Tuesday, July 15, 2025
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AcquisitionsIllinoisMidwestRetail

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

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestMultifamily

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

by Kristin Harlow

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.

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AcquisitionsIllinoisLoansMidwestOffice

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

by Kristin Harlow

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.

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AcquisitionsIllinoisIndustrialLoansMidwest

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

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $2.6M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Kiser Group has brokered the $2.6 million sale of a 36-unit apartment building located at 5201 W. Washington Blvd. in Chicago’s Austin neighborhood. The property was fully leased at the time of sale, with one recently filled vacancy. The asset received a full mechanical and cosmetic renovation, including individual furnaces and new plumbing and electrical systems. Noah Clark and Jack Petrando of Kiser represented the buyer and seller, neither of which were disclosed.

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

Spec Suites Surge, Investors Buy Office Again in Chicago

by Kristin Harlow

By Ben Azulay, Bradford Allen As summer approaches, I’m noticing Chicago’s downtown buzzing with renewed energy, and new signs that the Loop’s office market is heating up as well. In fact, research by my firm, Bradford Allen, suggests a Chicago office market nearing its bottom and poised for recovery.  Improved leasing activity, strategic landlord adaptations and discounted sales are reshaping downtown Chicago’s market, particularly in high-demand submarkets like the West Loop and Fulton Market. Client certainty Office tenants in downtown Chicago are demonstrating increased confidence about their space needs, as reflected in significant expansion deals and long-term commitments. In fact, office expansions drove at least five of the 10 largest leases signed during the first quarter, including Stripe more than doubling its footprint at 350 N. Orleans from 45,000 to 89,000 square feet and Blue Owl’s second expansion at 150 N. Riverside from 27,000 square feet to 54,000 square feet.  Large new leases included BP renewing 240,000 square feet at the CME Center, and Goldman Ismail signing a 43,000-square-foot deal at 191 N. Wacker. Leasing volume totaled 1.7 million square feet, up from 1.3 million square feet year-over-year, with the West Loop alone securing 916,760 square feet of leasing activity.  …

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IllinoisIndustrialLoansMidwest

JLL Arranges $252.5M in Financing for 3.6 MSF Lower Terra Industrial Portfolio

by Kristin Harlow

CHICAGO — Chicago-based JLL Capital Markets has arranged $252.5 million in financing for the Lower Terra Industrial Portfolio, a collection of 21 light industrial properties totaling 3.6 million square feet across 17 markets in the U.S. Lucas Borges, Matthew Schoenfeldt and Tara Hagerty of JLL represented the borrowers, Brennan Investment Group and Farallon Capital, to secure the five-year, floating-rate loan through affiliates of Apollo. Located across 13 states in the East, West, Central and Southeast regions, the portfolio is 98 percent leased to 16 tenants. The average tenant tenure is more than 30 years.

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IllinoisIndustrialLeasing ActivityMidwest

Axis Warehouse & Logistics Signs 300,960 SF Industrial Lease Renewal in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — Axis Warehouse & Logistics has signed a 300,960-square-foot industrial lease renewal at 500 Country Club Drive in the Chicago suburb of Bensenville. The transaction represents the largest lease renewal in the O’Hare industrial market in the first half of 2025, according to Lee & Associates of Illinois. Jeff Galante of Lee & Associates represented the tenant, which is a third-party logistics provider that offers large-scale warehousing, transportation and global logistics services. The company occupies the entire property. Dominic Carbonari of JLL represented the owner, Link Logistics.

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AcquisitionsIllinoisMidwestMultifamilyStudent Housing

JLL Arranges Sale of 447-Bed Student Housing Community Serving Illinois State University

by Kristin Harlow

NORMAL, ILL. — JLL Capital Markets has arranged the sale of The Flats at ISU, a 447-bed student housing community serving students at Illinois State University in Normal. Completed between 2011 and 2014, The Flats at ISU features 155 units in studio through four-bedroom layouts. Amenities include a fitness center, study spaces, tenant lounges and outdoor grilling areas. At 99 percent occupied for the 2024-2025 academic year, the property benefits from Illinois State University’s record enrollment of 21,546 students, including its largest freshman class in 37 years, according to JLL. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, a joint venture between Campus Advantage and Heitman. Jackson Dearborn Partners was the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Breneman Capital Acquires 48-Unit Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Breneman Capital has acquired a 48-unit apartment building to be rebranded as The Aura in Chicago’s Lakeview neighborhood. The purchase price was undisclosed. Base3 Development sold the property, which is located at 3821 N. Ashland Ave. Built in 2023 by Base3, the asset features a mix of one-, two- and three-bedroom floor plans.

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