Saturday, May 2, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Illinois

DevelopmentIllinoisLoansMidwestRetail

Associated Bank Provides $22.6M Loan for Redevelopment of Former Grocery Store in Metro Chicago

by Kristin Harlow

BUFFALO GROVE, ILL. — Associated Bank has provided a $22.6 million loan to Shorewood Development Group for the acquisition and redevelopment of a vacant, 66,083-square-foot former grocery store at 1160 W. Lake Cook Road in Buffalo Grove. The sale also included an outlot site. Named Chase Plaza, the project will feature a two-tenant, grocery-anchored retail building occupied by Sprouts Farmers Market and Club Studio fitness center. The space had been vacant for years. The project marks the first Club Studio location in the northwest Chicago suburbs. Daniel Barrins of Associated Bank managed the loan arrangements and closing.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLeasing ActivityMidwestOffice

Apex Systems Signs 15,378 SF Office Lease in Chicago’s River North

by Kristin Harlow

CHICAGO — Apex Systems will relocate its Chicago office from 600 W. Chicago Ave. to 448 N. LaSalle Drive. The technology and professional services firm has signed a long-term lease totaling 15,378 square feet for the entire top floor of the boutique office building. Designed by LJC Design & Engineering and completed in 2021, the 12-story property totals 174,599 square feet and is situated in the city’s River North submarket. The owner, National Real Estate Advisors, recently completed 32,000 square feet of furnished spec suites on the fourth and seventh floors. Amenities include a private tenant rooftop deck, conference facilities, a fitness center and ground-floor retail, including shuffleboard-focused food-and-beverage concept Electric Shuffle. Erica Marshall and Mark Gunderson of Stream Realty Partners represented the landlord. Jeff Skender, Jack Tunnicliff, Mike DeSantis and Mark Moore of Cushman & Wakefield represented the tenant.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIllinoisMidwestMultifamily

McHugh Construction, Powers & Sons Break Ground on 12-Story Affordable Housing Project in Chicago

by Kristin Harlow

CHICAGO — McHugh Construction and joint venture partner Powers & Sons Construction, along with The Community Builders (TCB), have broken ground on Southbridge 1C, the latest phase in the redevelopment of the former Harold Ickes Homes at 2305 S. State St. in Chicago’s South Loop. The 12-story building will include 80 market-rate and affordable housing units in a mix of studio, one-bedroom and two-bedroom layouts. Located adjacent to the Cermak-McCormick Place CTA Green Line station, the development will feature a 1,500-square-foot, street-level retail space alongside a resident lobby. The first floor will include a bike room with 80 spaces, a dog wash station, package room, leasing office and back-of-house areas. Amenity spaces on the 12th floor will include a fitness area, outdoor terrace and resident storage. Developed by TCB and supported by the Chicago Department of Housing, Chicago Housing Authority (CHA), Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, the 76,000-square-foot project will receive $11.9 million in tax-increment financing assistance. Gensler designed the project. Construction is slated for completion in June 2027. Southbridge 1C will include 44 affordable housing units, representing 55 percent of the total unit count. Fifteen residences will be designated for families …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

Missner Group Purchases 58,236 SF Industrial Building in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — The Missner Group has acquired 657 Wolverine Drive, a 58,236-square-foot industrial building in Aurora. Located on 5.5 acres, the multi-tenant property features a clear height of 18 feet, multiple drive-in doors and loading docks, heavy power and ample parking. Built in 1997, the asset also offers outside storage. Missner plans to implement a targeted value-add program, including tenant build-outs, renovation of existing office space and structural improvements. Two units are currently available for lease, representing a total of 25,267 square feet. Steve Connolly and Mark Moran of NAI Hiffman represented the undisclosed seller, while Andrew Maletich of Cawley CRE represented the buyer. Maletich and colleague Matt Garland have been retained as the leasing brokers.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLoansMidwestMultifamily

Walker & Dunlop Provides $60M in Financing for Multifamily Community in Wilmette, Illinois

by Kristin Harlow

WILMETTE, ILL. — Walker & Dunlop has provided nearly $60 million in construction take-out financing for Optima Verdana, a luxury multifamily community in Wilmette developed by Optima. Dave Hendrickson, Pat Modig, Jonathan Paine, Mo Beler, Will Crittenberger and Philippe LaPointe of Walker & Dunlop originated the Freddie Mac loan, which features a fixed interest rate and interest-only payments. Completed in 2023, Optima Verdana features 100 apartment units and 5,900 square feet of retail space. Residences average 1,499 square feet.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestRetail

Nicholas & Associates, Wingspan Open Retail Stores at The VUE Mixed-Use Project in Metro Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Nicholas & Associates and Wingspan Development Group of the Nicholas Family of Cos. have opened the initial commercial phase of The VUE, a 10-acre mixed-use development in Elk Grove Village. The retail spaces are home to Tensuke Market and Food Court, 7 Mile Cycles, Jarosch Bakery and Vini’s Pizza. Plans for The VUE include a 271-unit apartment community, 16 rental townhomes, a multi-story clubhouse with a pool and other amenities for residents and 52,000 square feet of retail space. A newly constructed and nearly completed pedestrian overpass will connect the development with the 3,500-acre Ned Brown Forest Preserve.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLeasing ActivityMidwestOffice

Claire’s to Relocate Headquarters, Signs 43,200 SF Lease in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — Claire’s Holdings LLC, a global accessories retailer and portfolio company of Ames Watson, has signed a 43,200-square-foot office headquarters lease at Columbia Centre III in the Chicago suburb of Rosemont. Claire’s will relocate its headquarters from Hoffman Estates, Ill., with the new space expected to open in early 2027. John Clark and Sean Moran of Newmark and Spence Mehl of RCS Real Estate Advisors represented the tenant. Joe Stevens and Steve Degodny of Transwestern represented the undisclosed landlord. Located at 9295 W. Bryn Mawr Ave., Columbia Centre III is a nine-story office building totaling 238,696 square feet. Amenities include a fitness center, onsite dining and covered parking.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 122,601 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 122,601-square-foot industrial building located at 3210 Oak Grove Ave. in Waukegan. The multi-tenant property was 66 percent leased at the time of sale. Constructed in 2006, the precast building is demised into three units. It features a clear height of 30 feet, 12 exterior docks, three drive-in doors, an ESFR sprinkler system and parking for more than 125 cars. The available unit is 41,838 square feet, including approximately 2,839 square feet of office space. Venture One plans to complete several improvements to the vacant unit, including office renovations, warehouse lighting and renovations to the bathroom and breakroom. Joe Horrigan, Zach Graham and Ryan Bain of CBRE represented the undisclosed seller. Whit Heitman and Jack Fitzpatrick of CBRE will market the property for lease. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHospitalityIllinoisMidwest

SVN Chicago Commercial Brokers $17.1M Sale of Hilton Garden Inn Hotel in Mattoon, Illinois

by Kristin Harlow

MATTOON, ILL. — SVN Chicago Commercial has brokered the $17.1 million sale of the 102-room Hilton Garden Inn Mattoon. Constructed in 2022, the property is located at 100 Coles Centre Parkway and features Hilton’s new branded layout. Derek Gonsch of SVN Chicago represented the undisclosed seller. Lekhraj Ahuja, a local investor and experienced hotel operator, was the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisIndustrialMidwest

Opus Completes 52,172 SF Build-to-Suit Facility for Elgin Recycling in Gilberts, Illinois

by Kristin Harlow

GILBERTS, ILL. — Opus has completed construction on a 52,174-square-foot build-to-suit facility for Elgin Recycling at 58 Center Drive in Gilberts, a far northwest suburb of Chicago. Situated in the Turnberry Lakes Business Park, the facility is blocks away from Elgin Recycling’s headquarters and serves as one of its four Chicago-area recycling scrap yards. Elgin Recycling is a family-owned operation that processes ferrous and non-ferrous metals, exotic alloys and electronics. The new Gilberts location processes recycled electronics from public drop-off facilities, breaking them down into components that are transported to downstream recyclers. The facility, which will be fully operational in July, features a clear height of 28 feet, six dock doors, two drive-in doors and up to 58 vehicle parking stalls. Opus served as the design-builder and worked in partnership with Architects Plus Design Studio PLLC, Structural Enginuity Inc. and Spaceco.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts