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DevelopmentIllinoisMidwestOffice

Weiss Properties Unveils Redevelopment Plans for Former CF Industries Headquarters in Suburban Chicago

by Kristin Harlow

LONG GROVE, ILL. — Weiss Properties has unveiled plans for a multi-million-dollar redevelopment of the former headquarters for CF Industries in Long Grove, a northern suburb of Chicago. Located at 1 Salem Lake Drive, the property has recently been renamed The Reserve at Salem Lake. Weiss acquired the 37-acre campus earlier this year. It includes a two-story, 150,000-square-foot building as well as a three-level, 185-car parking garage and an additional parking area with 235 spaces. Weiss has begun gutting the vast majority of the interior space of the property, which has been vacant for more than 10 years. Upon completion of the redevelopment, first-floor tenants will have dedicated outdoor spaces and second-floor tenants will have wrap-around balconies. Amenities will include a fitness center, auditorium, meeting spaces, indoor and outdoor gathering areas, food service and walking trails. Rawly Lantz, Justin Harris and David Conroy of Cawley Chicago are marketing the property for lease. A timeline for completion was not disclosed. The seller of the campus was a Texas-based homebuilder that acquired the site in 2011 with plans for residential development that never came to fruition. CF Industries, a manufacturer and distributor of agricultural fertilizers, developed the campus in phases in 1975 …

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IllinoisLeasing ActivityMidwestOffice

JBS Commercial Real Estate Negotiates 18,595 SF Office Lease Transaction in Arlington Heights

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — JBS Commercial Real Estate has negotiated an 18,595-square-foot office lease at 3930 Ventura Blvd. in Arlington Heights, a northwest suburb of Chicago. Jason Shibata and Brian Silverman of JBS represented building ownership, Pal Group Inc. Avison Young represented the tenant, Sonoco Protective Solutions, which provides a myriad of packaging solutions to protect products in the automotive, electronics, appliances, medical and office furniture industries. The company, which maintains nearly 30 locations in North America, will use the new space for a regional sales and administrative office. The 57,000-square-foot, single-story office building is now 80 percent leased.

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IllinoisIndustrialLeasing ActivityMidwest

Anritsu Infivis Signs 61,627 SF Industrial Lease at Elk Grove Technology Park

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Anritsu Infivis Inc. has signed a 61,627-square-foot industrial lease at 701 Innovation Drive within the Elk Grove Technology Park in Elk Grove Village. The tenant is a supplier of advanced product inspection and foreign material detection equipment installed on food and pharmaceutical production lines globally. The new lease represents an expansion from the company’s former location on Cambridge Drive. David Creiner and Corey Chase of Newmark represented the tenant in the lease transaction. Elk Grove Technology Park is a 600,000-square-foot industrial park that includes bike and walking paths. Brennan Investment Group is the developer of the park.

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IllinoisIndustrialLeasing ActivityMidwest

Methods Machine Tools Inks 36,000 SF Industrial Lease in Suburban Chicago

by Kristin Harlow

GILBERTS, ILL. — Methods Machine Tools Inc. has signed a 36,000-square-foot industrial lease at 70 Prairie Parkway in Gilberts, a northwest suburb of Chicago. The tenant, which is relocating from 2400 Vantage Drive in Elgin, will more than double its space. Dan Brown of Brown Commercial Group represented both the tenant and the landlord, Cratos LLC. Methods is a North American supplier of precision machine tools and automation. The company maintains 10 showrooms and technical centers across the U.S. and expects to take occupancy of the Gilberts facility in March.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 21,460 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow

MUNDELEIN, ILL. — Entre Commercial Realty has brokered the sale of a 21,460-square-foot industrial building in Mundelein, a northern suburb of Chicago. The sales price was undisclosed. Located at 300 Townline Road, the property features a clear height of 18 feet, one exterior dock, two drive-in doors and parking for 100 cars. Brian Bocci of Entre represented the buyer, a private investor that plans to convert the building into a baseball training facility. John Coleman of MK Asset Brokerage represented the undisclosed seller.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges $11M Sale of Shopping Center in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Marcus & Millichap has arranged the sale of a 130,105-square-foot shopping center in Schaumburg for $11 million. The property is home to PGA Tour Superstore and XSport Fitness. It is located at 1317-1321 E. Golf Road. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a trust. The team also secured and represented the buyer, a Chicago-based limited liability company completing a 1031 exchange.

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IllinoisIndustrialLeasing ActivityMidwest

Costco-Innovel Solutions Signs 111,909 SF Industrial Lease at Bridge Point Itasca

by Kristin Harlow

ITASCA, ILL. — Costco-Innovel Solutions has signed a long-term lease to occupy 111,909 square feet of Building I at Bridge Point Itasca, a three-building, 741,162-square-foot industrial campus in Itasca. Costco will use the facility for last-mile distribution of consumer products. The company will begin occupying the space immediately while the developer, Bridge Development Partners, continues to build out the interior space. Bridge Point Itasca is now 65 percent leased. It was completed this summer. Chris Nelson and Jeffrey Janda of Lee & Associates represented Bridge in the lease transaction. Chris Lydon and Brian Pomorski of Avison Young represented Costco, which acquired logistics company Innovel Solutions earlier this year.

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AcquisitionsIllinoisMidwestMultifamily

Redwood Capital Group Acquires 320-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Redwood Capital Group has acquired Hunter’s Glen, a 320-unit apartment community in Aurora. Redwood plans to renovate the majority of the units and implement extensive upgrades to most of the common areas as well as add a package room. Built in 1991, Hunter’s Glen consists of 16 buildings with a clubhouse, dog park, pool and fitness center. Units average 886 square feet. The acquisition was made in joint venture with an affiliate of Chicago-based Heitman. The seller and sales price were undisclosed.

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AcquisitionsIllinoisMidwest

Colliers Brokers Sale of Four-Property Bus Terminal Portfolio in Suburban Chicago

by Kristin Harlow

CHICAGO — Colliers International has brokered the sale of the Chicago Terminal Portfolio, which consists of four land sites totaling 25.5 acres in the western Chicago suburbs. The four properties are operated as school bus parking and staging sites for the school systems of Kane and DuPage counties. The sites are located in Glen Ellyn, Westmont, Batavia and Villa Park. They each accommodate parking for more than 100 buses. Bus fleet operator Laidlaw/First Services leases the properties. Jeff Devine and Steve Disse of Colliers represented the seller, CenterPoint Properties. Venture One Real Estate purchased the portfolio for an undisclosed price.

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DevelopmentIllinoisIndustrialMidwest

Phoenix Investors to Build Phase II of Industrial Park in Normal, Illinois

by Kristin Harlow

NORMAL, ILL. — An affiliate of Phoenix Investors has unveiled plans to build Phase II of the North Normal Industrial Park in Normal near Bloomington. The 500,000-square-foot addition will be built on 30 acres of land at 301 W. Kerrick Road. In June, Phoenix acquired the partially completed Phase I, which consists of 500,000 square feet that is leased to electric vehicle company Rivian. Phoenix expects to complete construction of Phase I in early 2021 and Rivian plans to take occupancy in March. Plans for Phase II include a clear height of 32 feet and 50 exterior docks. The space will be easily divisible for two users. The City of Normal approved tax-increment financing for the project.

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