Illinois

DOWNERS GROVE, ILL. — Conor Commercial Real Estate and LCI Development Partners, in partnership with Bailard, have unveiled plans to develop a 138-unit luxury apartment complex in the Chicago suburb of Downers Grove. The six-story project at 750 Curtiss St. will be a three-minute walk to the Main Street Metra Station and two blocks from the Main Street commercial corridor. Units will average 851 square feet. Amenities will include a coffee bar, clubroom, fitness center, coworking hubs, a pool, dog wash and parking garage. The project team includes SGW Architecture & Design and McShane Construction Co. Completion is slated for spring 2027.

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CHICAGO — Lee & Associates of Illinois has negotiated a 4,500-square-foot restaurant lease at 2535 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. The tenant, ManSun, is an authentic Korean restaurant. This will be the proprietor’s second restaurant, following New Village Gastro Pub in Northbrook. Rick Scardino and Michael Petrik of Lee & Associates represented the tenant in the lease. Amanda Shafer of Emerging Concepts represented the landlord, an entity doing business as 2M Square FB LLC.

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ATLANTA AND CHICAGO — Convenience retailer RaceTrac Inc. has entered into a definitive merger agreement to acquire all outstanding shares of fast-casual sandwich chain Potbelly Corp. (NASDAQ: PBPB) for $17.12 per share. The all-cash transaction is valued at roughly $566 million, representing a premium of approximately 47 percent to Potbelly’s 90-day volume-weighted average price as of Sept. 9. The acquisition is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approvals. Founded more than 40 years ago in Chicago, Potbelly sells toasted sandwiches, salads, soups and hand-dipped milkshakes. The sandwich shop chain currently maintains more than 445 company and franchise-owned locations across the United States, with a long-term goal of reaching 2,000 shops. “We have positioned Potbelly for accelerated franchise-led growth in recent years, and this transaction fortifies our path while delivering certain and immediate value to our shareholders,” says Bob Wright, president and CEO of Potbelly. Wright, a former Wendy’s executive, led a turnaround of Potbelly during the pandemic, according to Crain’s Chicago Business. Expanding the franchisee base was a major part of the strategy. Atlanta-based RaceTrac, one of the largest privately held companies in the United States, operates more than 800 convenience stores …

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DEKALB, ILL. — Mohr Capital has acquired 147 acres in DeKalb and broken ground on a 1 million-square-foot, build-to-suit distribution facility for an undisclosed national client. The project has the ability to be expanded to 1.5 million square feet. Located at the northwest corner of Peace Road and Fairview Drive, the facility will serve as a warehouse and distribution hub, supporting the client’s regional operations. Mohr Capital and the tenant have signed a 12-year lease for the building. The project team includes Pepper Construction, Curran Architecture and Willet Hoffman as civil engineer. CBRE’s Chicago-based project management team will oversee the development on behalf of Mohr.

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LOMBARD, ILL. — Marcus & Millichap has brokered the $5.6 million sale of Highlands of Lombard, a retail strip center totaling 16,223 square feet in the Chicago suburb of Lombard. Built in 2007, the six-suite property is located at 2820 S. Highland Ave. across from Yorktown Center mall. The fully occupied asset features a mix of food, health and service-based tenants. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor based in the Chicagoland area who had owned the property for more than 17 years. The agents also procured the out-of-state buyer.

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CHICAGO — Greenstone Partners has arranged the $2.3 million sale of 1151 West Erie Street, a nine-unit multifamily property located at the edge of Chicago’s West Town and Fulton Market neighborhoods. The building went under contract within the first week of marketing. Jordan Multack of Greenstone represented the seller, a Chicago-based private investor group, as well as the buyers, a pair of locally based 1031 exchange investors.

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CHICAGO — Convexity Properties, the real estate development arm of DRW Holdings, has acquired a retail site in Chicago’s Gold Coast neighborhood for $39 million. Located at 1120 and 1130 N. State St., the two-story building was formerly occupied by Barnes & Noble and is currently home to Lou Malnati’s Pizzeria. Mid-America Real Estate Corp. represented Convexity in the acquisition and has been appointed to oversee all retail leasing efforts for the property. Convexity also owns the adjacent Viceroy Hotel at 1118 N. State St. While development plans for the newly acquired parcel have not yet been announced, the property is zoned for a 304-unit, 345-foot residential tower, which was approved by the city council in 2021.

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CHICAGO — Interra Realty has arranged the $3.2 million sale of a 16-unit apartment building in Chicago’s West Ridge neighborhood. Constructed in 1931 and renovated in 2023, the property at 6254 N. Whipple St. features two-bedroom units. The building was fully occupied at the time of sale. Brad Feldman of Interra represented the buyer and seller, both of which were local private investors. Feldman also assisted the seller in the original $1.8 million acquisition of the asset in 2023. At that time, the property had not changed hands in more than 50 years and needed significant upgrades. The seller’s investment equated to a nearly $85,000 increase in price per unit and increased rents.

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SKOKIE, ILL. — Greenstone Partners has brokered the $18 million sale of the WiFi Tech Center, a multi-tenant, flex industrial property totaling 183,000 square feet in Skokie. The historical occupancy for the asset has averaged 95 percent over the past 20 years. The tenant mix is comprised of national and local companies with the typical space ranging from 3,000 to 15,000 square feet. Danny Spitz of Greenstone represented both the seller, a local private investor, and the buyer, a California-based private investor.

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WOODRIDGE, ILL. — Seefried Industrial Properties has broken ground on a 64,421-square-foot speculative industrial development at 10321 Beaudin Blvd. in Woodridge. The Class A facility is designed to serve a wide range of industrial users and will be available for sale or lease upon completion, which is slated for the first quarter of 2026. Situated on a 3.8-acre site within the International Business Center, the building will include 13 exterior docks, two drive-in doors, a clear height of 32 feet, 68 car parking stalls and office build-to-suit space. Divisible to 25,000 square feet, the building is designed to serve both single and multi-tenant users. The project site provides convenient access to the I-55 and I-355 interchanges. Rowan McDonnell, Traci Payette and Stephanie Park of CBRE are marketing the development for sale or lease. The project team includes Keeley Construction, Harris Architects Inc. and Jacob & Hefner Associates Inc. as civil engineer.

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