Tuesday, August 4, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Illinois

IllinoisLoansMidwestOffice

JLL Secures $213M Refinancing for Chicago Office Tower

by Kristin Harlow

CHICAGO — JLL Capital Markets has secured a $213 million refinancing for 360 North Green, a 500,000-square-foot office tower in Chicago’s Fulton Market. Lucas Borges, Geoff Goldstein, Danny Kaufman, Kelly Gaines, Emma Berner and Ryan Planek of JLL secured the three-year loan through Barings on behalf of the borrower, institutional investors advised by J.P. Morgan Asset Management and Sterling Bay. Designed by Gensler and delivered in 2024, 360 North Green rises 24 stories and features two outdoor terraces per floor, a 4,000-square-foot roof deck, 6,500-square-foot fitness center, outdoor conference space and the Adalina Prime restaurant. The property is currently 76 percent leased and home to tenants such as Boston Consulting Group and Greenberg Traurig.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRetail

Newmark Brokers Sale of 51,795 SF Retail Condo along Chicago’s Magnificent Mile

by Kristin Harlow

CHICAGO — Newmark has brokered the sale of a 51,795-square-foot retail condominium at 919 N. Michigan Ave. along Chicago’s Magnificent Mile. Louis Vuitton is the anchor tenant and has occupied space at the property for more than 20 years. The luxury retailer recently completed a renovation and expansion of its flagship store and extended its lease. Keely Polczynski and Conor Lalor of Newmark represented the buyer, L3 Capital. Joe Girardi of Mid-America Real Estate represented the undisclosed seller. The asset occupies the base of the historic, 37-story Palmolive Building. The four-level property is 68.8 percent leased by luxury retailers. Originally built in 1929 and renovated in 2005, the Palmolive Building features retail, office and residential condominiums.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestOfficeRestaurantRetail

Friedman Properties Completes Riverwalk Replacement at Reid Murdoch Building in Chicago

by Kristin Harlow

CHICAGO — Friedman Properties has completed reconstruction of the riverwalk at the Reid Murdoch Building in Chicago’s River North neighborhood. Together with renovations at River Roast, the forthcoming opening of The Carlyle Club and prior ground-level improvements, the updates represent approximately $15 million in recent investment at the property, which features a 300-foot riverwalk connecting Clark Street to LaSalle Drive. The latest renovation nearly doubled the width of the previous riverwalk and introduced a series of 10-foot-tall double doors in the south elevation, creating new opportunities for outdoor dining and improving pedestrian circulation. The work also included new precast piers, railings, lighting, integrated planters and improved access from the river level for visitors arriving by boat. Coinciding with the redevelopment of the riverwalk, operator Levy Restaurants has completed renovations of River Roast, the 28,000-square-foot riverfront venue located in the building. The restaurant’s main event space, which has been rebranded RR Events, now features a new riverside entrance with a curved grand staircase, dual-sided bars and upgraded lighting fixtures, furniture, flooring and tableware. The renovation also added Corner Roast, a new coffee concept with its own entrance. Friedman also closed a lease with The Carlyle Club, scheduled to open at the …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestMultifamilyOffice

Skender Begins Conversion of Chicago Office Tower into 320 Apartment Units

by Kristin Harlow

CHICAGO — Skender has begun construction on the 500 N. Michigan Ave. adaptive reuse project, which will convert the 400,000-square-foot office tower into 320 apartment units on Chicago’s Magnificent Mile. The project team includes Connecticut-based Commonwealth Development Partners and GREC Architects. Completion is slated for late 2027. Originally designed by Skidmore, Owings & Merrill and completed in 1968, the building rises 24 stories and 304 feet tall. The conversion will transform vacant floors three through 23 into residential dwelling units, while a new 25th floor with amenity space will be constructed atop the building, adding 17 feet to its height. Level 24 will house mechanical systems, and floors two through five will include additional amenity programming. Ground-floor retail will be retained.   Skender’s scope of work includes full interior demolition of the existing vacant office spaces, elevator modernization throughout all floors and the complete build-out of residential units and amenity spaces.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwestMinnesota

Cabot Properties Sells 2.5 MSF Industrial Portfolio in Chicago, Minneapolis Markets

by Kristin Harlow

CHICAGO AND MINNEAPOLIS — Cabot Properties has sold the North Central Portfolio, a collection of 11 industrial buildings totaling roughly 2.5 million square feet across the greater Chicago and Minneapolis markets. A global asset manager purchased the portfolio, which includes assets both developed and acquired by Cabot. Six of the properties are located in the North/Central Kane County and West Suburbs submarkets of Chicago and include four cross-dock facilities and two rear-load properties totaling approximately 1.6 million square feet. The assets have an average vintage of 2019 and feature 32-foot clear heights, ESFR sprinkler systems, 130-to-185-foot truck court depths and efficient loading configurations. The buildings are 97 percent occupied by various logistics and distribution users. The additional five buildings comprise roughly 1 million square feet across the Northwest and Southwest submarkets of Minneapolis. The rear-load facilities have an average vintage of 2014 and feature 32-foot clear heights, ESFR sprinkler systems and 130-to-155-foot truck court depths. The fully leased properties are home to distribution and light manufacturing users.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisLoansMidwestMultifamily

Associated Bank Provides $28.3M Loan for Development of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Associated Bank has provided a $28.3 million loan to a joint venture between North Park Ventures and SNS Realty Group for the development of a transit-oriented apartment property on North Sheffield Avenue in Chicago. The loan included funds for the acquisition of the former Tortenson Glass Co., which consists of nearly 30,000 square feet of urban infill land. The five-story, 99-unit apartment building will offer 84 market-rate units and 15 affordable housing units. There will be four studios averaging 500 square feet, 46 one-bedroom units averaging 750 square feet and 49 two-bedroom units averaging 1,150 square feet. Amenities will include a clubroom with coworking space, a wellness center with a sauna, a rooftop deck with a dog run and a bike room.  There will be parking for 25 cars at the back of the site. Demolition of the existing structures will begin shortly, with completion of the new building planned for 2027. Daniel Barrins of Associated Bank managed the loan arrangements and closing.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $16.3M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Kiser Group has brokered the $16.3 million sale of a 65-unit apartment building located at 4601-17 N. Dover St. in Chicago’s Sheridan Park neighborhood. The transaction marks the fifth consecutive sale of the property within a brokerage history spanning nearly three decades involving Kiser brokers. The property first traded for $1.9 million in 1998, followed by sales in 2000 ($3.2 million), 2007 ($7.4 million) and 2020 ($12.5 million). Kiser’s Jacob Price and Katie LeGrand brokered the latest sale. The property sold to a 1031 exchange buyer. The courtyard building features three studios, 45 one-bedroom units, 14 two-bedroom units and three three-bedroom residences. The asset was fully occupied at the time of sale. Approximately 75 percent of the apartments include private balconies. Amenities include a fitness center, landscaped courtyard and individual storage lockers.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRetail

Mid-America Negotiates Sale of 37,615 SF Lincoln Park West Retail Property in Chicago

by Kristin Harlow

CHICAGO — Mid-America Real Estate Corp. has negotiated the sale of Lincoln Park West, a 37,615-square-foot retail asset located in Chicago’s Lincoln Park neighborhood. The property offers value-add potential through the lease-up or adaptive reuse of the 19,531-square-foot second floor. Tenants include PNC Bank, Starbucks, RJ Grunts (Lettuce Entertain You) and Lincoln Park Preschool. The weighted average lease term is seven years. George Ghattas, Joe Girardi and Patrick Corrigan of Mid-America represented the seller, LLJ Ventures. A private local investor was the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $5.9M Sale of Multifamily Portfolio in Palatine, Illinois

by Kristin Harlow

PALATINE, ILL. — Interra Realty has brokered the sale of a five-building, 30-unit multifamily portfolio in Palatine for nearly $5.9 million. Paul Waterloo and Patrick Kennelly of Interra represented the private local buyer and confidential seller. The portfolio was fully occupied at the time of sale. The properties are part of the Turtle Creek Apartments Master Association. There are five one-bedroom units and 25 two-bedroom residences, all of which have been recently upgraded. The properties are subject to a monthly association fee that covers insurance, landscaping, snow removal and waste collection.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisIndustrialMidwest

Principle Construction Completes 55,468 SF Facility for Orozco Trucking in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Principle Construction Corp. has completed a truck maintenance and warehouse facility for Orozco Trucking at 2580 Mason Road in Elgin. The build-to-suit project provides the climate-controlled and dry freight specialist with a permanent home following its relocation from a leased site in Elk Grove Village. The 55,468-square-foot headquarters features a mix of office, maintenance and warehouse space. Situated on previously undeveloped land with immediate access to I-90, the site also offers room for future expansion. The new facility includes a two-story office space totaling 23,000 square feet, 16,800 square feet of maintenance space and 15,000 square feet of warehouse space. The warehouse and maintenance portion feature a clear height of 26 feet, four dock doors and four drive-in doors. Harris Architects was the project architect.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts