Illinois

Westmount Realty Capital Acquires Nine-Building Industrial Portfolio in Metro Chicago

by Kristin Harlow February 7, 2025

CHICAGO — Westmount Realty Capital has acquired a nine-building industrial portfolio in metro Chicago for an undisclosed price. Called the Chicago Shallow-Bay portfolio, the buildings total 390,781 square feet and are located in four submarkets. At the time of sale, the portfolio was 91 percent leased to 37 tenants spanning 28 industries, including office, medical and automotive suppliers, and home restoration. Kurt Sarbaugh and Sean Devaney of JLL represented the seller, Unilev Capital and its partner, a Palladius Capital Management affiliate, Mandalay Industrial. Jeff Sause and Brian Walsh of JLL supported financing for the transaction.

February 7, 2025

Development Illinois Midwest Retail

Nicholas & Associates Nears Completion of $34.5M Indoor Ice Arena in Rosemont, Illinois

by Kristin Harlow February 7, 2025

ROSEMONT, ILL. — Nicholas & Associates is nearing completion of its new $34.5 million indoor ice arena in the Chicago suburb of Rosemont. With precast concrete up and joists and roof decking installed, the building’s shell is 95 percent finished. Construction is on track for an August 2025 opening. Located on 3 acres north of Allstate Arena, the 103,000-square-foot arena will offer ice time for youth hockey groups and figure skating, evening ice time for adult hockey leagues and exclusive daytime use by the Chicago Wolves professional hockey team, which currently practices in Hoffman Estates and plays games at Allstate Arena. Designed by architectural firm ARCON Associates Inc., the project will feature a family-friendly mezzanine-level restaurant, bar with viewing area overlooking both rinks, grab-and-go concept and a physical therapy clinic and gym. The arena will be operated by the Nicholas Family of Cos.’ Spectate Group, which also manages Nicholas Sportsplex, an indoor-outdoor sports complex in Mount Prospect. Spectate Group will pay the Village of Rosemont an annual licensing fee to operate and manage the year-round facility. Under the agreement, both parties will be able to sell naming rights and sponsorships inside and outside the building.

February 7, 2025

Illinois Leasing Activity Life Sciences Midwest

Rhaeos Relocates Headquarters to 7,344 SF Space at Fulton Labs in Chicago

by Kristin Harlow February 6, 2025

CHICAGO — Rhaeos has relocated and expanded its headquarters and laboratory to a 7,344-square-foot space at Fulton Labs in Chicago. Trammell Crow Co. (TCC) owns the life sciences campus. Rhaeos, a clinical-stage medical device technology company, occupies space within a lab-ready graduation suite on the fifth floor of 400 North Aberdeen. The company’s previous headquarters was in Evanston, Ill. Born out of the Rogers Research Group at Northwestern University, Rhaeos is developing noninvasive wearable flow sensors for various chronic medical conditions for hospital and home use, starting with hydrocephalus. Dan Lyne of CBRE represented TCC, while Andria Winters and James Otto of CBRE represented Rhaeos. Additional tenants at 400 North Aberdeen include Portal Innovations, Mattiq, the Chan-Zuckerberg BioHub, the Chicagoland Climate Investment Alliance and the Illinois Institute of Technology.

February 6, 2025

Acquisitions Illinois Midwest Office

SVN Core 3 Brokers $1.1M Sale of Office Property in Bloomington, Illinois

by Kristin Harlow February 6, 2025

BLOOMINGTON, ILL. — SVN Core 3 has brokered the sale of a fully leased office property at 205 N. Williamsburg Drive in Bloomington for $1.1 million. The asset features five units totaling 11,311 square feet along with a dedicated parking lot. Carrie Tinucci-Troll of SVN Core 3 represented both the buyer, Good Cos. Properties LLC, and the seller, Core-Williamsburg LLC. Both entities are based in Bloomington.

February 6, 2025

Development Illinois Midwest Multifamily

QIP, Melrose Ascension Capital Begin Leasing Efforts for Straits Row Apartment Tower in Chicago

by Kristin Harlow February 5, 2025

CHICAGO — Q Investment Partners (QIP) and Melrose Ascension Capital have begun leasing efforts for Straits Row, an 18-story rental tower combining traditional apartment units with co-living units in Chicago’s South Loop. Located at 633 S. LaSalle St. within the Printers Row neighborhood, the 132-unit building will offer 358 private, fully furnished residential spaces. Rents at Straits Row are expected to average 20 percent less than competing Class A rental towers, according to the development team. Floor plans will range from studios to four-bedroom units. In the co-living units, residents will share a kitchen and living area but have their own private bedroom and bathroom. All residences come fully furnished. Residents at Straits Row can enjoy 15,000 square feet of amenity space, including a lobby-level “Printers Room” coworking space that nods to the history of Printers Row and features three private study rooms, a printer center, coffee station with cold brew on tap, lounge seating and adjacent outdoor patio. The tower’s 17th-floor amenity level features a resident lounge, fitness center, multiple clubrooms and a private dining room. Outside, there is a panoramic pool deck, grilling stations and outdoor dining areas. Straits Row serves as QIP’s flagship residential development in the …

February 5, 2025

Development Illinois Midwest Retail

Peak Construction Underway on 25,170 SF Entertainment Development in Rosemont, Illinois

by Kristin Harlow February 5, 2025

ROSEMONT, ILL. — Peak Construction Corp. is underway on EXP, a 25,170-square-foot entertainment development in the Chicago suburb of Rosemont. The venue will feature a rotating program of virtual, augmented and mixed reality immersive entertainment experiences with producer partner PHI Studio. Located in the city’s Pearl District, the project is slated for completion in the third quarter. The project team includes Gravity Architecture & Design LLC, Christopher B. Burke Engineering and Mackie Consultants.

February 5, 2025

Development Illinois Midwest Office

Executive Construction, LJC Deliver 80,000 SF Office Headquarters Build-out in Chicago

by Kristin Harlow February 4, 2025

CHICAGO — Executive Construction Inc. and architect Lamar Johnson Collaborative (LJC) have completed an office headquarters build-out for ofi (Olam Food Ingredients) in Chicago. The 80,000-square-foot project spans the entire 10th floor of 24 E. Washington St., a recent adaptive reuse redevelopment of the upper levels of the former Marshall Field and Co. Building into creative office space. The office features 13 dedicated labs and specialized kitchens. Flexible multipurpose meeting and dining spaces are flanked by a pair of demonstration kitchens. A sensory work room and separate sensory experience room allow tastings. The new headquarters brings ofi teams from previously fragmented locations into a unified space. The team is targeting LEED Silver and WELL Gold certifications.

February 4, 2025

Affordable Housing Development Illinois Midwest Multifamily

Skender Completes Construction of Fifth City Commons Affordable Housing Complex in Chicago

by Kristin Harlow February 3, 2025

CHICAGO — Skender has completed construction of Fifth City Commons, a 43-unit affordable housing complex in Chicago’s East Garfield Park neighborhood. The units are reserved for residents with incomes ranging between 30 and 80 percent of the area median income. Additionally, all units were built to Passive House standards of sustainable energy use. The project site was vacant land for decades. As a part of the global C40 Reinventing Competition for Cities, which encourages municipalities around the world to use vacant land for sustainable, net-zero redevelopment, the City of Chicago selected the site for redevelopment in 2019. Sitting at the gateway to a part of Garfield Park called Fifth City, the 1.5-acre development was named after this geography to honor the community development organization of the same name that was active in the neighborhood throughout the 1960s. Construction on the property began in July 2023. The new three-story facility includes community rooms, a resident terrace, fitness room, laundry facilities and onsite management offices. Skender and joint venture partner Ashlaur Construction collaborated with Nia Architects and Perkins&Will, and engineering firms dbHMS, Rubinos & Mesia Engineers, Omni Ecosystems and TERRA Engineering. Tandem Ventures managed regulatory compliance and maximized community engagement to create …

February 3, 2025

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Negotiates Sale of 50,632 SF Industrial Building in Suburban Chicago

by Kristin Harlow February 3, 2025

CAROL STREAM, ILL. — Brown Commercial Group has negotiated the sale of a 50,632-square-foot industrial building in the Chicago suburb of Carol Stream for an undisclosed price. IP Automation Inc. purchased the facility at 400 E. Fullerton Ave. for its new headquarters. The company plans to relocate from its existing location in Downers Grove this year. Mike Antonelli of Brown represented the buyer as part of a two-year site selection and market analysis that included evaluating existing buildings as well as new construction opportunities throughout the Chicago market. Savills represented the undisclosed seller.

February 3, 2025

Acquisitions Illinois Industrial Midwest

NAI Hiffman Arranges $4.2M Sale of Industrial Outdoor Storage Property in West Chicago

by Kristin Harlow January 31, 2025

WEST CHICAGO, ILL. — NAI Hiffman has arranged the $4.2 million sale of a 4-acre industrial outdoor storage property at 2351 Powis Road in West Chicago. The asset includes 11,000 square feet of shop/fabrication space in two buildings, a concrete yard, mobile office trailer and truck scale. Kelly Disser, Michael Freitag, Bill Byrne and TJ Feeney of NAI Hiffman represented the seller, a private investor group. The Disser/Freitag team also brokered the September 2023 sale, when the property traded for $2.4 million. Constructed in 1993, 2351 Powis Road is zoned for office, research and light industrial uses with a planned unit development overlaid that permitted certain outdoor storage uses. The buyer is relocating from Villa Park, Ill.

January 31, 2025

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