PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate, with its partner Globe Corp., has sold Executive Commerce Center in Prospect Heights, a northwest suburb of Chicago. The sales price was undisclosed. The 151,677-square-foot industrial building was developed in 2020 and fully leased in 2021. Syncreon, a third-party logistics provider for Samsung, leased the west half of the building for warehouse and distribution space. Plitek, a local manufacturer of precision die cut components and converted materials, leased the east half for its company headquarters and manufacturing facility. The building features a clear height of 32 feet, 35 truck docks, two drive-in doors and a 60-foot speed bay. Ed Halaburt and John Huguenard of JLL represented Conor, while Mike Sedjo, Jack Brennan and Ben Dickey of CBRE served as Conor’s leasing brokers. McShane Construction Co. and Ware Malcomb made up the design-build team. Wintrust provided construction financing.
Illinois
By Mark Stern, JLL Chicago’s multifamily sector currently enjoys strong market fundamentals highlighted by healthy occupancy rates and continued rental rate growth. The current core apartment rents average over $4 per square foot, which is higher than previous peak pricing. After the pandemic, rental rates between late 2021 to 2022 recorded 10 to 15 percent growth, which is substantially ahead of the historical norms. Currently, the Chicago rental market is experiencing more stable rent growth in the 3 to 4 percent range. Chicago remains one of the most affordable major markets to rent an apartment when looking at the current average effective rents as a percentage of median household income. This affordability will allow owners to continue to push rental rates in the future. One of the major factors leading to strong operating fundamentals in the Chicago market is the lack of new supply. The supply in Chicago is currently 1 percent of the inventory, which is quite low in comparison to other markets where there could be as much as 10 to 12 percent of the inventory under construction. In the city, there are just over 7,000 units under construction slated for delivery between 2023 and 2024. The majority …
CHICAGO — Related Midwest has opened The Row Fulton Market, a 300-unit luxury apartment tower located at 164 N. Peoria St. in Chicago’s Fulton Market District. Designed by Morris Adjmi Architects, the building rises 43 stories. Units range from 617 to 1,933 square feet. A select number of premium penthouse residences on floors 42 and 43 range from 2,358 to 3,418 square feet. Monthly rents start at $2,705. The penthouses start at $15,250 per month. Twenty percent of the units are designated as affordable housing. The Row features 22,600 square feet of amenity spaces, including an entertainment suite, gathering room, workspace options, fitness center, wellness studio and children’s play area. MAWD designed the interiors. The sixth floor features a 13,800-square-foot landscaped deck with a pool, grilling kitchens, fire pits and hammocks. The Row offers a range of services, including a 24-hour concierge, door attendant, move-in coordination, housekeeping and dog-walking services. Residents also have access to valet dry cleaning, package service, bike storage and 144 parking spaces, 12 of which are electric vehicle charging stations.
SKOKIE, ILL. — JLL Capital Markets has brokered the $11.5 million sale of a 123,519-square-foot retail and industrial building in Skokie. Built in 1976 and renovated in 2013, the property is located at 3450 W. Touhy Ave. XSport Fitness is the anchor tenant at the fully occupied building. Other tenants include Skokie Cash & Carry and Howard Packaging. The property features three interior docks, four drive-in doors, an 84-space parking garage and a clear height of 30 feet. Michael Nieder of JLL represented the seller, CenterPoint Properties Trust. Skokie-based Bernard Capital Investment Partners was the buyer.
EVANSTON, ILL. — Restaurant group Etta Collective has signed a 6,808-square-foot lease to occupy the entire ground-floor retail space at Evanston Labs in Evanston. Slated for completion in spring 2024, Evanston Labs will bring 177,575 square feet of Class A life sciences space to Chicago’s North Shore submarket. Etta plans to open its neighborhood eatery in summer 2024. The 10-story building is situated steps away from Northwestern University. Each floorplate is designed to accommodate both single- and multi-tenant users. There will also be a floor dedicated to lab-ready suites ranging in size from 5,000 to 9,000 square feet. Tenants will also have access to a penthouse amenity center with a boardroom, bar and lounge, outdoor terrace and health and wellness center. ESG Architects is the project architect, CRB is the lab planning group and Power Construction Co. is the general contractor. Dan Lyne and Brandon Green of CBRE are marketing the space for lease on behalf of ownership, Trammell Crow Co. David Burden of Colliers represented Etta.
JOLIET, ILL. — Peak Construction Corp. has broken ground on a 677,000-square-foot industrial build-to-suit project within the Rock Run Crossings Business Park in Joliet. IDI Logistics is the developer and Ecolab is the tenant. Completion is slated for the second quarter of 2024. Ecolab is a sustainability company that offers water, hygiene and infection prevention solutions and services. The project team also includes architect Ware Malcomb and civil engineer Jacob & Hefner Associates Inc.
CHICAGO — SRS Real Estate Partners has brokered the sale of a single-tenant retail property occupied by Wendy’s in Chicago for $3 million. Built in 1983 and renovated in 2022, the 4,031-square-foot building is located at 2811 N. Narragansett Ave. Sean Lutz and Dan Elliott of SRS represented the seller, a California-based private investor. Bruce Lee and Hope Kim of New Star Realty represented the all-cash buyer, a California-based private investor. The sales price of $753 per square foot represented a cap rate of 5.27 percent.
NORMAL, ILL. — Coldwell Banker Commercial Real Estate Group has negotiated the $2.2 million sale of College Oak Square Strip Mall in Normal, just north of Bloomington. The 29,000-square-foot property, built in 1986, is home to 19 tenants and is located at 1520 E. College Ave. Greg Yount of Coldwell Banker Commercial represented the seller, Broadmoor Park LLC. The buyer was undisclosed.
LINCOLNWOOD, ILL. — Luxury Living has begun leasing District 1860, a six-story luxury apartment complex in Lincolnwood, a northern suburb of Chicago. Located at 7215 District Ave., the development offers 299 units in studio, one-, two- and three-bedroom layouts. Tucker Development and AECOM-Canyon Partners, a joint venture between AECOM Capital and Canyon Partners, were the developers. District 1860 has signed retail agreements with Davanti Enoteca, Fatpour, Fat Rosie’s and Amazon Fresh Grocery. Amenities include a pool, rooftop dog run, community room, fitness center and Wi-Fi access anywhere in the community. Move-ins are anticipated to begin later this month. Rents start at $1,850 per month for studios.
ROSELLE, ILL. — Coaster Co. (COA Inc.) has signed an industrial lease to fully occupy Turnberry 5 in Roselle, which is located in Chicago’s North DuPage submarket. The 150,209-square-foot building is situated at 1550 Central Ave. within Turnberry Industrial Park. Jeff Janda and Tim Cronin of Lee & Associates represented COA, which is relocating from Des Plaines, Ill. Mike Freitag, Kelly Disser and Dan Leahy of NAI Hiffman represented the owner, Prologis. COA distributes and supplies household furniture.