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DevelopmentIllinoisIndustrialMidwest

Molto Properties to Build Two Logistics Parks Totaling 2 MSF in Suburban Chicago

by Kristin Harlow

MINOOKA AND ROMEOVILLE, ILL. — Molto Properties has unveiled plans to build two logistics parks totaling more than 2 million square feet in Minooka and Romeoville. Construction is scheduled to begin this month, with completion of both projects slated for the second quarter of 2023. Jim Estus and Matthew Stauber of Colliers will market the developments for lease. Minooka Ridge Business Park will span 110 acres and accommodate up to 1.7 million square feet of new distribution space. Phase I will consist of a 1.1 million-square-foot distribution facility featuring a clear height of 40 feet, 156 truck docks and parking for 264 trailers and 541 cars. Weber55 Logistics Park will be a two-building logistics park situated on 60 acres in Romeoville. Building I will span 627,840 square feet and feature a clear height of 40 feet, 114 exterior truck docks, 128 trailer stalls and 376 car parking spaces. Building II will total 270,000 square feet and feature a clear height of 36 feet, 56 exterior truck docks, 72 trailer stalls and parking for 258 cars.

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IllinoisIndustrialLeasing ActivityMidwest

GSA Justice Department Signs 55,000 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — The GSA Justice Department has signed a 55,000-square-foot industrial lease at 2500 York Road in Elk Grove Village. GSA will fully occupy the property, which is owned by Chicago-based Dayton Street Partners (DSP). The building, which is located directly across the street from the Chicago O’Hare International Airport, features three drive-in doors, parking for 110 cars and ceiling heights ranging from 24 to 38 feet. GSA will utilize the space for central operations for the airport. DSP acquired the property in January 2020.

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DevelopmentIllinoisIndustrialMidwest

PREMIER Design + Build Group Breaks Ground on 438,750 SF Industrial Build-to-Suit in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — PREMIER Design + Build Group has broken ground on a 438,750-square-foot industrial build-to-suit in Elgin for Atlantic Packaging, a designer and manufacturer of packaging solutions. The property, situated at 2601 Mason Road, will serve as the firm’s Midwest branch. The facility will feature a clear height of 36 feet, 30 dock positions, three drive-in doors, seven offices, conference rooms and open workspaces. PREMIER will install an exterior asphalt lot to accommodate 300 vehicles and 32 trailers. Completion is slated for February 2023. The project team includes architect Ware Malcomb, civil engineer Manhard Consulting and structural engineer LJB Engineers. Industrial Equity Partners and World Richman are the developers.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $11.6M Sale of Walgreens-Occupied Property in Wheaton, Illinois

by Kristin Harlow

WHEATON, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,409-square-foot retail property occupied by Walgreens in Wheaton for $11.6 million. The building was constructed in 2010. Walgreens has roughly 13 years remaining on its lease. Daniel Waszak of Quantum represented the buyer, a private 1031 exchange investor based in New York. A Midwest-based REIT was the seller.

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IllinoisIndustrialLoansMidwest

JLL Arranges $61M Loan for Acquisition of Industrial Portfolio Across 17 Markets

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $61 million loan for the acquisition of a 21-property industrial portfolio across 17 markets in the Southeast, Mid-Atlantic, New England and Central U.S. The portfolio is 93 percent leased to 18 tenants with an average tenure of nearly 17 years. Matthew Schoenfeldt and Lucas Borges of Chicago-based JLL arranged the loan on behalf of the borrower, Biynah Industrial Partners. The lender and loan terms were not provided.

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IllinoisIndustrialLeasing ActivityMidwest

Sonica International Signs 43,672 SF Industrial Lease in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Sonica International, a freight forwarding company, has signed a 43,672-square-foot industrial lease at 1420 W. Thorndale Ave. in Itasca. Dustin Albers, Andrew Maletich and Matt Garland of Cawley Chicago represented the tenant, which will utilize the space to separate its ocean and air freight. Hamilton Partners owns the building.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $4.4M Sale of Retail Strip Center in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a retail strip center in Peoria for $4.4 million. Aspen Dental and Vitamin Shoppe anchor the property, which is located at 5116 N. Big Hollow Road. Zack Hilgendorf of Quantum represented the seller, a Miami-based developer that originally built the center in 2010. The property sold to a Chicago-based buyer.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Blue Bottle Coffee to Open at Shops at Tribune Tower in Chicago

by Kristin Harlow

CHICAGO — Blue Bottle Coffee has signed a long-term lease to open a 1,188-square-foot retail space at The Shops at Tribune Tower in Chicago. Founded in 2002, Blue Bottle Coffee is a coffee roaster and retailer with more than 60 cafes globally. The Shops at Tribune Tower location will be Blue Bottle’s second in the Chicago area. The shop is expected to open in early 2023. Blue Bottle’s location is directly adjacent to the newly opened Foxtrot Market and the upcoming Museum of Ice Cream, which is scheduled to open July 16. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story, 740,000-square-foot Tribune Tower, which has been transformed into 162 luxury condominiums. CIM Group owns the property.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Negotiates Sale of 18,240 SF Industrial Building in Suburban Chicago

by Kristin Harlow

BATAVIA, ILL. — Brown Commercial Group has negotiated the sale of an 18,240-square-foot industrial building in the Chicago suburb of Batavia for an undisclosed price. The property, which features outdoor storage space, is located on Pierson Drive. Mike Antonelli of Brown represented the seller, Rhondarosa Properties LLC, as well as the buyer, H5P LLC. The buyer is a road and snow maintenance company that was looking to expand into a space with outdoor storage for its equipment.

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Inland-Portfolio
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JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include:  Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

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