Illinois

JLL Secures Refinancing for Dual-Branded, 523-Room Hotel in Chicago

by Kristin Harlow January 15, 2026

CHICAGO — JLL Capital Markets has secured the refinancing for a dual-branded hotel in Chicago’s River North district. The property comprises the 270-room Residence Inn River North and the 253-room SpringHill Suites River North, both of which are Marriott-affiliated and located at 410 N. Dearborn St. Danny Kaufman, Jeffrey Bucaro and Malia Buljat of JLL worked on behalf of the borrower, a joint venture between Friedman Properties and White Lodging, to secure a fixed-rate, five-year loan through PGIM. Both hotels completed a renovation of all guestrooms in April 2025. Public space and meeting room renovations are slated for completion in February. The property features 1,358 square feet of meeting space, a fitness center and multiple food-and-beverage outlets, including two new restaurant concepts by Lettuce Entertain You — Gus’s Slip & Dip and Crying Tiger — that opened on the ground floor. The Residence Inn offers suites with full kitchens, separate living areas and complimentary breakfast. The SpringHill Suites offers suites with kitchenettes and amenities.

January 15, 2026

Acquisitions Illinois Midwest Mixed-Use

SVN Chicago Negotiates Sale of Four-Property Redevelopment Site in Winnetka, Illinois

by Kristin Harlow January 15, 2026

WINNETKA, ILL. — SVN Chicago Commercial has negotiated the sale of a multi-parcel assemblage anchored at 911 Green Bay Road in the Chicago suburb of Winnetka, creating a mixed-use redevelopment opportunity in the city’s Hubbard Woods business district. The assemblage includes 1007 Tower Court, 911-913 Green Bay Road, 907-909 Green Bay Road and 901-905 Green Bay Road. John Joyce and Steven Hirsch of SVN Chicago brokered the transaction. One of the four properties sold was the last industrial-zoned parcel in Winnetka, marking a pivotal shift in land use. According to SVN, the last major redevelopment in the Hubbard Woods business district occurred in 1980 with McDonald’s. In recent years, the village has completed streetscape and infrastructure improvements, rebranding the corridor as the Hubbard Woods Design District. The assemblage required four coordinated sales across multiple ownership groups and legal teams. SVN was the only broker involved and has been retained to market the retail component of the redevelopment.

January 15, 2026

Acquisitions Illinois Midwest Office Top Stories

Real Capital Solutions Acquires Chicago Office Tower for $132.5M

by Hayden Spiess January 15, 2026

CHICAGO — Real estate investment firm Real Capital Solutions (RCS) has acquired 401 N. Michigan Ave., a Class A office tower in Chicago, for $132.5 million. Situated on the Chicago River’s north bank along the city’s Magnificent Mile, the property totals 35 stories and 747,522 square feet. According to RCS, the acquisition price represents a 77.8 percent discount relative to replacement cost. The seller was not disclosed, but Crain’s Chicago Business reports that a joint venture led by locally based Walton Street Capital sold the tower. The news outlet also reports that the transaction represents the highest sales price for a Chicago office tower since 2022. 401 N. Michigan was roughly 87 percent leased at the time of sale. Tenants of the building include the Accreditation Council for Graduate Medical Education, the American Dental Association, Scion and private equity firm BDT & MSD Partners. Since 2023, more than 275,000 square feet of leasing activity has been executed at the property. The building also recently underwent $17 million in renovations, including improvements to the lobby and amenity spaces. “The acquisition of 401 N. Michigan represents a rare opportunity to secure a top-performing, institutional office tower in an irreplaceable riverfront location,” says Adam Abeln, chief …

January 15, 2026

Illinois Leasing Activity Midwest Office

Transwestern Negotiates 159,403 SF of Office Leases at Civic Opera Building in Chicago

by Kristin Harlow January 14, 2026

CHICAGO — Transwestern Real Estate Services has negotiated 159,403 square feet of new and renewal office lease transactions at the Civic Opera Building, which is located at 20 N. Wacker Drive in Chicago. John Nelson, Eric Myers and Kathleen Bertrand of Transwestern serve as the broker representative team for the historic property. Transwestern’s Asset Services group manages the building. Since the beginning of 2025, 24 leases have been completed at the Civic Opera Building. Eight new tenants signed deals for a total of 102,260 square feet. Notably, coworking space provider Workbox signed a lease for 68,137 square feet. Fifteen tenants renewed their space for a total of 57,143 square feet. Built in 1928, the 915,000-square-foot, 44-story building was renovated in 2015. In 2021, the Circuit Court of Cook County appointed Transwestern as the receiver of the property. Amenities include a conference center, studio theater, fitness center, roof terrace and tenant lounge.

January 14, 2026

Acquisitions Illinois Midwest Retail

Mavrek Acquires 20,000 SF Retail Building in Chicago’s Gold Coast

by Kristin Harlow January 14, 2026

CHICAGO — Mavrek has acquired 12-16 W. Maple Avenue, a 20,000-square-foot, four-story retail building in Chicago’s Gold Coast neighborhood. Mavrek plans to renovate the building into flexible space for retail and office tenants. The property offers 75 feet of frontage along Maple Street and is partly occupied by CorePower Yoga on the fourth floor. Paul Bryant and Brendan Reedy of Mid-America Real Estate Corp. will handle leasing efforts.

January 14, 2026

Acquisitions Illinois Midwest Multifamily Retail

Cushman & Wakefield Arranges $28.5M Receivership Sale of Multifamily, Retail Property in Chicago

by Kristin Harlow January 13, 2026

CHICAGO — Cushman & Wakefield has arranged the $28.5 million receivership sale of 1900 W Lawrence, a boutique multifamily property in Chicago’s Ravenswood neighborhood. The asset features 59 luxury apartment units and more than 19,000 square feet of ground-level retail space. Located at 1900 W. Lawrence Ave., the building is a former Sears store that was redeveloped in 2021. At the time of sale, the property’s retail space was fully occupied by tenants such as DeVry University and Club Pilates, and the residential units were 94 percent full. The four-story building includes a mix of one-, two- and three-bedroom floor plans, with the second floor consisting of townhome-style units. Each floor includes amenity spaces catered toward remote work and social gatherings. Jack Maloney and Brad Smith of Cushman & Wakefield represented the seller, Matthew Tarshis of Frontline Real Estate Partners, a court-appointed receiver in the matter.

January 13, 2026

Acquisitions Illinois Midwest Multifamily Office

Greenstone Partners Brokers $5.4M Sale of Chicago Office Building Slated for Apartment Conversion

by Kristin Harlow January 13, 2026

CHICAGO — Greenstone Partners has brokered the sale of 401 West Ontario Street, a 48,000-square-foot office building in Chicago’s River North neighborhood. The loft-style building features zoning that supports multifamily redevelopment. Jordan Multack of Greenstone represented the buyer, a private, Chicago-based development group. According to Greenstone, the buyer was drawn to the building’s efficient and flexible floor plates, value-add conversion potential and onsite indoor parking.

January 13, 2026

Company News Development Illinois Leasing Activity Midwest Retail Top Stories

Aldi to Open 180 New U.S. Grocery Stores This Year

by John Nelson January 13, 2026

BATAVIA, ILL. — Aldi, a German discount, small-format grocer, plans to open 180 new stores across 31 states this year. By the end of the year, Aldi will operate approximately 2,800 U.S. grocery stores, including its first Maine location in Portland and 10 new stores in the metro Phoenix area. The grocer has operated stores in the United States for 50 years and has gained a loyal following in recent years as the demand for discount grocery items increases in the face of inflation. The company disclosed that 17 million Americans shopped at Aldi for the first time in 2025. “One in three U.S. households shopped at Aldi this past year, and in 2026, we’re focused on making it even easier for customers to shop our aisles first,” says Atty McGrath, CEO of Aldi U.S. Aldi, whose U.S. headquarters is in Batavia, plans to continue its expansion over the next five years in the Southeast and West regions. In the Southeast, Aldi continues to convert former Winn-Dixie retail locations following Aldi’s acquisition of Winn-Dixie and Harveys Supermarket from Southeastern Grocers in 2023. Aldi plans to reposition 80 former Winn-Dixie stores by the end of the year and 200 total by 2027. …

January 13, 2026

Acquisitions Illinois Midwest Multifamily

Essex Realty Group Arranges $3.3M Sale of Multifamily Property in Addison, Illinois

by Kristin Harlow January 12, 2026

ADDISON, ILL. — Essex Realty Group has arranged the $3.3 million sale of 439-449 W. Stevens Drive, a 23-unit multifamily property in Addison. Anthony Citriglia of Essex Realty Group brokered the transaction. Additionally, Asher Motew, Quinn Keenan and Elliott Quigley of Essex Capital Markets arranged a $2.2 million acquisition loan through Freddie Mac. The five-year loan features interest-only payments for two years.

January 12, 2026

Acquisitions Illinois Midwest Multifamily Student Housing

Marcus & Millichap Arranges $13.3M Sale of Student Housing Property in Champaign, Illinois

by Kristin Harlow January 9, 2026

CHAMPAIGN, ILL. — Marcus & Millichap has arranged the $13.3 million sale of University Commons, a 100-unit student housing property in Champaign. Located at 209 E. University Ave., the building comprises 95 fully furnished units in a variety of floor plans along with five ground-floor retail spaces. Built in 2018, the 68,309-square-foot property spans 2.7 acres and features amenities such as a gym, recreation center and study room. The asset is situated a few blocks from the University of Illinois campus. Sam McCarthy and Scott Harris of Marcus & Millichap represented the seller and procured the buyer, Illini Rental Properties LLC, which plans to complete modest interior and common area upgrades as well as enhancements to the retail portion.

January 9, 2026

Newer Posts

Older Posts