BELVIDERE, ILL. — Anytime Fitness has signed a 6,276-square-foot retail lease at Southtowne Shopping Center in Belvidere, a city in northern Illinois. The property is located at the corner of Highway 20 and Pearl Street. Rick Scardino of Lee & Associates represented the landlord, Southtowne Ventures LLC, in the transaction. Jack Siragusa of CBRE represented the tenant.
GLENVIEW, ILL. — Dermody Properties has completed its acquisition of the 232-acre former corporate office campus of Allstate Corp. located on Sanders Road in Glenview, roughly 22 miles northwest of downtown Chicago. While the acquisition price was not disclosed, REBusinessOnline reported last year that the transaction would be valued at $232 million. Dermody plans to redevelop the property into a 10-building logistics park. The redevelopment, named The Logistics Campus, will span 3.2 million square feet upon completion, with flexibility to accommodate additional build-to-suit development. Construction on Phase I of the project is scheduled to begin immediately and will include five buildings totaling 1.2 million square feet. The initial phase of development is slated for completion in 2023. “This redevelopment project stands at the intersection of two significant and durable trends — work from home and e-commerce,” says Douglas Kiersey Jr., president of Dermody Properties. “The conversion of the office campus — with buildings dating back to the 1960s and 1970s — into modern logistics buildings offers many benefits to the community.” The site is located adjacent to Interstate 294 and southwest of the Willow Road interchange, which will allow for efficient access to O’Hare International Airport. The project benefits from …
NAPERVILLE, ILL. — Newcastle Properties is set to begin construction on a new 8,300-square-foot, multi-tenant outlot building and a new 3,260-square-foot endcap space at the 270,327-square-foot Eastgate Crossing in Naperville. The development will include Kura Revolving Sushi Bar and NaanSense, an Indian fast-casual chain. Adam Cody of JLL represented Kura, while Phil Golding of CBRE represented NaanSense. Midwest Construction Partners will serve as general contractor, and Sean Devine of Newcastle Properties is the project manager. Eastgate Crossing is currently home to tenants such as HMart, Dollar Tree, CVS, Panera Bread and Citibank.
CHICAGO — Greenstone Partners has brokered the sale of a 6,600-square-foot apartment building at 2049 W. Division St. in Chicago’s Wicker Park neighborhood for $2 million. The property features four recently renovated units as well as retail space. Brewster Hague and Danny Spitz of Greenstone represented the seller, a Chicago-based partnership, and procured the buyer, a California-based hospitality group.
O’FALLON, ILL. — Poettker Construction has completed Revela at O’Fallon, a 92-unit senior living community in O’Fallon, about 20 miles east of St. Louis. A grand opening event is scheduled for Tuesday, Oct. 18. The 89,000-square-foot property offers independent living, assisted living and memory support. St. Louis Design Alliance was the project architect, and Premier Senior Living is the property manager.
Marcus & Millichap Arranges $6.2M Sale of Rasmussen University-Occupied Property in Suburban Chicago
ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of a 25,000-square-foot property occupied by Rasmussen University in the Chicago suburb of Romeoville for $6.2 million. The net-leased asset at 1400 W. Normantown Road was constructed as a build-to-suit for the university in 2009. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor that had purchased the property through a 1031 exchange. The duo also represented the buyer, a New York-based private investor. American Public Education acquired Rasmussen University in 2021.
CHICAGO — Tradewater has signed a 3,565-square-foot office lease at the historic Auxiliary Building in Chicago’s West Fulton Market. The 90,000-square-foot building is located at 1550 W. Carroll Ave. Formerly an industrial building that served as the main factory for H.C. Evans & Co., the 100-year-old property was recently converted into office space. H.C. Evans & Co. was a manufacturer of casino equipment, pinball machines and jukeboxes. Tradewater works to prevent the emission of greenhouse gases. Zach Pruitt and Nicholas Schaefer of Cawley Chicago represented the private landlord. Dan Arends of Colliers represented the tenant.
CHICAGO — JLL Capital Markets has brokered the $19.2 million sale of 65 East Wacker Place, a 222,728-square-foot office and retail building in Chicago. The buyer, Intersection Realty Group, plans to convert a portion of the property into apartment units. Constructed in 1928, the 24-story building is recognized by the National Register of Historic Places and is currently 46 percent leased. Morton’s Steakhouse occupies floors one and two of the building. Sam DiFrancesca, Patrick Shields, Jaime Fink and Bruce Miller of JLL represented the seller, a New York-based investment firm. The team also procured the buyer.
By Tyler Hague, Colliers A colleague of mine recently had to move out of her West Loop apartment quickly and she faced a conundrum: how much am I willing to pay for a one-bedroom apartment in Chicago? The unfortunate answer: not even close to the $2,700 per month rent she was continually being asked to pay. She ended up renting a studio. The average price for a one-bedroom apartment in the central business district is $2,478 per month, a figure that has grown 9.5 percent in the last year alone and equates to a $235.41 year-over-year rental increase, according to Yardi Matrix. It also translates to a national housing insecurity crisis, not just a local and presumed urbanized problem, and one that has been exacerbated by many of the detrimental housing laws and zoning regulations that exist in Chicago today. Whether it is aldermanic privilege, the Affordable Requirements Ordinance (ARO) or general NIMBYism, it is clear rent is too darn high — and it isn’t the entrepreneurial real estate professional’s doing but rather a major (and obvious) supply dilemma. This summer, for the first time in U.S. history, median rent costs in major cities surpassed $2,000 per month, according to …
JOLIET, ILL. — PENN Entertainment has unveiled plans to build Hollywood Casino Joliet at the Rock Run Crossings development in Joliet. Construction is expected to begin in late 2023, subject to local regulatory approval. The project has an estimated budget of $185 million and will combine gaming, dining and 10,000 square feet of meeting and event space. The land-based casino will replace PENN’s riverboat casino in Joliet. Cullinan Properties owns Rock Run Crossings, which spans 310 acres and 1 million square feet.