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Illinois

IllinoisLoansMidwestMultifamily

Ready Capital Closes $12M Acquisition Loan for Condo Deconversion in Metro Chicago

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Ready Capital has closed a $12 million loan for the acquisition and deconversion of a 72-unit, Class B condominium property in the Chicago suburb of Arlington Heights. The undisclosed buyer will deconvert the units and lease the property as traditional multifamily space. The nonrecourse loan features a floating rate and a two-year term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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IllinoisLeasing ActivityMidwestOffice

BDO Digital Inks Lease, Becomes First Major Corporate Tenant at Former McDonald’s Campus in Suburban Chicago

by Kristin Harlow

OAK BROOK, ILL. — Accounting and advisory firm BDO USA LLP has signed a lease for 28,000 square feet of Class A office space in Oak Brook for the headquarters of its subsidiary, BDO Digital LLC. The company is the first major corporate tenant at Oak Brook Reserve, the redevelopment of the former McDonald’s campus. The firm expects to take occupancy in the fourth quarter of 2022. Oak Brook Reserve offers more than 400,000 square feet of office space and 2.5 miles of walking and biking trails. Amenities include a conference room, tenant lounge, café, concierge services and transportation shuttles. Jeff Shay and Jack Connors of JLL represented ownership, JPD Oak Brook Holdings, in the lease transaction. Larry Serota, Cece Conway and Daye Williams of Transwestern represented BDO Digital.

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DevelopmentIllinoisIndustrialMidwest

Summit Design + Build Completes Warehouse Expansion for TLC Ingredients in Illinois

by Kristin Harlow

CREST HILL, ILL. — Summit Design + Build has completed construction of a 55,012-square-foot expansion for TLC Ingredients in Crest Hill near Joliet. The warehouse for the food ingredients and industrial products distributor previously spanned 44,000 square feet. The expansion includes new warehouse and cold storage space along with four new loading docks, a breakroom and additional parking stalls. Harris Architects Inc. was the project architect.

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IllinoisLeasing ActivityMidwestOffice

Teradyne Signs 42,696 SF Office Lease in Deer Park, Illinois

by Kristin Harlow

DEER PARK, ILL. — Teradyne has signed a 42,696-square-foot office lease at The Reserve at Deer Park in the Chicago suburb of Deer Park. The tenant will occupy the entire sixth floor of the 351,425-square-foot building, which is located at 21440 W. Lake Cook Road. Teradyne, an automatic test equipment designer and manufacturer, expects to take occupancy in June 2022. The office layout will include lab components. JLL’s Doug Shehan, Rick Benoy and Julie Koelzer represented building ownership, a joint venture between Arzan Wealth and 90 North Real Estate Partners. James Otto and Sam Badger of CBRE represented Teradyne. JLL also recently negotiated a lease for the fifth floor, which brings the building to full occupancy.

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IllinoisIndustrialLeasing ActivityMidwest

3M Signs 410,000 SF Industrial Lease Renewal in DeKalb, Illinois

by Kristin Harlow

DEKALB, ILL. — Multinational conglomerate 3M has signed a 12-year lease renewal for its 410,000-square-foot distribution hub in DeKalb, about 65 miles west of Chicago. The property is located at 1211 Fairview Drive. Jenny Aust Turner of Cresa represented 3M in the lease. Modiv Inc., a California-based REIT, is the building landlord.

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DevelopmentIllinoisIndustrialMidwest

Amazon Builds New Delivery Station in Chicago’s West Humboldt Park

by Kristin Harlow

CHICAGO — Amazon is building a new delivery station in Chicago’s West Humboldt Park neighborhood. The 141,360-square-foot development will expand the e-commerce giant’s delivery infrastructure for customers in the Chicago area. A delivery station is the last stop an Amazon package makes prior to reaching the customer. The project site is located near the intersection of Kostner Avenue and Division Street. The building is slated for completion by 2023. Venture One Real Estate LLC is the developer and PREMIER Design + Build Group is the general contractor.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Brokers Sale of 74,146 SF Industrial Building in Suburban Chicago

by Kristin Harlow

DOWNERS GROVE, ILL. — Brown Commercial Group has brokered the sale of a 74,146-square-foot industrial building in the Chicago suburb of Downers Grove for an undisclosed price. The property is located on Thatcher Road. Mike Antonelli and Trinity Scurto of Brown represented the seller, Premium Investment Properties Inc. Antonelli represented the buyer, Beco Management Inc. The building is partially leased and the new owner plans to bring it to full occupancy.

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DevelopmentIllinoisIndustrialMidwest

Opus Begins Construction of 49,984 SF Industrial Build-to-Suit in West Dundee, Illinois

by Kristin Harlow

WEST DUNDEE, ILL. — The Opus Group has begun construction on a 49,984-square-foot industrial build-to-suit for Chicago Logistic Service in West Dundee, a far northwest Chicago suburb. This is the ninth project Opus has built within the Oakview Corporate Park. The building will feature 10 dock doors, two drive-in doors, 15 trailer stalls, 39 parking stalls, 2,900 square feet of office space and a clear height of 28 feet. Completion is slated for July 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Noel Liston of Darwin Realty represented both Opus and the tenant.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 40,500 SF Industrial Building in South Holland, Illinois

by Kristin Harlow

SOUTH HOLLAND, ILL. — Entre Commercial Realty has brokered the sale of a 40,500-square-foot industrial building in South Holland, a southern suburb of Chicago. The sales price was undisclosed. The property is located at 510 W. 172nd St. Chris Wilbur and Jeff Locascio of Entre represented the seller, Hadady Corp. Sam Deihs of Entre represented the buyer, Green Electric Solutions, an electronics recycler.

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IllinoisLeasing ActivityMidwestOffice

Celero Commerce Renews 27,000 SF Office Lease in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — Celero Commerce, a financial tech company, has renewed its 27,000-square-foot, full-floor office lease at Pointe O’Hare in Rosemont. The Class A office tower is located at 9550 W. Higgins Road. Celero inherited the Chicago-area office following its acquisition of Transnational Payments in October 2020, marking the sixth acquisition for the company since its formation in November 2018. Celero has approximately 260 employees with continued plans for expansion. Campbell Puckett, Andrew Kaplan and Jon Springer of CBRE represented Celero in the lease.

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