CHICAGO — CBRE has negotiated six leases totaling 54,183 square feet at 609 W. Randolph St., a speculative office building that was completed in March in Chicago’s West Loop. The property is now 63 percent leased. A national technology company leased 21,339 square feet. The other lease signings included New Markets Trading, NTT DATA, Global Real Estate Fund, Confidential Financial Services and Valenti Builders. Jason Houze of CBRE represented ownership, Vista Property.
WAUKEGAN, MT. PLEASANT AND KENOSHA, WIS. — HSA Commercial has begun construction on four speculative warehouses totaling 1.9 million square feet along the I-94 corridor between metro Chicago and Milwaukee. Delany Commerce Center II in Waukegan, Ill., will span 218,500 square feet. Completion is slated for July 2023. Situated adjacent to a facility that HSA developed in 2014, the building will feature a clear height of 36 feet, 28 truck docks, four drive-in doors and parking for 300 cars. Harris Architects is the project architect, PREMIER Design + Build Group is the general contractor and Manhard Consulting is the civil engineer. Colliers is marketing the property for lease. Building IV at Park 94 will span 226,148 square feet in Mt. Pleasant, Wis. HSA completed its first phase of the industrial park in 2009. Scheduled for completion in July 2023, the new building will feature a clear height of 36 feet, 52 truck docks, two drive-in doors and parking for 37 trailers and 286 cars. CBRE is marketing the building for lease. HSA also broke ground on the first of three planned buildings at Bristol Highlands Commerce Center West in Kenosha, Wis. The developer is scheduled to deliver the 550,647-square-foot warehouse …
CHICAGO — Skender has broken ground on a 37,000-square-foot expansion of the Greater Chicago Food Depository. The food bank on Chicago’s Southwest Side provides food for families and individuals at risk of food insecurity. The new structure at 4100 W. Ann Lurie Place will add onto the food bank’s existing two-story warehouse and office. Plans call for a commercial kitchen for meal preparation and packaging as well as a demonstration kitchen for nutrition education. The Greater Chicago Food Depository aims to produce and distribute 2.5 million prepared meals annually to community members. Completion is slated for early 2024. Partners by Design is the project architect. This latest expansion as well as renovations that were completed in 2019 are phases of the Nourish Project, which was driven by a $75 million capital campaign.
ROMEOVILLE, ILL. — JVM Realty Corp. has acquired Seasons at Romeoville, a 240-unit luxury apartment property in the Chicago suburb of Romeoville. Fiduciary Real Estate Development Inc. was the seller. JVM plans to rename the community as The Bluffs. Built in 2021, the property features amenities such as a fitness center, clubhouse, pool, outdoor living area, dog park and pet washing area. Monthly rents start at $1,575, according to Apartments.com. Wick Kirby, Amanda Friant and Kevin Girard of JLL represented the seller. With this latest acquisition, JVM now owns and manages seven apartment communities in Illinois and 22 properties representing $1.6 billion in assets under management throughout the Midwest.
HIGHWOOD, ILL. — Interra Realty has negotiated the $11 million sale of a 37-unit multifamily property in the Chicago suburb of Highwood. The newly constructed building is located at 546 Green Bay Road. Craig Martin of Interra represented the seller, Sy Oko. Martin also represented the buyer, HP Ventures Group-Development Services LLC, a development and property management company that specializes in mid-rise apartment buildings and townhomes.
OTTAWA, ILL. — Marcus & Millichap has arranged the $6.1 million sale of the Comfort Inn hotel in Ottawa, about 80 miles southwest of Chicago. The 69-room hotel is located at 120 W. Stevenson Road directly off I-80. The three-story property, built in 1995, features a business center, fitness center, complimentary breakfast and meeting facilities. Scott Havericak and Robert Hunter of Marcus & Millichap represented the seller, Ottawa Hospitality Group LLC. The duo also procured the buyer, Akal Hotels.
JOLIET, ILL. — Peak Construction Corp. is underway on a 1 million-square-foot speculative building at NorthPoint Development’s Third Coast Logistics Park in Joliet. The facility will feature a clear height of 40 feet, 103 dock doors, four drive-in doors and 264 trailer parking stalls. Peak will also construct a second speculative building at the industrial park. Plans call for a 1.2 million-square-foot facility with a clear height of 40 feet, 120 dock doors, four drive-in doors and 247 trailer parking stalls. Completion of both buildings is slated for fall 2023. The project team includes architect studioNorth Architecture and civil engineer Jacob & Hefner Associates.
OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 13,000-square-foot retail building in the Chicago suburb of Oak Lawn for $3.5 million. Built in the mid-2000s and known as 51st Avenue Station, the property is fully leased to Chiro One, Miracle One, Cold Stone Creamery and other local and national tenants. Chad Firsel and Brett Berlin of Quantum represented the seller, a private fund based in Illinois. The Illinois-based private buyer completed a 1031 exchange.
VERNON HILLS, ILL. — Perry’s Restaurants, a Texas-based boutique restaurant group, is opening its third Chicago-area location. Perry’s Steakhouse & Grille is set to debut at Hawthorn Mall in Vernon Hills in late 2023. The 11,000-square-foot restaurant will include a main dining room and four private dining rooms. Chicago-based Aria Group Architects Inc. designed the Vernon Hills restaurant, which will accommodate up to 350 people. Perry’s also operates locations in Oak Brook and Schaumburg.
CHICAGO — Structured Development and Evergreen Real Estate Group have opened Schiller Place Apartments on Chicago’s Near North Side. The mixed-income apartment complex consists of 48 units across three buildings. Located immediately south of Structured’s NEWCITY development on land that was formerly home to the Isham YMCA, Schiller Place is fully leased. There are six market-rate units, 24 reserved for Chicago Housing Authority (CHA) residents, 13 set aside for households earning up to 60 percent of the area median income (AMI) and five reserved for those who earn up to 30 percent of AMI. Five of the units have been earmarked for veterans and five will house individuals sourced through the Statewide Referral Network, which works with households earning up to 30 percent of AMI with a head of household who has a disability or illness. The project team included GMA Construction and architecture firm Bailey Edward. Funding for Schiller Place included federal 4 percent Low-Income Housing Tax Credits awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Hudson Housing Capital. IHDA also awarded Illinois Affordable Housing Tax Credits that were syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide onsite …
