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DevelopmentIllinoisLeasing ActivityMidwestRestaurantRetail

Big Fish Hospitality to Open The Prospect Restaurant at Apartment Complex in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Big Fish Hospitality has unveiled plans to open a new restaurant named The Prospect in suburban Chicago. The upscale eatery will be situated at 20West, a luxury apartment building located at 20 W. Northwest Highway in Mount Prospect. Big Fish expects to begin construction on the two-story restaurant this summer, with a soft opening planned for late fall and a grand opening toward the end of the year. Chef Mauro Berruti and General Manager Garrett Supples will lead The Prospect. Nicholas & Associates, which completed construction of 20West on behalf of developer Wingspan Development Group, will oversee the build-out of the restaurant space. The Prospect will be able to accommodate 90 to 100 people on the first floor and 50 to 75 people on the second level. A full bar will be situated on each level. The upstairs area will also serve as private event space.

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IllinoisLoansMidwestMultifamilySeniors Housing

Greystone Provides $13.7M HUD-Insured Loan for Refinancing of Supportive Living Facility in Crestwood, Illinois

by Kristin Harlow

CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Sancerre Leases 7,000 SF in Chicago’s Fulton Market for New Restaurant

by Kristin Harlow

CHICAGO — Sancerre Hospitality has signed a 7,000-square-foot, ground-floor retail lease at 1045 On Fulton in Chicago’s Fulton Market. The space will serve as the Chicago-based restaurant group’s newest establishment in the city. Fulton Street Cos. and Intercontinental Real Estate Corp. own 1045 On Fulton, which is a 150,000-square-foot office building with 7,000 square feet of retail space. The property opened in 2021. Sancerre recently named Joe Flamm as culinary director and he will oversee culinary affairs for the new restaurant, whose concept is yet to be determined. Sancerre, which expects to open the new restaurant in early 2024, also operates Rose Mary and BLVD Steakhouse, which are located down the street from 1045 On Fulton. Cal Wessman represented ownership on an internal basis.

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DevelopmentIllinoisMidwestOffice

Skender Completes 81,000 SF Office Headquarters Build-out for Avant at Chicago’s Merchandise Mart

by Kristin Harlow

CHICAGO — Skender has completed an 81,000-square-foot office headquarters build-out for Avant at the Merchandise Mart in Chicago. The financial technology company’s new office features open workstations, multiple cafes and a mix of collaboration, conferencing andfocus spaces. The new workspace doubles Avant’s presence in Chicago. The firm relocated from 222 N. LaSalle St. The project team included CBRE as tenant representative, Gensler as architect and Syska Hennessy Group as engineer. Skender is currently working with Merchandise Mart owner Vornado Realty Trust on a repositioning initiative for the property. 

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DevelopmentIllinoisMidwestOffice

Krusinski Renovates Comcast Office in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — Krusinski Construction has completed a renovation of Comcast’s office in the Chicago suburb of Oak Brook. The renovated space features new carpeting, quartz countertops, multiple offices, conference rooms and a wellness area. The office also features technology that reduces energy consumption, such as wireless lighting controls and occupancy sensors. Krusinski also implemented new security features.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Brennan Acquires 485,000 SF Office Building in Suburban Chicago, Plans Industrial Redevelopment

by Kristin Harlow

ROLLING MEADOWS, ILL. — Brennan Investment Group has acquired a 485,000-square-foot office building located at 3800 Golf Road in the Chicago suburb of Rolling Meadows. Brennan plans to demolish the building and construct a new Class A industrial park to be named Rolling Meadows Commerce Center, or RMC². The development will consist of 600,000 square feet of industrial space and landscaped grounds. Target users will include manufacturers, distributors and data centers. The project is still in the early stages with no specific construction timeline, but Brennan expects to complete the project in the next few years.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Arranges $15M Sale of Multifamily Portfolio in Chicago’s UIC Medical District

by Kristin Harlow

CHICAGO — Kiser Group has arranged the sale of a multifamily portfolio located in Chicago’s UIC Medical District for $15 million. The portfolio comprises 48 units, 32 of which are two-bedroom floor plans. The remainder are three-bedroom units. University Rentals UIC sold the portfolio to Bay Laurel Partners in an off-market deal. The transaction sets a new benchmark for the price per door for a value-add portfolio in the UIC Medical District, according to Will Cornish, an associate with Kiser.

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IllinoisLeasing ActivityMidwestRetail

Steinhafels Signs 70,737 SF Retail Lease in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Steinhafels, a Milwaukee-based furniture and mattress retailer, has signed a 70,737-square-foot retail lease at 915 E. Golf Road in the Chicago suburb of Schaumburg. Steinhafels will occupy space formerly home to Bed Bath & Beyond. Joe Parrott and Sean McCourt of CBRE represented building ownership, Necessity Retail REIT. Steinhafels currently operates three stores in Chicagoland and 14 overall.

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DevelopmentHealthcareIllinoisMidwest

Skender Completes Build-out of Northwestern Medicine Pain and Spine Center in Bloomingdale, Illinois

by Kristin Harlow

BLOOMINGDALE, ILL. — Skender has completed the build-out of the Northwestern Medicine Center for Pain and Spine Health Bloomingdale. The multidisciplinary clinic at 245 Gary Ave. in suburban Chicago provides collaborative medical office space for pain medicine specialists, neurosurgeons, chiropractors, physical therapists and advanced practice nurses. The 12,000-square-foot project consisted of a comprehensive renovation of the first floor, including new imaging equipment, patient care areas and physical therapy specialty services. Along with the clinical build-out, the building underwent significant infrastructure improvements such as new electrical service and the replacement of four rooftop mechanical units.

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DevelopmentIllinoisMidwestMultifamily

Peak Realty Begins Preleasing for Sage West Loop Luxury Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Peak Realty has begun pre-leasing efforts for Sage West Loop, a 196-unit luxury apartment building in Chicago’s West Loop. Tandem Development is the developer for the project, which is located at 1044 W. Van Buren St. Amenities include a fitness center, rooftop terrace, party room, dog run, coworking suites and onsite garage parking. The building is slated for occupancy this summer. Monthly rents start at $1,893, according to the property’s website. 

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