Illinois

Related Midwest Begins Pre-Leasing at The Row Fulton Market Luxury Apartment Tower in Chicago

by Kristin Harlow March 13, 2023

CHICAGO — Related Midwest has begun pre-leasing at The Row Fulton Market, a 43-story, 300-unit luxury apartment tower under construction at 164 N. Peoria St. in Chicago’s Fulton Market district. The first residents are expected to take occupancy in June. Designed by Morris Adjmi Architects, with interiors by March and White Design, The Row will offer floor plans ranging from 617 to 1,933 square feet. Monthly rents will start at $2,565. Six penthouse units will start at $14,395 per month. Amenities at The Row will include a fitness center and wellness studio, entertainment suite, study, children’s play area and a pool deck with outdoor grilling areas, green space and fire pits. The Row’s fireplace lobby will be staffed by a 24-hour concierge and door attendant. Residents will have access to services such as move-in coordination, housekeeping, package storage, onsite dry cleaning and pet care. As one of Chicago’s first 80/20 buildings, created under recently passed Affordable Illinois legislation, 20 percent of The Row’s apartment units will be designated as affordable.

March 13, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $5.8M Sale of Multifamily Property in Chicago’s Ravenswood Neighborhood

by Kristin Harlow March 13, 2023

CHICAGO — Interra Realty has brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood for $5.8 million. Constructed in 1927, the property at 4401-11 N. Hamilton Ave. features 12 studios, 12 one-bedroom units and three commercial spaces. The building has recently undergone capital improvements. Joe Smazal of Interra represented the buyer and seller, both of which were local private investors. The transaction marks the first time the building has sold in over 50 years.

March 13, 2023

Development Illinois Midwest Multifamily

Sterling Bay Tops Out Construction of 282-Unit Apartment Building in Chicago’s Fulton Market

by Kristin Harlow March 10, 2023

CHICAGO — Sterling Bay has topped out construction of 160 N Morgan, the firm’s first residential building in Chicago’s Fulton Market district. The 282-unit apartment building will feature amenities such as an exterior rooftop pool deck, fitness center, training room, outdoor fitness deck, resident lounge, covered outdoor dog run and coworking spaces. Sterling Bay is developing the project in partnership with Ascentris, a Denver-based real estate private equity firm. The project’s capital structure includes senior-secured financing from CIBC Bank USA. Sterling Bay has set aside 28 units for affordable housing. Chicago-based bKL Architecture is the project architect. Walsh Group is leading construction alongside joint venture partner BOWA Construction. Pre-leasing is scheduled to begin in July. The first units are slated for completion in September.

March 10, 2023

Illinois Leasing Activity Midwest Office

Alma Opens 10,605 SF Office at Fulton East in Chicago

by Kristin Harlow March 10, 2023

CHICAGO — Alma, a provider of aesthetic medical technologies and energy-based solutions for the surgical, medical aesthetics and beauty markets, has opened a 10,605-square-foot office at Fulton East in Chicago’s Fulton Market district. The 12-story, 90,000-square-foot office and retail building, developed by Parkside Realty Inc., is located at 215 N. Peoria St. Alma will also occupy ground-floor retail space in the building beginning in May. The ninth floor of Fulton East will serve as the central location for the North American operation team of Alma, while the 5,025-square-foot retail space will house the company’s first U.S.-based Sisram Wellness Center. Alma will maintain its existing distribution space at 485 Half Day Road in Buffalo Grove, Ill. Jonathan Metzl of Cushman & Wakefield represented Alma in the lease, while Katie Scott and Camille Julmy of Parkside Realty represented ownership.

March 10, 2023

Illinois Industrial Leasing Activity Midwest

Masterpiece International Signs 75,072 SF Industrial Lease in Suburban Chicago

by Kristin Harlow March 9, 2023

CHICAGO — Masterpiece International has signed a 75,072-square-foot, full-building industrial lease at 2601 Lively Blvd. in the Chicago suburb of Elk Grove Village. The international freight forwarder and logistics provider is combining three locations into one space. Jim Pietrarosso of Brown Commercial Group represented the tenant. Sam Durkin and Phil Reiff of JLL represented the landlord, ML Realty Partners.

March 9, 2023

Illinois Leasing Activity Midwest Retail

Burlington Opens 27,726 SF Store at Stratford Crossing in Bloomingdale, Illinois

by Kristin Harlow March 9, 2023

BLOOMINGDALE, ILL. — Burlington has opened a 27,726-square-foot store at the Stratford Crossing shopping center in Bloomingdale. Owned by NewMark Merrill Cos. Inc., the retail property totals 361,074 square feet and is located at 142 S. Gary Ave. Anchor tenants include Mariano’s, TJ Maxx, HomeGoods, PetSmart and Hobby Lobby. Burlington relocated from nearby Stratford Square. Joe Parrott, Sean McCourt and Riley McCarron of CBRE represented NewMark Merrill in the lease, while Bobby Melsher of Metro Commercial Real Estate represented Burlington.

March 9, 2023

Illinois Market Reports Midwest Midwest Market Reports Office

Driving Factors Reshaping the Suburban Chicago Office Market

by Kristin Harlow March 9, 2023

By Jennifer Hopkins, MBA and Olivia Czyzynski, SVN Chicago Commercial The commercial real estate (CRE) industry has traditionally been relatively stable but can be impacted by the economy with normal ups and downs based on economic fluctuations. However, when COVID-19 hit, it was unprecedented and something the world had not seen in many years. The CRE industry started preparing for the changes that came along, including business shutdowns and many employees working from home. Although it was expected that the retail market would be the hardest hit sector, it turned out that the office market ended up being significantly impacted. The overall issues and pending work-from-home approach have had a major ripple effect on office markets across the nation. The Chicagoland market was impacted particularly hard, and this included the suburban Chicago markets. Chicagoland is broken out into several main commercial hubs: the city of Chicago, the East-West Corridor, the O’Hare market, the Northwest suburbs and the North suburbs. According to CoStar, office vacancy rates increased in all these markets. In 2020, the vacancy rates ranged from 7 to 20 percent, but currently stand at 18.8 percent, 17.3 percent, 16.9 percent, 23.2 percent and 11 percent, respectively. While no market …

March 9, 2023

Acquisitions Illinois Midwest Retail

Mid-America Negotiates Sale of 211,190 SF Retail Center in Waukegan, Illinois

by Kristin Harlow March 8, 2023

WAUKEGAN, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Waukegan Plaza in the Chicago suburb of Waukegan for an undisclosed price. The 211,190-square-foot retail center is 89 percent leased to tenants such as Ross Dress for Less, Burlington, dd’s Discounts, rue21, Shoe Carnival, Family Dollar, GameStop, Subway, USPS and Aaron’s Rental. Joe Girardi and Emily Gadomski of Mid-America represented the private seller. The asset sold to a West Coast-based 1031 exchange investor.

March 8, 2023

Acquisitions Illinois Midwest Retail

Ashkenazy Acquisition Corp. Buys 200,000 SF Shopping Center in Chicago

by Kristin Harlow March 8, 2023

CHICAGO — Ashkenazy Acquisition Corp. (AAC) has purchased Gateway Centre in Chicago for an undisclosed price. The roughly 200,000-square-foot shopping center is located at 7507 N. Clark St. and is 93 percent leased to tenants such as Jewel-Osco, Marshalls and LA Fitness. George Good of CBRE represented the seller, Stockbridge. AAC was represented in-house in the transaction. AAC is a New York City-based private real estate investment firm focusing on retail, hotel and office assets located throughout the United States and Canada.

March 8, 2023

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 68,279 SF Warehouse in Vernon Hills, Illinois

by Kristin Harlow March 8, 2023

VERNON HILLS, ILL. — Colliers has brokered the sale of a 68,279-square-foot industrial warehouse in the Chicago suburb of Vernon Hills for an undisclosed price. Built in 1996 and located at 220 N. Fairway Drive, the property features eight interior loading docks, one drive-in door, six trailer parking stalls and 75 car parking stalls. There is also 7,390 square feet of office space. Ned Frank and Pat Hake of Colliers represented the undisclosed seller. Justin Lerner, Joe Karmin and Ross Lehrman of Transwestern represented the buyer, frozen pizza maker Roncadin.

March 8, 2023

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