EAST PEORIA, ILL. — Slumberland Furniture will open a new store at the former Gordmans space at The Levee District in East Peoria. The regional furniture retailer will occupy 50,221 square feet and will become an anchor tenant at the development. Slumberland offers a large selection of mattresses, bedding, living room furniture, recliners, tables, bedroom furniture, home entertainment and desks. Owned and managed by Cullinan Properties Ltd., The Levee District spans more than 86 acres with 650,000 square feet of retail and restaurant space, as well as office, hotel and civic components.
WHEELING, ILL. — Marcus & Millichap has negotiated the sale of Creekside Plaza in Wheeling for $2 million. The 31,460-square-foot retail center is located at 200-300 McHenry Road. Some of the tenants include a beauty salon, dry cleaners and dentist office. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Chicago-based 1031 exchange investor.
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Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B
KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …
CHICAGO — J.C. Anderson has completed an office buildout for Ascend Technologies LLC at 200 W. Adams St. in Chicago. Ascend relocated from 222 W. Adams St. The company was created in March 2020 after private equity firm M/C Partners acquired both West Monroe Partners’ managed services division and Gratia Inc. The new office space features open areas, private offices, boardrooms, a lounge and café. Garnett provided architectural services.
ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant property occupied by Arby’s in Orland Park for nearly $1.4 million. The building is located at 15765 S. Harlem Ave. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a California-based development group that redeveloped the former Taco Bell space. A California-based private investor was the buyer.
ELK GROVE VILLAGE, ILL. — Premier Design + Build Group is nearing completion of a two-building industrial development in Elk Grove Village. Seefried Industrial Properties is the developer. The project is located at 202-228 E. Devon Ave. near Chicago O’Hare International Airport and several major highways. Building 1 spans 79,290 square feet while Building 2 totals 83,052 square feet. Each of the buildings will feature two drive-in doors, 12 dock doors and ESFR systems. The project team included Harris Architects Inc. and civil engineer Jacob & Hefner. Premier expects to complete construction by March 1.
ITASCA, ILL. — J.C. Anderson is completing a 55,000-square-foot office buildout for Ajinomoto Health & Nutrition North America Inc. at 250 E. Devon Ave. in Itasca. The health and wellness company is relocating from 1300 N. Arlington Heights Road, also in Itasca. Scheduled for completion in March, the new space will feature a culinary kitchen with video capabilities for hosting virtual demonstrations. It will also house laboratory space for research and development activities. Shive-Hattery served as architect and JLL provided project management services.
ROMEOVILLE, ILL. — Wayfair Inc. (NYSE: W) has announced plans for a 1.2 million-square-foot fulfillment center on a 60-acre tract in Romeoville, located along the Interstate 55 corridor about 30 miles southwest of downtown Chicago. Construction of the facility is scheduled to begin this spring with a projected opening date of mid-2022. The Boston-based online furniture retailer anticipates hiring about 250 people on a full-time basis at the facility, with that figure expected to grow to as many as 500 positions over time. The new facility will be located on Renwick Road near the Lewis University Airport. As part of the development, the Village of Romeoville partnered with Illinois State Sen. John Connor to secure funding for a road extension from Airport Road to Renwick Road. “Our new fulfillment center in Romeoville will enable us to further scale our shopping experience to meet the needs of our rapidly growing customer base in the greater Chicago region and across the U.S.,” says Thomas Netzer, COO of Wayfair. “Online retail continues to be the dominant force in the market today,” adds Romeoville Mayor John Noak. “Facilities such as this are large property and sales tax generators, which provide additional funding to our …
CHICAGO — Interra Realty has brokered the sale of the Chicago Defender Building in Chicago’s Bronzeville neighborhood for $2.5 million. Built in 1899 and designed by Henry Newhouse, the property served as a Jewish synagogue before housing the Chicago Defender newspaper from 1920 to 1960. In 2016, the building was renovated to include one ground-floor commercial space and eight apartment units. A medical supply company currently occupies the commercial space. Joe Smazal of Interra represented the seller, TRB Properties One LLC, as well as the undisclosed buyer.
HUNTLEY, ILL. — Huntley Investment Partners (HIP) has unveiled plans to develop a 717,400-square-foot industrial development in Huntley, about 50 miles northwest of Chicago. HIP acquired the 60.8-acre site, located along I-90, from Simon Property Group in April 2016. The site housed a 320,000-square-foot outlet mall that was experiencing a declining occupancy rate. Crews began tearing down Huntley Outlet Center in April 2018. Construction of the first phase of the industrial project is expected to begin this summer. HIP is a joint venture among affiliates of Craig Realty Group Inc., The Prime Group Inc. and The Capital Cos. Adam Marshall, James Schutter and Mark Deady of Newmark will represent HIP in the lease-up process.