Thursday, October 22, 2026
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Illinois

AcquisitionsIllinoisMidwestRetail

Pine Tree Acquires Sponsor Interest in 10-Property, $644M Retail Portfolio Across Nine States

by Kristin Harlow

CHICAGO — Chicago-based shopping center owner Pine Tree has acquired sponsor interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. The interest was acquired from SITE Centers (NYSE: SITC) in partnership with a large international investor. The transaction brings Pine Tree’s total acquisition activity over the past 12 months to more than $1 billion and grows the company’s assets under management to more than $4 billion. Spanning nine states, the primarily grocery-anchored portfolio is comprised of tenants such as Target, Sam’s Club, Publix, Aldi, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe’s, Dick’s Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less. The properties include: Ahwatukee Foothills Towne Center in Phoenix; Ashley Crossing in Charleston, S.C.; Brookside Marketplace in Chicago; Commonwealth Center in Richmond, Va.; Connecticut Commons in Hartford, Conn.; Independence Commons in Kansas City, Mo.; Poyner Place in Raleigh, N.C.; Route 22 Retail Center in New York City; Towne Center Prado in Atlanta; and University Centre in Wilmington, N.C.

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CivicDevelopmentIllinoisMidwest

Construction Wraps Up on $192M MetroLink Extension to MidAmerica St. Louis Airport

by Kristin Harlow

MASCOUTAH, ILL. — Construction has completed on the MetroLink extension to MidAmerica St. Louis Airport, which is located in Mascoutah. The milestone marks the culmination of a transformative $192 million multimodal investment designed to strengthen regional connectivity, extend transportation options and support long-term economic growth throughout St. Clair County and the bi-state region. The three-part project includes a $154 million, 5.2-mile extension of MetroLink from the Shiloh-Scott Transit Center to MidAmerica St. Louis Airport, $32 million in new roadway infrastructure and a $6 million, 4.5-mile extension of the MetroBikeLink Trail. The MetroLink extension features a new station located directly across from the MidAmerica St. Louis Airport terminal and parking lot and represents the first full MetroLink expansion in roughly 20 years. Upon opening for revenue service in the coming months, the extension will serve as MetroLink’s 39th station. It will position the St. Louis region among the few transit systems in the nation offering a direct rail connection between two airports via MetroLink’s 43-mile light rail system linking MidAmerica St. Louis Airport and St. Louis Lambert International Airport. The project was funded through a partnership between the State of Illinois and the St. Clair County Transit District (SCCTD), including $127 …

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Affordable HousingDevelopmentIllinoisMidwestMixed-UseMultifamily

Habitat, Cabrera Capital Break Ground on LeClaire Courts Mixed-Use Redevelopment in Chicago

by Kristin Harlow

CHICAGO — Habitat and Cabrera Capital, in partnership with the Chicago Housing Authority (CHA), have broken ground on the first residential phase of the redevelopment of the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Replacing a 32-acre site in Chicago’s Garfield Ridge community, the multi-phase project will ultimately include up to 700 residential units, approximately 440,000 square feet of commercial space and publicly accessible open space. The first phase includes two six-story buildings comprising 183 apartments offered in a mix of studio, one-, two- and three-bedroom floor plans. Ninety percent of the homes will be designated as affordable through income and rent restrictions supported by public financing for qualifying low- and moderate-income residents, while the remaining units will be offered at market rate. Funding sources for the $119 million first phase include a $27 million capital loan from CHA, $9.5 million in city multifamily program funds, $5.5 million in tax-increment financing, $33.7 million in Low-Income Housing Tax Credit equity, $1.3 million in Illinois Affordable Housing Tax Credit equity and a $1.2 million deferred developer fee. The financing structure brings together the CHA, the city, Bank of America and other mission-driven investment partners. …

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AcquisitionsIllinoisIndustrialMidwest

Silver Creek Development Sells 2 MSF Industrial Facility in Illinois to Michelin North America for $151M

by Kristin Harlow

WILMINGTON, ILL. — Silver Creek Development has sold a 2 million-square-foot industrial facility and adjacent land parcel to Michelin North America for $151 million. Located at 29900 S. Graaskamp Blvd. in Wilmington, about 60 miles southwest of downtown Chicago, the regional distribution property sits on a 91-acre site and is fully occupied by Michelin North America. The company uses the property to house inventory serving dealers and automakers throughout the Midwest and western U.S. Silver Creek acquired the property from Transwestern Development Co. in 2021 for $126 million. Pacific Life Insurance Co. provided $81.9 million in financing for Silver Creek’s original acquisition.

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AcquisitionsIllinoisMidwestMultifamily

Draper and Kramer Acquires 268-Unit Apartment Community in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Draper and Kramer Inc. has acquired a 268-unit luxury apartment community in Evanston. The 15-story property, Albion Evanston, will be rebranded as Eva. Draper and Kramer will also assume property management of the community, which was 98.5 percent leased and 98 percent occupied at the time of acquisition. The property offers studio, one- and two-bedroom floor plans ranging from 441 to 1,988 square feet. Amenities include a fitness center with indoor-outdoor yoga studio, outdoor heated rooftop pool, rooftop sky club, pet spa, coworking space and a Luxer One package room. The property includes 198 parking spaces. The first floor features 7,090 square feet of fully leased retail space, with current tenants the reform method and IMAGE Studios Salon Suites. JLL represented the undisclosed seller.

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AcquisitionsHealthcareIllinoisMidwest

Rush, Endeavor Health Unveil Plans to Merge in Metro Chicago

by Kristin Harlow

CHICAGO — Rush University System for Health and Endeavor Health have unveiled plans to merge, creating a system of 12 hospitals and more than 400 care sites. An incremental $1 billion investment, funded by Endeavor, will advance community impact, academics and research, and quality and care innovation in communities across the Chicagoland region. The combined system will operate under the Rush name. Upon close, Endeavor President and CEO J.P. Gallagher will be named president and CEO of the unified system. Dr. Omar Lateef, president and CEO of Rush, will continue in this role through the close of the transaction. He will then serve as CEO emeritus and strategic advisor to the CEO. A 20-person system board will be appointed, with equal representation from Rush and Endeavor board members and led by a chair from the Rush system. Together, the organization will have more than 46,000 employees and clinicians serving more than 2 million patients annually across northern Illinois and northwest Indiana. The transaction is expected to close in early 2027, following regulatory review and approval. Rush is a nonprofit health system that includes Rush University Medical Center, Rush University, Rush Copley Medical Center and Rush Oak Park Hospital, as well …

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IllinoisIndustrialLeasing ActivityMidwest

LSL Industries, S&C Electric Sign Industrial Leases Totaling 376,503 SF in Glenview, Illinois

by Kristin Harlow

GLENVIEW, ILL. — Owner Dermody has inked two new leases at The Logistics Campus in Glenview. LSL Industries LLC has leased 81,225 square feet of Building 4, and S&C Electric Co. has fully leased Building 5, a 295,278-square-foot facility. Positioned just north of Chicago O’Hare International Airport, The Logistics Campus will total more than 3.2 million square feet of Class A logistics space upon completion. Ten buildings are planned for the development. LSL Industries is an Illinois-based manufacturer of disposable medical devices, surgical procedure kits and hospital supplies. S&C Electric is a Chicago-based global provider of technology and services for electric power systems. Suzanne Serino, Jonathan Kohn and Christopher Volkert of Colliers represented Dermody in the leases. Sam Badger and David Prell of CBRE represented LSL. Sally Macoicz, Matthew Saddler and Christopher Johnke of Cushman & Wakefield represented S&C. Three remaining spaces at The Logistics Campus are available for occupancy ranging from 66,000 to 160,000 square feet. Phase I is complete, and Phase II includes 77 acres of fully entitled, shovel-ready property.

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IllinoisLoansMidwestMultifamily

Northmarq Provides $24.7M Refinancing for Chicago Apartment Community

by Kristin Harlow

CHICAGO — Northmarq has provided $24.7 million in refinancing for Reside on Jackson, a 93-unit apartment community in Chicago. Kevin McCarthy of Northmarq arranged the Fannie Mae financing on behalf of the borrower, Newcastle Investors. Built in 2016, the property offers a mix of one- and two-bedroom units. Amenities include a resident rooftop with grills, bicycle storage, a 24-hour concierge and 24-hour emergency maintenance.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers Sale of 345-Unit Apartment Community in Blue Island, Illinois

by Kristin Harlow

BLUE ISLAND, ILL. — Kiser Group has brokered the sale of Blue Station Apartments, a 345-unit apartment community in Blue Island, 16 miles south of Chicago’s Loop. The property at 2130 W. 122nd St. was 96 percent occupied at the time of sale. Ownership has invested more than $3.5 million in capital improvements over the past four years. Lee Kiser and Kyle Sissell of Kiser Group represented the seller, Kinzie Assets. Michael Duckler represented the out-of-state buyer while affiliated with Interra Realty. Duckler now works for Greenstone Partners. The sales price was $22 million.

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IllinoisLeasing ActivityMidwestOffice

Sentinel Technologies Inks Full-Building Headquarters Lease in Lisle, Illinois

by Kristin Harlow

LISLE, ILL. — Sentinel Technologies has signed a full-building headquarters lease totaling 63,409 square feet at Corporetum Office Campus X in Lisle. Sentinel will occupy the four-story building with its office, research and development, and technology lab functions under one roof. The company is expected to relocate in the first quarter of 2027 from its current headquarters in Downers Grove, approximately one mile away. The move marks Sentinel’s first headquarters relocation in more than 30 years. Jordan Decker and Brian Duffy of Stream Realty Partners represented Sentinel in the lease. David Florent and Brent Jacobs of Colliers represented the landlord, Napleton Automotive Group. As part of the new lease, the building will undergo significant capital improvements to support Sentinel’s operations and long-term occupancy.  

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