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Illinois

AcquisitionsHealthcareIllinoisLeasing ActivityMidwest

NAI Hiffman Negotiates Long-Term Lease Renewal for Silver Cross Hospital in New Lenox, Illinois

by Kristin Harlow

NEW LENOX, ILL. — NAI Hiffman has negotiated a long-term lease for Silver Cross Hospital at 1890 Silver Cross Blvd. in New Lenox. The 174,855-square-foot, six-story medical office building is known as Pavilion A. Immediately following execution of the lease, the building was sold for $88.6 million to Chicago-based Farpoint and Dallas-based The Landes Group. The transaction included the renegotiation of Silver Cross’ existing lease and established Silver Cross as the largest tenant in the building, which is 96 percent occupied. Silver Cross will retain its footprint on the first and lower-level floors plus the upper levels. Existing healthcare providers, including the Shirley Ryan AbilityLab at Silver Cross, Duly Health and Care, DaVita, Rush University Medical Center and UChicago Medicine will also remain in place. Perry Higa of NAI Hiffman represented Silver Cross in the lease, which was completed at a net per-square-foot rate below the early renewal rate he negotiated on behalf of the tenant in May 2025. NAI Hiffman has also been retained as leasing agent for the building, which was constructed in 2012. Hiffman National will serve as property manager. Chris Bodnar of CBRE represented the sellers, PGIM Real Estate and NexCore Group.

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AcquisitionsIllinoisLoansMidwestRetail

Greenstone Partners Brokers $19.5M Sale of Retail Center in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $19.5 million sale of a 54,000-square-foot retail center located at 1415-1417 N. Kingsbury St. in Chicago’s Clybourn Corridor. A venture between Chicago-based Honore Properties and Peerless Development acquired the fully leased property. Danny Spitz and AJ Patel of Greenstone represented the seller, Los Angeles-based Westwood Financial. The transaction marks the fourth acquisition in the immediate corridor for Honore and Peerless. Spitz previously represented the venture in the acquisition of the adjacent property at 821 W. Eastman St. Originally acquired by Westwood in 2017 via a loan assumption structure, the Kingsbury center underwent a significant repositioning following the departure of Buy Buy Baby. In 2023, ownership executed a lease-up strategy by securing Sky Zone on a 10-year lease for 35,386 square feet. The center is also home to PetSmart, which has operated an 18,524-square-foot store since 2012. The property also features a redevelopment component. The asset includes nearly 500,000 square feet of transferable air rights, creating a future high-density multifamily development opportunity. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $13.7 million in acquisition financing through Great Southern Bank.

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IllinoisLeasing ActivityMidwestOffice

Transwestern Negotiates 72,645 SF Office Lease at Michigan Plaza in Chicago

by Kristin Harlow

CHICAGO — Transwestern has negotiated a 72,645-square-foot office lease at Michigan Plaza in Chicago. Mark Buth, Kathleen Bertrand and Steve Hennessy of Transwestern represented the landlord, Aegis Asset Management. Jeff Lindenmeyer, Chris O’Leary and Shannon Connerty Morris of Avison Young represented the tenant, the Illinois Housing Development Authority (IHDA). Transwestern also manages the nearly 2 million-square-foot complex. IHDA will occupy space in the 978,693-square-foot 225 N. Michigan Ave. building. The transaction marks the largest new lease in the East Loop submarket since the second quarter of 2023, according to Transwestern. Located on Michigan Avenue south of the Chicago River, Michigan Plaza offers amenities such as multiple tenant lounges, a fitness center and outdoor space. The second-floor lounge is connected to the East Plaza, an outdoor terrace with a bocce ball court and putting green. The third-floor lounge offers a kitchen and conferencing space.

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DevelopmentIllinoisLoansMidwestMultifamily

Associated Bank Provides $7.6M Construction Loan for Chicago Apartment Building

by Kristin Harlow

CHICAGO — Associated Bank has provided a $7.6 million construction loan for a five-story, 40-unit apartment building located at 4725 N. Clifton Ave. in Chicago. CEDARst Cos. is developing the transit-oriented project, which is named Clifton Uptown. Located in the heart of the Uptown Square Historic District, the property will feature 12 studio units, 28 one-bedroom units and 1,839 square feet of ground-floor retail space. The site is adjacent to the CTA Red Line Lawrence Station that is in the final stages of a $2.1 billion Red and Purple Line modernization project. Daniel Barrins of Associated Bank managed the loan arrangements and closing.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 131,748 SF Grocery-Anchored Retail Property in Chicago

by Kristin Harlow

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of 3030 North Broadway, a Mariano’s-anchored retail property serving Chicago’s Lakeview and Lincoln Park neighborhoods. Additional tenants at the five-story, 131,748-square-foot asset include Club Studio, PNC, Starbucks and Fresh Dental. Ben Wineman and Joe Girardi of Mid-America represented the seller, SITE Centers. The buyer was L3 Capital.

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DevelopmentIllinoisIndustrialMidwest

PREMIER Breaks Ground on 82,125 SF Manufacturing Facility for Linx in Niles, Illinois

by Kristin Harlow

NILES, ILL. — PREMIER has broken ground on a manufacturing facility for Linx Global in Niles. The 82,125-square-foot building features an additional 18,000-square-foot production mezzanine. Linx is a global product development and contract manufacturing company. The new facility will grow Linx’s R&D operations and deepen its footprint in medical, advanced packaging and electromechanical assembly space. The project will house a range of specialized manufacturing and research spaces, including a wet lab, quality control lab, 3D print room and dedicated support areas. The office areas will include conference rooms, private offices, breakout rooms and open workspaces. Employees will have access to a café and green roof deck with a walking path, outdoor kitchen and gas fire pit. The project team includes Heitman Architects, Spaceco Inc., MK Industries Inc., Swift Structural Design and Connelly Electric. Substantial completion is slated for the first quarter of 2027.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers Sale of Overlook at Oakbrook Retail Center in Metro Chicago for $44M

by Kristin Harlow

OAK BROOK, ILL. — JLL Capital Markets has brokered the $44 million sale of Overlook at Oakbrook, an unanchored retail strip center in Oak Brook that was constructed in 2023 and is located across from Oakbrook Center shopping mall. The property totals 52,876 square feet across seven buildings. The asset is 94 percent occupied by 13 tenants, including Lazy Dog Restaurant and Bar, Panera Bread, Veterinary Emergency Group and Guidepost Montessori. The property features 80 percent national tenancy with no single tenant representing more than 20 percent of income. Michael Nieder, Brian Page and Alex Sharrin of JLL represented the seller, MetLife Investment Management, and procured the buyer, a real estate fund advised by Crow Holdings Capital.

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AcquisitionsIllinoisIndustrialLoansMidwest

JLL Secures $35.6M in Acquisition Financing for Metro Chicago Industrial Portfolio

by Kristin Harlow

CHICAGO — JLL Capital Markets has secured $35.6 million in acquisition financing for the Chicago Infill Industrial Seed Portfolio, a collection of four shallow-bay assets totaling 411,781 square feet in the O’Hare, Northwest Cook and North DuPage submarkets. Danny Kaufman, Lucas Borges, Mary Dooley, Emma Berner and Annie Thomas of JLL represented the borrower, a newly formed joint venture between Matterhorn Venture Partners and TPG Angelo Gordon U.S. Real Estate. The transaction represents the initial investment for the joint venture, which is targeting value-add Midwest industrial acquisitions. Built in the mid-1980s, the portfolio features clear heights ranging from 18 to 24 feet, 30 dock doors and four drive-in doors across the four buildings.

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AcquisitionsIllinoisMidwestOffice

Greenstone Partners Arranges $8.9M Sale of Office Complex in Lake Forest, Illinois

by Kristin Harlow

LAKE FOREST, ILL. — Greenstone Partners has arranged the $8.9 million sale of Conway Park, a 225,000-square-foot office complex in the northern Chicago suburb of Lake Forest. Danny Spitz of Greenstone represented the buyer, The STG Group, a private real estate investment group based in Petaluma, Calif. Matthew Tarshis, Andrew Rubin, Andrew Picchietti, Zack Pearlstein and Andrew Slovis of Frontline Real Estate Partners represented the undisclosed seller. The property is currently 43 percent leased. Three of the five largest tenants have lease terms extending through 2030 and beyond.

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DevelopmentIllinoisIndustrialLeasing ActivityMidwest

TCC Leases Phase I, Plans Phase II of Plainfield Business Center in Metro Chicago

by Kristin Harlow

PLAINFIELD, ILL. — Trammell Crow. Co. (TCC) has announced a full-building lease and plans for Phase II of Plainfield Business Center in Plainfield, about 40 miles southwest of downtown Chicago. RJW Logistics Group has leased Building 1, which totals 788,000 square feet. TCC plans to break ground on Building 2 in the second quarter. That building will also total 788,000 square feet. RJW is a retail-focused logistics and supply chain solutions provider. The Woodridge, Ill.-based company operates more than 16 distribution centers across Illinois, Texas and Pennsylvania. Dominic Carbonari of JLL represented RJW in its lease negotiations. Matt Mulvihill and Phil DeBoer of CBRE represented the landlord. Building 2, which is being built on a speculative basis, will sit on 46 acres and feature a clear height of 40 feet, 80 dock doors expandable to 156 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. Harris Architects designed Plainfield Business Center, and Krusinski Construction Co. was the general contractor for Phase I. Kimley-Horn is the civil engineer.

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