labs in Atlanta, Boston and Houston, and is opening a new lab in partnership with the University of Chicago in Hyde Park Labs. CZ Biohub Chicago is a biomedical research institute led by Shana Kelley, Ph.D and launched by Priscilla Chan and Mark Zuckerberg’s Chan Zuckerberg Initiative. Opened in 2024, the organization has extended its existing lease of 28,000 square feet and expanded to 41,000 square feet. The expansion …

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $5.8M Sale of Retail Center in Suburban Chicago

by Kristin Harlow

TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.8 million sale of an 11-suite retail center in the Chicago suburb of Tinley Park. The property is situated on 3.5 acres at 7301 183rd St. Key tenants include Buffalo Wild Wings, which recently signed a seven-year lease extension and invested $600,000 in renovations, and Pop’s Italian Beef, which has operated at the location for 16 years. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a family partnership, and procured the buyer, a California-based private investor. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $4.1 million through a Midwest regional credit union on behalf of the buyer.

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IllinoisLoansMidwestRestaurantRetail

Maverick Commercial Mortgage Arranges $3.3M SBA Loan for Restaurant Property in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Maverick Commercial Mortgage Inc. has arranged a $3.3 million SBA loan for a restaurant property occupied by Soul & Smoke in Evanston. A regional SBA lender provided the loan, which is fully amortized over 25 years and features a variable interest rate. Loan proceeds will be utilized to complete construction, refinance in-place debt and provide working capital for the business. The transaction marks Maverick’s first time closing with the borrower and lender. Barbecue restaurant Soul & Smoke has expanded to multiple locations, including a spot at Soldier Field, as well as two food trucks and a retail line.

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DevelopmentIllinoisIndustrialMidwest

Dermody to Build 460,428 SF Logistics Facility in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Dermody has acquired land at 251 S. Pinnacle Drive in the Chicago suburb of Romeoville with plans to build LogistiCenter at Romeoville, a 460,428-square-foot logistics facility. Construction will begin this spring, with completion slated for the first quarter of 2026. The site is near I-55, I-355, I-80, I-294 and Illinois Route 53. It is also in close proximity to the Union Pacific Joliet Intermodal Terminal and BNSF Logistics Park, Chicago. The project will feature a 3,000-square-foot spec office, clear height of 40 feet, 51 exterior dock-high doors, four drive-in doors, 160 parking stalls, up to 141 trailer spaces, ESFR fire protection and LED lighting. The divisible facility will be able to accommodate a wide variety of uses, including advanced manufacturing, e-commerce fulfillment, distribution and warehousing. John Whitehead and Adam Roth of NAI Hiffman represented Dermody in the transaction.

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AcquisitionsIllinoisMidwestMultifamily

Eastham Capital Sells Ridgeland Station Apartment Community in Chicago Ridge for $10M

by Kristin Harlow

CHICAGO RIDGE, ILL. — Eastham Capital has sold Ridgeland Station, an 84-unit apartment community in Chicago Ridge, for $10 million. Eastham acquired the property for the portfolio of Eastham Capital Fund V LP in partnership with Bender Cos. in February 2019. Ridgeland Station marked the first collaboration between Eastham and Bender. To date, the partners have co-invested in nine projects with a 10th in the pipeline. Under Bender’s management, Ridgeland Station maintained strong occupancy levels and was 95 percent leased at the time of disposition. Average rents increased 9.7 percent year over year. The community consists of a mix of one- and two-bedroom units.

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