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.
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.
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.
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.
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.
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.
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.
CHICAGO — Becovic Residential has acquired The Vivian, a nine-story apartment building located at 6807 N. Sheridan Road in Chicago’s Rogers Park neighborhood, for $25.6 million. The Vivian features 160 units, comprised of 104 studios and 56 one-bedroom apartments along with 9,915 square feet of ground-floor commercial space. Originally constructed in 1921 as the historic Rogers Park Hotel, the building has been thoughtfully restored to preserve its Art Deco architecture. Amenities include a rooftop lounge and clubroom with views of Lake Michigan and the Chicago skyline, a fitness center housed within the building’s original ballroom, a renovated lobby and resident gathering areas, bike storage and a dog wash. Over the past several years, the property has received more than $10 million in capital improvements, including elevator modernization, plumbing and electrical upgrades, replacement of water risers, common area renovations and the creation of new amenity spaces. Pete Evans of Berkadia brokered the sale. Elizabeth Hozian of Associated Bank structured financing for the acquisition. Becovic Management Group Inc. will manage the property.
CHICAGO — Related Midwest has topped off construction for the North Tower of 400 Lake Shore, a 635-unit residential tower located in the Streeterville neighborhood on the Near North Side of downtown Chicago. The 72-story building, which originally broke ground in June 2024, is slated for delivery in spring 2027, with preleasing underway. The South Tower, a second, shorter tower, is planned to follow in a later phase. Designed by the late David Childs of Skidmore, Owings & Merrill, the tower’s 857-foot tiered exterior features staggered outdoor terraces, a reimagined historical bay-window glass curtain wall and an architectural apex, an 83-foot, transparent glass extension that sits directly on top of the 72nd floor. Related Midwest’s in-house contracting company, LR Contracting Co., alongside BOWA Construction, built the first phase of the project, which spans roughly 1.1 million square feet. “Future residents can see just how spectacular this building will be when it opens next spring, taking full advantage of its location where Lake Michigan meets the Chicago River,” says Curt Bailey, president of Related Midwest. “We’re grateful to the hundreds of tradespeople who have worked tirelessly over the past two years to transform this long-dormant site into a bold addition to the lakefront …
ELGIN, ILL. — Entre Commercial Realty has brokered the sale of a 95,179-square-foot industrial facility located at 999 Raymond St. in Elgin. The buyer, a locally based parts distributor, plans to invest in substantial renovations to both the office and warehouse areas. The freestanding property features seven docks, two drive-in doors, heavy power capabilities and dedicated outdoor storage. Mike DeSerto, Cory Kay and Elisabeth Lazzara of Entre represented the seller, Brennan Investment Group. XR Realty represented the buyer.
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