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AcquisitionsHealthcareIllinoisMidwest

Stage Equity Sells 52,126 SF Medical Office Campus in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Stage Equity Partners has sold the Elk Grove Village Medical Campus, a 52,126-square-foot campus with four medical outpatient buildings in metro Chicago. Private capital group Casa Avore was the buyer. Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof, Jesse Greshin, Trent Jemmett and Kevin Kobe of CBRE represented the seller. Fresenius Medical Care is the anchor tenant. Other tenants include Midwest Sports Medicine & Orthopaedic Surgical Specialists, Medical Center Dental Associates and Nephrology Associates of Northern Illinois and Indiana. The campus was 95 percent occupied with a weighted average length of tenancy in excess of 20 years at the time of sale.

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DevelopmentIllinoisLeasing ActivityMidwestOffice

JLL Opens New Office at O’Hare Plaza in Chicago

by Kristin Harlow

CHICAGO — JLL has opened its new office at O’Hare Plaza, a Class A office complex located at 8755 W. Higgins Road near the Chicago O’Hare International Airport. The brokerage giant says that the new office uses a more efficient footprint that emphasizes amenity-rich design, communal workspaces and flexibility. The 5,748-square-foot space features city views, breakout areas, upgraded conference facilities and access to shared building amenities, including a tenant lounge with a restaurant/bar and outdoor spaces. “This move is a tangible example of what we recommend to clients: create a workplace that earns the commute through experience, flexibility and thoughtful design,” says Marcellus Parker, head of corporate real estate, Americas, at JLL. Sustainability and employee well-being were core considerations throughout the design and build-out. The office features LED lighting, occupancy sensors and daylight sensors in open office areas, indoor air quality sensors and biophilic elements such as planters. The layout prioritizes access to natural light, with shared spaces such as the open office, meeting rooms and collaboration areas located along the window line. Height-adjustable desks and a range of meeting and collaboration settings support different work styles, while high-performance acoustic glass and sound-mitigating phone booths provide privacy. Open office workstations …

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

Three Narratives Shaping Next Chapter of Chicago’s Office Market

by Kristin Harlow

By Denes Juhasz, NAI Hiffman Two different star performers are emerging in Chicago’s suburban and downtown office markets. Practical Class B properties are gaining traction in the suburbs, while glitzy Class A+ trophy towers continue to outperform downtown. As the office sector adapts to post-pandemic workplace realities, the 278 million-square-foot metro Chicago office market ended 2025 with a 25.5 percent overall vacancy rate and 1.8 million square feet of negative net absorption.  The suburban market closed 2025 with positive net absorption totaling 282,285 square feet, while overall vacancy held steady at 26.2 percent, largely consistent with the year-end 2024 level of 26.3 percent. Downtown, tenant space reductions and relocations continued to take a toll, with nearly 2.1 million square feet of negative net absorption recorded in 2025. Vacancy rose to 24.9 percent, up from 23.6 percent at year-end 2024. Well-performing assets and a reduction in inventory are helping stabilize the market, albeit unevenly. Three distinct trends are emerging: an outperformance of well-positioned Class B suburban properties, a continued flight to trophy assets in the central business district (CBD) and the conversion of obsolete buildings to alternative uses across the region. Rise of suburban Class B One of the most notable …

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AcquisitionsIllinoisMidwestMultifamily

Standard, Belay Acquire 256-Unit Apartment Property in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — Standard Real Estate Investments has expanded its strategic partnership with Belay Investment Group. The venture will target middle-market, value-add multifamily investment opportunities in the Midwest with a commitment of $50 million. To mark the beginning of the partnership, Standard has completed the acquisition of Martins Point, a 256-unit, garden-style property in Lombard. The asset is located at 2101 S. Finley Road in DuPage County. Built in 1989, Martins Point features 17 buildings along with a clubhouse and maintenance shop. Amenities include a pool, grilling center, fitness center and game room. Planned renovations include enhancements to residences and common areas. Standard now owns 1,092 units in suburban Chicago.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $5.1M Sale of Two-Building Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $5.1 million sale of 2156 and 2158 W. 21st St., two multifamily buildings totaling 24 units in Chicago’s Pilsen neighborhood. Jeremy Morton of Interra represented the confidential buyer and seller. The properties, which were fully occupied at the time of sale, were built in 1893 and renovated in 2023.

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AcquisitionsIllinoisMidwestRetail

McCollom Realty Sells El Cameno Plaza Retail Property in Metro Chicago

by Kristin Harlow

ORLAND PARK, ILL. — McCollom Realty Ltd. has sold El Cameno Plaza in Orland Park after owning it for 38 years. The retail property at 9931-9985 W. 151st St. features a 54-year lease with 7-Eleven, making it one of the longest 7-Eleven tenancies in the world. Five other tenants occupy the center as well. W.R. “Terry” McCollom, president of McCollom Realty, completed the sale.

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IllinoisLeasing ActivityMidwestRetail

JEM Wellness Brands to Open 32,744 SF Crunch Fitness at Fox River Commons in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Crunch Fitness franchise owner JEM Wellness Brands has selected Fox River Commons for its inaugural location in Naperville, marking its second in the greater Chicago market. The tenant signed a lease with Continental Realty Corp. (CRC) for 32,744 square feet and will occupy the former Bed Bath & Beyond space within the 241,524-square-foot shopping center. Cherene Keenan represented CRC on an internal basis, while Newmark’s Holly Estler, Larry Kling and James Schutter represented the tenant. Crunch Naperville is expected to open this fall.

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AcquisitionsIllinoisMidwestMultifamily

Eastham Capital, Bender Cos. Acquire Multifamily Community in Metro Chicago for $30.4M

by Kristin Harlow

RICHTON PARK, ILL. — Eastham Capital and its operating partner Bender Cos. have acquired Park Towers Apartment Homes in Richton Park for $30.4 million. The 270-unit multifamily community is situated in Cook County. Park Towers is currently 94 percent occupied with average rents of $1,531 per month. The buyers plan to invest over $2.2 million focused on property infrastructure and exterior upgrades. Built in 1974, the property features floor plans ranging from 770 to 910 square feet. Amenities include a fitness center, business center, onsite laundry facilities, a putting green, outdoor games and a playground. To date, Eastham and Bender have co-invested in 13 projects.

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IllinoisIndustrialLeasing ActivityMidwest

Claire’s Signs 248,400 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Ames Watson, owner of global accessories retailer Claire’s Holdings LLC, has signed a 248,400-square-foot industrial lease at 1100 Tollgate Road in Elgin. Spence Mehl of RCS Real Estate Advisors and JLL’s Sam Brashler, Seth Geldzahler and Sharon Kariampuzha represented the tenant. High Street Logistics Properties LLC owns the building. Located approximately 40 miles northwest of downtown Chicago, the Elgin facility is designed for large-scale distribution operations and will support the broader efforts of Claire’s to modernize its logistics network, improve speed-to-store delivery and enhance omnichannel fulfillment capabilities, according to RCS.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $5.2M Sale of Retail Portfolio in Chicago’s Wicker Park

by Kristin Harlow

CHICAGO — Greenstone Partners has arranged the $5.2 million sale of a portfolio of retail properties situated along North Milwaukee Avenue in Chicago’s Wicker Park neighborhood. The portfolio totals 9,470 square feet and includes one corner property at North Milwaukee Avenue and Honore, along with three spaces directly across the street. The assets are fully leased to tenants such as Crossroads Trading Co., 2nd STREET, Thursday Boot Co. and Saint Alfred. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company, and procured the buyer, a New York-based investor.

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