Illinois

McShane Underway on 429,524 SF Industrial Expansion for Abt Electronics in Glenview, Illinois

by Kristin Harlow May 11, 2021

GLENVIEW, ILL. — McShane Construction Co. is underway on a 429,524-square-foot addition to the existing warehouse and showroom facility for Abt Electronics in Glenview, about 15 miles northwest of Chicago. The expansion will incorporate two three-story office blocks totaling 22,230 square feet and 407,294 square feet of warehouse space. The office buildout will include trucking offices, security offices, a breakroom and open office space. The warehouse will feature a clear height of 32 feet, and 39 semi-truck docks. Completion is slated for October. Camburas & Theodore is the project architect. Abt is an electronics, appliances and home goods retailer.

May 11, 2021

Development Illinois Industrial Midwest

Lion Electric to Invest $70M in Joliet, Build Electric Vehicle Manufacturing Facility

by Kristin Harlow May 10, 2021

JOLIET, ILL. — Lion Electric Co., a Canadian manufacturer of all-electric buses and trucks, has unveiled plans to build its first-ever U.S. manufacturing facility in Joliet. A minimum of $70 million will be invested to build a new facility dedicated to producing electric vehicles. The 900,000-square-foot project is expected to come online in the second half of 2022. Annual production capacity is estimated at 20,000 zero-emission vehicles per year, creating at least 745 jobs for Illinoisans. Lion is known for its production of electric school buses. The Illinois Department of Commerce and Economic Opportunity worked with the state’s public-private economic development partner, Intersect Illinois, to put together a site selection process that involved both virtual and in-person site visits, economic analysis and coordination with local officials and utilities. Lion has qualified for the state’s EDGE incentive program, a tool to support companies making large-scale capital investments that lead to significant job creation.

May 10, 2021

Illinois Midwest

Chicago Architect Helmut Jahn Dies at 81

by Kristin Harlow May 10, 2021

CHICAGO — Famed Chicago architect Helmut Jahn was killed in a bicycle crash over the weekend in Campton Hills near St. Charles, a far west suburb of Chicago. He was 81. Born in Germany, Jahn came to Chicago in 1966 to study at the Illinois Institute of Technology. He never graduated and instead joined the architecture firm C.F. Murphy Associates in 1967. The firm was later renamed Murphy/Jahn and in 2012 became the singular “JAHN.” Some of his most well-known Chicago work includes the James R. Thompson Center, McCormick Place, United Airlines’ Terminal 1 at O’Hare International Airport and Mansueto Library. The Thompson Center was recently put up for sale by Gov. J.B. Pritzker.

May 10, 2021

Acquisitions Illinois Industrial Midwest

MAG Capital Partners Acquires 645,000 SF Industrial Property in Northwest Illinois

by Kristin Harlow May 10, 2021

ROCK FALLS, ILL. — MAG Capital Partners LLC has acquired a 645,000-square-foot industrial property in the Northwest Illinois community of Rock Falls for an undisclosed price. Cimco Recycling LLC leases the property, which is known as the I-88 Distribution Center. Cimco has occupied the facility since 2018. It previously served as the home of a Stanley Black & Decker plant. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Kent Williams, Matt Taylor and Steven Weinstock of Marcus & Millichap represented the undisclosed seller. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi.

May 10, 2021

Illinois Leasing Activity Midwest Office

Goosehead Insurance Expands Office Lease to 17,887 SF in Rosemont, Illinois

by Kristin Harlow May 10, 2021

ROSEMONT, ILL. — Goosehead Insurance has tripled its office footprint in Rosemont, expanding its space to 17,887 square feet at 6300 N. River Road. The 130,000-square-foot, seven-story office building features a fitness center, onsite café, lounge, conference center, Zen garden and golf simulator. Jonathon Connor and Jason Simon of Colliers International Chicago represented ownership, a joint venture between Farpoint Development and Greco/DeRosa Investment Group. Andrew Kaplan and Ryan Buchanan of CBRE represented Goosehead, which is a Dallas-based personal lines insurance agency.

May 10, 2021

Acquisitions Illinois Midwest Multifamily

Golub & Co., Petiole Asset Management Acquire 492-Unit Lakehaven Apartments in Suburban Chicago

by Kristin Harlow May 7, 2021

CAROL STREAM, ILL. — Golub & Co. and Petiole Asset Management have acquired Lakehaven Apartments in Carol Stream, a western suburb of Chicago. The purchase price was undisclosed. Built in 1984, the 492-unit apartment community consists of 41 buildings. Units range in size from 700 to 1,100 square feet. Amenities include a clubhouse, pool, fitness center and dog park. Adam Short, Ania Najder and Kristin Nason of Golub & Co. and Chris Lord of Petiole led the acquisition. Marty O’Connell, Danny Kaufman, Wick Kirby and Kevin Girard of JLL represented the seller, Lakehaven Apartments LLC.

May 7, 2021

Development Illinois Industrial Midwest

Duke Realty to Develop 299,520 SF Spec Industrial Project in Bellwood, Illinois

by Kristin Harlow May 6, 2021

BELLWOOD, ILL. — Duke Realty has unveiled plans to develop a 299,520-square-foot speculative industrial project in Bellwood, about 13 miles west of downtown Chicago. The development will sit on 19 acres at 110 N. 25th Ave. near Chicago O’Hare International Airport and adjacent to a Union Pacific rail line. Plans call for a clear height of 36 feet, 30 dock doors, two drive-in doors, 85 trailer spaces and 345 car parking spaces. Completion is slated for December. Jason Lev and John Suerth of CBRE will market the project for lease.

May 6, 2021

Illinois Leasing Activity Midwest Office

Professional Wealth Advisors Signs 23,000 SF Office Lease Renewal, Expansion in Suburban Chicago

by Kristin Harlow May 6, 2021

DOWNERS GROVE, ILL. — Professional Wealth Advisors (PWA) has signed a 23,000-square-foot office lease renewal and expansion at 2655 Warrenville Road in Downers Grove. The lease comprises a 12,000-square-foot renewal and an 11,000-square-foot expansion. Transwestern Investment owns and manages the building. PWA was founded in 2015 and recently merged with HighPoint Planning Partners. Joel Berger of Bradford Allen represented PWA in the lease transaction.

May 6, 2021

Development Illinois Industrial Midwest

Peak Construction to Build 351,870 SF Spec Industrial Building in Romeoville, Illinois

by Kristin Harlow May 5, 2021

ROMEOVILLE, ILL. — IDI Logistics has selected Peak Construction Corp. to build Gateway Romeoville Building A, a 351,870-square-foot speculative industrial building in Romeoville. The project will be situated on 19 acres between Route 53 and Joliet Road. Plans call for a clear height of 36 feet, 41 dock doors, two drive-in doors, 96 trailer stalls and 285 car stalls. Completion is slated for January 2022. The project team includes Macgregor Associates Architects and civil engineer Jacob & Hefner Associates.

May 5, 2021

Acquisitions Illinois Industrial Midwest New Jersey Northeast Top Stories

REIT Merger: Equity Commonwealth to Acquire Monmouth Real Estate for $3.4B

by Kristin Harlow May 5, 2021

CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.5 billion. Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Equity Commonwealth and Monmouth shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the pro forma company following the close of the transaction. Monmouth’s portfolio comprises 120 industrial properties totaling 24.5 million square feet. The Holmdel-based company is also under contract to purchase six properties totaling 1.8 million square feet, with the deals expected to close later this year or early next. Equity Commonwealth is a Chicago-based office REIT with a portfolio of four properties totaling 1.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, …

May 5, 2021

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