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IllinoisLeasing ActivityMidwestOffice

NAI Hiffman Negotiates Three Leases at Renovated Office Building in Lisle, Illinois

by Kristin Harlow

LISLE, ILL. — NAI Hiffman has negotiated three leases totaling 15,642 square feet at 2200 Cabot Drive, a renovated office building within the Corporate Lakes office park in Lisle. Agriculture company Syngenta signed a 13,381-square-foot lease at the five-story building. Prior to the pandemic, Syngenta occupied space in Downers Grove. Additionally, Bethany Christian Services inked a 1,217-square-foot lease, and Retirement Solutions leased 1,044 square feet. Patrick Kiefer of NAI Hiffman represented building owner RE Development Solutions in all three deals. The property is now 70 percent leased. RE Development Solutions acquired the building in November 2019 when it was 5 percent occupied. Ownership has completed extensive renovations, including a redesigned lobby, updated first floor and fifth-floor amenity suite, onsite deli, exterior monument signage, a conference room, updated corridors and washrooms and new mechanical systems. The building offers spec suites to meet demand from small and midsize companies seeking turnkey space.

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AcquisitionsDevelopmentIllinoisMidwestMultifamily

Kayne Anderson, JDL to Acquire Former Lincoln Yards North Development Site in Chicago

by Kristin Harlow

CHICAGO — Kayne Anderson Real Estate and JDL Development have entered into an agreement to acquire a 31-acre development site at 2001 N. Southport Ave. in Chicago. The site was formerly referred to as Lincoln Yards North and is situated prominently on the Chicago River. The developers plan to reimagine and rebrand the property. The new development, which will be heavily focused on residential, will be named Foundry Park. Plans call for homes, condos and apartments as well as commercial uses. The developers plan to include affordable housing units and create a walkable neighborhood with open green space. The transaction is expected to close by the end of the third quarter.

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DevelopmentIllinoisLife SciencesMidwest

Beacon Capital Partners, TCC Deliver 300,000 SF Hyde Park Labs in Chicago

by Kristin Harlow

CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have completed Hyde Park Labs in Chicago. The partnership has also opened its STEM engagement center for local youth, Southside STEM Station, on the ground floor of the 300,000-square-foot development. The learning hub offers free STEM programs for students, families and educators on the city’s South Side. Located at 5207 S. Harper Ave. and rising 13 stories, Hyde Park Labs features nine full floors of Class A lab and office space, ground-level retail and four levels of parking. The developers say the project marks the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building. More than 40,000 square feet of tenant amenities includes a fifth-floor terrace dubbed “The Lawn” with grills, firepits and direct access to the interior tenant lounge. The development also features private terraces on each floor, secure bike storage, an indoor bar and lounge and an executive boardroom. The University of Chicago has pre-leased approximately 55,000 square feet at Hyde Park Labs. In addition to faculty research, the university’s space includes its new UChicago Science Incubator, a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Five UChicago-affiliated companies are among the …

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $10.7M Sale of Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has arranged the $10.7 million sale of a 22-unit apartment building located at 811 W. Lill Ave. in Chicago’s Lincoln Park neighborhood. The vintage asset features four one-bedroom, 12 two-bedroom and six three-bedroom units. Floor plans average 1,078 square feet. Constructed in 1901, the property has been recently updated with new finishes as well as in-unit laundry and individual HVAC. Brad Feldman of Interra represented the buyer, a Chicago-based private investor. Joe Smazal of Interra represented the seller, a local private investor and developer.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 67,146 SF Retail Center in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Oaks of Oak Brook, a 67,146-square-foot retail center in the Chicago suburb of Oak Brook. The property was 98 percent leased at the time of sale to tenants such as Athletico, Activate Games, NxStage Kidney Care, Blackberry Market, Erik’s Bike Board & Ski and OrthoLazer. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Newport Capital Partners. The asset sold to a private buyer.

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AcquisitionsIllinoisMidwestMultifamilyRetail

SVN Chicago Commercial Brokers $2.7M Sale of Apartment, Retail Building in Windy City

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has brokered the $2.7 million sale of a 9,267-square-foot apartment and retail building in Chicago’s Ukrainian Village neighborhood. The fully rehabbed property at 1859 W. Chicago Ave. features six apartment units and one retail tenant, a veterinarian office on the ground floor. Drew Dillon and Scott Maesel of SVN Chicago Commercial represented both the buyer and seller.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Purchases 26,173 SF Industrial Building in Tinley Park, Illinois

by Kristin Harlow

TINLEY PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 26,173-square-foot industrial building at 18531 Spring Creek Drive in the Chicago suburb of Tinley Park. The property was vacant at the time of acquisition. Situated in the North Creek Business Center, the building offers direct access to I-80 via Harlem Avenue. The property sits on 1.8 acres and features a clear height of 19 feet, two docks, two drive-in doors and parking for 56 vehicles. Venture One plans to make improvements such as office renovations, warehouse painting, parking lot resurfacing and the installation of energy-efficient lighting. Bruce McConnell of Savills represented the seller. Michael O’Leary, Dylan Maher and Ryan Earley of Lee & Associates have been retained to market the building for lease or sale. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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AcquisitionsIllinoisMidwest

Orix Agrees to Acquire Majority Stake in Hilco Global

by Kristin Harlow

NORTHBROOK, ILL. — Orix Corp. USA, the U.S. arm of Japanese investment firm Orix, has entered into a definitive agreement to acquire a majority equity ownership of Hilco Global, a financial services firm headquartered in Northbrook. The deal values the firm at $1 billion, reports Crain’s Chicago Business. The proposed transaction will create a new asset-based lending arm. Under the terms of the agreement, Jeffrey Hecktman will continue to lead Hilco as CEO, and Hilco will operate as a subsidiary of Orix. The transaction is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals. Davis Polk & Wardwell LLP provided legal counsel to Orix. J.P. Morgan Securities LLC served as financial advisor to Hilco, and Kirkland & Ellis LLP and Greenberg Traurig LLP provided legal counsel. Founded in 1987, Hilco maintains more than 770 employees worldwide.

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DevelopmentHospitalityIllinoisMidwest

Bradford Allen Opens 206-Room Hyatt Centric Hotel Near Chicago O’Hare Airport

by Kristin Harlow

ROSEMONT, ILL. — Bradford Allen has opened the Hyatt Centric Chicago O’Hare, a 206-room hotel near the Chicago O’Hare International Airport and Rivers Casino in Rosemont. Following more than $30 million in renovations to the former Hyatt Rosemont Chicago/O’Hare, the property features completely remodeled guest rooms, upgraded common areas and meeting spaces and the addition of Cima Restaurant, a new upscale Mediterranean-inspired restaurant. Hyatt Centric is an emerging full-service lifestyle hotel concept from Hyatt Hotels Corp. Bradford Allen acquired the property in 2022 and collaborated with Hyatt on the remodel. Common areas include a fitness center and two banquet rooms with combined capacity of up to 500 people. New features include an all-glass porte cochere, reconfigured lobby, food-and-beverage outlets and private dining spaces. Renovations also included a new roof, fire system, HVAC and building automation systems.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $4.1M Sale of Chicago Retail Property

by Kristin Harlow

CHICAGO — Marcus & Millichap has negotiated the $4.1 million sale of a five-suite retail property located at 600 S. Dearborn St. in Chicago. The asset totals 12,132 square feet of ground-floor space within the historic Transportation Building. The retail space is fully leased to a mix of five tenants, including 7-Eleven and Sofi Restaurant. Mark Krantz and Derrick Dougherty of Marcus & Millichap procured the buyer, a Washington, D.C.-based private investor. The agents worked with Steve Filippo of Marcus & Millichap Capital Corp.

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