Illinois

McShane Completes 24-Unit Illinois Affordable Housing Community for Adults with Disabilities

by Kristin Harlow April 19, 2023

WAUKEGAN, ILL. — McShane Construction Co. has completed Kirwan Apartments in the Chicago suburb of Waukegan. Over the Rainbow (OTR) was the developer. The 24-unit affordable housing development enables adults with physical disabilities to live independently. The project is named after Leo Kirwan, an OTR resident, board member and advocate for accessible housing. All units feature one bedroom and one bathroom and are barrier free. Tenants have access to a community room and laundry facilities. The three-story building is situated adjacent to OTR’s Gustafson Apartments. Weese Laungley Weese Architects provided architectural services.

April 19, 2023

Illinois Midwest Retail

Walmart to Close Four Stores in Chicago

by Kristin Harlow April 18, 2023

CHICAGO — Walmart has announced that it will close four stores in the South and West sides of Chicago. Crain’s Chicago Business reports that the stores are located in the city’s Kenwood, Lakeview, Little Village and Chatham neighborhoods. Walmart cited a lack of profitability as the reason for the closures, reporting that the locations collectively lose tens of millions of dollars a year. The company recently invested $70 million to upgrade the stores and built two new Walmart Health facilities and a Walmart Academy training center. “It was hoped that these investments would help improve our stores’ performance,” said the company. “Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.”

April 18, 2023

Illinois Leasing Activity Midwest Office

Antares Capital Signs 87,586 SF Office Lease at 320 South Canal in Chicago

by Kristin Harlow April 17, 2023

CHICAGO — Antares Capital has signed an 87,586-square-foot office lease for floors 41 through 43 at 320 South Canal in Chicago. Riverside Investment and Development and Convexity Properties co-developed the new 52-story office tower, which was completed in December 2022. Antares is a provider of financing to private equity-backed borrowers and a credit manager with more than $60 billion of capital under management. The firm is relocating from 500 West Monroe where it occupies 69,646 square feet. Designed by Goettsch Partners, 320 South Canal is situated immediately south of Union Station and is now 68 percent leased. Additional tenants include BMO, Skadden Arps, National Futures Association and Ullico. The Green, a 1.5-acre, privately owned outdoor park, sits on the west side of the building. Michael Sessa, Dan Maslauski and Jack Deroche of Cushman & Wakefield represented Antares in the lease. Christy Domin and Drew Neiman represented Riverside on an internal basis.

April 17, 2023

Acquisitions Healthcare Illinois Midwest

Echo Real Estate Capital Acquires 7,550 SF Medical Office Building in Morton Grove, Illinois

by Kristin Harlow April 17, 2023

MORTON GROVE, ILL. — Echo Real Estate Capital has acquired a 7,550-square-foot medical office building located at 6131 W. Dempster St. in the Chicago suburb of Morton Grove. The purchase price and seller were undisclosed. The single-tenant property is leased to Advocate Health Care. The facility is staffed by a mix of primary care physicians and one cardiologist that have operated out of the building for more than 20 years.

April 17, 2023

Acquisitions Illinois Industrial Midwest

Cawley Chicago Negotiates Sale of 129,800 SF Industrial Facility in Woodstock, Illinois

by Kristin Harlow April 14, 2023

WOODSTOCK, ILL. — Cawley Chicago has negotiated the sale of a 129,800-square-foot industrial facility at 1005 Courtaulds Drive in Woodstock, about 45 miles northwest of Chicago. The sales price was undisclosed. Built in 1995, the property features rail access and has undergone production and manufacturing improvements. David Conroy, Joe Shapiro and Tim Gallagher of Cawley Chicago represented the buyer, while Kenneth Franzese and John Cassidy of Lee & Associates represented the seller. Further terms of the transaction were not provided.

April 14, 2023

Acquisitions Illinois Midwest Retail

RCG Ventures Acquires Bradley Commons Shopping Center in Bradley, Illinois

by Kristin Harlow April 13, 2023

BRADLEY, ILL. — RCG Ventures has acquired Bradley Commons shopping center in Bradley near Kankakee for an undisclosed price. The 175,369-square-foot property is home to Dick’s Sporting Goods, Joann Fabrics, Petco, Shoe Carnival and Ulta Beauty. Joe Girardi and Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Jeff Miller represented RCG on an internal basis. RCG’s portfolio totals 32 shopping centers and 4 million square feet across 21 states.

April 13, 2023

Development Hospitality Illinois Midwest

Summit Design + Build Completes Adaptive Reuse of Chicago Industrial Building into Boutique Hotel

by Kristin Harlow April 13, 2023

CHICAGO — Summit Design + Build has completed the adaptive reuse of a five-story industrial building in Chicago’s West Loop into a boutique, extended-stay hotel. Located at 1436 Randolph St., the property features 49 apartment-style rooms. All the rooms are fully equipped with kitchens and in-suite laundry. Guests have access to a fitness center and the ground floor contains both retail and restaurant space. Marquette Cos. was the developer and Brininstool + Lynch served as architect.

April 13, 2023

Acquisitions Illinois Industrial Midwest Self-Storage

Franklin Street Arranges Sale of 104-Unit Self-Storage Facility in Watseka, Illinois

by Kristin Harlow April 13, 2023

WATSEKA, ILL. — Franklin Street has arranged the sale of a 104-unit self-storage facility totaling 12,600 net rentable square feet in Watseka, about 60 miles east of Champaign. The sales price was undisclosed. The value-add property is located at 1090 E. Walnut St. Frank DeSalvo and David Perlleshi of Franklin Street represented the seller, Houston-based Pebble Ridge Capital. Wisconsin-based Just Simple Storage acquired the asset. The transaction marks the entrance into the Illinois market for Just Simple Storage, which currently operates facilities in Michigan and Wisconsin.

April 13, 2023

Acquisitions Illinois Industrial Midwest

DarwinPW Realty/CORFAC International Negotiates Sale of 50,000 SF Industrial Building in St. Charles, Illinois

by Kristin Harlow April 13, 2023

ST. CHARLES, ILL. — DarwinPW Realty/CORFAC International has negotiated the sale of a 50,000-square-foot industrial building in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. The Class B property, located at 2500 Production Drive, features a clear height of 21 feet, seven docks, one drive-in door, 1,500 square feet of office space and 55 parking spaces. Marc Hale of DarwinPW Realty represented the buyer, an HVAC manufacturing company that is relocating from Elk Grove Village. Brian Lindgren of SVN Landmark represented the seller, Hill & Smith.

April 13, 2023

Acquisitions Illinois Midwest Retail

Hanley Investment Group Arranges $6.6M Sale of Walgreens-Occupied Property in Sugar Grove, Illinois

by Kristin Harlow April 12, 2023

SUGAR GROVE, ILL. — Hanley Investment Group Real Estate Advisors has arranged the $6.6 million sale of a 14,739-square-foot retail property occupied by Walgreens in Sugar Grove, a western suburb of Chicago. Constructed in 2012, the single-tenant building features a drive-thru. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., represented the seller, a private investor based in Orange County, Calif. Isaiah Harf of Northmarq represented the metro Chicago-based, 1031 exchange buyer. The property sold at full asking price.

April 12, 2023

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