EDWARDSVILLE, ILL. — Contegra Construction Co. is underway on Gateway Commerce Center in Edwardsville near St. Louis. The 800,000-square-foot speculative distribution center is slated for completion this fall. EQT Exeter is the developer. Upon completion, the project will feature 146 dock doors, four drive-through doors, 3,000 square feet of office space, a specialized HVAC system and parking for 206 trucks and 538 cars.
ELGIN, ILL. — Conor Commercial Real Estate has sold Northwest Pointe III in Elgin for an undisclosed price. The property consists of two industrial buildings totaling 349,080 square feet and is situated within Northwest Corporate Park. At the time of sale, the property was 72 percent leased to three tenants, including Continental Packaging. Both buildings feature a clear height of 32 feet and 20 dock doors. McShane Construction Co. served as general contractor and Ware Malcomb was the architect. Ed Halibert and John Hugenard of JLL represented Conor in the sale to the private buyer.
CHICAGO — Chicago-based McHugh Construction has broken ground on FanDuel Sportsbook, a new 13,000-square-foot sports betting venue being developed by online gaming company FanDuel Group at the United Center in Chicago. The United Center is the home of the Chicago Bulls and Chicago Blackhawks. Completion is slated for August. The two-story lounge is being constructed in areas that formerly housed offices for the United Center and Blackhawks staff as well as two lower-level suites. HOK is the architect for the project, which will feature state-of-the-art viewing and sports wagering technology. The facility will also include a large commercial kitchen and multiple bars.
MELROSE PARK, ILL. — NewMark Merrill Cos. Inc. has sold a 90,000-square-foot building at Winston Plaza, a 400,000-square-foot shopping center in the Chicago suburb of Melrose Park. Cermak Fresh Market acquired the building for an undisclosed price and plans to open a new grocery store by the end of this year. Sandy Sigal and Brad Pearl represented NewMark Merrill on an internal basis alongside Joe Parrott and Sean McCourt of CBRE. Dino Geroulis and John Roberson of Axis Realty represented Cermak. Kostas Kavayiotidis of Pacific Southwest Realty structured financing. Anchor tenants at Winston Plaza include Best Buy, Ross Dress for Less, Marshalls, Dollar Tree, Five Below and Office Max.
CHICAGO — Interra Realty has brokered the sale of a 30-unit multifamily property in the Buena Park section of Chicago’s Uptown neighborhood for $4.7 million. Built in 1912, the property is located at 755 W. Buena Ave. In addition to five studios, 24 one-bedroom units and one two-bedroom units, the building features onsite laundry facilities and bike storage. Joe Smazal of Interra represented the seller, a local private owner and operator that made select updates to the property. Smazal also represented the local private buyer.
DES PLAINES, ILL. — Marcus & Millichap has negotiated the sale of Bainbridge Plaza in the Chicago suburb of Des Plaines for $2.1 million. The 15,042-square-foot retail center is located at 611 W. Golf Road and is fully leased. Anchor tenants include Domino’s Pizza and Suburban Family Dental, which has operated at the property for over 30 years. Mitchell Kiven of Marcus & Millichap represented the seller, a local private investor. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the buyer, an Ohio-based limited liability company.
MATTESON, ILL. — Reich Brothers has acquired a 392,740-square-foot industrial property and adjacent 53 acres in Matteson, about 30 miles south of Chicago. The purchase price was undisclosed. Al Caruana and Britt Casey of Cushman & Wakefield represented Reich in the acquisition. The duo will provide leasing services for the property along with colleagues Sally Macoicz and Matthew Saddler. The cross-dock building is located at 21800 S. Cicero Ave. near I-50 and I-80.
CHICAGO — CIT, a division of First Citizens Bank, has provided a $29.9 million loan for the acquisition of a portfolio of three industrial buildings in metro Chicago. Aminim Group, a privately held commercial real estate investment company based in Houston, was the borrower. The buildings, which are situated in close proximity to I-294, are fully leased by six tenants.
CHICAGO — The Howard Hughes Corp. (NYSE: HHC) has sold its equity interest in 110 North Wacker Drive, a 55-story office tower spanning 1.5 million square feet in Chicago. Callahan Capital Partners and Oak Hill Advisors purchased the stake for $210 million. Based on this sales price, the implied value of the office tower is more than $1 billion, representing the highest valuation for an office property in Chicago since the sale of Willis Tower in 2015, according to Howard Hughes. The Class A building, located along the Chicago River, opened in October 2020 and was co-developed by Howard Hughes and Riverside Investment and Development Co. The property is more than 82 percent leased by tenants such as Bank of America, Heitman, Lincoln International, Jones Day and Morgan Lewis. Eastdil Secured represented Howard Hughes in the sale.
ELK GROVE VILLAGE, ILL. — Bridge Industrial has acquired two parcels along Northwest Point Boulevard in suburban Chicago’s Elk Grove Village with plans to build Bridge Point Elk Grove I and II. Bridge acquired the vacant parcels, located just one block from each other, from two different sellers: ADP and a private individual. Bridge Point Elk Grove I and II will span 147,066 square feet and 60,834 square feet, respectively. Building I will feature a clear height of 36 feet, 14 exterior docks, two drive-in doors, parking for 164 cars and a 130-foot truck court. Building II will feature a clear height of 32 feet, six exterior docks, one drive-in door and parking for 46 cars. Completion is slated for June 2023. Tom Rodeno, Matthew Stauber and Patrick Turner of Colliers will market the buildings for lease.
