BARTLETT, ILL. — Entre Commercial Realty has brokered the sale of a 3.7-acre industrial site for a build-to-suit project in Brewster Creek Business Park in the Chicago suburb of Bartlett. The corporate headquarters facility will be home to a printing and packaging company relocating from Kane County. Mike DeSerto, Cory Kay and Mike Berkowitz of Entre represented the developer, Triumph Construction. JLL represented the buyer. The deal marks the fourth build-to-suit transaction that Entre has completed in Brewster Creek Business Park on behalf of Triumph.
CHICAGO — Sam Zell, the founder and chairman of Chicago-based Equity Residential (NYSE: EQR), has died at the age of 81. An active investor in real estate since the 1960s, Zell helped revolutionize the industry through the popularization of the real estate investment trust (REIT) structure in the 1990s. Zell founded the predecessor company to Equity Residential while a student at the University of Michigan and took it public in August 1993. Under his leadership, Equity Residential grew into a $31 billion apartment owner, developer and operator. Over the years, he invested in and grew businesses in multiple industries, including real estate, manufacturing, retail, travel, healthcare and energy. Zell was an active philanthropist with a focus on entrepreneurial education. He established several entrepreneurship programs, including the Zell Lurie Institute at the University of Michigan, the Zell Fellows Program for entrepreneurship at Northwestern University’s Kellogg School of Management, the Samuel Zell & Robert Lurie Real Estate Center at the University of Pennsylvania’s Wharton School and the Zell Entrepreneurship Program at Reichman University. “The world has lost one of its greatest investors and entrepreneurs,” says Mark Parrell, Equity Residential’s president and CEO. “Sam’s insatiable intellectual curiosity and passion for dealmaking created some …
VERNON HILLS, ILL. — General contractor Focus has completed Everleigh, a 173-unit luxury active adult community in the Chicago suburb of Vernon Hills. Units range in size from 567 to 1,373 square feet, and there are also seven duplex cottages. Amenities include a demonstration kitchen, game room, fitness center, theater, business center and lounge. Designed by Meeks + Partners, the property rises four stories. Monthly rents start at $1,800. The developer, Greystar, launched the Everleigh by Greystar brand in 2017 with a focus on high-quality living for residents age 55 and older. Everleigh properties are now in eight states.
DES PLAINES, ILL. — Granite Construction has signed a 12,925-square-foot office lease at the O’Hare Offices in the Chicago suburb of Des Plaines. The transaction marks the fourth lease of the year signed at the property, which received earlier commitments from Big Mouth Media, Elara Caring and United Airlines totaling 25,525 square feet. Tony Russo and Ryan Freed of Lee & Associates are the leasing agents for the property on behalf of the landlord, Siete 7 LLC. O’Hare Offices rises five stories and totals 171,000 square feet. Amenities include a fitness center, access to food service and fully customizable office spaces. The landlord recently began a lobby renovation that will wrap up this summer. Granite Construction specializes in the transportation, water infrastructure and mineral exploration markets.
CHICAGO — This summer, Vornado Realty Trust will debut new amenities at THE MART office building that it owns in Chicago. Gensler designed the revitalization project. The South Lobby now features new lounge seating with furnishings sourced exclusively from design showrooms at THE MART. An amenity space on the second floor features a 23,000-square-foot health club with state-of-the-art equipment, studios offering a full range of classes and a juice bar. A tenant-exclusive speakeasy lounge overlooks the river and new retail offerings focus on beauty, health and well-being. There is also a 21,000-square-foot conference center and workspace with meeting rooms, lounge areas, flexible programming space and a private café. Additionally, the River Park public space now includes a plaza for pedestrian traffic and gathering as well as a central lawn for community events. The outdoor space features new food and beverage offerings and new landscaping completed by Hoerr Schaudt. Totaling 4.2 million square feet, THE MART is the largest privately held commercial building in the U.S., according to Vornado. The owner also completed a round of improvements in 2016 that included the “Grand Staircase,” as well as dining destination Marshall’s Landing, a food hall and a reception and information desk.
NORTH AURORA, ILL. — The Opus Group has begun construction on the third and final building at Tollway Corporate Center in North Aurora. The 408,195-square-foot speculative project is a joint venture with Principal Asset Management. The building will feature immediate access to I-88 along with a clear height of 36 feet, 55 dock doors, four drive-in doors, 134 auto parking stalls and 94 trailer stalls. Completion is slated for December. Opus is the developer, design-builder, architect and structural engineer. Brian Kling and Reed Adler of Colliers and Dan Leahy and Packy Doyle of NAI Hiffman are marketing the space for lease. Opus completed the first two buildings at Tollway Corporate Center in December 2022. The properties are fully leased to Soligent Distribution, Karat Packaging and Ryder Integrated Logistics.
GLENVIEW, ILL. — Marcus & Millichap has brokered the $10.2 million sale of Shops at Glen Pointe in Glenview, about 15 miles northwest of the Chicago Loop. Located at 3700 Willow Road, the retail center consists of three buildings and is home to tenants such as Chipotle, Starbucks, Naf Naf Grill and AT&T. The property serves as an outlot to Mariano’s and LA Fitness. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a limited liability company based in Chicagoland. An Iowa-based investment group was the buyer.
CHICAGO — A joint venture between Gencom and GD Holdings has acquired the 192-room St. Regis Chicago. The luxury hotel, which opened this week, is centrally located in the city’s Lakeshore East Loop community where the Chicago River meets Lake Michigan. While the sales price was undisclosed, JLL arranged $76 million in acquisition financing on behalf of the buyers through Värde Partners. The five-star hotel occupies the first 11 floors within a property that also houses 393 condominium units. Studio Gang Architects designed the 101-story tower, which is the third tallest in the city. Room rates start at $711 per night at the hotel, which is the first new luxury hotel to open in Chicago since 2013. Chicago-based Magellan Development Group oversaw development of the hotel, which is also part of Magellan’s 28-acre Lakeshore East master development. Magellan is retaining a partial ownership interest in the hotel. Located at 401 E. Wacker Drive, the St. Regis Chicago features nearly 12,000 square feet of meeting space, including the 5,000-square-foot Astor Ballroom. There are also 7,000 square feet of executive function rooms with views of landmarks such as the Magnificent Mile, Navy Pier, and Grant and Millennium parks. More than 21,000 square …
MOKENA, ILL. — Marcus & Millichap has arranged the $4.1 million sale of a single-tenant industrial building in Mokena, a southern suburb of Chicago. The 39,816-square-foot property is located at 9860 Clearvue Court in Will County. Built in 2006, the facility features a clear height of 28 feet, seven drive-in doors and one dock. Colony Hardware, a national provider of tools, equipment, supplies, products and rental/repair services to commercial construction and industrial industries, fully occupies the property. Brent Holder and Peter Doughty of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
CHICAGO — Molson Coors Beverage Co. has signed an 83,848-square-foot office lease for floors 34 through 36 at 320 South Canal in Chicago. The brewer anticipates moving its Americas headquarters from 250 S. Wacker Drive when the lease commences in summer 2024. Riverside Investment and Development and partner Convexity Properties own the building, which is also known as BMO Tower. The new space for Molson Coors will feature an open concept with an internal staircase connecting the three floors. A pub and private outdoor patio will be available for employees. Matt Gautreau, Nick Pavlakovich, Dan Maslauski and Michael Sessa of Cushman & Wakefield represented the tenant. Drew Nieman and Christy Domin represented Riverside on an internal basis. Rising 52 stories, 320 South Canal is situated immediately south of Chicago’s Union Station. The Green, a 1.5-acre privately owned outdoor park, sits on the west side of the building.