Illinois Archives - REBusinessOnline

Eastern Union Secures $125.3M Acquisition Loan for Chicago Apartment Property

Kristin Harlow — Thu, 21 May 2026 13:42:38 +0000

CHICAGO — Eastern Union has arranged a $125.3 million loan for the acquisition of The Pavilion, a 15-story, 1,115-unit apartment property located at 5441 N. East River Road in Chicago. The transaction is believed to be the largest apartment building sale in Chicago on a year-to-date basis, according to Eastern Union. Michael Muller and Mike Orlik of Eastern Union secured the financing. The five-building complex was built between 1968 and 1972. Amenities include a club building, pool, spa, sauna, fitness center and barbecue area. The property was 96 percent occupied at the time of the loan closing. The borrower was Chicago-based R.I.G. Capital, and the seller was Brookfield Asset Management. Stephen York of Arbor Realty Trust originated the agency financing. The sales price was $167 million. The loan featured a 75 percent loan-to-cost ratio, and payments will be based on a 30-year amortization. The transaction represents the first time that the property has traded hands in several decades.

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Coda Resources Signs 244,343 SF Industrial Lease in Joliet, Illinois

Kristin Harlow — Thu, 21 May 2026 13:41:59 +0000

JOLIET, ILL. — Coda Resources has signed a 244,343-square-foot industrial lease at 2000 S. Rowell Ave. in Joliet. The 399,930-square-foot facility was newly developed by Cabot Properties. Frank Melchert, Stevan Arandjelovic and Simon Porras of Cawley Commercial Real Estate represented the tenant, while Steve Ostrowski of Colliers represented the landlord. Coda, which manufactures consumer and industrial products, is expected to take occupancy in September, and the lease term is 75 months. The building features intermodal access, 50 dock doors and a clear height of 36 feet.

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Entre Commercial Realty Brokers Sale of 28,300 SF Industrial Building in Metro Chicago

Kristin Harlow — Thu, 21 May 2026 13:39:10 +0000

WAUCONDA, ILL. — Entre Commercial Realty has brokered the sale of a 28,300-square-foot industrial building located at 280-290 Industrial Drive in Wauconda. The freestanding facility features a clear height of 19 feet, two exterior docks and two drive-in doors. The buyer, WSI Machinery, plans to renovate both the office and warehouse spaces. The acquisition also provides future expansion capability, with the opportunity to lease the secondary unit. Founded in 1985, WSI provides woodworking machinery and supplies, including millwork, machinery and panel processing equipment. Elisabeth Lazzara, Mike DeSerto and Cory Kay of Entre represented the buyer. Bruce Kaplan of Premier Commercial Realty represented the seller.

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Cushman & Wakefield, JLL Broker Sale of 2,043-Unit Self-Storage Portfolio in Chicago

Kristin Harlow — Wed, 20 May 2026 13:24:36 +0000

CHICAGO — Cushman & Wakefield and JLL have brokered the sale of a two-property self-storage portfolio in Chicago. The brokerage firms represented the seller, Self Storage 1. Etude Storage Capital purchased the portfolio, which comprises 2,043 units across 150,216 square feet in the Lincoln Park/Bucktown and Wrigleyville/Lakeview neighborhoods. Cushman & Wakefield’s Greg Wells, Mike Mele, Luke Elliott and Ross Bailey partnered with JLL’s Steve Mellon, Brian Somoza, Dan Reynolds and Tom Kirschbraun. The portfolio offers immediate scale and operating efficiencies, along with upside through continued lease-up, rental rate optimization and unit mix refinement, according to a release.

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Skender Breaks Ground on 33-Unit Affordable Housing Development in Evanston, Illinois

Kristin Harlow — Wed, 20 May 2026 13:23:24 +0000

EVANSTON, ILL. — Skender has broken ground on Mt. Pisgah Apartments, a 33-unit affordable housing development in Evanston. The project, led by Housing Opportunity Development Corp. (HODC) in partnership with Skender, Mt. Pisgah Ministries and the City of Evanston, will transform the current church site at 1813 Church St. The one-, two- and three-bedroom units will be reserved for households earning up to 60 percent of the area median income. The development will also include 2,250 square feet of ground-floor commercial space, shared community amenities and energy-efficient building features. Mt. Pisgah Apartments will remain under the long-term ownership and management of HODC. Cordogan, Clark & Associates Inc. is the architect. Financing partners include the Illinois Housing Development Authority, City of Evanston, Clocktower Tax Credits, Housing Authority of Cook County, National Equity Fund, Wintrust Village Bank & Trust and ComEd.

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Marcus & Millichap Arranges $3.4M Sale of Medical Office Building in Gurnee, Illinois

Kristin Harlow — Wed, 20 May 2026 13:22:48 +0000

GURNEE, ILL. — Marcus & Millichap has arranged the $3.4 million sale of a 10,000-square-foot medical office building leased to Aurora Health Care in Gurnee. The Class A property was built in 2005. Aurora Health Care offers dermatology, family medicine and internal medicine services at the facility. Frank Roti and Brett Rodgers of Marcus & Millichap represented the seller, a private entity. Brian Munn of Marcus & Millichap procured the East Coast-based buyer, which completed a 1031 exchange.

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JLL Arranges $141.8M Refinancing for Wolf Point West Luxury Apartment Tower in Chicago

Kristin Harlow — Tue, 19 May 2026 14:05:15 +0000

CHICAGO — JLL Capital Markets has arranged a $141.8 million loan for the refinancing of Wolf Point West, a luxury multifamily property in Chicago’s River North neighborhood. JLL represented the borrower, Hines, in partnership with AFL-CIO Building Investment Trust (advised by DWS Group), Magellan Development Group and the Jospeh P Kennedy Trust. New York Life Insurance Co. provided the three-year, floating-rate loan. Located at 343 W. Wolf Point Plaza, the property sits on the Wolf Point peninsula at the confluence of the three branches of the Chicago River. Delivered in 2016, Wolf Point West rises 48 stories with 509 units across 379,264 square feet. Designed by bKL Architecture, the LEED Silver-certified building features amenities such as an outdoor pool, fitness center, game room with golf simulator, business center and indoor-outdoor dog lounge. Danny Kaufman, Medina Spiodic, Rebecca Brielmaier and Youngsoo Yang led the JLL team. Hines developed the building and serves as property manager.

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Bradford Allen Opens 301-Unit Arbor House Apartments in Arlington Heights, Illinois

Kristin Harlow — Tue, 19 May 2026 14:03:19 +0000

ARLINGTON HEIGHTS, ILL. — Bradford Allen has opened Arbor House, a luxury apartment community rising eight stories with 301 units in Arlington Heights. Arbor House offers studio, one-, two- and three-bedroom units. Spanning 17,500 square feet, the amenity space features a fitness center, resident lounge with golf simulator, game tables and a kitchen. Additional amenities include coworking suites on the first and fourth floors, a concierge desk, covered parking and pet spaces such as an onsite dog run and washing station. Residents also have access to a private outdoor terrace with a pool, spa, fire pits, grills and seating. The property includes 26,000 square feet of ground-floor retail space. Abor House serves as the anchor of Bradford Allen’s 18-acre mixed-use district known as Arlington Gateway. The project reimagines the southeast entrance to Arlington Heights as a live-work-play community. The integrated master plan concept includes a full renovation of the former Daily Herald building, now branded as Arlington Med, placing Arbor House residents steps from a 150,000-square-foot wellness center.

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Joseph Nicholas Construction Breaks Ground on Cadillac Dealership in Chicago

Kristin Harlow — Tue, 19 May 2026 14:02:38 +0000

CHICAGO — Joseph Nicholas Construction, in partnership with Jack Carter Auto Group, has broken ground on Carter Cadillac of Chicago, a new dealership at 1400 W. North Ave., part of the former Lincoln Yards site. The new facility will be the brand’s third flagship store in the world, after locations in Manhattan and Los Angeles. The dealership is expected to open in late 2027. The development will include a two-story showroom and parking for inventory and customers. Based in Calgary, Alberta, Jack Carter Auto Group is a large independent retail automotive dealership group that operates locations across Canada and the U.S.

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Cushman & Wakefield Brokers $26.4M Sale of Build-to-Rent Community in Matteson, Illinois

Kristin Harlow — Mon, 18 May 2026 13:40:06 +0000

MATTESON, ILL. — Cushman & Wakefield has brokered the $26.4 million sale of The Manors at Brookmere, a 108-unit build-to-rent (BTR) community in Matteson, a southern suburb of Chicago. Homebuilder Lennar developed the property in 2016. The transaction represents one of the first sales of a stabilized BTR community in Chicagoland, according to Cushman & Wakefield. Brad Smith, Jack Maloney and Anna Lovell of Cushman & Wakefield represented the seller, Haven Realty Capital. The buyer was a joint venture between Ashland Capital and Crest Capital. The Manors at Brookmere consists of a collection of contiguous quadplex buildings offering two-story residences with two- and three-bedroom layouts. Units include private entrances, attached one- and two-car garages, vaulted ceilings in living areas, stainless steel appliances and in-unit washers and dryers. Daniel Management Group will manage the property.

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AKIRA Signs 202,105 SF Industrial Lease Extension in Metro Chicago

Kristin Harlow — Mon, 18 May 2026 13:39:16 +0000

BOLINGBROOK, ILL. — Chicago-based fashion retailer AKIRA has signed a long-term lease extension for 202,105 square feet of warehouse space at 150 E. Crossroads Parkway, Unit A, in Bolingbrook. Dan Leahy and Dan O’Neill of NAI Hiffman represented the tenant. Since its founding in 2002, AKIRA has grown from a single boutique into 40 stores across multiple states along with an e-commerce platform. In late 2024, NAI Hiffman was engaged to conduct a comprehensive market assessment of industrial warehouse opportunities throughout the Midwest ahead of AKIRA’s lease expiration. The evaluation process included market surveys, ownership outreach, financial modeling and operational logistics analysis. Prologis owns the property.

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TruCore Industrial Acquires 71,552 SF Single-Tenant Property in Peoria, Illinois

Kristin Harlow — Fri, 15 May 2026 13:22:17 +0000

PEORIA, ILL. — TruCore Industrial, an owner and operator of Class B industrial real estate, has acquired a 71,552-square-foot property in Peoria net leased to HD Supply, a wholly owned subsidiary of The Home Depot. The facility is located just off North Allen Road and State Route 6. HD Supply is a wholesale distributor of maintenance, repair and operations products in North America, serving multifamily, hospitality, healthcare, institutional, commercial, government and education facilities. HD Supply operates more than 100 distribution centers across the U.S. and Canada.

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Two New Tenants Ink Leases Totaling 10,700 SF at Medical Outpatient Building in Lindenhurst, Illinois

Kristin Harlow — Fri, 15 May 2026 13:21:01 +0000

LINDENHURST, ILL. — Action Behavior Centers Therapy and Smile Partners have inked leases totaling 10,700 square feet at 1025 Red Oak Lane in Lindenhurst, a far north suburb of Chicago. Davis owns the Class A medical outpatient building. Jason Wurtz and Sarah Walker of NAI Hiffman represented Davis. Constructed in 2012, the two-story, 44,684-square-foot property offers space designed specifically for healthcare users, including efficient floor plates, 10-foot ceiling heights and infrastructure capable of supporting advanced medical technologies.

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Vedder Signs 163,000 SF Headquarters Lease Extension in Downtown Chicago

Kristin Harlow — Thu, 14 May 2026 13:11:04 +0000

CHICAGO — Vedder has signed a 163,000-square-foot headquarters lease extension at 222 N. LaSalle Street, a 26-story office building in downtown Chicago. Vedder signed a 12-year extension to maintain its global headquarters at the building through 2041. The law firm, which has been headquartered at 222 N. LaSalle since 1988, will continue to occupy 163,000 square feet across five floors. Tishman Speyer serves as property manager and leasing agent at the property and was internally represented by Ellen May, Steve Golz and Bella Rapken. Joe Learner and Adam Southard of Savills represented Vedder. The 1 million-square-foot property recently received renovations and is now 87 percent leased. The renovated lobby features new food-and-beverage options, and the Zo Clubhouse features a new outdoor patio. All tenants have access to Zo Clubhouse, Tishman Speyer’s amenity network. Originally constructed in 1926, the building features unobstructed views of the Chicago River, flexible floorplates and convenient transit access.

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Realterm Acquires 28,985 SF Industrial Outdoor Storage Facility in Bridgeview, Illinois

Kristin Harlow — Thu, 14 May 2026 13:08:59 +0000

BRIDGEVIEW, ILL. — Realterm, an independent global investment manager focused on the transportation industry, has acquired 9655 Industrial Drive, an industrial outdoor storage maintenance facility in Bridgeview, a southwest suburb of Chicago. Located on a nearly 4-acre site, the 28,985-square-foot maintenance facility offers 10 oversized drive-in doors and a 6,000-square-foot office. The entire maintenance facility is leased to Carrier Corp., a subsidiary of the global HVAC and refrigeration solution provider. Matt Knafel of KWILL Real Estate represented Realterm in the sale.

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Joseph Nicholas Construction Breaks Ground on 133,960 SF Porsche Dealership in Barrington, Illinois

Kristin Harlow — Wed, 13 May 2026 13:27:49 +0000

BARRINGTON, ILL. — Joseph Nicholas Construction (JNC), in partnership with Murgado Automotive Group, has broken ground on a new Porsche dealership showroom and service center at 24 E. Dundee Road in Barrington, about 40 miles northwest of downtown Chicago. The two-story, 133,960-square-foot facility will be the largest Porsche dealership in Illinois and one of the largest in the country, according to JNC. The facility will employ 80 to 100 people when it opens in late spring 2027. Upon completion, Barrington Porsche will serve as the new location for Murgado Automotive Group’s existing Porsche dealership, which is currently operating within the existing Motor Werks of Barrington auto mall, a 45-acre automotive sales campus that also houses BMW, Mercedes-Benz, Cadillac, Honda and Infiniti dealerships. The new showroom will have ample space across the first and second floors to display the full line of Porsche models. The basement level can store up to 90 inventory cars.

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Missner Group, Base 3 Break Ground on Industrial-to-Multifamily Conversion Project in Chicago

Kristin Harlow — Tue, 12 May 2026 13:56:14 +0000

CHICAGO — The Missner Group and Base 3 have begun construction on Oxxford Lofts, a redevelopment project in Chicago’s West Loop that will transform a former industrial building into a 112-unit multifamily community. The building at 1220 W. Van Buren St. is named for its previous owner, Chicago clothing company Oxxford Clothes. The roughly $42 million project will reposition the property into a modern residential offering while preserving the character of the existing structure. Plans call for a full gut renovation, all new building systems, upgraded sustainability features and a variety of unit layouts. Amenities will include a rooftop deck, fitness center, coworking space and bike storage. Twenty percent of the units will be designated as affordable housing. The Missner Group is serving as general contractor and is also a financial partner through its joint venture with Base 3. Leasing is expected to begin in spring 2027 through Base 3 Development.

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The Community Builders Completes 60,000 SF Sankofa Village Wellness Center in Chicago

Kristin Harlow — Tue, 12 May 2026 13:55:21 +0000

CHICAGO — The Community Builders (TCB) has opened the Sankofa Village Wellness Center (SVWC), a new community health and wellness hub addressing health inequality in Chicago’s West Garfield Park. According to TCB, recent studies have shown that life expectancy is 20 years lower in West Garfield Park compared with Chicago’s more affluent downtown communities. Reasons include insufficient access to quality healthcare, economic opportunity and quality foods. The vision for SVWC began in 2019 when faith leaders, Rush University, community organizations and TCB formed the Garfield Park Rite to Wellness Collaborative (GPRWC). In 2022, SWVC was a co-recipient of the Pritzker Traubert Foundation’s “Chicago Prize” award. Ultimately, the Collaborative, TCB and community partner the MAAFA Redemption Project secured over $44 million in funding. The three-story, 60,000-square-foot community hub brings healthcare, prevention and wellness services under one roof. SVWC will serve roughly 6,000 patients annually and will also offer community spaces, including drop-in childcare, an indoor gymnasium and walking track, a fitness center and space for screenings, primary medical care and reproductive, behavioral, dental health services and a credit union. Tenants include Erie Family Health Centers, Equal Hope, Rush University Medical Center, West Side United, the YMCA and GPRWC.

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Joint Venture Acquires 340-Unit Apartment Community in Plainfield, Illinois

Kristin Harlow — Mon, 11 May 2026 13:03:00 +0000

PLAINFIELD, ILL. — JVM Realty Corp. has entered into a joint venture partnership with DRA Advisors to acquire Enclave at 127th, a 340-unit multifamily community in Plainfield. Built in 2013, the property offers a mix of studio, one-, two- and three-bedroom units. The partnership plans to complete apartment unit renovations and amenity enhancements. Enclave at 127th has been part of JVM’s portfolio since 2014, and partnering with DRA will enable the firm to enhance the resident experience through strategic capital improvement, says Jay Madary, president and CEO of JVM.

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Illinois Tool Works Leases 60,050 SF Industrial Space in Metro Chicago

Kristin Harlow — Mon, 11 May 2026 13:02:00 +0000

BARTLETT, ILL. — Illinois Tool Works (ITW) has moved into a 60,050-square-foot industrial space at Blue Heron Business Park in Bartlett, culminating a seven-month site selection, lease negotiation and space build-out process. The property is located on the southeast corner of Kenyon Road and Illinois Route 25. Dan Brown and Mike Antonelli of Brown Commercial Group represented the developer and owner, Cratos Industrial. The duo is marketing the additional space in the 166,573-square-foot development for lease. ITW is utilizing the space for its Electronic Component Solutions group and will have 60 employees at the site. The ITW Formex and ITW Lumex brands operate out of the new facility, creating specialized safety and technology products and solutions for global companies in the electric vehicle, data center, appliance and other sectors.

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