PLAINFIELD, ILL. — Marcus & Millichap has negotiated the $3 million sale of a 20,281-square-foot office building in Plainfield, about 40 miles southwest of Chicago. Located at 23909 W. Renwick Road, the property is fully occupied and features a new roof and parking lot. The seller, a Chicagoland limited liability company, purchased the building a little over a year ago and decided to sell it after marking repairs and adding tenants. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller. The buyer was undisclosed.
CHICAGO — McHugh Construction has broken ground on a 48,000-square-foot space that will house FlyOver, a new flying ride attraction at Chicago’s Navy Pier. Expected to open in spring 2024, FlyOver replaces Navy Pier’s longtime IMAX theater, located near the Centennial Wheel on the west end of the pier. The attraction will provide guests with the feeling of flight as they hang suspended from moving seats with their feet dangling below. The ride will also feature films projected on a 65-foot wrap-around screen that will showcase Chicago as well as iconic landscapes from around the globe. The attraction will provide a multi-sensory experience, complete with mist, wind and scents. FlyOver, from global attractions and hospitality company Pursuit, will be the first ride of its kind in Chicago. The experience will be similar to FlyOver attractions in Las Vegas, Canada and Iceland. Chicago-based Epstein is the architect. Project costs are estimated at $13 million.
CHICAGO, ALGONQUIN AND SWANSEA, ILL. — IWG has unveiled plans to open four new flexible workspaces in Illinois. The new locations include a Spaces center and an HQ center in Chicago as well as Regus centers in Algonquin and Swansea. All four locations will offer IWG’s full suite of facilities, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services. IWG says the new Illinois locations reflect the growing demand for flexible workspaces in large cities and smaller communities alike. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.
CHICAGO — CBRE has negotiated the sale of a 20,000-square-foot office building in Chicago’s West Loop for an undisclosed price. Located at 1218 W. Adams St., the property served as the Chicago headquarters of the Boy Scouts of America’s Pathway to Adventure Council since 1995. Tom Svoboda and Phil DeBoer of CBRE represented the seller, the Boy Scouts of America’s Pathway to Adventure Council. The buyer, Kensington School, plans to redevelop the building. Svoboda also represented the Boy Scouts in purchasing an 8,200-square-foot office suite at 1100 W. Washington Blvd. in Chicago’s West Loop.
CHICAGO — Interra Realty has negotiated the sale of a 36-unit, transit-oriented multifamily property in Chicago’s Fulton River district for $11 million. Located at 851 W. Grand Ave., the building features seven studios, 20 one-bedroom units and nine two-bedroom units. Amenities include a bike room, dry-cleaning pickup, tenant storage, a package room and onsite parking. Constructed in 2017, the property was 95 percent leased at the time of sale. The building is situated one block from the Chicago Transit Authority (CTA) Grand Blue Line station and is also in proximity to several CTA bus routes. David Goss, Jon Morgan and Harrison Pinkus of Interra represented the seller, Monroe Residential Partners. Brad Feldman of Interra represented the buyer, a local private investor.
CHICAGO — Western Specialty Contractors-Chicago Facades Branch will complete a restoration of the curtain wall at Accenture Tower in Chicago. KBS owns the 42-story Class A office building, which totals nearly 1.5 million square feet. The property, completed in 1987 and formerly known as 500 West Madison, features 80,000 square feet of retail space and sits above the Ogilvie Transportation Center. The restoration of the curtain wall, a project expected to continue through 2025, includes the removal and replacement of the original 35-year-old sealants on the entire 588-foot building’s curtain wall and bridge over Canal Street. A curtain wall system on a building’s façade helps prevent leaks and protects against inclement weather. Project costs were not provided.
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Huron & Wells, a 17,343-square-foot retail property in Chicago’s River North neighborhood. The sales price was undisclosed. A newly renovated CVS store anchors the property. Additional tenants include aesthetic dermatology clinic Laser Away, Japanese restaurant Cocoro and fitness concept Vibez Fit. Joe Girardi and Emily Gadomski of Mid-America represented the Chicago-based private seller. Josh York of Syndicated Equities represented the California-based 1031 exchange buyer.
ELGIN, ILL. — MAI Fulfillment has signed a 247,000-square-foot industrial lease at 2500 Galvin Drive in Elgin. MAI provides order processing, warehousing services and fulfillment solutions for its clients. The building features a clear height of 30 feet and 36 truck docks. Mike Berkowitz of Entre Commercial Realty represented the tenant. Steve Bass of NAI Hiffman represented the landlord, High Street Logistics Properties.
CHICAGO — Standard Communities led a public-private partnership that acquired two affordable seniors housing properties in metro Chicago. Standard plans to make $46 million in renovations. According to Crain’s Chicago Business, Standard paid $110 million for the communities, but the total cost of the deal adds up to $192 million including the renovations, fees, reserves and other expenses. The transaction extends and preserves the affordability of the communities for 30 years. The properties include the 145-unit Commonwealth Apartments at 2757 N. Pine Grove Ave. in Chicago’s Lincoln Park neighborhood as well as the 321-unit Greenleaf Apartments at 502 Kildeer Drive in Bolingbrook. Planned renovations include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each property. New amenities will include walking parks, pickleball courts, fitness centers, business rooms and meeting rooms. Greenleaf Apartments will receive solar panels on the roofs. Standard is financing the energy improvements in partnership with Commonwealth Edison’s Multifamily Energy Savings Program. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, utilizing the Low-Income Housing Tax Credit program and long-term Housing Assistance Payments contracts.
NORTH RIVERSIDE, ILL. — The Feil Organization, the owner and operator of North Riverside Park Mall, has acquired the vacant Carson’s store at the mall. The attached Carson’s property rises two stories and totals 180,588 square feet. In 2018, Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection and liquidated all 256 of its Bon-Ton, Bergner’s, Boston Store, Elder-Beerman, Herberger’s, Younkers and Carson’s stores. Feil says it is in the process of finalizing redevelopment plans. Feil purchased North Riverside Park Mall in 2004. Located in the western Chicago suburb of North Riverside, the mall is home to 130 stores, services and eateries.