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Illinois

DevelopmentIllinoisMidwestOffice

J.C. Anderson to Complete 109,000 SF Office Build-Out for Bosch in Oakbrook Terrace, Illinois

by Kristin Harlow

OAKBROOK TERRACE, ILL. — J.C. Anderson has been selected to complete a 109,000-square-foot office build-out for German engineering and technology company Bosch at One Tower Lane in Oakbrook Terrace. The project encompasses the top five floors of the 31-story office building as well as a 15,883-square-foot separate commercial space at the property known as “The Annex.” Bosch plans to relocate about 350 employees from its automotive aftermarket division in Broadview to the new space in Oakbrook Terrace. Scheduled for completion in November, the project will include the addition of conference rooms, private offices and open seating areas. The annex portion will serve as a testing and lab facility. Whitney is the project architect and Cushman & Wakefield is providing project management services.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges $3.7M Sale of Retail Building in Algonquin, Illinois

by Kristin Harlow

ALGONQUIN, ILL. — Marcus & Millichap has arranged the sale of a 7,926-square-foot retail building in Algonquin for $3.7 million. Located at 1496 S. Randall Road, the property serves as an outparcel to a Walmart Supercenter. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the building on behalf of the seller, a developer. A Midwest-based investment company purchased the asset, which was fully leased at the time of sale to The Vitamin Shoppe, FedEx and Bentley’s Pet Stuff.

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AcquisitionsIllinoisMidwestRestaurantRetail

Hanley Investment Group Brokers $3.5M Sale of Panera Bread-Occupied Property in East Peoria, Illinois

by Kristin Harlow

EAST PEORIA, ILL. — Hanley Investment Group Real Estate Advisors has brokered the $3.5 million sale of a newly constructed retail property occupied by Panera Bread in East Peoria, about 70 miles north of Springfield. The 4,380-square-foot, drive-thru location is situated within a 650,000-square-foot mixed-use development known as The Levee District. Jeff Lefko and Bill Asher of Hanley represented the seller, Cullinan Properties Ltd. David Rush of CBRE represented the buyer, a Santa Barbara, Calif.-based private investor.

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IllinoisLeasing ActivityMidwestOffice

Chamberlain University Signs 75,000 SF Lease at Riverview at Roscoe in Chicago

by Kristin Harlow

CHICAGO — Chamberlain University, known for its nursing school, has signed a lease for 75,000 square feet of educational space at Riverview at Roscoe on Chicago’s North Side. Baum Revision acquired the office property in a joint venture with Meridian Capital in March of this year. The property is currently undergoing capital improvements with a focus on wellness to achieve LEED Platinum certification. Patrick Russo, Adam Showalter and Jessica O’Hara of Stream Realty Partners have been retained to lease and market the property. There are 40,000 square feet remaining available for lease. Chamberlain has locations across the United States in addition to online programs.

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AcquisitionsIllinoisMidwestRetail

Adelphia Properties Brokers Sale of 8,125 SF Retail Building in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Adelphia Properties has brokered the sale of an 8,125-square-foot retail building located at 263-301 E. Rand Road in Mount Prospect, approximately 23 miles northwest of Chicago. The sales price was undisclosed. The value-add property was 23 percent occupied at the time of sale. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a Chicago-based private investor.

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IllinoisIndustrialLeasing ActivityMidwest

Imperfect Foods Expands Cold Storage Lease by 45,000 SF in Northlake, Illinois

by Kristin Harlow

NORTHLAKE, ILL. — Imperfect Foods has signed a long-term lease to expand its cold storage operations at Bridge Point Northlake by 45,000 square feet. Formerly known as Imperfect Produce, the company now occupies a total of 106,000 square feet at the cold storage facility in Northlake, about 17 miles west of Chicago. Imperfect Foods says the expansion was in effort to meet the exponential increase in demand for delivered food and household products brought on by the COVID-19 pandemic. Bridge Development Partners and PGIM Real Estate are the landlords. Jason Lev and John Suerth of CBRE brokered the lease transaction on behalf of both parties. Bridge Point Northlake totals 480,464 square feet of cold storage freezer and cooler space, of which 39,000 square feet remains available for lease.

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IllinoisLeasing ActivityMidwestRetail

Duluth Trading Opens New Store in Orland Park, Illinois

by Kristin Harlow

ORLAND PARK, ILL. — Duluth Trading Co. has opened a new store in Orland Park within metro Chicago. This is the 64th location for Duluth Trading, which offers men’s and women’s casual wear, workwear and accessories. The store is located at 29 Orland Square Drive. Duluth Trading is based in Mount Horeb, Wis.

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4001-S-Ellis-Ave-Chicago-IL
AcquisitionsIllinoisMidwestMultifamily

Wolcott Group Divests of Six-Building Apartment Portfolio in Chicago’s Kenwood Neighborhood for $17.9M

by Amy Works

CHICAGO — Wolcott Group has completed the sale of a six-building multifamily portfolio in Chicago’s Kenwood neighborhood. An undisclosed buyer acquired the portfolio for $17.9 million, or $88,112 per unit. Comprising 204 units, the properties are located at 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 and 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. The portfolio also includes some affordable housing communities whose apartments are reserved for households that meet eligibility requirements. The buyer plans to upgrade units as they turn over and lease additional units that were previously offline. Chicago-based Interra Realty’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented the seller and buyer in the transaction.

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920-E-Elmhurst-Mt-Prospect-IL
AcquisitionsIllinoisMidwestRetail

GW Properties Sells Multi-Tenant Retail Building in Suburban Chicago for $3.9M

by Amy Works

MT. PROSPECT, ILL. — Chicago-based GW Properties has completed the disposition of a multi-tenant retail property in Mt. Prospect, a suburb of Chicago. Los Angeles-based Davidson & Associates purchased the asset for $3.9 million. Constructed in 1966 and renovated in 2019, the building is fully occupied by three tenants in the medical, restaurant and wireless service industries on net leases. The property is located at 920 E. Elmhurst Road. Alex Sharrin and Alex Geanakos of JLL represented the seller in the deal.

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Navy-Pier-Chicago-IL
CivicCompany NewsIllinoisMidwestRestaurantRetail

Chicago’s Navy Pier to Implement Temporary Closure Starting Sept. 8 to Slow Financial Burden Amid COVID-19 Pandemic

by Amy Works

CHICAGO — Navy Pier, a mixed-use destination on Chicago’s lakefront, will start a temporary pier-wide closure on Tuesday, Sept. 8, in an effort to limit the financial burden and impact of the continued coronavirus pandemic on the organization. The closure will stop all operations, including those of Navy Pier’s more than 70 small businesses. Access to the pier’s outdoor space, including Polk Bros Park and North and South Docks, will also be limited or prohibited during the closure. “While this was a very difficult decision for the organization, it was a necessary one to proactively ensure the long-term success of one of Chicago’s most treasured and important civic institutions and the communities it serves,” says Marilynn Gardner, president and CEO of Navy Pier. Per state and city orders, Navy Pier originally closed to the public from March 16 to June 10 and then began a phased reopening with appropriate safety and security measures. Through the reopening, Navy Pier was able to resume partial operations and welcome guests to the pier. However, the destination experienced less than 20 percent of its typical summer attendance. To date, the Centennial Wheel, Chicago Children’s Museum, Chicago Shakespeare Theater and additional Pier Park attractions have …

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