Illinois

Interra Realty Arranges $10.7M Sale of Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow July 10, 2025

CHICAGO — Interra Realty has arranged the $10.7 million sale of a 22-unit apartment building located at 811 W. Lill Ave. in Chicago’s Lincoln Park neighborhood. The vintage asset features four one-bedroom, 12 two-bedroom and six three-bedroom units. Floor plans average 1,078 square feet. Constructed in 1901, the property has been recently updated with new finishes as well as in-unit laundry and individual HVAC. Brad Feldman of Interra represented the buyer, a Chicago-based private investor. Joe Smazal of Interra represented the seller, a local private investor and developer.

July 10, 2025

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 67,146 SF Retail Center in Oak Brook, Illinois

by Kristin Harlow July 10, 2025

OAK BROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Oaks of Oak Brook, a 67,146-square-foot retail center in the Chicago suburb of Oak Brook. The property was 98 percent leased at the time of sale to tenants such as Athletico, Activate Games, NxStage Kidney Care, Blackberry Market, Erik’s Bike Board & Ski and OrthoLazer. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Newport Capital Partners. The asset sold to a private buyer.

July 10, 2025

Acquisitions Illinois Midwest Multifamily Retail

SVN Chicago Commercial Brokers $2.7M Sale of Apartment, Retail Building in Windy City

by Kristin Harlow July 9, 2025

CHICAGO — SVN Chicago Commercial has brokered the $2.7 million sale of a 9,267-square-foot apartment and retail building in Chicago’s Ukrainian Village neighborhood. The fully rehabbed property at 1859 W. Chicago Ave. features six apartment units and one retail tenant, a veterinarian office on the ground floor. Drew Dillon and Scott Maesel of SVN Chicago Commercial represented both the buyer and seller.

July 9, 2025

Acquisitions Illinois Industrial Midwest

Venture One Purchases 26,173 SF Industrial Building in Tinley Park, Illinois

by Kristin Harlow July 9, 2025

TINLEY PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 26,173-square-foot industrial building at 18531 Spring Creek Drive in the Chicago suburb of Tinley Park. The property was vacant at the time of acquisition. Situated in the North Creek Business Center, the building offers direct access to I-80 via Harlem Avenue. The property sits on 1.8 acres and features a clear height of 19 feet, two docks, two drive-in doors and parking for 56 vehicles. Venture One plans to make improvements such as office renovations, warehouse painting, parking lot resurfacing and the installation of energy-efficient lighting. Bruce McConnell of Savills represented the seller. Michael O’Leary, Dylan Maher and Ryan Earley of Lee & Associates have been retained to market the building for lease or sale. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

July 9, 2025

Acquisitions Illinois Midwest

Orix Agrees to Acquire Majority Stake in Hilco Global

by Kristin Harlow July 8, 2025

NORTHBROOK, ILL. — Orix Corp. USA, the U.S. arm of Japanese investment firm Orix, has entered into a definitive agreement to acquire a majority equity ownership of Hilco Global, a financial services firm headquartered in Northbrook. The deal values the firm at $1 billion, reports Crain’s Chicago Business. The proposed transaction will create a new asset-based lending arm. Under the terms of the agreement, Jeffrey Hecktman will continue to lead Hilco as CEO, and Hilco will operate as a subsidiary of Orix. The transaction is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals. Davis Polk & Wardwell LLP provided legal counsel to Orix. J.P. Morgan Securities LLC served as financial advisor to Hilco, and Kirkland & Ellis LLP and Greenberg Traurig LLP provided legal counsel. Founded in 1987, Hilco maintains more than 770 employees worldwide.

July 8, 2025

Development Hospitality Illinois Midwest

Bradford Allen Opens 206-Room Hyatt Centric Hotel Near Chicago O’Hare Airport

by Kristin Harlow July 8, 2025

ROSEMONT, ILL. — Bradford Allen has opened the Hyatt Centric Chicago O’Hare, a 206-room hotel near the Chicago O’Hare International Airport and Rivers Casino in Rosemont. Following more than $30 million in renovations to the former Hyatt Rosemont Chicago/O’Hare, the property features completely remodeled guest rooms, upgraded common areas and meeting spaces and the addition of Cima Restaurant, a new upscale Mediterranean-inspired restaurant. Hyatt Centric is an emerging full-service lifestyle hotel concept from Hyatt Hotels Corp. Bradford Allen acquired the property in 2022 and collaborated with Hyatt on the remodel. Common areas include a fitness center and two banquet rooms with combined capacity of up to 500 people. New features include an all-glass porte cochere, reconfigured lobby, food-and-beverage outlets and private dining spaces. Renovations also included a new roof, fire system, HVAC and building automation systems.

July 8, 2025

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.1M Sale of Chicago Retail Property

by Kristin Harlow July 8, 2025

CHICAGO — Marcus & Millichap has negotiated the $4.1 million sale of a five-suite retail property located at 600 S. Dearborn St. in Chicago. The asset totals 12,132 square feet of ground-floor space within the historic Transportation Building. The retail space is fully leased to a mix of five tenants, including 7-Eleven and Sofi Restaurant. Mark Krantz and Derrick Dougherty of Marcus & Millichap procured the buyer, a Washington, D.C.-based private investor. The agents worked with Steve Filippo of Marcus & Millichap Capital Corp.

July 8, 2025

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10.8M Sale of Multifamily Portfolio on Chicago’s North Side

by Kristin Harlow July 7, 2025

CHICAGO — Interra Realty has brokered the $10.8 million sale of a seven-building multifamily portfolio in Chicago’s West Ridge neighborhood. The garden-style properties feature 94 units. Joe Smazal of Interra represented the confidential local buyer as well as the seller, a West Coast-based private investor. As part of the transaction, the buyer assumed the CMBS loan from the seller. Situated on North California Avenue and built in 1961, the properties include 38 studios, 53 one-bedroom units and three two-bedroom floor plans. The buildings present a value-add opportunity through modernization of units and operational enhancements, according to Interra.

July 7, 2025

Acquisitions Illinois Loans Midwest Office

Forman Capital Provides $6.8M Acquisition Loan for Distressed Office Asset in Metro Chicago

by Kristin Harlow July 7, 2025

OAK BROOK, ILL. — Forman Capital has provided a $6.8 million loan for the acquisition of a distressed office asset in the Chicago suburb of Oak Brook. Butterfield Office Plaza is a four-building office campus totaling 308,921 rentable square feet. The borrower, 2625 Butterfield LLC, is led by investor and developer Mitch Goltz, who acquired the property in a distressed sale and has a business plan to stabilize, reposition and redevelop key components of the campus. The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two buildings. Once tenant consolidation is completed, the operating buildings are estimated to be around 57 percent leased. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury represented Forman Capital on an internal basis.

July 7, 2025

Acquisitions Illinois Industrial Loans Midwest

Byline Bank Provides $17M for Acquisition of Two Chicagoland Industrial Properties

by Kristin Harlow July 3, 2025

ALSIP, ILL. — Byline Bank has provided $17 million for the acquisition and future capital improvement of two industrial properties located at 5750 W. 118th St. and 11700 S. Central Ave. in Alsip. TradeLane Properties was the borrower. The manufacturing facility on 118th Street totals 366,869 square feet and was built between 1996 and 2000. It features exterior dock doors, existing bridge cranes, 480 expandable parking stalls and active multi-track rail service via Indiana Harbor Belt. TradeLane plans to reposition the asset by replacing the roof, paving, exterior and interior painting, landscaping and preparing the office space for lease. The second property is an 84,376-square-foot distribution center that is fully leased and situated on 4.5 acres. Constructed in 1990, the building features a 4,500-square-foot office space, 15 exterior dock-high doors, a drive-in door and 26 auto parking stalls. The acquisition marks the 14th transaction between Byline and TradeLane in the last five years.

July 3, 2025

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