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Affordable HousingDevelopmentIllinoisMidwestMultifamily

The Community Builders Breaks Ground on 63-Unit Affordable Housing Building in Chicago

by Kristin Harlow

CHICAGO — The Community Builders has begun development of 4715 N Western, a 63-unit affordable housing building in Chicago’s Lincoln Square neighborhood. The six-story property will feature 25 studios, 29 one-bedroom units and nine two-bedroom residences. The units will be reserved for those who earn no more than 80 percent of the area median income. Amenities will include a lounge, terrace, bike room, package room and resident parking. The development will also feature 5,500 square feet of ground-floor commercial space and 18 public parking spaces. The project is being built with financial support from the City of Chicago, CIBC, Stratford Capital Group, Benefit Chicago, Chicago Housing Authority and ComEd Energy Efficiency Program. Leopardo Cos. is the general contractor and DesignBridge Ltd. is the architect. A timeline for completion was not provided.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges $2.4M Sale of Retail Center in Antioch, Illinois

by Kristin Harlow

ANTIOCH, ILL. — Marcus & Millichap has arranged the $2.4 million sale of a 19,810-square-foot retail center in Antioch, a city in northern Illinois near the Wisconsin border. Advance Auto Parts is the anchor tenant at the property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a partnership that had owned the center for over 20 years. The duo also secured and represented the buyer, a local private investor.

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DevelopmentIllinoisIndustrialMidwest

Olympus Design and Development Breaks Ground on $65M Logistics Campus in Suburban Chicago

by Kristin Harlow

SCHAUMBURG, ILL. — Olympus Design and Development has broken ground on a $65 million logistics campus in the Chicago suburb of Schaumburg. The four-building development will house headquarters office, warehouse and distribution space for Experior Global & Transport as well as one speculative office and industrial building for other users. David Haigh of NAI Hiffman represented Experior in the acquisition of the property. Completion is slated for the fourth quarter of 2024. The campus will feature a 24-hour surveillance system, parking for 800 trucks and trailers, a fully equipped gas station and convenience store, and a truck sales and repair shop to be operated by Experior.

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DevelopmentIllinoisIndustrialMidwest

Meridian Design Build Completes 258,720 SF Spec Industrial Building in West Chicago

by Kristin Harlow

WEST CHICAGO, ILL. — Meridian Design Build has completed construction of Dupage Crossings, a 258,720-square-foot speculative industrial building in West Chicago. Stotan Industrial and Stonemont Financial Group developed the facility, which is located on 17 acres at 348 Charles Court. The property features a clear height of 36 feet, 32 loading docks, four drive-in doors, 212 auto parking spaces and 46 trailer parking stalls. Harris Architects and civil engineer Spaceco made up the project team. Brian Kling and Reed Adler of Colliers are marketing the building for lease. The project was 66 percent leased shortly after completion.

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IllinoisLeasing ActivityLife SciencesMidwest

Two Tenants Expand Leases Within Fulton Labs in Chicago

by Kristin Harlow

CHICAGO — Two tenants have expanded their leases within Fulton Labs, a 725,000-square-foot, two-building life sciences development in Chicago. The Chan Zuckerberg Biohub Chicago, a biomedical research institute launched by Priscilla Chan and Mark Zuckerberg, signed a lease for 28,200 square feet at 400 N. Aberdeen St. The tenant initially signed a lease earlier this year at Fulton Labs’ other building, which is located at 1375 W. Fulton St. Since there is no further space at 1375 W. Fulton, the biohub will move into a new space at 400 N. Aberdeen in the first quarter of 2024, and temporarily occupy space in a science-ready lab suite at 1375 W. Fulton until then. Venture accelerator Portal Innovations is expanding its lease from 6,000 to 55,000 square feet at 400 N. Aberdeen. ESG Architects, CRB Group and Power Construction are completing the interior build-outs for both tenants. Dan Lyne of CBRE represented ownership, Trammell Crow Co.

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IllinoisLoansMidwestMultifamilySeniors Housing

Greystone Provides Bridge Financing for $150M Acquisition of Supportive Living Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO — Greystone Monticello, a bridge lending platform serving as a one-stop-shop provider of capital finance products and services for the multifamily and seniors housing sectors, has provided bridge financing for the $150 million acquisition of a portfolio of eight supportive living facilities in Illinois. The portfolio was financed with a two-year bridge loan and is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 beds, the facilities are located in Elk Grove Village, Melrose Park, Country Club Hills, Bartlett, Vernon Hills and Chicago. The supportive living program in Illinois is an alternative to nursing home care for low-income persons requiring mid-range care needs. Eric Rosenstock of Greystone worked with both the buyer and seller and originated the bridge financing.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $4.1M Sale of Retail Property in St. Charles, Illinois

by Kristin Harlow

ST. CHARLES, ILL. — Marcus & Millichap has brokered the $4.1 million sale of a 31,650-square-foot retail property in St. Charles, a far west suburb of Chicago. Located at 300 S. 2nd St., the building was formerly home to Blue Goose Market, which closed in March 2022. The buyer, a developer, plans to redevelop the asset into a national-branded grocery store. The property was originally built in 2008. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company, and the buyer.

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DevelopmentIllinoisMidwestRestaurantRetail

Cicero to Complete 4,000 SF Renovation for New Restaurant at Chicago’s Windermere House

by Kristin Harlow

CHICAGO — Cicero Construction Group is completing a 4,000-square-foot renovation at Chicago’s historic Windermere House. The space will serve as the future home of Dawn, a southern brunch restaurant slated to open in September. The renovation will completely transform the space, which was formerly home to Piccolo Mondo restaurant. Plans call for a new commercial-grade kitchen with a revamped layout. The dining room will undergo a gut renovation to accommodate seating for 61 guests, and the bar area will be expanded. Cicero will also demolish the former interior; install new drywall, finishes, masonry and woodwork; upgrade the mechanical, electrical and plumbing systems; and replace the flooring and lighting. The restaurateur behind Dawn is Racquel Fields, who runs the Caribbean-inspired 14 Parish a few blocks away.

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AcquisitionsIllinoisIndustrialMidwest

Lee & Associates Negotiates $2.7M Sale of Truck Maintenance Facility in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Lee & Associates of Illinois has negotiated the $2.7 million sale of a 21,627-square-foot truck maintenance facility in South Elgin. The property at 1790 Gilpen Ave. features 20 drive-in doors and 1,904 square feet of office space. Kenneth Franzese and John Cassidy of Lee & Associates represented the seller, Rock Investment Group LLC. John Joyce of Lee & Associates represented the buyer, Nomad Investment Group LLC.

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DevelopmentIllinoisIndustrialMidwestTop Stories

Kraft Heinz to Construct $400M Automated Distribution Center in DeKalb, Illinois

by Jeff Shaw

DEKALB, ILL. — The Kraft Heinz Co. plans to invest more than $400 million in an automated consumer packaged goods (CPG) distribution center in DeKalb, approximately 60 miles west of Chicago. The facility, which will be located along I-88 with national railway access, will total 775,000 square feet, making it one of the largest automatic distribution centers in North America, according to the company.  The facility’s design includes a 24/7 automated storage and retrieval system, which will distribute more than 60 percent of Kraft Heinz’s foodservice products and approximately 30 percent of all dry goods. Kraft Heinz also expects the facility to contribute to the company’s broader environmental, social and governance (ESG) goals. More specifically, the company plans to implement sustainable technology to reduce the waste produced at the facility and minimize its overall environmental impact.  Kraft Heinz says the plant will generate more than 150 jobs in the region. “As we continue on our journey to lead the future of food, our talented North America teams and collaborative external partners are innovating at a rapid pace to expand our supply chain capabilities,” says Carlos Abrams-Rivera, executive vice president and president of North America at Kraft Heinz. “The DeKalb distribution center …

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