Friday, April 25, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Illinois

DevelopmentIllinoisMidwestOffice

Peak Construction Underway on 41,375 SF Office Remodel in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Peak Construction Corp. is underway on a build-to-suit office remodel for Phoenix in Aurora, about 40 miles west of Chicago. Phoenix is a packaging company dating back to 1890. Peak demolished approximately 65 percent of the office building at 975 Meridian Lakes Drive. The 41,375-square-foot project will incorporate modern and high-end finishes. Completion is slated for the third quarter. Jeff Blake of Paine/Wetzel represented Phoenix in the acquisition of the property. Indianapolis-based CSO Architects is the project architect.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestMultifamily

Lendlease, Magellan Open 37-Story Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Lendlease and Magellan Development Group have opened Cascade, a 37-story, 503-unit luxury apartment tower in Chicago’s Lakeshore East neighborhood. The opening coincides with the completion of Cascade Park, a nearly one-acre green space that is open to the public. Designed by bKL Architecture, Cascade offers studio to three-bedroom floor plans ranging from 509 to 1,332 square feet. Monthly rents start at $1,850. The development features more than 45,000 square feet of indoor and outdoor amenity space, including a 32nd-floor lakefront terrace that offers views of Navy Pier and Lake Michigan. Residents have access to a fitness center, strength studio, indoor pool, golf simulator, game room, children’s playroom, music room, outdoor pool, dog park and pet spa. Cascade residents who plan to transition into homeownership can take advantage of a unique program that enables them to sign a contract for a condo at Cirrus — the adjacent 47-story, 350-unit condominium tower that is scheduled to open this fall — while still leasing at Cascade. Half of the rent paid, up to 2.5 percent of the purchase price, can be recouped as a credit at closing.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisIndustrialMidwest

Duke Realty Breaks Ground on 370,973 SF Spec Industrial Project in Woodridge, Illinois

by Kristin Harlow

WOODRIDGE, ILL. — Duke Realty has broken ground on a 370,973-square-foot speculative industrial project in Woodridge, a southwest suburb of Chicago. The development will sit on 21 acres at 1000 Woodward Ave. Plans call for a clear height of 36 feet, 37 dock doors, four drive-in doors, 44 trailer spaces and 343 car parking spaces. Completion is slated for January 2022. Jason West and Sean Henrick of Cushman & Wakefield will market the project for lease.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHospitalityIllinoisMidwest

Oxford Capital Acquires 247-Room Thompson Chicago Hotel

by Kristin Harlow

CHICAGO — Oxford Capital Group LLC has acquired the 247-room, luxury lifestyle hotel known as Thompson Chicago in the city’s Gold Coast neighborhood. Oxford’s wholly owned affiliate, Oxford Hotels & Resorts LLC, assumes management of the property effective immediately. Thompson Chicago will remain affiliated with Hyatt’s luxury lifestyle hotel brand Thompson Hotels. The property originally opened in 2013. Oxford plans to revamp the hotel’s ground-floor restaurant, Nico Osteria. The hotel is also home to 12,000 square feet of meeting and event space, private suites and a fitness center. A joint venture between Walton Street Capital and AJ Capital Partners sold the hotel for around $70 million, according to Crain’s Chicago Business.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwest

Sterling Bay Acquires Land Site Near Google’s Midwest Headquarters in Chicago

by Kristin Harlow

CHICAGO — Sterling Bay has acquired a land site at 345 N. Aberdeen St. in Chicago’s Fulton Market. The purchase price was roughly $21 million, according to Crain’s Chicago Business. The site, which includes a 20,000-square-foot building, is kitty corner to Google’s Midwest headquarters property. Mike Senner, Vern Schultz and Peter Bourke of Colliers International represented the seller, Cougle Commission Co., which is a family-based poultry processor. The company has been headquartered in the city since 1873. In April, Cougle moved its operations to a 37,680-square-foot food processing facility at 2801 S. Ashland Ave.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLeasing ActivityMidwestMultifamily

Wingspan Development Starts Pre-leasing $60M Luxury Apartment Community in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Wingspan Development Group has started pre-leasing Sixteen30, a new $60 million luxury apartment community in Plainfield, about 35 miles southwest of Chicago. Located at 14750 S. Wallin Drive, the 284-unit property features eight buildings arranged around a 7,500-square-foot clubhouse. Amenities include a pool, fitness center, bocce court, demonstration kitchen, outdoor grilling area, pet spa and 24-hour package room. First move-ins are expected to begin later this summer. Units range in size from 600 to 1,500 square feet and monthly rents range from $1,485 to $2,850. Chicago-based Studio 222 Architects designed the project and Wingspan’s sister company Nicholas & Associates served as the general contractor. Lincoln Property Co. will oversee leasing and property management.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Kiser Group Arranges $1.7M Condo Deconversion Sale in Chicago’s Albany Park

by Kristin Harlow

CHICAGO — Kiser Group has arranged the $1.7 million deconversion sale of 4944 N. Harding Ave. in Chicago’s Albany Park neighborhood. The property includes 13 units, 11 of which are two-bedroom floor plans and two of which are three-bedrooms. The building was renovated and converted to condominiums in 2005. Andy Friedman and Jake Parker of Kiser represented the seller, the condominium association, as well as the buyer, Block & Key. 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.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

NAI Hiffman Brokers $13.2M Sale of Two Manufacturing Facilities in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — NAI Hiffman has brokered the sale of two light manufacturing and warehousing facilities in Itasca for $13.2 million. Located at 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., the properties total 108,357 square feet and were built in 1969. Phoenix Converting Inc., a producer of specialty pouches for flexible packaging, occupies both buildings. Patrick Sullivan, Ryan Chambers and Jeff Janda of NAI Hiffman represented the seller, Oak Brook-based TradeLane Properties LLC. A national industrial REIT was the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRestaurantRetail

Adelphia Properties Negotiates $3.6M Sale of Panera Bread-Occupied Building in Suburban Chicago

by Kristin Harlow

BRIDGEVIEW, ILL. — Adelphia Properties has negotiated the $3.6 million sale of a single-tenant retail building occupied by Panera Bread in Bridgeview, about 15 miles southwest of Chicago. The newly constructed, 4,380-square-foot property is located at 8115 S. Harlem Ave. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Chicago-based private investor. A Chicago-based developer was the seller. There are 15 years remaining on Panera Bread’s lease.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Two-Property Multifamily Portfolio Trades Hands in Alsip, Illinois, for $30.5M

by Kristin Harlow

ALSIP, ILL. — A two-property multifamily portfolio totaling 300 units in Alsip, a southern suburb of Chicago, has traded hands for $30.5 million. The properties include the 156-unit Orchard Estates Apartments and the 144-unit Woodland Courts Apartments. Both were built in the early 1970s. Sean Connelly and George Kokkonas of 33 Realty represented the New York-based buyer, who plans to renovate and modernize the complexes. Tara Mathew of Prime Equities Corp. represented the undisclosed seller.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts