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.
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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JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio
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, …
By Kelly Nickele, Mid-America As the summer season begins, retailers and restaurateurs in Chicago are scheduling tours for the city’s warmest months of the year, and overall leasing velocity is continuing to increase. Here’s a quick review of the top retail real estate trends in Chicago now. Digitally native brands continue to expand, embracing omnichannel sales strategies. I grew up at Fremont & Armitage in Chicago’s Lincoln Park neighborhood through my high school years. I remember when Aldo, Barbour and Bebe anchored Halsted, and United Colors of Benetton (now Interior Define), American Apparel (now Parachute), Intermix (now Outdoor Voices) and Hanig’s (now Marine Layer), were the mainstays of Armitage. I saw tenants like BCBG relocate from Halsted (now Apotheco Pharmacy) to Armitage (now Serena & Lily), and locals like Art Effect and Lori’s remain relevant while the trade area garnered national attention and the 60614 zip code continued to report strong catalog and ultimately e-commerce sales. I’ve experienced the rise and fall of many retailers, the emergence of digitally native brands, the major shift in how and where we shop and the influence of social media in the retail industry. As a consumer and a retail advisor, I believe in …
MELROSE PARK, ILL. — NewMark Merrill Cos. has received a $31.2 million loan for the recapitalization of Winston Plaza in the Chicago suburb of Melrose Park. The 410,000-square-foot shopping center is situated at the corner of North Avenue and 9th Street. The three-year, floating-rate loan includes funds for property improvements and lease-up. Bryan Gortikov of Gortikov Enterprises arranged the loan with Wells Fargo Bank. Anchor tenants at Winston Plaza include Best Buy, Ross Dress for Less, Marshalls, Dollar Tree and Five Below. Cermak Fresh Market purchased a 90,000-square-foot building at the center with plans to open a new grocery store by the end of the year.
CHICAGO — Interra Realty has brokered the sale of an 80-unit apartment building in Chicago’s Lakeview neighborhood for $28 million. All the units at the property, built in 1986, feature one bedroom and one bath. The building was fully leased at the time of sale. Joe Smazal of Interra represented the seller, an entity of Chicago-based Mo2 Properties, as well as the buyer, an affiliate of Chicago-based Beal Properties. The new owner plans to make cosmetic improvements to the property’s exterior and rebrand it as The Nines on Grace. Located at 944-54 W. Grace St., the asset is situated near Sydney R. Marovitz Golf Course.
LISLE, ILL. — Byline Bank, a subsidiary of Byline Bancorp Inc. (NYSE: BY), has provided an $11 million loan for the acquisition of a three-building flex industrial portfolio totaling 157,000 square feet in Lisle. A joint venture between Integris Ventures and Starlight Equity Partners was the borrower. Upon acquisition, the buyers plan to implement a capital improvements program. The seller was undisclosed.
ELMHURST, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate, an investment entity sponsored by Harbert Management Corp., has sold a seven-building industrial portfolio in Elmhurst for an undisclosed price. Hamilton Partners purchased the portfolio, which totals 140,796 square feet. The buildings are fully leased to 23 tenants that occupy space ranging in size from 1,300 to 14,000 square feet.
LAKE ZURICH, ILL. — Monarch Realty Partners has negotiated the sale of Somerset by the Lake Apartments in the Chicago suburb of Lake Zurich for $13 million. Constructed in 2019, the 48-unit apartment complex features one- and two-bedroom floor plans. The property features a large parking lot and is situated adjacent to Breezewald Park. Bill Baumann of Monarch brokered the transaction. Buyer and seller information was not provided.
SCHAUMBURG, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 13,500-square-foot retail center in the Chicago suburb of Schaumburg for $5.6 million. Located on East Golf Road, the property is fully leased to Panda Express, Batteries Plus, Crumbl Cookies, Jersey Mike’s Subs, Oreck Vacuums, H&R Block, Rosati’s Pizza and Little Greek. Jason Lenhoff of Quantum represented the buyer, a Florida-based private investor. A locally based investor was the seller.