Tuesday, January 13, 2026
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AcquisitionsIllinoisMidwestMultifamilyRetail

Cushman & Wakefield Arranges $28.5M Receivership Sale of Multifamily, Retail Property in Chicago

by Kristin Harlow

CHICAGO — Cushman & Wakefield has arranged the $28.5 million receivership sale of 1900 W Lawrence, a boutique multifamily property in Chicago’s Ravenswood neighborhood. The asset features 59 luxury apartment units and more than 19,000 square feet of ground-level retail space. Located at 1900 W. Lawrence Ave., the building is a former Sears store that was redeveloped in 2021. At the time of sale, the property’s retail space was fully occupied by tenants such as DeVry University and Club Pilates, and the residential units were 94 percent full. The four-story building includes a mix of one-, two- and three-bedroom floor plans, with the second floor consisting of townhome-style units. Each floor includes amenity spaces catered toward remote work and social gatherings. Jack Maloney and Brad Smith of Cushman & Wakefield represented the seller, Matthew Tarshis of Frontline Real Estate Partners, a court-appointed receiver in the matter.

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AcquisitionsIllinoisMidwestMultifamilyOffice

Greenstone Partners Brokers $5.4M Sale of Chicago Office Building Slated for Apartment Conversion

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the sale of 401 West Ontario Street, a 48,000-square-foot office building in Chicago’s River North neighborhood. The loft-style building features zoning that supports multifamily redevelopment. Jordan Multack of Greenstone represented the buyer, a private, Chicago-based development group. According to Greenstone, the buyer was drawn to the building’s efficient and flexible floor plates, value-add conversion potential and onsite indoor parking.

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Company NewsDevelopmentIllinoisLeasing ActivityMidwestRetailTop Stories

Aldi to Open 180 New U.S. Grocery Stores This Year

by John Nelson

BATAVIA, ILL. — Aldi, a German discount, small-format grocer, plans to open 180 new stores across 31 states this year. By the end of the year, Aldi will operate approximately 2,800 U.S. grocery stores, including its first Maine location in Portland and 10 new stores in the metro Phoenix area. The grocer has operated stores in the United States for 50 years and has gained a loyal following in recent years as the demand for discount grocery items increases in the face of inflation. The company disclosed that 17 million Americans shopped at Aldi for the first time in 2025. “One in three U.S. households shopped at Aldi this past year, and in 2026, we’re focused on making it even easier for customers to shop our aisles first,” says Atty McGrath, CEO of Aldi U.S. Aldi, whose U.S. headquarters is in Batavia, plans to continue its expansion over the next five years in the Southeast and West regions. In the Southeast, Aldi continues to convert former Winn-Dixie retail locations following Aldi’s acquisition of Winn-Dixie and Harveys Supermarket from Southeastern Grocers in 2023. Aldi plans to reposition 80 former Winn-Dixie stores by the end of the year and 200 total by 2027. …

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Arranges $3.3M Sale of Multifamily Property in Addison, Illinois

by Kristin Harlow

ADDISON, ILL. — Essex Realty Group has arranged the $3.3 million sale of 439-449 W. Stevens Drive, a 23-unit multifamily property in Addison. Anthony Citriglia of Essex Realty Group brokered the transaction. Additionally, Asher Motew, Quinn Keenan and Elliott Quigley of Essex Capital Markets arranged a $2.2 million acquisition loan through Freddie Mac. The five-year loan features interest-only payments for two years.

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AcquisitionsIllinoisMidwestMultifamilyStudent Housing

Marcus & Millichap Arranges $13.3M Sale of Student Housing Property in Champaign, Illinois

by Kristin Harlow

CHAMPAIGN, ILL. — Marcus & Millichap has arranged the $13.3 million sale of University Commons, a 100-unit student housing property in Champaign. Located at 209 E. University Ave., the building comprises 95 fully furnished units in a variety of floor plans along with five ground-floor retail spaces. Built in 2018, the 68,309-square-foot property spans 2.7 acres and features amenities such as a gym, recreation center and study room. The asset is situated a few blocks from the University of Illinois campus. Sam McCarthy and Scott Harris of Marcus & Millichap represented the seller and procured the buyer, Illini Rental Properties LLC, which plans to complete modest interior and common area upgrades as well as enhancements to the retail portion.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $17M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $17 million sale of 506 W. Deming Place in Chicago’s Lincoln Park neighborhood. The 49-unit vintage apartment building was built in 1915. Amenities include a laundry room, bike storage room and fitness facility. Recent renovations include modernization to some residences with in-unit laundry. The buyer, Horizon Realty Group, plans to make additional improvements to units and common areas. Colin O’Malley of Interra represented the confidential seller as well as the buyer. The building was 98 percent occupied at the time of sale.

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AcquisitionsIllinoisMidwestMixed-Use

Greenstone Partners Brokers $6.5M Sale of Development Site in Chicago’s Gold Coast

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $6.5 million sale of 12-16 W. Maple St., a development site located in Chicago’s Gold Coast neighborhood. Danny Spitz and Malek Abdulsamad of Greenstone represented the seller. The site is currently occupied by a four-story, 20,572-square-foot mixed-use building and an adjacent parcel with a total of 75 feet of frontage along Maple Street. The site is zoned DX-7, Downtown Mixed-Use District, which allows for a wide variety of as-of-right uses, including retail, residential and hospitality.

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AcquisitionsIllinoisMidwestOffice

JLL Arranges Sale of 413,267 SF Mid America Plaza Office Complex in Metro Chicago

by Kristin Harlow

OAKBROOK TERRACE, ILL. — JLL Capital Markets has arranged the sale and financing of Mid America Plaza, a two-building office complex in the Chicago suburb of Oakbrook Terrace. JLL represented the seller, Equus Capital Partners Ltd., in the sale of the property to Tryperion Holdings. JLL also worked on behalf of the buyer to secure an acquisition loan through an insurance company. Mid America Plaza consists of two 10-story office towers totaling 413,267 square feet. The Class A property was recently renovated with a redesigned lobby, updated atrium spaces with three Wi-Fi lounges, a conference center, outdoor terraces and a new fitness center with a golf simulator. Building improvements included elevator modernizations, HVAC upgrades, LED lighting and electric charging stations in the covered garage. The property is 87 percent leased to tenants such as Graycor Services, BCS Financial, Crowe and International Contractors. The asset is situated on 5.3 acres across the street from Oakbrook Center shopping mall. Sam DiFrancesca, Jaime Fink, Bruce Miller and Misha Katashevich of JLL represented the seller. Lucas Borges, Matt Maksymec and Ryan Planek of JLL arranged the financing.

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DevelopmentIllinoisIndustrialMidwestSelf-Storage

Hernandez Development Opens 625-Unit Self-Storage Facility in Carol Stream, Illinois

by Kristin Harlow

CAROL STREAM, ILL. — Hernandez Development has opened Carol Stream Self Storage, a 71,510-square-foot self-storage facility with 625 units in suburban Chicago. The three-story building includes 36 drive-up units. CubeSmart will manage the property. G.A. Johnson & Son served as the general contractor.

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AcquisitionsIllinoisMidwestRetail

NewMark Merrill Acquires 179,106 SF Lake Meadows Shopping Center in Chicago

by Kristin Harlow

CHICAGO — NewMark Merrill Cos. Inc. has acquired Lake Meadows Shopping Center, a 179,106-square-foot property in Chicago. Draper and Kramer Inc. was the seller. Anchor tenants include Jewel-Osco, LA Fitness, Foot Locker, CVS Pharmacy and Citi Trends. NewMark Merrill now owns or operates eight properties in the Chicago area representing more than 1.6 million square feet and a combined asset value of over $300 million. The company plans to upgrade Lake Meadows with improvements to signage, lighting and gathering spaces. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist, Susan Rorison and Matt Gugliciello represented NewMark Merrill on an internal basis. Michael Nieder, Brian Page and John Dettlaff of JLL represented the seller. Lake Meadows was 85 percent leased at the time of sale.

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