Thursday, December 4, 2025
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DevelopmentIllinoisIndustrialMidwest

Contegra Completes 611,000 SF Warehouse for McLeod Express in Decatur, Illinois

by Kristin Harlow

DECATUR, ILL. — Contegra Construction has completed a 611,000-square-foot warehouse for transportation company McLeod Express in the central Illinois city of Decatur. The project marks the second warehouse for the family-owned company, supplementing its existing warehouse operations from a 100,000-square-foot facility that McLeod has owned and operated since 2001. The new building is located about one mile from the I-72 exchange and three miles from the Midwest Inland Port. Situated on a 37-acre site at 3960 E. Mound Road, the project features a clear height of 36 feet, 56 dock doors, four drive-through doors and parking for 63 cars and 64 trucks. The building also houses a two-story, 6,000-square-foot office space. McLeod manages a fleet of more than 300 trucks and 900 trailers.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Brokers $4.3M Sale of Cotton Creek Apartments in Metro Chicago

by Kristin Harlow

ISLAND LAKE, ILL. — Essex Realty Group LLC has brokered the sale of Cotton Creek Apartments, a 32-unit property in the northern Chicago suburb of Island Lake. Brian Karmowski and Anthony Citriglia of Essex represented the seller, while colleague Jimmy Donahue represented the buyer. Cotton Creek Apartments features nine one-bedroom units and 23 two-bedroom residences. The property has received recent capital improvements, including full tear-off roof replacements, new boiler and heating tanks and a partial parking lot replacement.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $5.2M Sale of Elmwood Commons Retail Center in Metro Chicago

by Kristin Harlow

ELMWOOD PARK, ILL. — Greenstone Partners has brokered the $5.2 million sale of Elmwood Commons, a 16,840-square-foot retail center in the Chicago suburb of Elmwood Park. The property sold to an institutional investor for the full list price. Developed in 1991, the multi-tenant center has maintained near full occupancy since its construction and features a weighted average lease tenure of 15.6 years. Longstanding tenants include FedEx Office, which has occupied its space for 34 years, Wingstop (24 years), Jimmy John’s (19 years), Betty’s (12 years) and Happy Wok (11 years). Brewster Hague of Greenstone represented the seller and procured the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 97,073 SF Industrial Building in Suburban Chicago

by Kristin Harlow

TINLEY PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 97,073-square-foot industrial building in the Chicago suburb of Tinley Park. The multi-tenant property was 44 percent leased at the time of sale. Constructed in 2004, the building is demised into five units. It features 13 exterior docks, six drive-in doors and parking for more than 162 cars. The three vacant suites range from 16,566 to 20,924 square feet, each with 1,236 to 3,291 square feet of office space. Each unit provides access to two or three dedicated exterior docks and one drive-in door, along with electrical service ranging from 400 to 1,400 amps. Venture One plans to make improvements to the vacant units, including office renovations, painting, energy-efficient lights and parking lot paving. Josh Hearne of Cawley Commercial Real Estate represented the seller and has been retained to market the property for lease. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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IllinoisMarket ReportsMidwestMidwest Market ReportsRetail

Chicago Retail Shines in Neighborhoods, Suburbs

by Abby Cox

While the health of the retail market along the Magnificent Mile continues to recover incrementally with a rebound in foot traffic following a prolonged downturn, Chicago’s neighborhoods and suburbs are bustling with leasing activity. In fact, limited retail supply in the suburbs and throughout most of the city’s neighborhoods is one of the biggest challenges facing the market, according to Michael Flinchbaugh, an associate director with Chicago-based Bradford Allen. He says the dynamic has pushed up rents, leading to more national retailers entering corridors that have historically been occupied by local stores. “Groups that are not as well capitalized are struggling to find affordable space for lease,” says Flinchbaugh. The Loop, on the other hand, is sitting at a vacancy rate around 30 percent, according to Flinchbaugh. He says the hope is that the number of office-to-residential conversions slated to occur in the next two to three years will bring retailers back to the submarket as it becomes more of a live-work community. The Loop is located south of the Chicago River, while the Magnificent Mile is situated on the city’s Near North Side. Long known for its high-end shops, hotels and restaurants, the one-mile section of Michigan Avenue referred …

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AcquisitionsDevelopmentIllinoisMidwestRetail

Learning Hills Daycare Purchases Land to Open New Facility in Volo, Illinois

by Kristin Harlow

VOLO, ILL. — The Learning Hills Daycare has purchased a 3.1-acre site at 27065 Route 120 in Volo, a far north suburb of Chicago. Rick Scardino of Lee & Associates represented the buyer, which is a privately owned and operated childcare and learning center. Learning Hills plans to build a new daycare that is slated to open in fall 2026. The company currently operates locations in Crystal Lake, Lake in the Hills and South Elgin. Joe Heffernan of KW Commercial represented the seller, The Ellis Farm Partnership.

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IllinoisLeasing ActivityMidwestOffice

Friedman Properties Inks 107,000 SF of Leases at Reid Murdoch Building in Chicago

by Kristin Harlow

CHICAGO — Friedman Properties has completed five leases totaling 107,000 square feet at the Reid Murdoch Building in Chicago’s River North neighborhood. New tenant Smartly, an artificial intelligence-powered advertising technology company with offices around the world, signed a lease for 5,000 square feet of office space. Storck USA, which has maintained its offices in the building since 2002, expanded from 20,000 to 30,000 square feet. Headquartered in Berlin, Storck is a confectionary producer with brands including Werther’s Original, Mamba, Riesen, merci, Knoppers and Toffifay. The Motion Agency, an independently owned marketing agency, expanded from 20,000 to 25,000 square feet. The company’s headquarters have been located at the property since 2018. Theater of the Mind, an immersive theatrical experience presented as part of Goodman Theatre’s centennial 2025/2026 season, signed a 19,000-square-foot lease for ground-floor retail space. River Roast renewed its 28,000-square-foot restaurant lease. The eatery opened in 2014. Friedman Properties recently completed a renovation that included a new tenant lounge, café, audiovisual system, two conference rooms and a fitness center. Additional upgrades included the build-out of a 5,388-square-foot speculative office suite, refreshed common areas and a lobby transformation. Originally constructed in 1914, the Reid Murdoch Building long served as the office, …

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AcquisitionsIllinoisMidwestMultifamily

Greenstone Partners Arranges $18.2M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Greenstone Partners has arranged the $18.2 million sale of Block Belmont, a newly constructed multifamily property with 54 units in Chicago’s Belmont Cragin neighborhood. Jordan Multack of Greenstone represented the seller, a Chicago-based developer, and procured the buyer, a private, local 1031 exchange investor. Located at 6336-6360 W. Belmont Ave., the asset offers a mix of simplex and duplex layouts as well as onsite parking.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $13.2M Sale of Luxury Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Kiser Group has brokered the sale of a newly constructed, 24-unit luxury apartment building in Chicago’s Lincoln Park neighborhood for $13.2 million. Katie LeGrand and Jacob Price of Kiser represented the undisclosed seller. Completed in 2025, the five-story property primarily comprises two- and three-bedroom units. The asset features a rooftop amenity deck with a pickleball court, outdoor kitchen and sundeck.  

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AcquisitionsIllinoisMidwestMultifamily

Marquette Cos. Buys 198-Unit Orion Arlington Lakes Multifamily Property in Metro Chicago

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Marquette Cos. has purchased Orion Arlington Lakes, a 198-unit, garden-style multifamily property in the Chicago suburb of Arlington Heights. Immediate plans for the community include a rebranding to Avery at Arlington Lakes and the launch of value-add renovations for the amenities and units. Marquette Management will take over property management. Built in 1985, the property features eight buildings with one- and two-bedroom floor plans averaging 1,168 square feet. Marquette plans to build a new fitness center and implement upgrades to apartment interiors and amenities, which include a picnic area, dog park, landscaped grounds, garage parking and laundry facilities. LEM Capital was a capital partner in the acquisition.  

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