Illinois

Clear Height Properties Acquires 34,700 SF Industrial Building in Addison, Illinois

by Kristin Harlow October 5, 2022

ADDISON, ILL. — Clear Height Properties has acquired a 34,700-square-foot industrial building in Addison, a western suburb of Chicago, for an undisclosed price. The property at 1404 W. Fullerton Ave. features convenient access to I-355 between I-290 and Route 83. The facility features six exterior docks, seven drive-thru service bays and an additional 1.5 acres of secured land for outdoor storage or trailer parking. Nick Saraceno and Howard Caplan of CTK Chicago Partners represented the undisclosed seller. Robin Stolberg and Dominic Carbonari of JLL are marketing the property for lease.

October 5, 2022

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $1.9M Sale of Chili’s Ground Lease in Plainfield, Illinois

by Kristin Harlow October 5, 2022

PLAINFIELD, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Chili’s ground lease in Plainfield, about 40 miles southwest of Chicago. The restaurant building spans 6,150 square feet. The property at 12740 Illinois Route 59 is situated near Target, Ross Dress for Less and Five Below stores. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a Chicagoland private investor and limited liability company. The property sold at the full list price.

October 5, 2022

Development Illinois Midwest Multifamily Top Stories

Habitat, Diversified Break Ground on 33-Story Cassidy on Canal Apartment Tower in Chicago

by Kristin Harlow October 5, 2022

CHICAGO — The Habitat Co. and joint venture partner Diversified Real Estate Capital LLC have broken ground on Cassidy on Canal, a 33-story luxury apartment tower in Chicago’s Fulton River District. Designed by Solomon Cordwell Buenz, the 375-foot glass tower will feature 343 units. The project site at 350 N. Canal St. was formerly home to the Cassidy Tire building. The developers plan to integrate some of the property’s original bricks into the new development. “To honor the location’s rich history, it was important to us to bring this neighborhood a new development that stands out through its forward-looking design and modern conveniences, yet also pays homage to the site’s legacy by keeping the Cassidy family name,” says Matt Fiascone, president of Habitat. Cassidy on Canal will feature a variety of studio, one- and two-bedroom floor plans along with 1,313 square feet of ground-floor retail space and parking for 123 cars. The property’s fifth floor will feature amenities such as a fitness center, game room, coworking center, spa, pool, grilling areas and dining areas. First move-ins are scheduled for spring 2024. McHugh Construction is the general contractor. Development costs were not disclosed. Cassidy on Canal is one of several major …

October 5, 2022

Development Illinois Industrial Leasing Activity Midwest

DSV Air & Sea Preleases 307,378 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow October 4, 2022

BENSENVILLE, ILL. — DSV Air & Sea Inc. has preleased a 307,378-square-foot industrial building in the Chicago suburb of Bensenville. The property at 1401 Devon Ave. is slated for completion in spring 2023. ML Realty Partners owns the development along with an adjacent 297,238-square-foot building that was leased by Apex Logistics International Inc. last winter. Both buildings feature a clear height of 40 feet and are situated in DuPage County. The site is less than one-half mile north of Illinois Route 390. Kevin Segerson of CBRE represented DSV Air & Sea in the lease. Andrew Maletich, Matt Garland and Dustin Albers of Cawley Chicago represented ML Realty Partners.

October 4, 2022

Illinois Leasing Activity Midwest Office

Tenants Lease 20,913 SF of ‘Ready-to-Wear’ Office Suites at Bell Works Chicagoland

by Kristin Harlow October 4, 2022

HOFFMAN ESTATES, ILL. — Inspired by Somerset Development, the owner of Bell Works Chicagoland, has leased nearly 21,000 square feet of its “ready-to-wear” office suites. The suites total 23,628 square feet and offer spaces that are available for immediate occupancy with flexible, short-term leasing options. The owner also plans to launch a second version of the ready-to-wear suites, which will comprise nine new spaces totaling 20,000 square feet at the campus in Hoffman Estates. The current roster of tenants within the ready-to-wear spaces includes Clover Imaging Group, Stoltmann Law Offices, CPATAX Services, RiskSmith Insurance, CPA Advisors Group, Berkshire Hathaway Starck Real Estate, Victor Construction Co. Inc., LinkSpace and Mosquito Hunters. Colliers represented ownership in the lease transactions. Bell Works Chicagoland is the redevelopment of the former AT&T campus.

October 4, 2022

Illinois Midwest

Chicago Mayor Announces No Property Tax Increase Next Year

by Kristin Harlow October 3, 2022

CHICAGO — In a statement posted on her Twitter page, Chicago Mayor Lori Lightfoot announced that the city would forgo for one year the Consumer Price Index increase on the property tax levy. According to the mayor, the economy continues to show a better than projected recovery and the city revenues continue to exceed estimates. The mayor’s statement applies only to an inflation-related hike in property taxes, not to already-approved levy hikes that were passed in earlier years, according to Crain’s Chicago Business. The mayor’s recommendation is part of her budget proposal.

October 3, 2022

Acquisitions Illinois Midwest NAI Retail

NAI Miami Arranges $4M Sale of Former Midas Total Car Care Center in Chicago

by Kristin Harlow October 3, 2022

CHICAGO — NAI Miami has arranged the sale of a former Midas Total Car Care center located at 158 W. Grand Ave. in Chicago for $4 million. Jeremy Larkin and Joseph Gallaher of NAI Miami, along with Elan Rasansky and Al Rodenbostel of ARC Real Estate Group, represented the seller, TBC Corp. The buyer, Friedman Properties Ltd., developed the adjacent Moxy Hotel. The sales price equates to roughly $470 per square foot.

October 3, 2022

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 31,000 SF Industrial Building in Gurnee, Illinois

by Kristin Harlow October 3, 2022

GURNEE, ILL. — Cawley Chicago has brokered the sale of a 31,000-square-foot industrial building in Gurnee, a city in Northeast Illinois. The sales price was undisclosed. The property is located at 3940 Tannahill Drive. Dustin Albers, Andrew Maletich and Matt Garland of Cawley Chicago represented the buyer, Imperial Lubes, which is relocating and expanding its operations from Elk Grove Village. Marc Samuels of Cushman & Wakefield represented the undisclosed seller.

October 3, 2022

Acquisitions Illinois Industrial Midwest Self-Storage

Coldwell Banker Commercial Brokers $3.4M Sale of Self-Storage Facility in Montgomery, Illinois

by Kristin Harlow September 30, 2022

MONTGOMERY, ILL. — Coldwell Banker Commercial Real Estate Group has brokered the $3.4 million sale of the US 30 Self Storage property in Montgomery, about 45 miles west of Chicago. The self-storage facility consists of 278 enclosed units and 268 paved parking spaces for boats and RVs. The property was originally constructed in 2005 with additional units added in 2021. Richard Faltz of Coldwell Banker Commercial represented the undisclosed buyer. The seller was also not provided.

September 30, 2022

Illinois Leasing Activity Midwest Office

International Contractors Inks 17,700 SF Office Lease in Oak Brook, Illinois

by Kristin Harlow September 30, 2022

OAK BROOK, ILL. — International Contractors Inc. has signed a 17,700-square-foot office lease at 1 Mid America Plaza in the Chicago suburb of Oak Brook. The tenant is a 40-year-old construction management firm. Daniel Cawley and Brayden Schiff of Cawley Chicago represented the tenant in the lease transaction. Josh Feldman of Cushman & Wakefield represented the landlord, Crowe LLC.

September 30, 2022

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