Monday, December 15, 2025
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AcquisitionsIllinoisIndustrialMidwest

JLL Brokers Sale of 314,000 SF FedEx Ground Distribution Facility in Niles, Illinois

by Kristin Harlow

NILES, ILL. — JLL Capital Markets has arranged the sale of a 314,000-square-foot FedEx Ground distribution facility located at 5959 W. Howard St. in Niles. Constructed in 2015 as a build-to-suit for FedEx Ground Package Systems Inc., the distribution center features a clear height of 32 feet, 101 dock doors, six drive-in doors and a fully automated material handling system with six-dimensional package scanning and sorting capabilities. The property includes 291,511 square feet of warehouse space, 14,937 square feet of office space, a 5,180-square-foot maintenance facility and a 2,400-square-foot guard building. There are 562 car parking spaces and 546 trailer parking spaces across the site along with a fueling station. The property includes an additional 11.2 acres of land that FedEx currently utilizes for trailer and auto parking. FedEx has operated from the facility since June 2015.

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DevelopmentIllinoisLoansMidwestMultifamily

Maverick Secures $13.5M Construction Loan for Apartment Building in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Maverick Commercial Mortgage Inc. has arranged a $13.5 million stretch senior construction loan for a 30-unit apartment building in Evanston. A Midwest-based debt fund provided the loan. The borrower acquired the site, previously a parking lot, in 2024. The project site is located four blocks west of Northwestern University. Completion is slated for spring 2027.

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DevelopmentIllinoisLeasing ActivityMidwestOfficeRetail

Inspired by Somerset Development Launches Leasing for West Side of Bell Works Chicagoland

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Inspired by Somerset Development has launched leasing for the West Side of Bell Works Chicagoland in Hoffman Estates. The project’s first phase has reached 98 percent occupancy. The former AT&T campus now features a mix of office, retail, dining, residences and hospitality. The redeveloped West Side will include more than 500,000 square feet of new space, including 430,000 square feet of traditional office space with approximately 35,000 square feet dedicated to 16 fully furnished “Ready-to-Wear” suites. These suites are available for flexible short- and long-term leases ranging from 1,000 to 4,000 square feet. A conference center with five conference rooms will accommodate up to 370 people. There will also be 70,000 square feet of retail space. Completion of the West Side is slated for the third quarter of 2026. The East Side now has only 10,000 square feet of space remaining, including an 1,800-square-foot “Ready-to-Wear” suite and two office spaces. Following recent leases from Arjo, Convergint and WT Group, a combined 785 additional employees are at the campus on a daily basis.

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DevelopmentIllinoisIndustrialMidwest

LogiPropCo to Build 171,600 SF Industrial Development Near Chicago O’Hare Airport

by Kristin Harlow

DES PLAINES, ILL. — Logistics Property Co. LLC (LogiPropCo) has purchased a 10-acre site at 424 Howard Ave. in Des Plaines with plans to build a 171,600-square-foot industrial development. Located less than a mile from the Chicago O’Hare International Airport’s north cargo gate, the site sits within two miles of an I-90 four-way interchange. Construction is expected to commence this month. The project will include 35 docks, 136 auto parking spaces and 53 trailer parking spaces. Aaron Martell and Ben Fish of LogiPropCo worked with Tom Rodeno and Mike Senner of Colliers on the land acquisition. The Colliers duo will also serve as the leasing agents. Heitman Architects is the project architect, Jacob & Heffner is the civil engineer and Meridian Design Build is the general contractor. Completion is slated for late summer 2026.

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AcquisitionsIllinoisMidwestRetail

Colliers Negotiates Sale of Two Retail Condos in Chicago’s Southport Corridor

by Kristin Harlow

CHICAGO — Colliers has negotiated the sale of two net-leased retail condos in Chicago’s Southport Corridor. The property at 3541-43 Southport is a 2,400-square-foot storefront leased to Paper Source with a 900-square-foot basement. The other asset is leased to Third Love, a Leap Brand company, and totals 1,150 square feet with a 450-square-foot basement. Both are situated across the street from an Anthropologie store. Chris Irwin of Colliers represented the seller, MDN Development. Westin Kane of Mid-America represented the buyer, JB Realty.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Chipotle Opens at Rock Run Collection in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Chipotle Mexican Grill has opened at Rock Run Collection in Joliet. The new restaurant features a Chipotlane drive-thru pickup lane for digital orders. The location is expected to bring approximately 30 new jobs to the Joliet area. Chipotle joins the now-open Hollywood Casino Joliet and The View at Rock Run Collection, upscale apartments that are currently leasing. Future tenants will include Drury Hotel, Chick-fil-A and Ricky Rockets. Cullinan Properties is the developer of Rock Run Collection, a mixed-use project spanning more than 300 acres at the intersection of I-55 and I-80.

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CivicDevelopmentIllinoisMidwest

McHugh Construction, Nacional Group Break Ground on $85M Wagner Community Center in Metro Chicago

by Kristin Harlow

ELMHURST, ILL. — McHugh Construction and joint venture partner Nacional Group have broken ground on the new Joanne B. Wagner Community Center in the Chicago suburb of Elmhurst. The nearly $85 million project will replace the former 32,000-square-foot Wagner Community Center with a 127,250-square-foot, two-story facility at 615 N. West Ave. A grand opening is planned for fall 2027. The new center will be approximately four times larger than the former facility, enabling expanded programming and the elimination of longstanding waitlists for youth and adult activities. Designed by the Elmhurst office of Dewberry, the Wagner Community Center will feature an indoor artificial turf field, a full-size gymnasium capable of hosting multiple sports, a three-lane elevated walking track, dedicated early childhood and preschool classrooms with a separate entrance, expanded dance and gymnastics studios, an indoor play area, multipurpose community rooms and administrative offices.

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AcquisitionsIllinoisMidwestRetail

Mid-America Arranges Sale of 580,477 SF Shopping Center in Orland Park, Illinois

by Kristin Harlow

ORLAND PARK, ILL. — Mid-America Real Estate Corp. has arranged the sale of Orland Park Place, a 580,477-square-foot shopping center in the southern Chicago suburb of Orland Park. The asset was 93 percent leased at the time of sale. Tenants include Nordstrom Rack, Marshalls, Ross Dress for Less, Dick’s Sporting Goods, Steinhafel’s Furniture, Ashley Home Store, Hobby Lobby, DSW, Barnes & Noble and Planet Fitness. The sale included the primary 568,577-square-foot inline center as well as one 11,900-square-foot freestanding restaurant outparcel. The seller, PMAT Real Estate Investments, retains ownership of the five outlot buildings fronting LaGrange Road that total more than 65,000 square feet. Ben Wineman, Joe Girardi, Rick Drogosz and Patrick Corrigan of Mid-America represented the seller. A private partnership led by Ashkenazy Acquisition Corp. was the buyer. The sales price was $60 million, according to Crain’s Chicago Business.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers Two Multifamily Sales in Metro Chicago Totaling $4.7M

by Kristin Harlow

CHICAGO AND PARK RIDGE, ILL. — Interra Realty has brokered the sales of two value-add multifamily properties in the northwest Chicago area for a combined $4.7 million. A two-building, 16-unit property at 1860-1900 N. Parkside Drive in Park Ridge that was built in 1966 sold for $2.8 million, and a 12-unit building at 8544-48 W. Gregory St. in Chicago’s O’Hare submarket that was constructed in 1972 sold for $1.9 million. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented both the confidential buyer and seller of the Park Ridge property. The trio also represented the undisclosed partnership seller of the Chicago asset, with Oleg Komarnytskyy of KOMAR Real Estate representing the private buyer. Both properties were fully occupied at the time of sale. The transaction of 8544-48 W. Gregory marks the first time the asset has traded hands since 1988, and the new ownership plans to renovate apartments as tenants turn over.

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AcquisitionsHospitalityIllinoisMidwest

Pebblebrook Hotel Trust Sells Westin Michigan Avenue Chicago Hotel for $72M

by Kristin Harlow

CHICAGO — Pebblebrook Hotel Trust (NYSE: PB) has sold the 752-room Westin Michigan Avenue Chicago hotel for $72 million. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged a $54 million acquisition loan on behalf of the buyer, Vinayaka Hospitality. A life insurance company provided the loan. The hotel is located at 909 N. Michigan Ave. along the Magnificent Mile. For the trailing 12 months that ended Sept. 30, the hotel generated earnings before interest, taxes, depreciation and amortization of $4.6 million and net operating income of $2.5 million, according to Pebblebrook.

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