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Illinois

DevelopmentIllinoisIndustrialMidwest

Bridge Industrial Acquires Land in Mundelein, Illinois, for Development of 320,196 SF Spec Industrial Project

by Kristin Harlow

MUNDELEIN, ILL. — Bridge Industrial has acquired land at 290 Townline Road in Mundelein, a northern suburb of Chicago. The developer plans to build Bridge Point Mundelein, a 320,196-square-foot speculative industrial project. Plans call for 271 car parking stalls, 101 trailer parking stalls, two drive-in doors and a clear height of 36 feet. Located in the Lake County submarket, the infill project offers direct access to the four-way intersection at I-94 and Route 60. Construction is scheduled to begin immediately with completion slated for the third quarter of 2022. Whit Heitman, Sam Badger and Jared Paff of CBRE brokered the land sale.

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DevelopmentIllinoisIndustrialMidwest

PCCP, Transwestern to Build 173,400 SF Spec Industrial Facility in North Aurora, Illinois

by Kristin Harlow

NORTH AURORA, ILL. — A joint venture between PCCP and Transwestern Development Co. is building a 173,400-square-foot speculative industrial facility in North Aurora along the I-88 corridor. Construction is scheduled to begin in October with completion slated for the second quarter of 2022. Situated on nine acres at 950 Ice Cream Drive, the Class A building will feature a clear height of 36 feet, 42 trailer parking stalls, car parking and exterior docks. Transwestern Development currently has 34 industrial projects totaling 18.4 million square feet under construction or in pre-development stages nationwide.

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IllinoisLeasing ActivityMidwestOffice

Cooley Signs 30,000 SF Office Lease at Bank of America Tower in Chicago

by Kristin Harlow

CHICAGO — Law firm Cooley has signed a 30,000-square-foot office lease at Bank of America Tower in Chicago. Cooley is slated to relocate from its current coworking space to the new property in the second quarter of 2022. Developed by Howard Hughes Corp. and Riverside Investment & Development Co., Bank of America Tower is located at 110 N. Wacker St. It rises 55 stories and spans 1.5 million square feet. Other tenants at the building include HPS Capital Partners, Longshore Capital Partners, Chartwell Financial Advisory and SE Capital. Cooley launched its Chicago office in May of this year.

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AcquisitionsIllinoisMidwestMultifamily

Pensam Acquires 620-Unit Multifamily Portfolio in Metro Chicago

by Kristin Harlow

AURORA AND WHEATON, ILL. — Pensam has acquired Aspen Place Apartments in Aurora and Lakeside Apartments in Wheaton for an undisclosed price. The two-property multifamily portfolio totals 620 units. Of the 416 units at Aspen Place, 168 are townhomes with attached garages. Amenities include a clubroom, fitness center, conference room, grilling station and pool. The 204-unit Lakeside features amenities such as a clubhouse, fitness center, conference room, pool and grilling stations. Seller information was not provided. Pensam is a multifamily real estate investment firm managing over $3 billion in assets across its equity and lending platforms.

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IllinoisIndustrialLeasing ActivityMidwest

Signode Signs 360,709 SF Industrial Lease in Roselle, Illinois

by Kristin Harlow

ROSELLE, ILL. — Signode has signed a 360,709-square-foot industrial lease at 1600 Central Ave. in Roselle, a northwest suburb of Chicago. Signode, a global manufacturer of packaging and warehouse automation solutions, will open a global flagship facility for its Automation and Packaging Technologies (APT) platform following the completion of tenant improvements at the new site. Originally constructed as a build-to-suit for Sony Corp. in 1994, the building sits on 19 acres and features a clear height of 28 feet, 40 exterior docks and 46 trailer spots. The property is situated within the Turnberry Lakes Business Park, which offers convenient access to I-390 and O’Hare International Airport. Signode will house its APT platform at the new site, including manufacturing for a broad portfolio of equipment and a new, 100,000-square-foot customer experience center. Ron Behm and Jonathan Kohn of Colliers International Chicago represented the landlord, Prologis. Whit Heitman of CBRE represented Signode, which will occupy the entire building.

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IllinoisLoansMidwestOffice

North Wells Capital Receives $21M Loan for Refinancing of Chicago Office Building

by Kristin Harlow

CHICAGO — North Wells Capital LLC has received a $21 million loan for the refinancing of 440 North Wells in Chicago’s River North neighborhood. The office and retail building rises eight stories and spans 95,316 square feet at the intersection of Wells and Hubbard streets. The property is currently 97 percent occupied, with the office space anchored by Curo Technologies and the retail space anchored by Ligne Roset. Urban Innovations provides property management, leasing and construction services for the building. North Wells Capital and Urban Innovations have owned and managed the property since 1996. CIBC Bank USA provided the loan, terms of which were undisclosed.

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IllinoisLeasing ActivityMidwestOffice

Ally Financial Signs 55,000 SF Office Lease at Schaumburg Towers in Suburban Chicago

by Kristin Harlow

SCHAUMBURG, ILL. — Ally Financial has signed a 55,000-square-foot office lease at Schaumburg Towers in the Chicago suburb of Schaumburg. Ally, a digital financial services company, will relocate from Itasca, where it currently occupies 44,000 square feet. Ally expects to take occupancy of its new space in the third quarter of 2022. Located on American Lane, Schaumburg Towers is a two-building, 882,000-square-foot office complex. Owner America Landmark Properties has invested more than $20 million to renovate the property in the past few years. Steve Kling and David Florent of Colliers International represented ownership in the lease transaction, which brings the property’s occupancy up to 70 percent. Scott Ohlander of JLL represented Ally.

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IllinoisLeasing ActivityMidwest

Transwestern Negotiates 110,000 SF Deal for Art in Motion’s New Chicago Campus

by Kristin Harlow

CHICAGO — Transwestern Real Estate Services represented Art in Motion in its purchase of 7415 S. East End Ave., a 110,000-square-foot property in Chicago’s South Shore neighborhood. The purchase price was undisclosed. Art in Motion, a charter school that promotes creativity and artistic pursuits, plans to renovate the space with a new broadcast studio, recording studio, theater and classroom space. Renovations are slated for completion in time for the 2022-2023 academic year. Upon completion, the arts school will serve students in grades seven through 12. Art in Motion was founded in 2019 under Distinctive Schools, a nonprofit dedicated to supporting and accelerating the work of charter schools. Larry Serota and Alex Genova of Transwestern provided tenant advisory and workplace solutions services for Art in Motion.

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AcquisitionsIllinoisMidwestMultifamily

SVN Arranges $10M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — SVN | Chicago Commercial has arranged the sale of a portfolio of multifamily units in Chicago’s West Rogers Park neighborhood for $10 million. The portfolio consists of eight contiguous buildings located at 6705-37 N. California Ave. with 94 units. Jeffrey Baasch of SVN represented the seller. An out-of-state private family fund was the buyer.

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IllinoisLeasing ActivityMidwestRetail

Golf Simulation Facility to Open at Oak Brook Promenade in Suburban Chicago

by Kristin Harlow

OAK BROOK, ILL. — Game of Irons, a golf simulation facility, has leased 18,361 square feet at Oak Brook Promenade in Oak Brook, a western suburb of Chicago. Featuring 16 bays, Game of Irons will be the largest golf simulation facility in the Midwest when it opens in November. One to six players can play in each bay and enjoy full food and beverage service. Chris Irwin of Colliers International represented Game of Irons in its lease. Brendan Reedy and Jimmy Danahe of CBRE represented the landlord, Retail Properties of America Inc.

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