Illinois

Lee & Associates Brokers Sale of 80,000 SF Industrial Building in Chicago’s Fulton Market

by Kristin Harlow September 14, 2020

CHICAGO — Lee & Associates of Illinois has brokered the sale of an 80,000-square-foot, loft-style industrial building located at 325 N. Ashland Ave. in Chicago’s Fulton Market for an undisclosed price. The two-story property will undergo renovations, including a new roof, LED lighting, remodeled office space and a new 45-space car parking lot. It was originally built in 1950. Tom Condon and Sean Austin of Lee & Associates brokered the sale. Rickard Binding sold the asset to Tradelane Properties, which has retained Lee & Associates to market the building for lease.

September 14, 2020

Illinois Industrial Leasing Activity Midwest

Chicago Electric Signs 46,559 SF Industrial Lease in Hanover Park, Illinois

by Kristin Harlow September 14, 2020

HANOVER PARK, ILL. — Chicago Electric has signed a 46,559-square-foot industrial lease at Turnberry Lakes Business Center in Hanover Park. The company, which offers products, systems and machine solutions for automation in industries with an emphasis on corrugated containers, plastic processing and building materials, is expanding from a 14,000-square-foot location in Carol Stream. The new building, located at 865 Muirfield Drive, features an office and showroom. Michael Marconi, Joe Karmin and Justin Lerner of Transwestern Real Estate Services represented Chicago Electric.

September 14, 2020

Development Healthcare Illinois Midwest

MedProperties to Build 78,000 SF Medical Office Building Within $500M Redevelopment of Former McDonald’s Campus

by Kristin Harlow September 11, 2020

OAK BROOK, ILL. — MedProperties has received approval from the Oak Brook Village Board of Trustees to build a 78,000-square-foot medical office building within Oak Brook Commons, the $500 million redevelopment of the former McDonald’s campus in suburban Chicago’s Oak Brook. The seven-story outpatient facility will be known as Oak Brook Commons Medical. Plans call for a lobby area, immediate care clinic, comprehensive imaging suite and 281 covered parking spaces. Medical specialties will be determined at a later date to meet the needs of the community. The larger Oak Brook Commons development will be built in three phases, encompassing retail, restaurants, office, 72 condominium units, 250 apartment units, a 252-room hotel and a park. The medical office building will be part of Phase I with a completion date expected in 2022. Antunovich Associates is the project architect.

September 11, 2020

Acquisitions Illinois Midwest Retail

Cooper Group Arranges $3.3M Sale of Retail Center in North Aurora, Illinois

by Kristin Harlow September 11, 2020

NORTH AURORA, ILL. — Cooper Commercial Investment Group has arranged the sale of Clock Tower Plaza in North Aurora for $3.3 million. The 38,336-square-foot retail center is 60 percent occupied by tenants such as State Farm, Eddie’s Pizza & Pub and H&R Block. Bob Havasi and Dan Cooper of Cooper represented the buyer, an East Coast-based private investor completing a 1031 exchange. The seller was undisclosed.

September 11, 2020

Illinois Leasing Activity Midwest Retail

Three New Tenants to Open at Fox Valley Mall This Fall

by Kristin Harlow September 10, 2020

AURORA, ILL. — Three new tenants are set to open at Fox Valley Mall in Aurora this fall. Comedy Shrine, Mish Mash Adventures and Virtual Bites will occupy a combined 30,000 square feet. The 14,000-square-foot Comedy Shrine will be located on the second level between Macy’s and JC Penney. Three theaters will focus on stand-up acts, improv events and experimental theater. At the 11,454-square-foot Mish Mash Adventures, teams of two to six players will work to complete rooms and challenges as quickly as possible. Mish Mash staff will sanitize rooms once per hour and complete temperature checks on all guests due to COVID-19. The 4,056-square-foot Virtual Bites will serve as a ghost kitchen for professional food preparation. Customers will peruse various menus and order online before either picking up their food curbside or having it delivered. Ty Brown, owner of Pee Bee & Jay’s Café, is the creator of Virtual Bites.

September 10, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 16,744 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow September 9, 2020

ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 16,744-square-foot industrial building in Romeoville, located about 37 miles southwest of Chicago, for an undisclosed price. Built in 1999, the property sits on one acre at 1343 Lakeside Drive. It is fully leased to Ultimate Rental Services and features a clear height of 22 feet, two exterior docks, two drive-in doors and parking for 20 cars. Mike Antonelli of Brown Commercial Group represented the undisclosed seller. Traci Payette and Rowan McDonnell of CBRE represented Ultimate Rental Services in its lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

September 9, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $4.9M Sale of Chicago CVS Property

by Kristin Harlow September 4, 2020

CHICAGO — The Boulder Group has brokered the sale of single-tenant CVS Pharmacy property in downtown Chicago for $4.9 million. The 8,781-square-foot store is located on the ground floor of a 180-unit condo building at 520 S. State St. Randy Blankstein and Jimmy Goodman of Boulder represented both the seller, a local real estate owner, and the buyer, a Southeast-based real estate investment firm. CVS has more than 10 years remaining on its lease.

September 4, 2020

Development Illinois Midwest Multifamily

McShane Completes Construction of The Elaine Luxury Apartments in Northbrook, Illinois

by Kristin Harlow September 3, 2020

NORTHBROOK, ILL. — McShane Construction Co. has completed construction of The Elaine, a 304-unit luxury apartment complex in Northbrook, a northern suburb of Chicago. Finger Cos. was the developer and Niles Bolton Associates served as architect. Located at 1000 Skokie Blvd., the five-story property features a fitness center, business center, conference room, golf simulator, dog run, two pools and three courtyards. Floor plans range from 689 to 1,229 square feet.

September 3, 2020

Development Illinois Midwest Multifamily

Montessori Elementary School Opens at Optima Signature Apartment Tower in Chicago

by Kristin Harlow September 3, 2020

CHICAGO — Guidepost Montessori has opened at Optima Signature, an apartment tower in Chicago’s Streeterville neighborhood. The 14,000-square-foot elementary school will serve grades one through six. The new location is part of Guidepost Montessori’s larger growth in Chicago, with three new early childhood campuses opening in Lincoln Park, Schaumburg and Edgewater for a total of seven schools. Optima Inc. is the developer and owner for the 57-story, 490-unit Optima Signature. Other retail tenants at the property include Egg Harbor Café, GoodVets, Runaway Fitness and Bedazzled Nails & Spa.

September 3, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers Sale of 9,900 SF Dollar General-Occupied Property in Polo, Illinois

by Kristin Harlow September 3, 2020

POLO, ILL. — Marcus & Millichap has brokered the sale of a 9,900-square-foot retail property occupied by Dollar General in Polo in northwest Illinois. Renovated for Dollar General in 2009, the building is located at 107 E. Dixon St. Daniel Hurd and Edward Kemp of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.

September 3, 2020

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