Wednesday, June 18, 2025
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DevelopmentIllinoisMidwestMultifamilySeniors Housing

TWG to Develop $62.4M Active Adult Community in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — TWG will develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. Located at 1420 W. Diehl Road, the property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet of amenity space will include a courtyard, pool, yoga lawn and grilling stations. McDowell Point will be situated immediately adjacent to the nature preserve McDowell Grove. Completion is slated for June 2023.

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DevelopmentIllinoisMidwest

McHugh, Bowa Complete Construction of $53.7M Indoor Track and Field Facility in Chicago

by Kristin Harlow

CHICAGO — James McHugh Construction Co. and Bowa Construction have completed a $53.7 million indoor track and field facility at Gately Park in Chicago’s Pullman neighborhood. The 139,375-square-foot building sits on a 13.5-acre site at 10201 S. Cottage Grove Ave. The project includes a 118,000-square-foot fieldhouse that is home to a six-lane running track, high jump and long jump pits, pole vault, hurdles, relay areas, shot put cages, sprint lanes, concession areas, locker rooms and seating for 3,500 spectators. The flexible design enables the space to be utilized for various sports and can accommodate four basketball and six volleyball courts. The building’s remaining 22,000 square feet includes a fitness center, multipurpose rooms, Chicago Park District administrative offices and After School Matters programming space. While local athletes will use the building for practice and meets, the property’s size and Olympic-grade quality qualifies it to bid to host NCAA Division I, II or III track and field championship competitions. Itasca-based Williams Architects was the project architect, and Chicago-based Eckenhoff Saunders designed the After School Matters space.

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IllinoisLeasing ActivityMidwestOffice

Platinum Home Mortgage Corp. Joins Tenant Lineup at Bell Works Chicagoland

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Platinum Home Mortgage Corp. (PHMC) has signed a 22,000-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. The privately held mortgage company and national lender will occupy 16,000 square feet on the fourth floor and an additional 2,000 square feet on the second floor. Freedom Title Corp., an affiliated entity, will occupy 4,000 square feet on the second floor. PHMC plans to move into its new space this fall. Existing tenants at Bell Works Chicagoland include accounting firm CPA Advisors Group, mosquito control company Mosquito Hunters, and equity crowdfunding firm The Next Unicorn. Somerset Development is the owner and developer of the property, which is the adaptive reuse of the former AT&T campus. Steve King, Francis Prock and Darryl Silverman of Colliers International, along with Jeffrey Garibaldi Sr., Tara Keating and Lindsey Florio of The Garibaldi Group, serve as the leasing teams for the office space at Bell Works Chicagoland. Jason Simon of Colliers represented PHMC in its lease.

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IllinoisMarket ReportsMidwestMidwest Market ReportsRetail

Chicago Market Experiences Surge in Retail Sales as COVID Restrictions Loosen

by Kristin Harlow

By Chris Irwin, Colliers International As we begin to lower our masks, breathe fresh air and see smiles on everyone’s faces, there are strong signs that better than pre-COVID retail activity in Chicago is here.  With the expanded vaccine rollout, a decrease in unemployment plus the added boost of stimulus checks, the surge in retail sales in the city and surrounding areas has been measurable. The demand for retail space increased in fourth-quarter 2020 and first-quarter 2021 significantly, with the first quarter recording a 650,000-square-foot increase in overall absorption, which pushed the trailing 12-month absorption back to positive territory — and its highest level since 2017. Increased leasing activity continued to drive new demand as net absorption totaled almost 1 million square feet in the first quarter. Vacancy in Chicago retail has flattened and currently is holding at 6.1 percent over the past year compared with a rate of 5.1 percent nationally. Leasing activity was driven by the expansion of essential retailers throughout the first quarter, similar to first-quarter activity levels registered in 2017, 2018 and 2019.  However, the most important step toward recovery happened June 11 when the State of Illinois moved its Coronavirus response from Phase 4 to …

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DevelopmentIllinoisIndustrialMidwest

Bridge Industrial to Build 1.5 MSF Industrial Park in Melrose Park, Illinois

by Kristin Harlow

MELROSE PARK, ILL. — Bridge Industrial has acquired a former Navistar manufacturing site in Melrose Park for the development of Bridge Point Melrose Park, a 1.5 million-square-foot industrial park. Navistar sold the 86-acre site to the Chicago-based developer. Plans call for three Class A, speculative buildings, two of which will each span 415,918 square feet. The third building will measure 707,953 square feet. The facilities will feature clear heights ranging from 36 to 40 feet, 130-foot truck courts, a total of 234 exterior docks, eight drive-in doors, 1,481 car stalls and 282 trailer stalls. Completion is slated for mid-2023. Dan McGillicuddy of JLL represented Navistar in the sale.

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IllinoisLoansMidwestOfficeTop Stories

JLL Arranges $296M Refinancing for Trophy Office Tower in Chicago’s River North

by Kristin Harlow

CHICAGO — JLL’s Capital Markets group has arranged a $296 million loan for the refinancing of 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket. The 35-story property was originally built in 1987 and underwent an $85 million renovation in 2019. The office tower offers a riverfront location and is served by a variety of public transportation options. Amenities include a fitness center, tenant lounge, conference center, parking garage and bike parking. Lettuce Entertain You operates a restaurant and event space at the property. Tenants include the American Bar Association and Foley & Lardner. “As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” says Keith Largay, senior managing director with JLL. Largay, along with Danny Kaufman and Michael Halbach of JLL, represented the borrower, a joint venture partnership between Hines, American Realty Advisors (ARA) and Diversified Real Estate Capital LLC. The team placed the five-year, floating-rate loan with Nuveen Real Estate. Dallas-based Hines is a privately owned global real estate investment firm that oversees …

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IllinoisMidwestRetail

Walgreens Reports Uptick in Sales, Plans to Make Technology Investments

by Kristin Harlow

DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), the company behind pharmacy retailers Walgreens and Duane Reade, predicts a 10 percent increase in adjusted earnings per share this fiscal year. The Deerfield-based firm’s new CEO, Roz Brewer, says she plans to make investments in the coming months, including digital automation and technology efforts. Additionally, Walgreens and VillageMD have agreed to open hundreds of doctor offices in drugstores, which will span around 3,300 square feet each.  VillageMD says it will find staff members and operate these clinics, and over the next five years, the company plans to open doctor offices in 500 to 700 stores. Walgreens reported an uptick in total sales for its fiscal third quarter, which ended May 31. The pharmacy brand attributed the rise in sales to the COVID-19 vaccine shots, in which at least 55 percent of the U.S. population has gotten at least one dose of the vaccine, as of Sunday, July 4. The company says it has given more than 25 million COVID-19 shots, and that the COVID vaccines peaked in the third quarter. Based on data from financial technology company Refinitiv, Walgreens saw a $1.51 adjusted in earnings per share versus the $1.17 …

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AcquisitionsAffordable HousingIllinoisMidwestMultifamilySeniors Housing

AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Kristin Harlow

LYONS, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as well as the buyer, New Frontier Cos. The buyer intends to operate the community as affordable housing for the foreseeable future, according to AHIB.

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IllinoisLeasing ActivityMidwestOffice

U.S. Xpress Enterprises Signs 40,000 SF Office Lease in Chicago’s River North

by Kristin Harlow

CHICAGO — U.S. Xpress Enterprises Inc. (NYSE: USX) has signed a long-term lease for approximately 40,000 square feet of office space encompassing three floors at 306 West Erie in Chicago’s River North. The building, owned by North Wells Capital and Urban Innovations, has now reached full occupancy. Xpress, a truckload carrier that is expanding and relocating its offices from within the same area, is slated to begin occupying the new space in the first quarter of 2022. Xpress Technologies, the company’s digitally enabled freight brokerage division, will occupy the bulk of the new space. The division has more than doubled the size of its workforce nationwide since mid-2020. Part of a three-building collection known as Verso, 306 West Erie recently underwent a renovation and expansion following North Wells’ acquisition of the property in 2017. New amenities include a sixth-floor tenant lounge and gaming area as well as an outdoor terrace. JLL is the leasing agent for the entire Verso portfolio. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership in the lease transaction with Xpress. Dan Persa of CBRE represented the tenant.

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IllinoisLeasing ActivityMidwestRetail

Five Iron Golf to Occupy 11,000 SF at Chicago’s Block 37

by Kristin Harlow

CHICAGO — Five Iron Golf, an indoor golf and entertainment experience, has signed a lease to occupy 11,000 square feet at the shopping, dining and entertainment destination known as Block 37 in Chicago’s Loop. The new location, the company’s second in Chicago, will offer golf simulators, high-speed cameras, a putting green and entertainment offerings such as a full bar, kitchen, widescreen TVs and games. Technology helps capture data, analyze each golf swing and provide real-time feedback for guests. Five Iron Golf operates nine locations across the country.

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