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DevelopmentIllinoisMidwestMultifamilyStudent Housing

Core Spaces to Develop Three Student Housing Projects Totaling 3,500 Beds in Champaign, Illinois

by Kristin Harlow

CHAMPAIGN, ILL. — Core Spaces has unveiled plans to develop three student housing projects near the University of Illinois Urbana-Champaign. Together, the developments will bring more than 3,500 beds between 2028 and 2031. In fall 2025, Core broke ground on Hub Champaign Green Street, a 490-unit, 1,577-bed student housing community that is slated to deliver in summer 2028. Core plans to further expand its Hub on Campus footprint along the Green Street corridor. Each community will be centrally located near both campus and downtown Champaign.

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IllinoisLoansMidwestMultifamily

BWE Originates $38.9M Loan to Refinance 194 Units of Chicago Condo Property

by Kristin Harlow

CHICAGO — BWE has originated $38.9 million to refinance 194 units of Woodland Park by the Lake, a 240-unit condominium community in Chicago’s Bronzeville neighborhood. Ryan Morris and Max Miller of BWE originated the five-year Freddie Mac loan on behalf of the borrower, a joint venture between a Chicago-based property management firm and a Chicago-based investor group. The joint venture originally acquired 170 units in the property in 2019 as part of a fractured condo deal. Since then, the venture has purchased more units and substantially renovated those homes.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $5M Sale of Multifamily Building in Chicago’s Bucktown

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sale of 2105 W. Caton St. in Chicago’s Bucktown neighborhood for nearly $5 million. Completed in 2023, the boutique property features six two-bedroom units and two three-bedroom penthouse duplexes with private rooftop decks. The property also includes eight covered garage parking spaces and one street-level commercial space that is currently leased to a Pilates studio. Brad Feldman of Interra represented the buyer, a local private investor that also assumed the loan. Feldman also represented the seller, a developer he had worked with on the original 2018 land acquisition. The asset was fully occupied at the time of sale.

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IllinoisLoansMidwestRetail

Gantry Secures $12M Loan for Refinancing of Shopping Center in Moline, Illinois

by Kristin Harlow

MOLINE, ILL. — Gantry has secured a $12 million permanent loan to refinance maturing debt for Rock River Plaza in Moline. The 389,375-square-foot retail power center is anchored by Walmart and Lowe’s. Additional tenants include Marshalls, Five Guys, Chick-fil-A, Applebee’s and AT&T. Gantry’s Joe Monteleone and Rulin Dai represented the borrower, a private real estate investor. A CMBS lender provided the five-year, fixed-rate loan, which features interest-only payments for the full term.   

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DevelopmentIllinoisIndustrialMidwest

Ryan Cos. Breaks Ground on 190,000 SF Spec Industrial Facility in Bellwood, Illinois

by Kristin Harlow

BELLWOOD, ILL. — Ryan Cos. US Inc., in joint venture with Washington Capital Management Inc., has broken ground on a 190,000-square-foot speculative industrial facility in Bellwood, about 13 miles west of Chicago’s downtown Loop. The project is on the 13-acre site of the former SureBuilt building. The facility will feature a clear height of 32 feet and immediate access to several interstates as well as proximity to the Chicago O’Hare airport. The flexible design will accommodate uses from warehousing and distribution to light manufacturing. Ryan is the developer and builder. Completion is slated for spring 2027.

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AcquisitionsHealthcareIllinoisMidwest

Advocate Health Acquires Outpatient Center in Metro Chicago for $23.4M

by Kristin Harlow

NAPERVILLE, ILL. — Advocate Health and Hospitals Corp., a wholly owned subsidiary of Advocate Health, has purchased the Advocate Health Cardiovascular ASTC & Outpatient Center in Naperville for $23.4 million. HSG Medical and Capital Healthcare Properties sold the 42,438-square-foot, single-tenant medical facility. Developed by HSG Medical and Capital Healthcare Properties, the newly redeveloped property is a cardiovascular ambulatory surgery treatment center (ASTC) and outpatient facility. The building was purpose-built to serve as an extension of Advocate’s cardiology program at Advocate Good Samaritan Hospital and houses a dedicated cardiac catheterization operating room, prep and post-recovery services, cardiovascular specialty clinician offices, primary care, cardiac diagnostics, a lab and imaging services. The redevelopment project converted an existing building into the modern medical facility. Alex Sharrin of JLL represented the sellers, while Tom Hollinden of CBRE represented the buyer.

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DevelopmentIllinoisMidwestMultifamily

Flaherty & Collins Opens 219-Unit Luxury Apartment Complex in East Peoria, Illinois

by Kristin Harlow

EAST PEORIA, ILL. — Flaherty & Collins Properties has opened Phase I of Blutowne in East Peoria. The 219-unit, $66 million luxury apartment project includes studio, one- and two-bedroom residences along with 10,000 square feet of ground-floor retail space. Amenities include a heated saltwater pool, fitness center and rooftop sky lounge. Flaherty & Collins is preparing for Phase II, which will add 262 luxury apartment units and 12,000 square feet of retail space.

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DevelopmentIllinoisMidwestOffice

Partnership to Undertake $25M Renovation of Historic Jewelers Building in Chicago

by Kristin Harlow

CHICAGO — Clayco, CRG, The Prime Group Inc. and TP Management Co. (TPM) have unveiled plans to complete a $25 million renovation of the historic Jewelers Building at 35 E. Wacker Drive in Chicago. The project will introduce a fine dining restaurant, lobby and rooftop bars, expanded fitness and wellness amenities and a reimagined conference, event and coworking space to the office property. Planned renovations will honor the building’s Beaux-Arts character. Roanoke Hospitality Group, an affiliate of The Prime Group, will operate and manage the new food-and-beverage offerings, which will be open to the public. Construction will begin in fall 2026, with the new restaurant and bar concepts slated to open in 2027. TPM is an investor in the project and will continue to participate in the ongoing management and long-term enhancement of the asset while cording capital support for future improvement and repositioning initiatives. Designed by Joachim Giaver and Frederick Dinkelberg, the Jewelers Building is recognized by the National Register of Historic Places as part of the Michigan-Wacker Historic District. Upon completion in 1927, the 40-story building was the world’s tallest outside of New York City. It was designated a Chicago landmark in 1994.

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DevelopmentIllinoisIndustrialMidwest

TCC Breaks Ground on 788,320 SF Spec Warehouse in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Trammell Crow Co. (TCC) has broken ground on Building 2 of Plainfield Business Center in Plainfield, about 40 miles southwest of downtown Chicago. The 788,320-square-foot spec warehouse is slated for completion by the third quarter of 2027. Matt Mulvihill and Phil DeBoer of CBRE are marketing the building for sale or lease. Building 2 will feature a clear height of 40 feet, 80 dock doors and 211 trailer parking stalls. The site offers proximity to both I-55 and I-80. At full build-out, Plainfield Business Center will encompass more than 8 million square feet of industrial space across 600 acres. Building 1, which also measures 788,320 square feet, was delivered earlier this year and is fully leased to RJW Logistics Group. Harris Architects and Kimley-Horn and Associates designed Plainfield Business Center, while FCL Builders is the general contractor.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $23M Sale of Apartment Complex in Metro Chicago

by Kristin Harlow

MOUNT PROSPECT, ILL. — Interra Realty has brokered the $23 million sale of 20West, a six-story, 71-unit apartment complex in Mount Prospect. Paul Waterloo, Patrick Kennelly and Nathan Zito of Interra represented the buyer, Wheeling, Ill.-based Anemone Real Estate. The trio also represented the seller, Wingspan Development Group, which opened the property in 2019. The asset was 94 percent occupied at the time of sale. The property features nine studios, 41 one-bedroom and 20 two-bedroom layouts as well as a three-bedroom penthouse. Amenities include a fitness center, yoga studio, lounge and demonstration kitchen. A two-story restaurant space is currently leased to The Prospect.

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