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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Habitat Co., P3 Markets Open Phase I of 43 Green Mixed-Income Apartment Project in Chicago

by Kristin Harlow

CHICAGO — The Habitat Co. and P3 Markets have opened Phase I of 43 Green in Chicago’s Bronzeville neighborhood. The 99-unit, mixed-income apartment building is located at 4308 S. Calumet Ave. The project marks the first equitable transit-oriented development (ETOD) on Chicago’s South Side, according to the developers. Since 2013, the City of Chicago has been encouraging transit-oriented development near Chicago Transit Authority and Metra rail stations. In 2020, the city published its ETOD Policy Plan, which aims to drive investment near transit in disinvested communities, preventing displacement in communities facing rising housing costs and promoting affordable housing options near transit in low-affordability communities. Phase I is the largest of three planned buildings within the $100 million 43 Green development. The 10-story building features 5,500 square feet of retail space and amenities such as a fitness center, rooftop terrace, business center, picnic area, community room, laundry facilities and bicycle storage. Half of the units are reserved for households earning up to 60 percent of the area median income, with the remainder leased at market rate. Habitat has also secured construction financing for Phase II, and is expected to break ground on that 80-unit building by the end of June. Completion …

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IllinoisIndustrialLeasing ActivityMidwest

Worldwide Flight Services Leases 132,000 SF Cargo Facility at Chicago Airport

by Kristin Harlow

CHICAGO — Worldwide Flight Services (WFS) has leased a new 132,000-square-foot cargo facility that is part of the third phase of the Northeast Cargo Complex at Chicago’s O’Hare International Airport. Realterm developed and owns the facility, which features 122,000 square feet of warehouse space and 10,000 square feet of office space. There is also more than 200,000 square feet of ramp space that can accommodate two group VI aircraft such as the Boeing 747. The project team included BOWA, Clayco and d’Escoto Inc. Realterm is targeting LEED Silver certification for the property, which is equipped with electric vehicle charging stations and solar panels. WFS is a provider of air cargo logistics and ground handling services.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Brokers Sale of 21,400 SF Industrial Building in Suburban Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 21,400-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located at 605 Bonnie Lane, the vacant property features 2,000 square feet of office space, two dock-high doors, one drive-in door and parking for 25 vehicles. Trinity Scurto of Brown represented the seller, OTO Investment Properties LLC. The buyer, Clear Height Properties, plans to renovate the building and secure new tenants.

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DevelopmentIllinoisIndustrialMidwest

Velocis Begins Development of 543,603 SF Distribution Center in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — Velocis, a Dallas-based private equity real estate fund manager, has begun development of Batavia Logistics Center in suburban Chicago. The 543,603-square-foot distribution center is being developed in partnership with SCOA Real Estate Partners, a fully owned subsidiary of Sumitomo Corp. of Americas. Located four miles north of I-88 at the intersection of Kirk Road and Fabyan Parkway, the project will feature 54 dock doors, four drive-in doors, 117 trailer stalls, parking for more than 400 cars and a clear height of 36 feet. A team of brokers led by Ryan O’Leary of KBC Advisors is handling leasing. Completion is slated for the first quarter of 2024.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $2.1M Sale of Retail Property in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 10,500-square-foot retail property in Elgin. Advance Auto Parts is the anchor tenant at the fully leased center, which is located at 1881 Larkin Ave. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, an East Coast-based limited liability company completing a 1031 exchange.

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IllinoisMarket ReportsMidwestMidwest Market ReportsRetail

Chicago Neighborhoods Experience Flurry of Positive Signs for Retail

by Kristin Harlow

By Jaime Bertsche and Lara Keene, Mid-America Real Estate Positive signs for retail real estate abound across many Chicago neighborhoods and high streets, with physical stores demonstrating their necessity coming out of the pandemic. Both of us live and work in the city of Chicago, so it’s particularly heartening to see favorable trends and leasing activity throughout our city of neighborhoods. It may surprise some to know that Chicago has been No. 1 in corporate expansions for the last nine years, with 441 major business expansions and relocations in 2021. Chicago employment has grown by 75,000 since the start of 2022 and ranks third in the U.S., according to World Business Chicago.  Google is investing in the city and purchased the 17-story, 1.2 million-square-foot Thompson Center in the Loop with plans to use the building as a second Chicago headquarters. Kellogg announced it will move a spinoff company to Chicago for a new headquarters in the city.   Some of the economic changes we saw in the market in the second half of last year affected retailers’ expansion plans. Inflation and interest rates challenged retailers to maintain their customer base, keep their own costs in line, and adapt to higher …

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DevelopmentIllinoisMidwestRetail

Joint Venture Underway on Pickleball Sporting, Entertainment Center in Suburban Chicago

by Kristin Harlow

ALGONQUIN, ILL. — A joint venture between Chicago-based real estate developer Hubbard Street Group and athletic club owner and operator College Park Athletic Clubs is building Pickle Haus, a pickleball-themed sports and entertainment center in the Chicago suburb of Algonquin. The project will breathe new life into a vacant retail property. Pickleball has been the fastest-growing sport in the U.S. each of the last three years, according to the developers. Construction is currently underway on the 41,000-square-foot project, and completion is slated for November. Pickle Haus will feature 12 indoor pickleball courts, three golf simulators, a bar and event space and an outdoor patio. Sheamus Feeley of Family Is Food designed the restaurant and bar portion, including a custom menu. Hubbard Street Group has owned the vacant building since 2018. It was originally developed in 2008 for Dania Furniture. Prior to the pandemic, the building was leased to a national fitness center chain. However, the chain filed for bankruptcy and never occupied the building. The project team also includes Harken Interior Design, Hirsch MPG, William A. Randolph Construction, Greenberg Traurig and Phlox Partners.

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IllinoisLoansMidwestMultifamily

American Street Capital Arranges $3.9M Loan for Refinancing of Multifamily Property in Mahomet, Illinois

by Kristin Harlow

MAHOMET, ILL. — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 160-unit multifamily property in Mahomet, about 10 miles northwest of Champaign. The community was built in 1972 and recently renovated. There are eight buildings consisting of a mix of one-, two- and three-bedroom units. The asset was more than 95 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the agency loan, which features a 10-year term, fixed interest rate and five years of interest-only payments.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Fairgrounds World’s Fair Opens at Bell Works Chicagoland in Hoffman Estates

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Fairgrounds World’s Fair, a café and food concept from Fairgrounds Craft Coffee and Tea, has opened at Bell Works Chicagoland in Hoffman Estates. The café features 137 seats as well as an outdoor patio with an additional 45 seats. The 5,743-square-foot space is equipped with a full-service kitchen, food and bakery program, cocktail bar and grab-and-go offerings. Fairgrounds offers a selection of craft coffee, tea varieties, cold brews, lattes and sparkling beverages. Designed by Barker/Nestor Architecture and Design with input from Wight & Co. Architects and npz studio+, the space also features a foosball table and other games. Fairgrounds, which maintains 10 locations across the country, is operated and managed by Infuse Hospitality. Bell Works Chicagoland is the redevelopment of the former AT&T corporate campus undertaken by Inspired by Somerset Development.

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DevelopmentIllinoisMidwestMultifamily

Lendlease Opens 41-Story Residential Tower in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Lendlease has opened The Reed at Southbank, a 41-story residential tower located at 234 W. Polk St. in Chicago’s South Loop. The Reed includes both rental units and for-sale homes and is part of Lendlease’s seven-acre Southbank master plan. Of the property’s 440 residences, 224 are apartments and are located on floors nine through 22. Units range from 544 to 1,417 square feet and monthly rents start at $2,205. Inspired by the literary history of Printers Row, the development’s name is a nod to both reed pens and the grasses that grow along waterways like the Chicago River. Perkins & Will designed the property. The Reed is situated near Southbank Park, a two-acre green space developed and maintained by Lendlease as an amenity for both residents and neighbors in the surrounding community. The eighth floor features a 15,000-square-foot amenity deck with a pool, lawn, fire pits, outdoor kitchens and fitness area. Indoor amenities include a fitness center, lounge room, pool table, virtual sports room, massage room and salon. Apartments at The Reed will be managed by Bozzuto, which will provide renters with services like plant care, pet care, newspaper delivery and in-home package delivery. The Reed is the …

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