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AcquisitionsIllinoisIndustrialMidwest

JLL Arranges Sale of 717,475 SF Industrial Portfolio in Chicago Market

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged the sale of a 10-property light industrial portfolio totaling 717,475 square feet in Chicago’s collar counties. The assets span five municipalities in Will, DuPage and Kane counties, offering immediate access to I-80, I-55, I-88 and I-90. The portfolio comprises second-generation facilities with an average clear height of 26 feet and a mix of single-tenant and multi-tenant configurations across 22 suites. Built in 2001 on average, the properties include a combined 78 dock doors and 23 drive-in doors complemented by 1,013 car parking spaces across 41.5 acres. There are six properties in Tinley Park, two in Mokena and single assets in Naperville, Elgin and Romeoville. Currently 83.7 percent leased to 19 tenants, the portfolio features a weighted average lease term of 3.8 years. The properties range in size from 23,600 to 237,241 square feet. Office finish percentages range from 9.4 to 24.5 percent. Kurt Sarbaugh, Ed Halaburt, Trent Agnew, Sean Devaney, Ross Bratcher and Cameron Chandra of JLL represented the seller, High Street Logistics Properties. The buyer was undisclosed.

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IllinoisIndustrialLeasing ActivityMidwest

CoreCentric Solutions Signs 286,622 SF Industrial Lease in West Chicago

by Kristin Harlow

WEST CHICAGO, ILL. — CoreCentric Solutions has signed a 286,622-square-foot industrial lease at 1717 Harvester Road in West Chicago. The long-term lease brings the 465,950-square-foot manufacturing facility to full occupancy. David Conroy, Mark Wilson, Jordan Kwiecinski and Daniel Cawley of Cawley Commercial Real Estate represented the landlord, Plymouth Industrial REIT. Mike Senner of Colliers represented the tenant. The leased property offers 4,000 amps of heavy power, 15,579 square feet of office space, 14 interior docks and one drive-in doors. The lease is scheduled to commence in October.

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AcquisitionsIllinoisMidwestRetail

Boulder Group Brokers $3.8M Sale of Fifth Third Bank Ground Lease in Oswego, Illinois

by Kristin Harlow

OSWEGO, ILL. — The Boulder Group has brokered the $3.8 million sale of a single-tenant, ground-leased Fifth Third Bank property in Oswego. The 4,273-square-foot retail building is located at 2660 U.S. Highway 34. Randy Blankstein, Jimmy Goodman and John Feeney of Boulder Group represented the seller, a West Coast-based real estate firm. The buyer was a Chicago-based investment firm completing a 1031 exchange. The lease, which is structured as a ground lease with triple-net terms and zero landlord responsibilities, has approximately nine years of remaining term. Fifth Third Bank has continuously operated from this location since 2008 and signed a new 10-year lease extension in October 2025. The lease includes 10 percent rental escalations every five years. The tenant has four five-year renewal options remaining. Cincinnati-based Fifth Third Bank operates more than 1,100 full-service banking centers and over 2,000 ATMs across 11 states.

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SparrowHawk-Almanac
AcquisitionsIllinoisIndustrialKentuckyMidwestMissouriOhioTop Stories

SparrowHawk, Almanac Realty Acquire 4.4 MSF Industrial Portfolio in Midwest for Nearly $400M

by Abby Cox

HOUSTON AND NEW YORK CITY — A joint venture between SparrowHawk and New York City-based Almanac Realty Investors has acquired a 20-property, 4.4 million-square-foot industrial portfolio located across six markets in the Midwest. Stockholm-based global investment firm EQT sold the portfolio for nearly $400 million. Brian Walsh, Lucas Borges, Steve Klein, Chris Pratt, Emma Berner and Christian Johnston of JLL Capital Markets secured a five-year, $236 million acquisition loan through PPM America on behalf of the buyers. “This acquisition accelerates SparrowHawk’s strategic expansion in the Midwest with a portfolio that is integral to connecting industrial occupiers to the large consumer markets driving logistics and e-commerce growth,” says Alfredo Gutierrez, president and founder of SparrowHawk. The assets, which are spread throughout St. Louis, Cincinnati, Cleveland, Columbus, Dayton and Louisville, were 94 percent leased at the time of sale to 30 tenants across multiple industries such as logistics and distribution; business and professional services; industrial and manufacturing; e-commerce and retail; and wholesale and supply distribution. According to various media sources, 50 percent of the collection by square footage is located in St. Louis, while Cincinnati holds approximately one-fifth of the portfolio. The industrial properties feature 30-foot average clear heights, extensive dock capacity, tilt-up …

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AcquisitionsIllinoisMidwestMultifamily

Greenstone Partners Arranges $12.6M Sale of Multifamily Property in Lansing, Illinois

by Kristin Harlow

LANSING, ILL. — Greenstone Partners has arranged the $12.6 million sale of the Hickory Oaks apartment complex in Lansing, about 25 miles south of downtown Chicago. Greenstone’s Michael Duckler represented the buyer, SpringView Investments, and the undisclosed seller. The 138-unit property presents a value-add opportunity, with in-place rents approximately 25 percent below market. The asset features eight garden-style buildings across 3 acres. There are 84 two-bedroom units, 52 one-bedroom units and two studios.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 131,998 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow

EAST DUNDEE AND MOKENA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a three-building, 131,998-square-foot industrial portfolio in metro Chicago. The portfolio, which was fully leased at the time of sale, consists of single and multi-tenant properties that are home to five tenants. Two properties are in East Dundee: 160 Windsor Drive totals 40,764 square feet while 170 Prairie Lake Road totals 38,413 square feet. Both were constructed in 2001. In Mokena, 9645 Willow Lane is a single-tenant building totaling 52,821 square feet. It was built in 1979 and renovated in 2018. Joe Horrigan, Zach Graham and Ryan Bain of CBRE represented the seller. VK Industrial VII is co-sponsored by Venture One and Focus Partners Wealth.

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DevelopmentIllinoisMidwestOffice

Skender Completes 83,000 SF Headquarters for Harrison Street in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Skender has completed the 83,000-square-foot build-out of Harrison Street Asset Management’s headquarters at The Fulton, an office property located at 919 W. Fulton Market in Chicago. The real estate and infrastructure investment management firm is relocating from its prior location at 444 W. Lake St. Harrison Street’s three-floor build-out features an atrium stair, dedicated executive suite, a mix of private offices and open work areas as well as large terrace spaces. A central café is equipped with a full bar and built-in audiovisual system to accommodate meetings. SCB was the architect. Skender also served as the base building general contractor for the 535,000-square-foot development, which wrapped construction in April. In addition to office tenants, the property is home to Gibson’s Steakhouse and Equinox Fitness.

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IllinoisIndustrialLeasing ActivityMidwest

Newmark Negotiates 150,316 SF Industrial Lease for Dynamic Manufacturing in Metro Chicago

by Kristin Harlow

FOREST PARK, ILL. — Newmark has negotiated a long-term, full-building industrial lease totaling 150,316 square feet at 7801 Industrial Drive in Forest Park on behalf of Dynamic Manufacturing. Corey Chase of Newmark represented the tenant. First Industrial Realty Trust Inc. is the landlord. Dynamic Manufacturing will use the facility for warehousing, electrification and manufacturing operations. Full operations are expected to commence in February 2027. Located on 5 acres, the property features 4,509 square feet of office space, a clear height of 24 feet, six interior loading docks, one drive-in door and parking for 120 vehicles. The fully air-conditioned warehouse and planned installation of a new ESFR sprinkler system were key factors in the tenant’s decision to lease the property, according to Newmark.

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DevelopmentIllinoisMidwestRetail

Shops at North Bridge Along Chicago’s Magnificent Mile to Undergo $40M Renovation

by Kristin Harlow

CHICAGO — The Shops at North Bridge will undergo a multi-million-dollar reinvestment that will reposition the Michigan Avenue property at the gateway to Chicago’s Magnificent Mile. The multi-phase restoration will introduce a new street presence, hospitality-inspired interiors and a reimagined mix of retail and dining. Construction is scheduled to begin this month, with retailers remaining open throughout the phased redevelopment process. The project cost is $40 million, according to Crain’s Chicago Business. At the center of the project is a transformation of the property’s Michigan Avenue entrance designed by ParkFowler Plus. A new glass façade will feature a large-format, backlit LED archway display with a digital art installation. Updated tenant signage and architectural enhancements will further elevate the property’s street presence, while Nordstrom’s flagship location will remain a central component of the design. The property’s secondary entrance at Grand Avenue and Rush Street will also undergo significant upgrades, including an additional digital display, enhanced lighting, modernized finishes, improved wayfinding and a more visible tenant directory. Inside, the central atrium will be transformed into a hospitality-driven gathering space anchored by a suspended sculptural installation and a future bar and lounge concept. As part of the broader repositioning efforts, a new merchandising …

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DevelopmentIllinoisLeasing ActivityMidwestMultifamily

Related Midwest Begins Leasing for North Tower at 635-Unit Apartment Project in Chicago

by Kristin Harlow

CHICAGO — Related Midwest has begun leasing for the North Tower of 400 Lake Shore Drive, a 72-story apartment tower in Chicago’s Streeterville neighborhood. Once complete in March 2027, the 857-foot high-rise will deliver 635 rental apartments on the waterfront site. The North Tower comprises two distinct rental offerings: The Collection, spanning floors three through 43, and The Residences, occupying floors 46 through 70. Each will feature its own dedicated lobby entrance and design aesthetic while sharing access to the 400 Club, which features more than 30,000 square feet of amenities, including the city’s highest full-floor fitness center in a residential building. The Collection will include 520 units ranging from 520 to 1,240 square feet, while The Residences will encompass 115 floor plans ranging from 1,010 to 3,740 square feet. March and White Design created the building interiors, while David Childs and the Chicago office of Skidmore, Owings & Merrill designed the property. The full plan calls for two high-rises, beginning with the North Tower, which is being co-built by LR Contracting and BOWA Construction.

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