Illinois

Cannabis Facility Construction Completes 9,982 SF Dispensary for Greenhouse in Northbrook, Illinois

by Kristin Harlow October 8, 2020

NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has completed building a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the 9,982-square-foot project serves as a flagship dispensary for the brand. The building features an open floor plan with high vaulted ceilings and abundant natural light. To accommodate social distancing, all points of sale are six feet apart. In addition to the retail space, the project features back-office space with a secure vault for inventory storage and an advanced security system.

October 8, 2020

Acquisitions Illinois Industrial Midwest

Weber-Stephen Enters into $40M Sale-Leaseback for Manufacturing Facility Near O’Hare Airport

by Kristin Harlow October 6, 2020

CHICAGO — Weber-Stephen Products LLC has entered into a sale-leaseback for its 622,000-square-foot manufacturing facility near the Chicago O’Hare International Airport. W.P. Carey Inc. purchased the building for $40 million. Weber-Stephen, a manufacturer of barbecue grills, occupies the facility on a 15-year lease. The property serves as the tenant’s primary North American manufacturing facility. Since 2014, Weber-Stephen has made capital improvements totaling over $28 million at the site.

October 6, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $6.8M Sale of Walgreens-Occupied Property in Suburban Chicago

by Kristin Harlow October 6, 2020

ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 15,120-square-foot retail property occupied by Walgreens in Orland Park for $6.8 million. The single-tenant building is situated at 14680 S. La Grange Road in suburban Chicago. The Walgreens lease expires in September 2032. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate developer. A West Coast-based investor purchased the asset.

October 6, 2020

Development Illinois Industrial Midwest

Principle Construction Completes 102,140 SF Spec Warehouse in Batavia, Illinois

by Kristin Harlow October 5, 2020

BATAVIA, ILL. — Principle Construction Corp. has completed a new 102,140-square-foot warehouse on behalf of developer Midwest Industrial Funds at 1100 N. Raddant Road in Batavia. The project includes 97,040 square feet of warehouse space and 5,100 square feet of office space. The building features 10 dock positions, two drive-in doors, 125 car parking spaces, LED lighting and a clear height of 30 feet. Harris Architects provided design services.

October 5, 2020

Illinois Leasing Activity Midwest Retail

Midwest BankCentre Opens Loan Office in O’Fallon, Illinois

by Kristin Harlow October 5, 2020

O’FALLON, ILL. — Midwest BankCentre has opened a loan office in O’Fallon near St. Louis. The new office serves both commercial and mortgage loan customers. Midwest BankCentre also serves the needs of businesses and nonprofits in southern Illinois, including dozens that received Paycheck Protection Program loans through the bank earlier this year. Due to COVID-19 restrictions, the bank is currently open by appointment only. Its location at 920 Talon Drive is situated near I-64. Midwest BankCentre employs a staff of about 280 workers at 18 bank locations around metro St. Louis. Orvin Kimbrough serves as chairman and CEO.

October 5, 2020

Illinois Industrial Leasing Activity Midwest

Deibel Laboratories Relocates to 17,450 SF Space in Niles, Illinois

by Kristin Harlow October 5, 2020

NILES, ILL. — Deibel Laboratories has purchased a 17,450-square-foot office and warehouse facility at 6150 Mulford St. in Niles, located about 15 miles northwest of downtown Chicago. The company, which serves the food diagnostics and personal care industries, is relocating from Lincolnwood. The new facility features 53 parking spaces and one truck dock. Nick Walby of Entre Commercial Realty represented Deibel while Chris Volkert of Colliers International represented the undisclosed seller. Deibel maintains 11 laboratories across North America.

October 5, 2020

Illinois Midwest Office

Allstate Implements Restructuring Plan, Cuts 3,800 Jobs

by Kristin Harlow October 2, 2020

NORTHBROOK, ILL. — In order to lower costs, The Allstate Corp. (NYSE: ALL) says it is implementing a restructuring plan that will impact roughly 3,800 employees primarily in claims, sales, service and support functions. The cuts, which make up about 8 percent of the company’s workforce, come as the insurer is consolidating and closing regional offices around the country, according to Crain’s Chicago Business. Allstate expects to incur $290 million in restructuring charges, primarily for severance and employee benefits. It also expects to incur $80 million in real estate exit costs from office closures. The insurance giant is headquartered at 2775 Sanders Road in Northbrook, Ill. Its stock price closed at $92.26 per share Thursday, Oct. 1, down from $105.61 one year ago.

October 2, 2020

Illinois Leasing Activity Midwest Multifamily

Fifield Cos. Begins Lease-up of 188-Unit Westerly Apartment Complex in Chicago’s River West

by Kristin Harlow October 2, 2020

CHICAGO — Fifield Cos. has begun the lease-up of Westerly, a 188-unit apartment complex located at 740 N. Aberdeen St. in Chicago’s River West neighborhood. The Chicago-based developer expects the first move-ins to begin this month. The 11-story building also serves as the latest canvas for Chicago-based artist Sentrock. Designed by FitzGerald Associates Architects and constructed by James McHugh Construction Co., Westerly features a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 544 to 1,513 square feet. Amenities include a fitness center, resident lounge, coffee bar, party room, coworking space, sun terrace, pool, rooftop deck and 80-space parking garage. Residents also have access to a new public park, created by Fifield and designed by Hitchcock Design Group, that features a dog park, green space and seating. Monthly rents start at $1,458. Residents can now receive up to three months of free rent.

October 2, 2020

Illinois Industrial Leasing Activity Midwest

King Solutions Signs 138,000 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow October 2, 2020

ROMEOVILLE, ILL. — King Solutions has signed a 138,000-square-foot industrial lease at 200 S. Pinnacle Drive in Romeoville. The provider of custom logistics solutions will relocate from 500 Regency Drive in Glendale Heights once the new lease commences in November. The property features 42 trailer positions, 28 docks, 2,000 square feet of office space and a clear height of 32 feet. Mike Morgan, Brian Netsky and Jim Herbst of Colliers International represented the tenant in the lease transaction. The landlord was undisclosed.

October 2, 2020

Development Illinois Midwest Multifamily

Summit Design + Build Completes Conversion of Office Building into Apartments in Chicago’s Gold Coast

by Kristin Harlow October 1, 2020

CHICAGO — Summit Design + Build has completed The Clark in Chicago’s Gold Coast neighborhood. The project involved the conversion of a four-story office and retail building into 98 luxury apartments. The building, located at 1201 N. Clark St., also received a vertical addition comprising five more stories. Floor plans range from studios to two-bedroom units. Amenities include a rooftop terrace, fitness center, business center, bike room, dog run and first-floor lobby with a café. Hartshorne Plunkard Architecture served as architect. Monthly rents start at $1,710. Residents can currently receive up to three months of free rent.

October 1, 2020

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