WHEELING, ILL. — SVN | Chicago Commercial has brokered the sale of a 50,000-square-foot industrial building in the Chicago suburb of Wheeling for an undisclosed price. The property is located at 111 E. Marquardt Drive. Dan Tobin of SVN represented the seller in the all-cash transaction. A local buyer purchased the building with plans to relocate its business to Wheeling from Elk Grove Village.
LOCKPORT, ILL. — ML Realty Partners has completed the lease-up of Heritage Crossing in Lockport, about 30 miles southwest of Chicago. The 2.5 million-square-foot industrial business park is comprised of eight buildings with clear heights ranging from 30 to 40 feet. LG Electronics expanded within the park, signing a new lease for 542,806 square feet at 14532 S. Gougar Road. Pitney Bowes Global Logistics signed a new lease for 363,224 square feet at 14746 S. Gougar Road. James Frank and Jason West of Cushman & Wakefield represented LG Electronics, while Mike Cook and David Prell of CBRE represented Pitney Bowes. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented ML Realty Partners.
ST. CHARLES AND BATAVIA, ILL. — Lee & Associates has arranged the sales of two industrial buildings totaling 168,636 square feet in central Kane County, which is located west of Chicago. In the first transaction, a 102,000-square-foot building in St. Charles sold to a publicly traded REIT. Michael Androwich Jr. of Lee & Associates represented the buyer, while Jeff Holmes of Regional Realty represented the seller, Wise Plastics. In the second transaction, Androwich represented buyer WP Industries in its purchase of a 66,636-square-foot building at 1260 Kingsland Drive in Batavia. Ellerman Commercial represented the undisclosed seller.
ITASCA, ILL. — Sovereign Partners LLC has acquired Two Pierce Place, a 25-story office tower in Itasca. Piedmont Office Realty Trust sold the asset for approximately $24 million, according to Crain’s Chicago Business. The 489,876-square-foot property is situated within the 300-acre Hamilton Lakes Business Park. Two Pierce Place was built in 1991 and formerly served as the headquarters of Gallagher Insurance. Crain’s reports that the building is now more than 60 percent vacant. Amenities include a deli, sundry shop, fitness center, tenant lounge, covered parking and access to lakes and walking trails. Matthew Schoenfeldt of JLL arranged acquisition financing through an insurance company.
ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of Rockford Commons, an 89,000-square-foot shopping center in Rockford, for an undisclosed price. Ross Dress for Less and Best Buy anchor the property, which was fully leased at the time of sale. Chad Firsel of Quantum represented the seller, Chicago-based Core Acquisitions LLC. Daniel Waszak of Quantum represented the buyer, a Dallas-based REIT. The sale also included an outparcel for future development.
JUSTICE, ILL. — Cawley Chicago has brokered the sale of a 45,000-square-foot medical office building in Justice, a southern suburb of Chicago. The sales price was undisclosed. Willow Springs Surgery Center anchors the two-story facility, which is located at 9050 W. 81st St. Rawly Lantz and Justin Harris of Cawley Chicago represented the seller, First Step Holdings, and will retain the leasing assignment moving forward. A private local investor was the buyer.
WAUKEGAN, ILL. — Venture One Real Estate has purchased a 37,247-square-foot industrial building in Waukegan for an undisclosed price. The single-tenant property is located at 1429 Shields Drive. Constructed in 2004, the building features a clear height of 28 feet, four exterior docks, one drive-in door and 5,738 square feet of office space. Venture One plans to make improvements such as office renovations, new paint and new LED lighting. The undisclosed tenant is vacating the property in December of this year. Chris Volkert, Ned Frank and Pat Hake of Colliers will market the building for lease. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.
LAKE ZURICH, ILL. — Factor, a ready-to-eat meal delivery service, has opened a new fulfillment and distribution center in Lake Zurich, a northwest suburb of Chicago. The nearly 100,000-square-foot facility is located at 1325 Ensell Road. Factor already occupies production facilities in Aurora and Burr Ridge, as well as a distribution center in Lyons and corporate offices in Batavia. Factor was founded in 2013 and acquired by HelloFresh in 2020. Dan McGillicuddy, Charlie Kenning and Charlie Mintz of JLL represented HelloFresh in the Lake Zurich deal.
AURORA, ILL. — Thales Defense & Security Inc. has signed a 24,673-square-foot office lease at 750 Commons Drive in Aurora, located about 40 miles west of Chicago. Thales will move from 1444 N. Farnsworth Ave. in Aurora once tenant improvements are completed and the new lease commences in mid-2022. The 205,000-square-foot, two-building property, which supports both office and industrial users, is now fully leased. Stanton Road Capital purchased the asset in 2018 and added amenities such as a fitness center, tenant lounge, conference center and training center. Francis Prock and Dave Florent of Colliers are the leasing agents for the property. Kellen Monti and Chris Bynum of JLL represented Thales.
MATTESON, ILL. — Marcus & Millichap has arranged the $5.1 million sale of a 10,502-square-foot retail building in Matteson, a southern suburb of Chicago. The property, located at 4801 211th St., has been fully occupied by the same four tenants since its construction in 2011. Tenants include Verizon, Chipotle, Five Guys and Vitamin Shoppe. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. Carlos Cain of Marcus & Millichap secured and represented the buyer, a Mexico-based limited liability company. The deal was part of a multi-property purchase with debt structured by Anita Paryani-Rice of Marcus & Millichap Capital Corp.
