CHICAGO — Spaulding Ridge has signed a 25,779-square-foot office lease at 203 N. LaSalle Drive within Chicago’s Central Loop. The cloud technology firm previously occupied space at 105 W. Madison St. Rising 27 stories, 203 N. LaSalle Drive spans 625,221 square feet. The office tower features a conference center, fitness center and tenant lounge. Jeff Mulder of Colliers represented Spaulding Ridge.
DES PLAINES, ILL. — Kiser Group has brokered the $117 million sale of Park Ridge Commons in Des Plaines, a northwest suburb of Chicago. The garden-style multifamily property consists of 752 units across 47 buildings. Amenities include a clubhouse, lap pool, fitness center, tennis courts and laundry facilities. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented the buyer, Bayshore Properties, and the seller, H.A. Langer & Associates. The seller had owned the property for 25 years. Dan Sacks and Eric Rosenstock of Greystone originated $103 million in acquisition financing through Fannie Mae.
BELVIDERE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.9 million sale of a multi-tenant retail building in Belvidere near Rockford. Located on Gateway Center Drive, the property is home to Aaron’s, Dotty’s and Subway. Jason Lenhoff of Quantum represented the seller, a local private real estate investor. An Iowa-based private real estate investor was the buyer.
CHICAGO — Chicago-based Waterton has acquired The Shoreham at Lakeshore East and The Tides at Lakeshore East in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business previously reported that the combined price could approach $400 million. The apartment towers total 1,156 units in the Lakeshore East neighborhood. The adjacent properties are situated directly south of the recently completed St. Regis Chicago, which rises 95 stories with 191 hotel and condo units. Both The Shoreham, which opened in 2005, and The Tides, which debuted in 2008, feature a 24-hour concierge, private club floor, outdoor pool, game room, fitness center, storage and parking. Waterton plans to upgrade unit fixtures and finishes, as well as modernize the common areas and amenity spaces. With this acquisition, Waterton’s Chicagoland portfolio now totals 10 communities with more than 6,600 units. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller, PNC Realty Investors.
EFFINGHAM, ILL. — SRS Real Estate Partners has brokered the $58.2 million sale of a 1.3 million-square-foot distribution center occupied by Sherwin-Williams in Effingham, about 90 miles southeast of Springfield. The property sits on 71 acres at 711 W. Wabash Ave. John Redfield, Britt Raymond and Kyle Fant of SRS represented the seller, a private partnership. JRW Realty represented the buyer, ExchangeRight. The facility serves as the only center that Sherwin-Williams uses to distribute coatings for the automotive industry. More than 300 workers are employed at the property.
CHICAGO — Chicago Mayor Lori Lightfoot has mandated that any individual 5 years of age or older will be required to show proof of full vaccination against COVID-19 in order to dine indoors, visit gyms or go to entertainment venues where food or drink are being served. The new requirement goes into effect starting Monday, Jan. 3. The initiative is in response to “an alarming rise in COVID cases both locally and nationally, driven in part by the Omicron variant,” according to the city. The requirement is similar to what is already in place in large cities such as New York City and Los Angeles. Patrons age 16 and older will also need to provide identification that matches their vaccination record. The city’s mask mandate also remains in effect for all public indoor settings. Chicago residents are now averaging more than 1,700 new COVID cases every day, a 79 percent increase from one week ago.
CHICAGO — Skender has topped out construction of a 233,000-square-foot office and retail building in Chicago’s Fulton Market. Known as Three Four Five, the project rises 11 stories and is located at 345 N. Morgan St. Completion is slated for fall 2022. Amenities will include private outdoor terraces, a 5,000-square-foot roof deck, bar and lounge, fitness center, coworking library and high-tech conference spaces. Sterling Bay is the developer and owner. Eckenhoff Saunders Architects is the project architect.
NAPERVILLE, ILL. — Kiser Group has brokered the $6.8 million sale of The Washington in the Chicago suburb of Naperville. Located at 720 N. Washington St., the building includes eight luxury apartment units and 6,500 square feet of commercial space. The property was built in 2018. The commercial space is leased to Great Western Flooring and Gantos Dental Group. Ron Plonis of Kiser represented the undisclosed buyer. Brian Karmowski of Essex Realty Group Inc. represented the seller, a development group led by Joshua Voit.
CHICAGO — LifeSpice Ingredients, a global research, developer and manufacturer of proprietary seasoning blends for the food industry, has signed a 16,995-square-foot office lease at 213 West Institute Place in Chicago’s River North neighborhood. KBS Growth & Income REIT owns the property, which rises seven stories and spans 155,385 square feet. Built in 1888, 213 West Institute Place was originally developed for a bicycle manufacturer that eventually became the car company American Motors Corp. KBS has made a number of improvements to the property’s common areas, including a 2,000-square-foot tenant lounge. Scott Sessa of Ameritus represented KBS in the lease transaction.
CHICAGO — Cushman & Wakefield has brokered the $41.7 million sale of 1100 West Fulton, a 45,380-square-foot office property in Chicago’s Fulton Market. Fulton Street Cos. and Huizenga Capital Management completed development of the five-story building in 2020. Furniture company Herman Miller occupies space at the property on a long-term lease. Cody Hundertmark, David Knapp, Tom Sitz, Dan Deuter and Paul Lundstedt of Cushman & Wakefield represented the sellers. Zagame Corp. was the buyer. The transaction sets a new per-square-foot record for Chicago office investment sales, according to Cushman & Wakefield.