Tuesday, November 4, 2025
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AcquisitionsHealthcareIllinoisMidwest

MedProperties Acquires 41,540 SF Medical Office Building in Chicago Ridge

by Kristin Harlow

CHICAGO RIDGE, ILL. — MedProperties Realty Advisors, a Dallas-based healthcare real estate investor, has acquired Millennium Medical Center, a 41,540-square-foot medical office building in the southwest Chicago suburb of Chicago Ridge. The two-story property at 10604 Southwest Highway was built in 2018 by a group of local physicians. The lead tenant is an affiliate of US Oncology, a national network of more than 600 cancer treatment centers. A complementary tenant base that serves patients suffering from cancer and related ailments makes up the balance of the tenancy at the property. Old National Bank provided debt for the acquisition. The seller was the original physician group.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Brokers $3.1M Sale of Raising Cane’s-Occupied Restaurant Property in Normal, Illinois

by Kristin Harlow

NORMAL, ILL. — The Boulder Group has brokered the $3.1 million sale of a single-tenant restaurant property net leased to Raising Cane’s Chicken Fingers in Normal. The restaurant at 311 Veterans Parkway opened this month and is operating under a 15-year ground lease with 10 percent rental escalations every five years and five five-year renewal options. The property marks the only Raising Cane’s location within a 50-mile radius. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based developer. The buyer was a 1031 exchange investor. The transaction represented a 4.75 percent cap rate. Raising Cane’s, founded in Louisiana in 1996, operates more than 800 locations worldwide.

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DevelopmentIllinoisIndustrialLeasing ActivityMidwest

Seefried Preleases 190,606 SF Spec Distribution Facility in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Seefried Industrial Properties has preleased O’Hare Logistics Center 16, a 190,606-square-foot speculative distribution facility located at 1305 E. Algonquin Road in Mount Prospect. Accelerated Global Solutions, an air cargo and freight forwarding services company, is expanding its operations into the new property upon completion. Situated on a 13-acre site, O’Hare Logistics Center 16 is located six miles north of the Chicago O’Hare International Airport and features immediate access to I-90 and I-294. Jonathan Kohn and John D’Orazio of Colliers represented the tenant, while Jason Lev, John Suerth and Jimmy Kowalczyk of CBRE represented Seefried. FCL Builders is the general contractor, Kimley-Horn is the civil engineer and Harris Architects is the architect of record.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Skender Breaks Ground on 48-Unit Supportive Housing Development in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — Skender has broken ground on Poupard Place, a 48-unit supportive housing development in the Chicago suburb of Northbrook. Developed by nonprofit Housing Opportunity Development Corp. and designed by Cordogan, Clark & Associates, the project marks the city’s first affordable housing community and is slated for completion in summer 2026. The 1.5-acre project site was donated by the Village of Northbrook. Poupard Place will offer affordable homes for individuals and families where at least one household member is living with a disability. The development is named for Tom Poupard, the retired director of Northbrook’s Development and Planning Services. The four-story building will include a mix of one-, two and three-bedroom apartment units. Plans also call for a children’s play area.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Purchases 145,500 SF Industrial Building in Chicago

by Kristin Harlow

CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 145,500-square-foot industrial building located at 11264 Corliss Ave. in Chicago. The single-tenant property was fully leased at the time of sale. Situated in the Pullman Industrial Park, the facility offers direct access to I-94 via 111th Street. Constructed in 1977, the asset features a clear height of 22 feet, 10 docks, two drive-in doors and parking for more than 129 cars. Mike Wilson, Erik Foster and Brian Colson of Avison Young represented the undisclosed seller. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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AcquisitionsIllinoisMidwestMultifamily

Kayne Anderson, CEDARst Acquire 47-Story Millie on Michigan Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — A joint venture between Kayne Anderson Real Estate and CEDARst Cos. has acquired Millie on Michigan, a newly built luxury apartment tower in Chicago’s Loop. Completed in 2022 and located at 300 N. Michigan Ave., the property rises 47 stories with 289 apartment units and 25,000 square feet of retail space. Amenities include a rooftop pool and lounge, coworking spaces, a fitness center, dog run and integrated smart home features. The asset was 95 percent occupied at the time of sale. CEDARst, which owns and operates more than 5,000 apartment units in Chicago, utilized its Opportunistic Fund I, which launched in February.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Sales of Three Chicago Multifamily Properties Totaling $12.4M

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sales of three multifamily buildings on the North Side of Chicago for a combined $12.4 million. The properties included 931 W. Leland Ave., a 22-unit building in Uptown that sold for $5 million; 1909-13 W. Larchmont Ave., a 16-unit building in North Center that sold for $3.6 million; and 7240 W. Devon Ave., a 13-unit asset in Edison Park that traded hands for $3.8 million. Joe Smazal of Interra represented the buyer and seller of the Leland property. For the Larchmont deal, Smazal represented the seller and Interra’s Joe Braun represented the buyer. Smazal and colleague Colin O’Malley represented the buyer and seller of the Devon property. Sold in an off-market deal, 931 W. Leland features 17 one-bedroom and five two-bedroom units, all of which were recently remodeled. The Larchmont property includes 16 one-bedroom units and sold at more than 97 percent of the list price. Capital improvements were recently made to upgrade the building systems and envelope. The Devon building includes four one-bedroom and six two-bedroom apartments as well as three ground-floor retail units that are fully leased to a Dunkin’ location, private offices for the franchisee and a residential real estate …

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DevelopmentIllinoisMidwestOffice

Power Construction, Ware Malcomb Complete New Corporate Office for Medline Industries in Metro Chicago

by Kristin Harlow

NORTHBROOK, ILL. — Power Construction and architect Ware Malcomb have completed the new corporate office for Medline Industries LP in Northbrook within metro Chicago. Ware Malcomb’s Oak Brook office provided full interior architecture and design, furniture management and building measurement services for the seven-story, 214,560-square-foot project, which involved the repositioning of an existing office building. Medline provides medical-surgical products and supply chain solutions. Located four miles west of the company’s global headquarters in Northfield, the new Northbrook office brings together Medline’s operations, information services, quality and inventory management teams into a centralized location. There are individual workspaces as well as meeting, amenity and support spaces on each level. The upper floors include open collaboration areas. There are pantry spaces on each level, and additional elements include numerous focus rooms, flexible training rooms, conference rooms and huddle space for teams. Ware Malcomb worked with Medline to utilize existing furniture from other Medline locations where possible. The project team included RTM Engineering and owner’s representative Transwestern.

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CivicDevelopmentIllinoisMidwest

McHugh Begins Construction Work for 127,250 SF Community Center in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — McHugh Construction and its joint venture partner Nacional Group LLC have begun preconstruction work for the new Wagner Community Center in the Chicago suburb of Elmhurst. The 127,250-square-foot, two-story project will replace the current 32,000-square-foot community center at 615 N. West Ave. Demolition is scheduled for this fall, ahead of construction breaking ground in December. A grand opening is planned for fall 2027. Designed by the Elmhurst office of Dewberry, the new center will feature an artificial turf field for soccer, football and baseball; 27,000 square feet of gym space for basketball, pickleball and volleyball; a three-lane indoor walking track; dedicated early childhood and preschool spaces; larger spaces for dance and gymnastics; an indoor play area; and flexible multipurpose spaces for community programming. Additional project partners include mechanical, electrical and plumbing engineer Elara Engineering, structural engineer Pease Borst & Associates, civil engineer V3 Cos. and landscape architect Upland Designs Ltd.

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IllinoisLoansMidwestRetail

MMCC Arranges $4.1M Refinancing for Retail Strip Center in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million loan for the refinancing of Carillon Court, a 29,891-square-foot retail strip center in the Chicago suburb of Romeoville. The property at 444 N. Weber Road is situated near I-55 and is home to a mix of restaurants and service-oriented businesses, including a dental office, salon and insurance agency. Dean Giannakopoulos of MMCC arranged the loan through a local bank on behalf of the private borrower. The three-year loan features one year of interest-only payments and a 25-year amortization schedule.

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