CHICAGO — Total Quality Logistics (TQL), a logistics company specializing in shipping needs and supply chain efficiencies, has signed a 36,322-square-foot office lease at The National, a 20-story office building totaling 600,830 square feet in Chicago’s Central Loop. Germany-based Commerz Real owns the property, which is located at 125 S. Clark St. TQL’s new lease represents a 5,000-square-foot expansion over its previous office at 328 S. Jefferson St. Eric Myers, Kathleen Bertrand and John Nelson of Transwestern Real Estate Services represented the landlord, while Jon Milonas and James Otto of CBRE represented the tenant. Originally built in 1907 and designed by Daniel Burnham, The National is designated as a Chicago landmark. The building was renovated in 2015 to include a new fitness center, tenant lounge and outdoor terrace. The renovation also included the addition of Revival Food Hall, a 24,000-square-foot dining marketplace that features local restaurants in a grab-and-go setting.
CHICAGO — Urban Innovations has negotiated seven office leases at its buildings in Chicago’s River North neighborhood. Altec Solutions Inc., a recruiter for manufacturing and engineering careers, signed a lease for 3,484 square feet at 325 W. Huron St. Michael Graham of CBRE represented the tenant. Aptus Architecture renewed a 2,394-square-foot lease at 325 W. Huron St. Jason Schulz of The J. Rich Co. represented the architecture firm. Blue Chip Marketing Worldwide signed a lease renewal for 6,784 square feet in 720 N. Franklin St. Chris Cummins of JLL represented the tenant. Challenger Logistics International Inc., a logistics and supply chain management firm, inked a 2,895-square-foot lease at 444 N. Wells St. Isabelle Montagne and Brian Means of JLL represented the tenant. Consulting firm Communication Research Associates Inc. leased a 1,500-square-foot space at 325 W. Huron St. Jaquis Covington of JLL represented the firm. Arts organization Ingenuity Incorporated Chicago renewed its lease at 440 N. Wells St. Michael Schneider of X10 Commercial represented the organization. NuHaus Corp. signed a 1,479-square-foot lease for a millwork showroom at 445 N. Wells St. Stephen Di Padua of Berkshire Hathaway represented the tenant. Aaron Zaretsky and Candice Marek represented ownership on an internal basis …
BENSENVILLE, ILL. — Apex Industrial Automation, an industrial equipment and motor supplier, has acquired a 14,400-square-foot industrial building in the Chicago suburb of Bensenville for an undisclosed price. Apex will occupy over half of the building, which is located at 222-224 Williams St. The remainder of the building will be occupied by an existing tenant. Jerry Sullivan of DarwinPW Realty/CORFAC International represented the buyer, while Robert DeSalvo of Sierra Realty represented the seller, a private trust.
CHICAGO — Peak Realty has completed the lease-up of a 52-unit apartment complex located at 2000 W. Summerdale Ave. in Chicago. The property offers one- and two-bedroom units with various amenities. Matt Ayo, Mason Estruch and Charlmers Oscar of Peak Realty handled the leasing.
CHICAGO — Belay Diagnostics has signed a 4,000-square-foot lease within the science-ready lab suites at Fulton Labs in Chicago. The company, which uses a proprietary molecular testing platform licensed from Johns Hopkins to revolutionize how brain and spinal cord cancers are detected, will move into the fifth-floor space beginning in September. The science-ready lab suites at Fulton Labs are move-in ready private labs spanning 3,000 to 7,000 square feet. Dan Lyne and Kelsey Scheive of CBRE represented ownership, Trammell Crow Co.
BATAVIA, ILL. — Cynamic Chemical Co., a chemical manufacturer, has renewed its 20,124-square-foot industrial lease at 1400 Kingsland Drive in the Chicago suburb of Batavia. Michael Androwich of Lee & Associates represented the tenant. Mapletree owns the building.
HOFFMAN ESTATES, ILL. — New tenants have signed leases totaling more than 80,000 square feet at Bell Works Chicagoland, the redevelopment of the former AT&T campus in Hoffman Estates undertaken by Inspired by Somerset Development. Nine new office and retail tenants have signed leases in recent weeks, bringing the campus to a total of 250,000 square feet leased to date. Cambium Networks, a global provider of networking solutions, is relocating its headquarters to Bell Works Chicagoland and will occupy 35,000 square feet. The company will maintain development and engineering labs on the first floor of the building, and its corporate offices and conference rooms on the fourth floor. Cambium Networks expects to take occupancy in March 2024. Digital advertising agency JumpFly will move its 60 employees to an 11,000-square-foot space in December. VIPAR Heavy Duty Inc., an independent aftermarket truck parts distributor and service provider, signed a long-term lease for 11,000 square feet. The company will relocate its global headquarters and 35 employees to the campus. The build-out of the company’s space is slated for completion this month. An unnamed electronic components and services company signed a lease for 9,000 square feet. Additionally, more than 9,000 square feet has been …
WILMETTE, ILL. — The Boulder Group, based in Wilmette, has released its second-quarter net lease research report. Cap rates in the single-tenant net lease sector increased for the fifth consecutive quarter to 6.4 percent, a 13 basis point increase compared with the prior quarter, according to the firm. When broken down by sector, single-tenant cap rates increased to 6.17 percent (12-basis-point increase) for retail, 7.27 percent (27-basis-point increase) for office and 6.8 percent (3-basis-point increase) for industrial. “The rise in interest rates, combined with available investment returns in other fixed income investment opportunities, continue to be the primary drivers for the upward pressure on cap rates,” says Randy Blankstein, president of The Boulder Group. “Accordingly, transaction volume for the first half of 2023 significantly lagged the pace of prior years.” Additionally, Boulder Group says that certain segments within the net lease market such as dollar stores, drug stores and coffee users experienced an oversaturation of certain tenants. This resulted in a more significant rise in cap rates for the respective tenants.
DEER PARK, ILL. — Three new tenants are opening at Deer Park Town Center in the Chicago suburb of Deer Park. Sweetgreen opened a 2,156-square-foot restaurant in July. Victoria’s Secret will occupy 4,965 square feet. Construction on that store is scheduled to begin this fall. The Shade Store, a retailer offering customized window treatments, blinds, shades and drapes, is scheduled to open in spring 2024. Additionally, three existing tenants have either renovated their space or plan to do so. Pottery Barn is in the process of a renovation that will expand its square footage to approximately 12,000 square feet. Completion is slated for this fall. Bath & Body Works recently relocated its store to a new 3,710-square-foot space. Crate & Barrel plans to remodel its store, with completion in time for the start of the holiday shopping season. Managed by JLL, Deer Park Town Center is an outdoor lifestyle center featuring more than 60 retail, restaurant and service brands.
ADDISON, ILL. — Marcus & Millichap has brokered the $1.1 million sale of a 12-unit apartment building in Addison, a western suburb of Chicago. The property at 41 E. Blecke Ave. features two studios and 10 one-bedroom units. Christopher Malay and Eric Bell of Marcus & Millichap represented the seller, a limited liability company. Ryan Engle and Andrean Angelov of Marcus & Millichap secured and represented the buyer, a private investor completing a 1031 exchange.