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Illinois

AcquisitionsIllinoisMidwestRetail

PCCP, Hutensky Capital Partners Buy 690,000 SF Streets of Woodfield Shopping Center in Metro Chicago

by Kristin Harlow

SCHAUMBURG, ILL. — A joint venture between PCCP and Hutensky Capital Partners has acquired Streets of Woodfield, a 690,000-square-foot shopping center at 601 N. Martingale Road in Schaumburg. Blackstone sold the property for $69 million, according to the Daily Herald. Originally built in 1991, the property is currently 94 percent leased to 22 tenants, including Whole Foods Market, Dick’s Sporting Goods House of Sport, AMC, Restoration Hardware Outlet, Legoland and Dave & Buster’s. The property is located along I-290 adjacent to Woodfield Mall.

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DevelopmentIllinoisMidwestOffice

Glenstar Unveils Renderings for $25M Redevelopment of 40-Story Office Tower in Chicago

by Kristin Harlow

CHICAGO — Glenstar, together with a private investor, has unveiled renderings for the $25 million redevelopment of 200 South Wacker, a 40-story office tower in Chicago. A new amenity experience will span five levels of the 761,775-square-foot building. For the first time since the property’s completion, the entire lobby level and amenity spaces will be redeveloped. A new sculptural staircase will connect the lobby to the river level and second floor. Mojo Coffee will get a refreshed design and remain in its current first-floor location. At the river level, a golf club will feature two simulators, a putting green, lounge seating and ample space for entertaining. The riverfront lounge on the lobby level will feature a full-service bar and grand fireplace that opens directly onto a newly expanded patio with a fire pit and seating area. On the second floor, tenants will find a parlor gaming area, enclosed library and listening lounge. The third floor will offer a new health and wellness club overlooking the river, with dedicated areas for free weights, strength and recovery training, cardio and a group fitness studio offering regularly programmed classes. This area will also include locker rooms, cold plunges and infrared saunas. The entire …

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AcquisitionsIllinoisLoansMidwestOffice

Northwind Group Provides $58.5M Acquisition Loan for Chicago Office Building

by Kristin Harlow

CHICAGO — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided a $58.5 million first mortgage loan for the acquisition and lease-up of 175 West Jackson Boulevard, a 22-story office building totaling more than 1.4 million square feet in Chicago’s Central Loop. The property also includes a 240-space parking garage. The loan was structured with $33.5 million initial advance at closing, with an additional $25 million reserved as a “good news” facility to fund future accretive leasing costs. A joint venture between 601W Cos. and David Werner Real Estate Investments was the buyer. The financing facilitated the acquisition at a significantly reset basis, reflecting an approximately 85 percent discount to the property’s prior purchase price by Brookfield, according to Northwind. The building has undergone extensive renovations and modernization, with over $24 million of capital improvements completed by prior ownership, including a new amenity center and rooftop space on the 22nd floor.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Arranges Sale of 56,000 SF Industrial Building in Metro Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Entre Commercial Realty has arranged the sale of a 56,000-square-foot industrial building in Elk Grove Village. Brad Bullington and Ian Pattison of Entre represented the buyer, a machine shop completing its third acquisition within the O’Hare industrial market. Matthews Real Estate Services represented the undisclosed seller. The property features I-90 frontage, outdoor storage capabilities and also includes future parking lot replacement.

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DevelopmentIllinoisLoansMidwestMultifamilySeniors Housing

Cambridge Realty Capital Provides $6.5M Construction Loan for Memory Care Addition in Pontiac, Illinois

by Kristin Harlow

PONTIAC, ILL. — Cambridge Realty Capital has provided a $6.5 million HUD Section 241(a) loan to finance the new construction of a 20-bed memory care addition to The Pointe at Pontiac, an existing 60-bed supportive living facility in Pontiac. Supportive living is the Illinois version of Medicaid Waiver Assisted Living, whereby the state provides Medicaid funding to seniors 65 and older who would otherwise not have the financial resources necessary to reside in an assisted living facility. Loan proceeds will be used to fund the new construction addition and to complete improvements and repairs to the existing building. Zach Scardina of Cambridge originated the nonrecourse loan, which features a fixed interest rate and interest-only payments and converts upon construction completion to a fixed-rate, 35-year, fully amortizing permanent loan. The borrower was an Illinois-based limited liability company.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Brokers $3.3M Sale of Industrial Building in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — Lee & Associates of Illinois has brokered the $3.3 million sale of a 32,120-square-foot industrial building located at 1029-1033 Bryn Mawr Ave. in Bensenville. Michael Plumb, Bradley Simousek and Colin Sons of Lee & Associates represented the private owner. Dustin Albers of Lee & Associates represented the buyer, Doctor Rooter 911. The commercial plumbing company maintains two other locations in Bensenville.

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DevelopmentHealthcareIllinoisMidwest

Lurie Children’s Plans Pediatric Hospital in Suburban Chicago

by Kristin Harlow

DOWNERS GROVE, ILL. — Ann & Robert H. Lurie Children’s Hospital of Chicago has begun plans to develop a low-acuity pediatric hospital in Downers Grove, a western suburb of Chicago. The proposed hospital will include a pediatric emergency department, surgery sites, inpatient beds and pediatric subspecialties such as oncology, cardiology, gastroenterology and orthopedics. The new facility would be Lurie Children’s first inpatient hospital outside its main location in Chicago’s Streeterville neighborhood. Lurie Children’s says the Downers Grove hospital represents a key component of its strategic growth initiatives, reflecting the organization’s evolution from a single hospital into an integrated pediatric healthcare system. The announcement comes on the heels of Lurie Children’s opening a new outpatient center in Schaumburg in 2025. In addition to its flagship hospital in Chicago, Lurie Children’s offers care through more than 20 outpatient centers and 10 partner hospitals across Chicagoland. A design-build team led by Clayco will also include healthcare design and construction expertise from Skender, ZGF and LJC. The project is subject to regulatory approvals.

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AcquisitionsIllinoisIndustrialMidwest

Phoenix Investors Acquires 670,000 SF Industrial Property in Kankakee, Illinois

by Kristin Harlow

KANKAKEE, ILL. — An affiliate of Phoenix Investors has acquired a 670,000-square-foot, heavy power industrial facility in Kankakee. The rail-served property is positioned near I-57. Formerly home to the Heinz Pet Food manufacturing and distribution facility, the property features approximately 43 megawatts of power, clear heights up to 87 feet, 41 dock doors, seven drive-in doors and an active Norfolk Southern rail spur. The fully fenced site includes a guard shack, extensive trailer and automobile parking and the ability to be demised to accommodate multiple users or a single large-format tenant. Phoenix plans to undertake a series of capital improvements to reposition the property and enhance its functionality for modern industrial users. Planned improvements include white-boxing select areas, general site and exterior upgrades, the installation of high-efficiency LED lighting and the addition of new dock doors to further improve loading capacity and operational flow.

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AcquisitionsIllinoisIndianaMidwestRetail

Mid-America Brokers Sales of Two Former Kmart, Sears Retail Properties in Illinois, Indiana

by Kristin Harlow

ROUND LAKE BEACH, ILL. AND MICHIGAN CITY, IND. — Mid-America Real Estate Corp. has brokered the sales of two former Transformco retail properties in Round Lake Beach and Michgian City. The asset at 400 E. Rollins Road in Round Lake Beach, formerly a Super Kmart totaling 190,174 square feet, sold to Target Stores. A former Sears and Sears Auto Center complex that was part of Marquette Mall in Michigan City totaling 92,905 square feet and 12,365 square feet, respectively, sold to Tonn and Blank Construction LLC. Andy Bulson, Mike Phillips, Dick Spinell and Mike Fitzgerald of Mid-America represented Transformco in both transactions.

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