Monday, June 23, 2025
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DevelopmentIllinoisIndustrialMidwest

Peak Construction Underway on 219,041 SF Spec Warehouse in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Peak Construction Corp. is underway on Rock Run Crossing 2 within Rock Run Crossings Business Park in Joliet. The 219,041-square-foot speculative warehouse will feature a clear height of 36 feet, 24 dock doors, two drive-in doors, parking for 209 cars, 63 trailer parking stalls and 2,000 square feet of office space. Completion is slated for the end of the year. The project team includes architect Ware Malcomb, civil engineer Jacob & Hefner Associates Inc. and developer IDI Logistics.

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AcquisitionsIllinoisIndustrialMidwest

Clear Height Properties, Harbert Acquire 103,686 SF Industrial Property in Park City, Illinois

by Kristin Harlow

PARK CITY, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate has acquired an industrial property located at 700-750 Chestnut Ave. in Park City, a far north suburb of Chicago. The purchase price was undisclosed. The property consists of two buildings totaling 103,686 square feet that are leased to Reyes Coca-Cola Bottling. In addition to the two buildings, the property also features gated outside parking and storage for semi-truck cabs, semi-truck trailers and fleet delivery vehicles. Paige Gunn of Stream Realty Partners represented the buyer. Jason Lev, John Suerth and Jimmy Kowalczyk of CBRE have been retained for leasing.

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DevelopmentIllinoisIndustrialMidwestOffice

Summit Breaks Ground on Farm Foundation’s Innovation, Education Center in Suburban Chicago

by Kristin Harlow

LIBERTYVILLE, ILL. — Summit Design + Build has broken ground on Farm Foundation’s Innovation and Education Center located on the Casey family farm in Libertyville. The nonprofit will occupy a 4,000-square-foot educational barn on a 14-acre site. The project will be home to a media room, demonstration kitchen and office space. There will also be various educational programs aimed to address the critical issues shaping the future of agriculture and food systems. Kahler Slater is the architect, and JLL is the property manager.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 37,601 SF Industrial Building in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 37,601-square-foot industrial building in Elmhurst for an undisclosed price. The acquisition was structured as a sale-leaseback. Built in 1969, the property features a clear height of 18 feet, two docks, two drive-in doors and parking for 45 cars. Ted Gates and David Prell of CBRE represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

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AcquisitionsDevelopmentHospitalityIllinoisMidwest

Waterton Launches Outbound Hotels Brand

by Kristin Harlow

CHICAGO — Chicago-based real estate investor and operator Waterton has launched its new Outbound Hotels brand, a collection of hotels for travelers seeking outdoor-inspired experiences in boutique settings. The vision for Outbound Hotels began with Waterton’s acquisition of The Virginian Lodge in Jackson Hole, Wyo. Waterton acquired the property in partnership with Wyoming-based Orion Cos. and has since rebranded it as The Virginian Lodge, an Outbound Hotel. The Outbound portfolio, operated by Springboard Hospitality, was expanded in 2021 with the acquisition of Outbound Mammoth (formerly the Sierra Nevada Resort) in Mammoth, Calif., and Towne and Country Stowe in Stowe, Vt., in March 2023. Most recently, Waterton partnered with Argosy Real Estate Partners to for a redevelopment project on a 17-acre Qualified Opportunity Zone site in Oakhurst, Calif., just south of the main gate to Yosemite National Park. The property will be developed as Outbound Yosemite Resort, a 135-key hotel consisting of 108 vacation rental cabins and 14 hotel rooms located above a 12,500-square-foot clubhouse in addition to a 13-key boutique hotel currently on the site.

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DevelopmentIllinoisIndustrialMidwest

Gotion to Build $2B Electric Vehicle Battery Gigafactory in Manteno, Illinois

by Kristin Harlow

MANTENO, ILL. — Gotion has unveiled plans to build a $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno, a southern suburb of Chicago located in Kankakee County. According to a press release from the state of Illinois, the company’s decision was bolstered by a Reimagining Energy and Vehicles (REV) Illinois incentive package and the new Invest in Illinois fund. The plant is expected to begin production in 2024. The facility will focus on lithium-ion battery cell, battery pack production and energy storage system integration. Gotion’s total incentive package from the state, which includes REV, Invest in Illinois and other incentives, is valued at $536 million. Through REV, Gotion is eligible to receive tax benefits totaling $213 million over 30 years. The REV agreement specifies a minimum company investment of $1.9 billion and the creation of 2,600 full-time jobs that are paid at least 120 percent of the average wage of similar job classifications in Kankakee County. Local authorities also approved Gotion for property tax abatement for 30 years. As part of the state’s commitment to build out comprehensive EV hubs and support Illinois’ workforce, the state will also fund a new manufacturing training academy nearby, as well …

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DevelopmentIllinoisIndustrialMidwest

Standard Real Estate Invests in Trammell Crow’s Woodridge Industrial Center in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Standard Real Estate Investments LP is making an equity investment through its new $150 million investment vehicle in the Woodridge Industrial Center, a 217,000-square-foot logistics facility being developed by Trammell Crow Co. in suburban Chicago. The project is located on a 17-acre site in Woodridge and is slated for completion in summer 2024. The building will feature 22 dock doors, 130-foot truck courts and 270 parking spaces. The project team includes Harris Architects, general contractor FCL and civil engineer SpaceCo.

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AcquisitionsDevelopmentIllinoisMidwestMultifamilySeniors Housing

ACO Commercial Arranges $8M Sale of Development Site on Chicago’s South Side

by Kristin Harlow

CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million. George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc. The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, a community center will offer sports programs and outdoor garden space along the river as well as space for meetings. People’s Gas and Coke Co. formerly owned the riverfront property for more than 100 years.

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AcquisitionsDevelopmentIllinoisMidwestRetail

Tiny Giants Acquires 24,563 SF Commercial Building in Chicago, Plans Daycare, Apartment Project

by Kristin Harlow

CHICAGO — Tiny Giants has acquired a 24,563-square-foot commercial building located at 2801 W. Montrose Ave. in Chicago. The family-owned company plans to redevelop the site into a mixed-use project with a 10,000-square-foot daycare on the ground floor and apartments above. Longtime tenant Ruby Dry Cleaners relocated to a new location several blocks away. Chris Irwin of Colliers represented the buyer, while Craig Wolf and Dale Strauss of Strauss Realty Ltd. represented the sellers, private investors. The sales price was undisclosed.

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IllinoisLeasing ActivityMidwestOffice

Flack Global Metals Inks 6,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Flack Global Metals (FGM) has signed a 6,000-square-foot office lease at 345 N. Morgan in Chicago’s Fulton Market. Owned and developed by Sterling Bay, the boutique office building is now more than 90 percent leased. FGM will be relocating its current office from 20 N. Clark St. and nearly doubling its square footage. The 11-story building is located just south of Metra’s Union Pacific West line and includes retail space on the ground floor. Sterling Bay began construction of the 200,000-square-foot property in August 2021, and completed it in September 2022. Amenities include private outdoor terraces, a top-floor bar and lounge, roof deck, fitness and wellness center, and conference rooms. Other tenants include HAVI Group, Wellington Management, Allsteel, Humanscale and JSI. Liz McCleary of CBRE represented FGM, while Austin Lusson and Daniella Hemsley represented Sterling Bay on an internal basis.

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