Friday, November 14, 2025
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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Two Multifamily Sales Totaling $10.6M in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sales of two Chicago apartment buildings. A 14-unit property constructed in 2023 at 5069 N. Northwest Highway in the Jefferson Park neighborhood sold for $5.7 million, while an eight-unit building completed in 2020 at 2034 N. Avondale Ave. in the Bucktown neighborhood traded for $4.9 million. Brad Feldman of Interra represented the seller, a private local developer, in both transactions. Michael Duckler of Interra represented the confidential buyer of 5069 N. Northwest Highway. The private buyer of 2034 N. Avondale Ave. acquired the property as part of a 1031 exchange and assumed the seller’s debt on the asset. Both properties were fully occupied at the time of sale.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 42,780 SF Industrial Facility in Metro Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Entre Commercial Realty has brokered the sale of a 42,780-square-foot industrial facility at 2375 Estes Ave. in Elk Grove Village within the O’Hare submarket. The freestanding property features three docks, two drive-in doors, heavy power, a clear height of 22 feet and ample car parking. The buyer, Excel Restoration, will use the building as its headquarters. Cory Kay, Mike DeSerto and Elisabeth Lazzara of Entre represented the undisclosed seller, while colleague Kevin Kaplan represented the buyer.

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DevelopmentIllinoisMidwestRetail

Nicholas Family Opens $34.5M Indoor Ice Arena in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — The Nicholas Family of Cos. has opened Rosemont Ice Arena, a new $34.5 million indoor ice arena in the Chicago suburb of Rosemont. The twin-sheet arena totals 103,000 square feet. Located steps away from Allstate Arena, Rosemont Ice Arena offers ice time for youth hockey groups and figure skating, evening ice time for adult hockey leagues and exclusive daytime use by the Chicago Wolves professional hockey team for their practices ahead of home games at Allstate Arena. The project includes new practice facilities for the Chicago Wolves equipped with a dedicated sauna, steam room, cold plunge, film room and team lounge. Constructed by Nicholas & Associates and designed by ARCON Associates Inc., the new arena features a food and coffee area called Market by Hatty’s, a sports bar and supper club concept named Hatty’s Club, a lounge area and a physical therapy clinic. The Nicholas Family’s Spectate Group will operate the arena. Spectate Group will pay the Village of Rosemont an annual licensing fee to operate and manage the year-round facility.

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IllinoisIndustrialLeasing ActivityMidwest

Tolead Logistics USA Signs 160,000 SF Industrial Lease in Wood Dale, Illinois

by Kristin Harlow

WOOD DALE, ILL. — Tolead Logistics USA Inc. has signed a long-term lease for 160,000 square feet of industrial space at 640 N. Central Ave. in the Chicago suburb of Wood Dale. The tenant provides fashion, electronics and e-commerce logistics solutions. The building features a clear height of 32 feet, 38 exterior docks and two drive-in doors. Ryan Mullins and Frank Damato of Core Industrial Realty represented the tenant, while Kevin Segerson and Genna Ohrn of CBRE represented the undisclosed landlord.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 187,460 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — Lee & Associates of Illinois has negotiated a new long-term lease for a 187,460-square-foot industrial building in the Chicago suburb of Bensenville. The property is located at 222 Sievert Court. Jeff Janda and John Cassidy of Lee & Associates represented the owner, DRA Advisors. Mark Baumhart of NAI Hiffman represented the tenant, TAFCO Corp., a manufacturer of windows, doors and related products. The transaction represents the third quarter’s second-largest lease in the O’Hare market, according to Lee & Associates.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $2.7M Sale of Retail Property in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $2.7 million sale of a three-tenant retail property located at 1044-1048 W. Fulton Market in Chicago’s Fulton Market district. Danny Spitz of Greenstone represented the seller. The asset sold to an East Coast-based private partnership. The retail condominium property features a weighted average lease term of eight years. The sales price was 96 percent of the list price.

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IllinoisIndustrialMarket ReportsMidwestMidwest Market Reports

Fiscal Challenges Weigh on Near-Term Outlook of Chicago Industrial Market

by Kristin Harlow

By Marc Hale, DarwinPW Realty/CORFAC International The Chicagoland industrial market continues to stand out as one of the most important in the country. Its location at the center of the U.S. transportation network gives companies the ability to reach nearly one-third of the nation’s population within a single day’s drive.  Six Class I railroads, an abundance of intermodal facilities and seven major interstate highways all converge here, making it one of the most efficient distribution platforms in North America. Chicago O’Hare International Airport also ranks among the top cargo airports in the world, adding critical global connectivity.  These advantages are reinforced by a large and diverse labor pool, which has long supported the region’s position as a major hub for manufacturers, distributors and logistics providers. The area’s role as a manufacturing hub is further reinforced by its proximity to major steel mills and primary metal production facilities, the depth of its skilled workforce and plentiful access to water from Lake Michigan, which has long supported heavy industry and advanced manufacturing across the region. The market’s vacancy rate has been trending higher, moving from 5.2 percent in the third quarter of 2024 to 5.9 percent in the third quarter of 2025. …

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers Two Multifamily Sales Totaling $31.5M in Chicago

by Kristin Harlow

CHICAGO — Kiser Group has brokered two multifamily sales in Chicago for a total of $31.5 million. The first transaction, brokered by Lee Kiser, Aaron Sklar and Noah Birk, involved a portfolio of three multifamily properties in Hyde Park: Campus Court Apartments (58 units), The Victorian (64 units) and Woodlawn House (85 units). At closing, the portfolio was more than 95 percent occupied. The second transaction, brokered by Lee Kiser, Andy Friedman and Jake Parker, was the sale of The Annabelle, a property in the Lakeview neighborhood with an occupancy of 93.6 percent. The asset sold for $7.8 million. The value-add property is located within walking distance of Wrigley Field.

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AcquisitionsIllinoisMidwestOffice

Menashe Properties Acquires 31-Story Office Tower in Chicago

by Kristin Harlow

CHICAGO — Menashe Properties has acquired 125 S. Wacker Drive, a 31-story, 640,000-square-foot office tower in Chicago’s West Loop. The purchase price was $51.5 million, according to Crain’s Chicago Business. The news outlet reports that the seller, a venture of Montreal-based La Caisse, bought the building in 2017 for $145 million. The closing marks Menashe’s second major Chicago office investment since 2023. Located in the city’s financial district at the intersection of Wacker Drive and Adams Street, the property features immediate access to Union Station, Ogilvie Transportation Center and several CTA lines. The tower is LEED Gold and WiredScore Platinum certified. The building features an amenity center on the second floor that includes four conference rooms, a fitness center and reservable space for meetings, private gatherings and corporate events. Menashe plans to build spec suites at the building. Stream Realty Partners has been selected to handle leasing and property management. Mark Baby and Ben Cleveland will oversee leasing strategy, while Victoria Knudson will direct onsite operations. Menashe is a privately owned commercial real estate investment firm based in Portland, Ore.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $4.4M Sale of Retail Center in Ottawa, Illinois

by Kristin Harlow

OTTAWA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of a 10-suite, two-building retail center in Ottawa. Aldi shadow-anchors the property, which is home to Dollar Tree, Sherwin-Williams, Athletico Physical Therapy, Hibbett Sports and World Finance Corp. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private Chicagoland investment group. Sharko and Weisenbeck, along with the brokerage’s Phoebe Klein, represented the buyer, a private 1031 exchange investor based in New York. The sale closed at 99.4 percent of the list price, achieving the highest price per square foot for a shopping center in Ottawa in the past five years, according to Mendoza. The property also included a half-acre parcel of developable land suited for a single-tenant drive-thru.

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