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DevelopmentIllinoisIndustrialMidwestOffice

Contegra Construction Completes 40,800 SF Headquarters for icon Mechanical Near St. Louis

by Kristin Harlow

GRANITE CITY, ILL. — Contegra Construction Co. has completed the new 40,800-square-foot headquarters for icon Mechanical in Granite City, just north of St. Louis. icon Mechanical is a full-service mechanical contractor, engineering and construction firm specializing in the design, fabrication and installation of process piping, power piping, industrial ventilation and commercial HVAC. The company employs more than 150 people in addition to hundreds of trade workers on projects. The two-story property is located at 1616 Cleveland Blvd. and features an atrium, glass-walled offices, LED lighting, two stairways and open interior workspaces. Joining icon and Contegra on the project team were civil engineer Juneau Associates, architect Gray Design Group and structural engineer Alper Audi, all of which are St. Louis-area firms.

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AcquisitionsIllinoisMidwestRetail

Old Second to Acquire West Suburban Bank for $297M

by Kristin Harlow

AURORA AND LOMBARD, ILL. — Old Second Bancorp Inc. (Nasdaq: OSBC) and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a news release, the merged company will have approximately $6.2 billion in assets with 70 branches and will create the largest community bank under $10 billion in assets in the Chicago market. The merger is expected to close in the fourth quarter of 2021.

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IllinoisIndustrialLeasing ActivityMidwestOffice

Lou Malnati’s Pizzeria Selects 125,000 SF Facility in Buffalo Grove for Headquarters

by Kristin Harlow

BUFFALO GROVE, ILL. — Lou Malnati’s Pizzeria, famous for its Chicago deep-dish pizza, will consolidate several local properties and open a 125,000-square-foot headquarters in Buffalo Grove, a northern suburb of Chicago. The company will occupy space at 900-950 Busch Parkway in Lake County’s Corporate Grove Business Park. The property will serve as the company’s home office, e-commerce site, manufacturing plant and fulfillment center. Owned by The Missner Group, the building features 15,000 square feet of office space, eight docks and a clear height of 16 feet. Lou Malnati’s plans to occupy the space in spring 2022 following an extensive buildout. Ned Frank and Pat Hake of Colliers Chicago represented The Malnati Organization in the lease transaction. Brett Kroner of Cushman & Wakefield represented ownership.

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DevelopmentIllinoisIndustrialMidwest

Bridge Industrial to Build 200,000 SF Project in Suburban Chicago

by Kristin Harlow

DES PLAINES, ILL. — Bridge Industrial has acquired a 12-acre site with an existing industrial building in Des Plaines. The developer plans to build Bridge Point Des Plaines, a roughly 200,000-square-foot industrial project. The acquisition of the site was completed as part of a sale-leaseback transaction with Nu-Way Industries, a precision metal product design and fabrication company. Under terms of the transaction, Bridge will acquire an existing building from Nu-Way and retain the company as a tenant. Nu-Way will then conduct a search for a new facility. Once Nu-Way vacates the building, Bridge will demolish the facility and begin construction on a new industrial property. Plans call for a clear height of 36 feet, 36 exterior docks, two drive-in doors and parking for 264 cars. Rick Daly of Darwin Realty/CORFAC International brokered the sale.

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IllinoisLoansMidwestOffice

Newmark Arranges $147.5M Loan for Refinancing of Chicago Office Complex

by Kristin Harlow

CHICAGO — Newmark has arranged a $147.5 million loan for the refinancing of President’s Plaza in Chicago. The Class A office complex spans 830,789 square feet and is located on West Bryn Mawr Avenue. The property recently underwent a $20 million renovation. Amenities include a lounge with a bar, pool tables and TVs, as well as a café, outdoor terrace and a fitness center operated by Midtown Fitness. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani, Eden Abraham and Ben Kroll of Newmark arranged the loan with Bank of America. Angelo Gordon Real Estate and Glenstar Properties were the borrowers.

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IllinoisMidwestMinnesotaRetail

Target, Ulta Beauty Reveal Brands and Locations Ahead of August Launch

by Kristin Harlow

MINNEAPOLIS AND BOLINGBROOK, ILL. — Target Corp. (NYSE: TGT) and Ulta Beauty (NASDAQ: ULTA) have revealed further details about the Ulta Beauty at Target launch, which is slated to begin rolling out in more than 100 Target stores nationwide and online this August. Most of the initial locations will be concentrated in California, Colorado, Florida, Illinois, Minnesota, New York and Texas. The “shop-in-shop” retail concept will include 50 specially curated brands. The two companies are planning to roll out the concept at 800 Target stores in the coming years. Each shop-in-shop will be placed near the existing Target beauty section. Minneapolis-based Target operates more than 1,900 stores. Beauty retailer Ulta is based in Bolingbrook.

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IllinoisIndustrialLeasing ActivityMidwest

Alliance Ground International Signs 253,000 SF Industrial Lease in Elk Grove Village

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Alliance Ground International LLC has signed a 253,000-square-foot industrial lease at 1717 Busse Road in the Chicago suburb of Elk Grove Village near O’Hare. The airline cargo handling service will occupy the entire building, which features a clear height of 32 feet, 57 exterior docks, two drive-in doors, 25,000 square feet of office space and parking for 34 trailers and 186 cars. Jeffrey Provenza and Todd Hendricks of Darwin Realty/CORFAC International represented Alliance Ground in the lease transaction. Britt Casey and Al Caruana of Cushman & Wakefield represented the landlord, Duke Realty.

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Bronzeville Lakefront
IllinoisMidwestMixed-UseTop Stories

City of Chicago Approves $3.8B Mixed-Use Project at Former Michael Reese Hospital Site

by Katie Sloan

CHICAGO — The Chicago City Council has given approval for the development of Bronzeville Lakefront, a $3.8 billion mixed-use project located in Bronzeville, a South Side neighborhood. Michael Reese Hospital and Medical Center, which closed in 2008, formerly occupied the 48-acre development site. The City of Chicago acquired the property in 2009 and cleared most of the land over the ensuing months.  A team of local developers known as GRIT was selected to purchase the site for $96.9 million through a redevelopment agreement. GRIT comprises Farpoint Development, Loop Capital Management, McLaurin Development Partners, Draper & Kramer, Chicago Neighborhood Initiatives and the Bronzeville Community Development Partnership. Upon completion, Bronzeville Lakefront will offer 7 million square feet of commercial and institutional space, as well as mixed-income housing, and will create up to 20,000 temporary and permanent jobs. The development team will break ground on the $600 million first phase of the project in late 2021 or early 2022. The site is bounded by 31st Street, 26th Street, Vernon Avenue and Lake Shore Drive. Phase I will include a 500,000-square-foot Chicago Arc Innovation Building; retail space; a community center; a mixed-income seniors housing building; a new park; and the reuse of an existing building named …

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

The Community Builders Plans $102M Affordable Housing Project in Chicago

by Kristin Harlow

CHICAGO — The Community Builders has unveiled plans to develop a $102 million, 20-story affordable housing project in Chicago’s Loop. The high-rise development has been selected as the winner of the City of Chicago’s C40 Reinventing Cities competition, which encourages carbon neutral and sustainable development. The 207 rental units will range from studio to two-bedroom and are restricted to tenants earning between 30 to 80 percent of area median income (AMI). Slated to occupy city-owned land at the corner of Van Buren Street and Plymouth Court, the project was selected via a request for proposals process, which was issued last year through the international C40 Reinventing Cities competition. Designed by Studio Gang along with DesignBridge and JAQ Corp, the “Assemble Chicago” project was selected over three other net-zero proposals due to its superior design, commitment to affordability, family-sized units, development team experience, proposed purchase price and community feedback, according to the city. The site is currently occupied by a vacant parking garage and vacant land. Located at the nexus of multiple transit lines, the building will include a two-level podium with a food hall for minority-owned restaurants, a produce grocer and wellness clinic. Plans also call for approximately $2 million in improvements for …

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DevelopmentIllinoisMidwest

Valenti Builders Breaks Ground on $25.7M Performing Arts Center at Loyola Academy in Illinois

by Kristin Harlow

WILMETTE, ILL. — Valenti Builders has broken ground on a new performing arts center at Loyola Academy, a private Jesuit college preparatory school in Wilmette, about 14 miles north of downtown Chicago. Designed by Chicago-based Krueck Sexton Partners, the $25.7 million project will span 29,000 square feet. An outdoor plaza will function as an open-air performance stage as well as a gathering space for the school community. Inside, a lobby and gallery space will lead to the Lemputte Family Theater, a 565-seat theater with a balcony, orchestra pit, fly tower and lighting and production technologies. Adjacent to the theater is an offstage rehearsal and staging area, a scene shop, green room, makeup and dressing rooms and student lounge. The student chapter of Loyola’s American Institute of Architecture played an active role in the planning and design process of the center. The all-electric building will further reduce carbon emissions as the Chicagoland grid continues its transition to all-renewable fuel sources by 2035, according to a news release. High-efficiency building systems will be installed in anticipation of a future rooftop-mounted photovoltaic array that accommodates the building’s entire energy load. Completion is slated for sometime next year. The project team includes landscape architect …

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