CHICAGO AND MILWAUKEE — Brennan Investment Group has acquired an 801,728-square-foot industrial portfolio located across the Chicagoland and Milwaukee markets. The portfolio is comprised of 13 shallow-bay industrial buildings with a diverse tenant mix and a weighted average lease term of more than four years. The Chicago submarkets include I-55, Lake County, Northern DuPage and Central Kane/I-88, while the Milwaukee properties are located within the Airport and Northwest submarkets. Brennan’s Midwest portfolio totals 28 million square feet.
ORLAND PARK, ILL. — Amazon (NASDAQ: AMZN) has unveiled plans to open a first-of-its-kind retail store in the southern Chicago suburb of Orland Park. The planned brick-and-mortar store will occupy the long-vacant site of the former Petey’s II restaurant at the southwest corner of 159th Street and LaGrange Road. The Orland Park Village Board approved the project at its Jan. 19 meeting. Amazon’s plans call for a one-story building of approximately 230,000 square feet that will offer groceries, household essentials and general merchandise. The store would function similarly to a large-format retailer such as a Walmart Supercenter. The commercial retail store would be open to the public and is not a warehouse or distribution center. Both the Orland Park Plan Commission and the Board of Trustees have reviewed and approved the plan. The village is not providing any financial incentives to Amazon as part of this project. “When a global retailer of this scale considers investment in Orland Park, it sends a strong signal about the vitality of our community and the strategic importance of this corridor,” says Orland Park Mayor Jim Dodge. According to a release, Amazon’s proposed multimillion-dollar investment in Orland Park would generate millions in sales and …
CHICAGO — SVN Chicago Commercial has brokered the sale of a 21-unit apartment building located at 4201 S. Michigan Ave. in Chicago’s Bronzeville neighborhood. The asset sold for $4 million through a debt assumption structure. Joe Connelly of SVN Chicago represented both parties in the sale. The property features 15 two-bedroom units and six three-bedroom residences.
MOUNT PROSPECT, ILL. — Eastham Capital and Bender Cos. have acquired The Element, a 509-unit, garden-style multifamily community in the Chicago suburb of Mount Prospect, for $75.3 million. To date, Eastham and Bender have co-invested in 10 properties. The Element is currently at 95 percent occupancy with average rents of $1,590 per month. The renovation plan for the value-add asset includes roughly $5 million to upgrade unit interiors, building systems and exterior areas. These improvements will build on significant upgrades completed by prior ownership. Built in 1968, the property is situated on more than 10 acres. The Element offers a mix of floor plans ranging from 850 to 1,800 square feet. Amenities include a fitness center, pool, yoga studio, business center, game room and laundry facilities.
WOOD DALE, ILL. — Dalfen Industrial has purchased a two-building, multi-tenant industrial portfolio totaling 56,000 square feet in the Chicago suburb of Wood Dale. The transaction was sourced through a longstanding relationship with Colliers. The properties are 66 percent leased and home to seven tenants with suite sizes ranging from approximately 3,000 to 7,000 square feet. The buildings feature five dock-high doors and six drive-in doors. The portfolio offers convenient access to I-90, I-290 and I-294 as well as close proximity to the Chicago O’Hare International Airport.
CHICAGO — Transwestern Real Estate Services has unveiled plans to relocate its Chicago office to 123 N. Wacker Drive, signing a long-term lease for 35,000 square feet for the tower’s penthouse. The brokerage firm plans to take occupancy this fall. The firm is departing from its location at 200 W. Madison St. after nearly 20 years. The Chicago office is one of two Transwestern locations in the metro area, with a second office in Rosemont serving the suburban office and industrial markets. Transwestern will occupy floors 28-30 of the building. The 28th floor features private outdoor space, while the 30th floor provides direct access to the building’s tenant lounge. The property also features a refreshed lobby, indoor-outdoor workspaces, a coffee bar, conferencing facilities and fitness center. Eric Myers of Transwestern and the firm’s agency leasing team will partner with Sterling Bay in representing office leasing at 123 N. Wacker Drive this year. The Transwestern team has prior experience with leasing the building. Larry Serota represented Transwestern on an internal basis, while Russ Cora and Austin Lusson of Sterling Bay represented the landlord.
CHICAGO — Greenstone Partners has brokered the sale of a flex industrial property in Chicago’s Irving Park neighborhood for nearly $17 million. Located at 3800 N. Milwaukee Ave., the 128,222-square-foot facility features a diverse tenant mix, including a daycare, multiple indoor sports facilities and an auto-related office and service operator. At the time of sale, the property was 98 percent leased. Danny Spitz and Brewster Hague of Greenstone represented the seller and procured the buyer, an Illinois-based private equity group.
CHICAGO — JLL Capital Markets has secured the refinancing for a dual-branded hotel in Chicago’s River North district. The property comprises the 270-room Residence Inn River North and the 253-room SpringHill Suites River North, both of which are Marriott-affiliated and located at 410 N. Dearborn St. Danny Kaufman, Jeffrey Bucaro and Malia Buljat of JLL worked on behalf of the borrower, a joint venture between Friedman Properties and White Lodging, to secure a fixed-rate, five-year loan through PGIM. Both hotels completed a renovation of all guestrooms in April 2025. Public space and meeting room renovations are slated for completion in February. The property features 1,358 square feet of meeting space, a fitness center and multiple food-and-beverage outlets, including two new restaurant concepts by Lettuce Entertain You — Gus’s Slip & Dip and Crying Tiger — that opened on the ground floor. The Residence Inn offers suites with full kitchens, separate living areas and complimentary breakfast. The SpringHill Suites offers suites with kitchenettes and amenities.
WINNETKA, ILL. — SVN Chicago Commercial has negotiated the sale of a multi-parcel assemblage anchored at 911 Green Bay Road in the Chicago suburb of Winnetka, creating a mixed-use redevelopment opportunity in the city’s Hubbard Woods business district. The assemblage includes 1007 Tower Court, 911-913 Green Bay Road, 907-909 Green Bay Road and 901-905 Green Bay Road. John Joyce and Steven Hirsch of SVN Chicago brokered the transaction. One of the four properties sold was the last industrial-zoned parcel in Winnetka, marking a pivotal shift in land use. According to SVN, the last major redevelopment in the Hubbard Woods business district occurred in 1980 with McDonald’s. In recent years, the village has completed streetscape and infrastructure improvements, rebranding the corridor as the Hubbard Woods Design District. The assemblage required four coordinated sales across multiple ownership groups and legal teams. SVN was the only broker involved and has been retained to market the retail component of the redevelopment.
CHICAGO — Real estate investment firm Real Capital Solutions (RCS) has acquired 401 N. Michigan Ave., a Class A office tower in Chicago, for $132.5 million. Situated on the Chicago River’s north bank along the city’s Magnificent Mile, the property totals 35 stories and 747,522 square feet. According to RCS, the acquisition price represents a 77.8 percent discount relative to replacement cost. The seller was not disclosed, but Crain’s Chicago Business reports that a joint venture led by locally based Walton Street Capital sold the tower. The news outlet also reports that the transaction represents the highest sales price for a Chicago office tower since 2022. 401 N. Michigan was roughly 87 percent leased at the time of sale. Tenants of the building include the Accreditation Council for Graduate Medical Education, the American Dental Association, Scion and private equity firm BDT & MSD Partners. Since 2023, more than 275,000 square feet of leasing activity has been executed at the property. The building also recently underwent $17 million in renovations, including improvements to the lobby and amenity spaces. “The acquisition of 401 N. Michigan represents a rare opportunity to secure a top-performing, institutional office tower in an irreplaceable riverfront location,” says Adam Abeln, chief …
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