Illinois

Newport Capital Partners Sells Edens Plaza Shopping Center in Suburban Chicago for $110M

by Kristin Harlow April 11, 2022

WILMETTE, ILL. — Chicago-based Newport Capital Partners has sold Edens Plaza in the Chicago suburb of Wilmette for $110 million. Massachusetts-based WS Development was the buyer. The shopping center spans 350,000 square feet. Current tenants include The Fresh Market, Walgreens, Chicagoland Children’s Health Alliance, Starbucks and Big Blue Swim School. The property also comprises a two-story department store that was formerly occupied by Carson Pirie Scott and is currently vacant. Newport acquired Edens Plaza in 2018 and the vacant department store in 2019. WS plans to open the first-ever bricks-and-mortar store for online furniture retailer Wayfair in the department store. Joe Girardi of Mid-America Real Estate Group brokered the transaction.

April 11, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $44.2M Sale of Apartment Complex in Winfield, Illinois

by Kristin Harlow April 11, 2022

WINFIELD, ILL. — Interra Realty has arranged the $44.2 million sale of Winfield Station in Winfield, about 35 miles west of Chicago. The newly built, transit-oriented apartment complex features 162 units and is situated near the Winfield Metra station. The property was 82 percent occupied at the time of sale. Amenities include a resident lounge, business center, fitness center and outdoor pool. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed construction of the property in August 2021. Patrick Kennelly and Paul Waterloo of Interra procured and represented the buyer, Mango Shadow LLC.

April 11, 2022

Illinois Leasing Activity Midwest Office

RSM Signs 22,256 SF Office Lease at Schaumburg Towers in Suburban Chicago

by Kristin Harlow April 11, 2022

SCHAUMBURG, ILL. — RSM, a provider of audit, tax and consulting services focused on the middle market, has signed a 22,256-square-foot office lease at Schaumburg Towers in the Chicago suburb of Schaumburg. RSM plans to relocate from 20 N. Martingale Road in the fourth quarter of this year. Schaumburg Towers is now 73 percent leased. The two-building office complex spans 882,000 square feet. Owner American Landmark Properties has invested more than $20 million in property upgrades since 2017. Steve Kling and David Florent of Colliers represented ownership in the lease transaction. Rick Schuham of Savills represented RSM.

April 11, 2022

Illinois Leasing Activity Midwest Office

Transwestern Negotiates Two Lease Expansions at Downtown Chicago Office Tower

by Kristin Harlow April 8, 2022

CHICAGO — Transwestern Real Estate Services has negotiated two lease expansions at 191 North Wacker Drive in Chicago’s West Loop. The 37-story office tower spans 733,759 square feet. Qualtrics, a software company for employee and customer experience, expanded its lease from 25,600 square feet to 51,200 square feet. Skills for Chicagoland’s Future, a nonprofit focused on increasing the economic mobility of unemployed and underemployed talent, also increased its lease from 3,828 square feet to 13,290 square feet. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Allianz Real Estate and JHUSA. Evan Djikas of Colliers represented Qualtrics, while Jon Milonas and Brandon Green of CBRE represented the nonprofit. Ownership plans to complete significant capital improvements to the property this year, including a renovated lobby, refreshed tenant lounge and upgraded fitness center.

April 8, 2022

Development Illinois Leasing Activity Midwest Retail

Allsteel to Open 24,000 SF Showroom in Chicago’s Fulton Market

by Kristin Harlow April 8, 2022

CHICAGO — Allsteel Inc., an Iowa-based furniture manufacturer, has unveiled plans to open a new 24,000-square-foot showroom in Chicago’s Fulton Market district. The company plans to relocate from its current space at Merchandise Mart to 345 N. Morgan St. in the first quarter of 2023. Owner and developer Sterling Bay recently topped out the office and retail building, which is slated for completion later this summer. Chicago-based Partners by Design is the architect for Allsteel’s space.

April 8, 2022

Development Illinois Industrial Midwest

Peak Construction to Build 477,115 SF Spec Warehouse in Elgin, Illinois

by Kristin Harlow April 7, 2022

ELGIN, ILL. — Developer Scannell Properties has selected Peak Construction Corp. to build a new 477,115-square-foot speculative warehouse in Elgin. Slated for completion in late December, the project will feature a clear height of 36 feet, 40 dock doors, four drive-in doors, trailer storage and parking for 372 cars. Harris Architects Inc. and Haeger Engineering make up the project team.

April 7, 2022

Illinois Industrial Loans Midwest

American Street Capital Arranges $9.4M for Refinancing of Chicago Industrial Portfolio

by Kristin Harlow April 7, 2022

CHICAGO — American Street Capital (ASC) has arranged two loans totaling $9.4 million for the refinancing of a light industrial portfolio in Chicago. The first transaction was a $6.1 million loan for a 102,850-square-foot building. The second was a $3.3 million loan for a 90,975-square-foot, two-building property. Igor Zhizhin of ASC structured both loans with five-year terms and 25-year amortization schedules. A bank provided both loans.

April 7, 2022

Acquisitions Illinois Midwest Office

Cawley Chicago Arranges $2.8M Sale of Office Building Near Chicago’s Fulton Market

by Kristin Harlow April 7, 2022

CHICAGO — Cawley Chicago has arranged the sale of a 16,350-square-foot office building on the northern border of Chicago’s Fulton Market district for $2.8 million. The two-story brick, steel and timber building is located at 451 N. Racine Ave. Zach Pruitt and Nicholas Schaefer of Cawley represented the seller, an entity doing business as 1005 N California LLC. Marco Federow of MK Asset Management represented the buyer, advertising agency The Times.

April 7, 2022

Development Illinois Industrial Midwest

Krusinski Construction Completes 19,000 SF Auto Center in Joliet, Illinois

by Kristin Harlow April 7, 2022

JOLIET, ILL. — Krusinski Construction Co. has completed a new automotive center for Cassidy Best-One Tire & Service in Joliet’s Rock Creek Logistics Center. Ketone Partners, which served as developer for the 19,000-square-foot project, also owns the 263-acre Rock Creek Logistics Center. The auto center features 20 drive-in doors, 10 service bays, 1,000 square feet of office space, nine car parking stalls and seven trailer stalls. Cassidy Best-One will provide truck and automotive tire work as well as general maintenance for a variety of vehicles. The project team included Cornerstone Architects as architect and Jacob & Hefner Associates as civil engineer.

April 7, 2022

Illinois Midwest Retail

Brookfield Properties Turns Over Water Tower Place Mall in Downtown Chicago to Lender

by Kristin Harlow April 6, 2022

CHICAGO — Brookfield Properties is turning over Water Tower Place to its lender, a unit of insurer MetLife, according to reports by the Chicago Sun-Times and Crain’s Chicago Business. The two media outlets report that the action indicates that the shopping mall is worth less than the estimated $300 million in debt owed on it. Situated on North Michigan Avenue in downtown Chicago, the mall lost its anchor tenant Macy’s last year. The property, which was the city’s first indoor mall when it opened in 1975, rises nine stories and spans 818,000 square feet. Today, nearly a quarter of all of Chicago’s Magnificent Mile retail space is vacant, more than double its vacancy four years ago, according to Crain’s.

April 6, 2022

Newer Posts

Older Posts