Illinois

Focus Completes 173-Unit Everleigh Active Adult Community in Vernon Hills, Illinois

by Kristin Harlow May 18, 2023

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.

May 18, 2023

Illinois Leasing Activity Lee & Associates Midwest Office

Granite Construction Signs 12,925 SF Lease at O’Hare Offices in Des Plaines, Illinois

by Kristin Harlow May 18, 2023

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.

May 18, 2023

Development Illinois Midwest Office

Vornado Realty Trust to Debut New Amenities This Summer at THE MART in Chicago

by Kristin Harlow May 17, 2023

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.

May 17, 2023

Development Illinois Industrial Midwest

Opus Begins Construction on Third Spec Industrial Building at Tollway Corporate Center in North Aurora, Illinois

by Kristin Harlow May 17, 2023

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.

May 17, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $10.2M Sale of Shops at Glen Pointe in Glenview, Illinois

by Kristin Harlow May 17, 2023

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.

May 17, 2023

Acquisitions Hospitality Illinois Midwest Top Stories

Gencom, GD Holdings Acquire 192-Room St. Regis Chicago Luxury Hotel

by Kristin Harlow May 17, 2023

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 …

May 17, 2023

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Arranges $4.1M Sale of Industrial Building in Mokena, Illinois

by Kristin Harlow May 16, 2023

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.

May 16, 2023

Illinois Leasing Activity Midwest Office

Molson Coors Signs 83,848 SF Office Lease in Chicago

by Kristin Harlow May 15, 2023

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.

May 15, 2023

Development Illinois Midwest Multifamily

Optima Begins Leasing 100-Unit Luxury Apartment Complex in Wilmette, Illinois

by Kristin Harlow May 15, 2023

WILMETTE, ILL. — Optima Inc. has begun leasing Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The community is scheduled to welcome its first residents in July and is currently more than 30 percent leased. Optima Verdana offers one-, two- and three-bedroom units as well as penthouse residences ranging in size from 660 to 2,790 square feet. Monthly rents will range from $2,950 to nearly $12,000. Optima’s CEO and founder, David Hovey Sr., designed the community. Residents will have access to Optima’s complimentary concierge program, Optimized Service, which provides in-home package delivery, grocery delivery and plant watering. Residents can also schedule on-demand services through the Optima Verdana mobile app such as housekeeping, pet care, fitness classes, massage service and a private chef. Optima Verdana gets its name from “verdure,” which means lush green vegetation. The community features several sustainable initiatives, including the Chicago area debut of Optima’s proprietary exterior vertical landscaping system. The self-contained irrigation and drainage system uses plants to promote evaporative cooling, reoxygenate the air, reduce dust and smog levels, decrease ambient noise and detain stormwater. Indoor amenities at the property include a 24-hour front door person, pickleball/basketball court, fitness center, yoga room, …

May 15, 2023

Acquisitions Illinois Industrial Midwest

Clear Height Properties Acquires 18,800 SF Industrial Service Facility in Suburban Chicago

by Kristin Harlow May 15, 2023

FRANKLIN PARK, ILL. — Clear Height Properties has acquired an 18,800-square-foot industrial service facility (ISF) located at 9211 Gage Ave. in the Chicago suburb of Franklin Park. The sales price was undisclosed. ISFs are used to store, maintain or dispatch vehicles, equipment and materials. The property features a 30 percent building-to-land ratio, four drive-in doors and a fully gated and secured parking area for a fleet of field service vehicles. Ryan Widerberg of eXp Realty brokered the sale. Clear Height hired Jason Lev and Jimmy Kowalczyk of CBRE to market the property for lease.

May 15, 2023

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