Wednesday, June 18, 2025
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Fashion Retailer Aritzia to Open Flagship Store on Magnificent Mile in Downtown Chicago

by John Nelson

CHICAGO — Aritzia (TSX: ATZ), a women’s fashion boutique retailer based in Vancouver, plans to open a flagship store on Chicago’s Magnificent Mile, bucking a trend of retailers leaving the famous stretch of North Michigan Avenue. The Magnificent Mile spans 13 city blocks in downtown Chicago and houses 460 stores, 275 restaurants and 60 hotels. The retailer, which sells apparel under brands such as Wilfred, Babaton and TNA, will occupy a 46,000-square-foot space at 555 N. Michigan Ave. in 2023. The location formerly housed Gap’s three-story flagship store before the retailer closed in early 2021. The new Aritzia store is the largest retail lease deal on Magnificent Mile in nearly a decade and the first flagship agreement since 2019, according to CBRE. Luke Molloy, Danny Jacobson, Steve Ansani and Cliff Vann of CBRE represented the landlord, Ireland-based ECA Capital Ltd., in the transaction. “Coming out of the pandemic, this is an important deal for the Mag Mile, and Chicago in general,” says Molloy. “Aritzia is one of the most sought-after brands in the world and [it] believes in the future of North Michigan Avenue. What [it has] planned for its new flagship is incredible, and we expect this to be …

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DevelopmentIllinoisIndustrialMidwest

Bridge Industrial to Build 660,280 SF Spec Development in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Bridge Industrial has acquired a nearly 67-acre site in the Chicago suburb of Romeoville with plans to build a two-building speculative industrial development totaling 660,280 square feet. Dubbed Bridge Point Romeoville, the project is slated for completion in the third quarter of 2023. Building A will total 497,480 square feet and feature a clear height of 40 feet, 136 exterior docks, four drive-in doors, 314 car parking stalls, 87 trailer parking positions and a 130-foot truck court. Building B will span 162,800 square feet and feature a clear height of 36 feet, 47 exterior docks, two drive-in doors, 146 car parking stalls, 51 trailer parking positions and a 130-foot truck court. Both buildings will offer build-to-suit office opportunities.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $9.8M Sale of Multifamily Property in Chicago’s Hyde Park

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of a 61-unit multifamily property in Chicago’s Hyde Park neighborhood for $9.8 million. Constructed in 1924, the building is located at 5120 S. Harper Ave. At the time of sale, the property was 95 percent leased. Jack Stanton of Marcus & Millichap represented the seller, a private Chicago-based company that had owned and operated the asset for 22 years. James Ziegler of Marcus & Millichap procured the buyer, a local family-run limited liability company. The buyer plans to update some units.

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AcquisitionsIllinoisMidwestMultifamily

MZ Capital Partners Sells Apartment Community in Naperville, Illinois for $24M

by Kristin Harlow

NAPERVILLE, ILL. — MZ Capital Partners has sold Vantage Naperville Apartments in suburban Chicago for $24 million. The 112-unit apartment community, located at 1350 E. Ogden Ave., was fully leased at the time of sale. The newly completed property features studios and one-bedroom units with private work-from-home suites. JLL brokered the sale. An affiliate of 601W Cos. was the buyer.

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IllinoisLeasing ActivityMidwestOffice

Echo Global Logistics, VSA Partners Renew Leases at Office Property in Chicago’s River West

by Kristin Harlow

CHICAGO — Echo Global Logistics and VSA Partners have renewed their office leases at 600 West Chicago, an office and retail property owned by Sterling Bay in Chicago’s River West submarket. Echo, a provider of technology-enabled transportation and supply chain management services, will remain in its 185,000-square-foot space that it has called home since its inception in 2005. VSA, a global creative agency and tenant in the building since 2008, restructured its lease to 25,000 square feet. Andrea VanGelder, Kellen Monti, Matt Carolan and Paul Giannopoulos of JLL represented Echo, while Steven Livaditis and Jon Milonas of CBRE represented VSA. Russ Cora and Austin Lusson represented Sterling Bay on an internal basis.

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AcquisitionsIllinoisMidwestOffice

Greenstone Partners Brokers $16M Sale of Office Portfolio in Suburban Chicago

by Kristin Harlow

NAPERVILLE AND WARRENVILLE, ILL. — Greenstone Partners has brokered the sale of a three-building office portfolio in Naperville and Warrenville for $16 million. Named the Cantera-Naperville Office Portfolio, the collection of assets totals 130,000 rentable square feet and is 86 percent leased. The properties are located at 4300 and 4580 Weaver Parkway in Warrenville and 1601 Bond St. in Naperville. Jason St. John and Paul Tesdal of Greenstone represented the seller, a Naperville-based real estate operator. The duo also procured the buyer, a Chicagoland-based family office that completed a 1031 exchange.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers $40.7M Sale of Lincoln Place Shopping Center Near St. Louis

by Kristin Harlow

FAIRVIEW HEIGHTS, ILL. — JLL Capital Markets has brokered the $40.7 million sale of Lincoln Place, a 272,060-square-foot shopping center in the St. Louis suburb of Fairview Heights. The property was 95 percent leased at the time of sale. Tenants include Aldi, Total Wine & More, Kohl’s, Shoe Carnival, Ross Dress for Less, Marshalls, Five Below, GameStop, Pizza Hut and St. Louis Bread Co. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Acadia Realty Trust. Jenel Real Estate was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Clear Height, Blackbird Investment Sell 112,000 SF Industrial Building in Suburban Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — A joint venture between Clear Height Properties and Blackbird Investment Group has sold a 112,000-square-foot industrial building in Elk Grove Village for an undisclosed price. The property, located at 1250-1350 Greenleaf Ave., is fully leased to Brett Anthony Foods. In early 2018, Clear Height began planning with Brett Anthony Foods on site selection. Clear Height and Blackbird acquired the adjacent building at 1250 Greenleaf Ave. in January 2021 through a sale-leaseback transaction. A project team consisting of DSI Group, Michael Weber Architects, Cartland Kraus and Cage Engineering merged the two buildings via a 10,000-square-foot addition and completed improvements to the façade, main entrance, parking lot, landscaping and office portion. Michael Caprile, Zach Graham, Jason Lev and Ryan Bain of CBRE represented Clear Height in the sale. An institutional investor acquired the asset.

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AcquisitionsIllinoisMidwestRetail

Next Realty Completes Disposition of 30,000 SF Retail Building in Chicago

by Kristin Harlow

CHICAGO — An affiliate of Next Realty LLC has sold Nagle Plaza in Chicago for an undisclosed price. Walgreens anchors the 30,000-square-foot retail building, which is located along Nagle Avenue. Additional tenants include City Edge Dental and Ankle & Foot Specialists. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Next in the sale. The property represented a value-add investment for Next, which initially acquired the defaulted first mortgage note and ultimately obtained fee title to the property. Next completed lease-up of the building earlier this year. The buyer was not provided.

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IllinoisMarket ReportsMidwestMidwest Market ReportsMultifamily

Downtown Chicago Multifamily Market Roars Back

by Kristin Harlow

By Mike Drew, Structured Development As a longtime developer of multifamily, commercial and mixed-use properties in Chicago, I can tell you we’ve never seen anything like the last few years. From the highs of the pre-pandemic multifamily construction boom to the lows of the first year of COVID-19 lockdowns — when downtown emptied out — to today, it’s been a rollercoaster ride. But the multifamily sector has ultimately proved resilient and is roaring back stronger than ever. Here’s a look back at the past three years and a glimpse of three projects we broke ground on during the pandemic: Schiller Place, Big Deahl and Harrison Row. Early pandemic exodus  For the years 2019-2021, developers were expected to build 9,000 apartment units in downtown Chicago, according to Integra Realty Resources. This figure was lower than the expected 10,700 units because of rising construction costs and uncertainty around property taxes, but still strong. Average rents for downtown Class A rental communities were $3.31 per square foot, per Integra, and occupancy was a robust 94.9 percent. When the pandemic hit nine months later, it greatly slowed that activity. Gov. J.B. Pritzker issued the first stay-at-home order on March 20, 2020, followed by other …

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