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IllinoisLoansMidwestMultifamily

JLL Arranges $124.6M Refinancing for Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $124.6 million refinancing for Arthur on Aberdeen, a newly stabilized luxury apartment tower in Chicago’s Fulton Market neighborhood. Located at 210 N. Aberdeen St., the property rises 18 stories with 363 units. Delivered in 2024, the asset is 92 percent occupied. Amenities include a rooftop pool and spa, a fitness center spanning more than 2,000 square feet, a podcasting studio and coworking spaces. The community also includes roughly 10,000 square feet of fully leased ground-floor retail space. Danny Kaufman, Medina Spiodic, Rebecca Mitchell, Merrick Evans and Annie Thomas of JLL represented the borrower, LG Development Group LLC, in arranging the three-year, floating-rate loan through Pacific Life Insurance Co.

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AcquisitionsIllinoisLoansMidwestRetail

Marcus & Millichap Brokers $14M Sale of LA Fitness-Anchored Retail Property in Metro Chicago

by Kristin Harlow

MUNDELEIN, ILL. — Marcus & Millichap has arranged the nearly $14 million sale and financing of a LA Fitness-anchored, four-suite retail property in Mundelein. Austin Weisenbeck and Shean Sharko of Marcus & Millichap marketed the property on behalf of the seller, an experienced real estate investor and developer in Chicagoland. The Sharko | Weisenbeck | Mendoza Group also procured the out-of-state buyer, which completed a 1031 exchange. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $9.8 million in acquisition financing through a regional lender. The 89,357-square-foot shopping center is situated on 7.5 acres at 1555 S. Lake St. Built in 2019, the property is home to Kids Empire, The Dog Stop and The Picklr Club. The asset is part of Townline Square Shopping Center.

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IllinoisIndustrialMarket ReportsMidwestMidwest Market Reports

Chicago’s Next Industrial Opportunity Is Already Built

by Kristin Harlow

By Maxx Kossof, The Missner Group Chicago’s industrial market is active — vacancy is low, rents are up and the construction pipeline remains substantial. But the market is not uniform. Smaller deals, in tighter locations and existing buildings, are moving. That segment has been underserved for some time, and that is starting to change. Big box is largely spoken for Chicago’s active construction pipeline is significant, but the majority of it is already committed. The large projects breaking ground  are build-to-suit developments for specific users, including Kimberly-Clark, CJ Logistics and Walmart. Big speculative groundbreakings have been largely absent for some time, reflecting a period of softer leasing demand that is only now beginning to recover. That pipeline serves an important segment of the market, but a narrow one. Most tenants are not those users. They are regional distributors, light manufacturers and last-mile operators looking for 25,000 to 90,000 square feet in a location that works for their workforce and customers. For years, speculative development bypassed this segment in favor of larger tenants and higher absolute rents. That is beginning to shift. Infill is competitive  When a well-located older building becomes available in Chicago, there is real competition for it. The …

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DevelopmentIllinoisMidwestMultifamily

Focus Tops Out 19-Story Apartment Building in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Chicago-based developer Focus has topped out 1221 W. Washington Blvd., a new apartment tower in Chicago’s Fulton Market neighborhood. Focus is also serving as the general contractor. Designed by Pappageorge Haymes, the 19-story, 286,232-square-foot development will feature a concrete podium with a brick façade, topped by a glass curtain wall spanning floors five through 19. Once complete, the project will include 287 apartment units, roughly 2,700 square feet of ground-floor retail space and 110 parking spaces. Apartments will come in a mix of studio, one- and two-bedroom units. Amenities will total more than 25,000 square feet and include three rooftop decks with a pool and grilling stations, a spa with an indoor hut tub, sauna, a fitness center with yoga and spin studios, private coworking spaces and a dog spa and dog run. Partner’s By Design is the interior designer, and Luxury Living is handling marketing and leasing. The development will be known as 1221, and first deliveries are anticipated in January 2027. The project is a Focus-led joint venture between DAC Developments and Melrose Ascension Capital. CIBC Capital and Heitman provided financing.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers Sale of 88,000 SF Shopping Center in Geneva, Illinois

by Kristin Harlow

GENEVA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of an 88,000-square-foot shopping center in Geneva. Located at 1310 Commons Drive, the property consists of four multi-tenant and two single-tenant buildings. Dan Waszak and Brett Berlin of Quantum brokered the transaction. The buyer was a global real estate investment manager, and the seller was an investment fund based on the East Coast.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers Sale of 33,140 SF Retail Center in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — JLL Capital Markets has brokered the sale of Clybourn Center, a 33,140-square-foot unanchored strip center in Chicago’s Lincoln Park neighborhood. The retail property is located on North Clybourn Avenue across from Foundry Park, a $1 billion mixed-use redevelopment project. When complete, Foundry Park will deliver roughly 3,700 residential units, 350,000 square feet of office space, 420,000 square feet of retail, 250,000 square feet of hospitality and 12 acres of open space. Clybourn Center was 91.2 percent occupied at the time of sale, with 38 percent of the gross leasable area occupied by medical tenants including Physicians Immediate Care, Premier Allergy and Metro Infusion. The property features 86 surface-level parking spaces. Michael Nieder and Brian Page of JLL represented the undisclosed seller. Curbline Properties was the buyer. JLL took on the leasing of Clybourn Center in 2009, with Steve Schwartz leading efforts.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Prologis to Build 454,000 SF Spec Industrial Development in Suburban Chicago

by Kristin Harlow

GLENDALE HEIGHTS, ILL. — Prologis has acquired 26.2 acres of land in Glendale Heights with plans to build a speculative industrial development consisting of two Class A logistics facilities totaling 454,000 square feet. Each building will feature a clear height of 36 feet, more than 200 car parking spaces and a shared 200-foot truck court. The project site is adjacent to the High Grove Business Park to the east and a commercial and retail development to the west. It also features direct access to I-355 and proximity to the Chicago O’Hare airport. Plans call for significant infrastructure improvements, including construction of a new connector drive and upgrades to nearby intersections and stormwater management facilities.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 70,144 SF Retail Center in Park Ridge, Illinois

by Kristin Harlow

PARK RIDGE, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Shops of Uptown, a 70,144-square-foot, grocery-anchored retail center in the Chicago suburb of Park Ridge. Anchored by Trader Joe’s, The Shops of Uptown is part of the larger Uptown mixed-use development. Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Phillips Edison Co. An institutional investment manager was the buyer.

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

Downtown Chicago’s Office Market Shows Cautious Momentum

by Kristin Harlow

By Ben Azulay, Bradford Allen Downtown Chicago’s office market is entering a period defined less by the disruptions of recent years and more by the opportunities taking shape in their wake. Tenants are committing or recommitting to quality space, investors are acquiring assets at more compelling valuations and office-to-residential conversions are removing obsolete supply. Leasing activity pulled back in the first quarter of 2026, with approximately 1.6 million square feet of direct deals completed, according to Bradford Allen’s first-quarter downtown Chicago office market report. That is down from just over 2 million square feet in fourth-quarter 2025.  Several notable transactions reflect a market increasingly defined by location and building quality. Global food brand Mars Snacking made the quarter’s most significant commitment, signing a new 169,816-square-foot headquarters lease at Fulton Labs, 400 N. Aberdeen St. in Fulton Market, while also absorbing the 37,672-square-foot former Kellanova space in River North as part of a broader expansion that will bring more than 600 new jobs and $100 million in investment to the city.  In its second expansion in the building in four years, IMC Financial Markets leased an additional 104,000 square feet at Willis Tower, bringing its total footprint there to approximately 250,000 …

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates Two Industrial Leases Totaling 131,417 SF in Chicago’s Western Suburbs

by Kristin Harlow

HILLSIDE AND FOREST PARK, ILL. — Lee & Associates of Illinois has negotiated two industrial leases totaling 131,417 square feet in the western suburbs of Chicago. Sean Austin of Lee & Associates represented Nuvomed Inc., a company that develops and sells affordable health and wellness products, in its lease of 54,087 square feet at 200 Fencl Lane in Hillside. Tom Rodeno and Patrick Turner of Colliers represented the owner, Clear Height Properties. Austin also represented Recyclops Inc., a recycling and sustainability company that provides curbside recycling pickup, in its lease of 77,330 square feet at 7750 Industrial Drive in Forest Park. The same Colliers duo represented the landlord, ML Realty Partners.

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