CAROL STREAM, ILL. — Development Solutions Inc. (DSI) has broken ground on a 200,000-square-foot warehouse expansion for Frain Industries at 245 E. North Ave. in the Chicago suburb of Carol Stream. The addition will connect to Frain’s existing 330,000-square-foot facility, resulting in a combined footprint of 530,000 square feet. Upon completion, Frain Industries will operate the largest privately owned facility in Carol Stream, second in size only to the local post office, according to DSI. Completion is slated for June 2025. Headquartered in Carol Stream, Frain works in the packaging and processing industries.
CHICAGO — DarwinPW Realty/CORFAC International has brokered the sale of a 9,600-square-foot flex building located at 2224 W. Grand Ave. in Chicago for an undisclosed price. The property is home to Rainbow Art Inc. and is currently zoned C2-2, which allows for a mixed-use development. The building is situated in the West Town neighborhood and features clear heights ranging from 12 to 16 feet, one drive-in door and two-story office space. Marc Hale and Ali Nix of DarwinPW Realty/CORFAC International brokered the sale. A residential developer purchased the asset.
MORTON GROVE, ILL. — Pearlmark has provided a $7.4 million mezzanine debt investment for the recapitalization of The Residences at Sawmill Station, a 250-unit apartment complex in the Chicago suburb of Morton Grove. Pearlmark Mezzanine Realty Partners V LP originated and structured the investment. Wintrust Bank provided the senior loan, extending its existing loan on the property. UrbanStreet Group is the owner and developer. The Residences at Sawmill Station is part of a 26-acre mixed-use development that includes a 240,000-square-foot lifestyle center. Amenities include a pool, fitness center, coworking offices, a resident lounge, dog spa, pet park and covered garage. Mark Witt of Pearlmark arranged the transaction.
ITASCA, ILL. — The RDI Group, a manufacturer of engineered systems for the roofing, construction, power, metal coil processing and medical industries, has signed a 43,845-square-foot industrial lease at 940-942 Thorndale Ave. in Itasca. Jeff Janda of Lee & Associates represented the tenant, while Mike Plumb of Lee & Associates represented the owner, Link Logistics. Cabot Properties manages the building.
CHICAGO — JLL Capital Markets has arranged a $32 million loan for the refinancing of 609 West Randolph, a 15-story boutique office building totaling 95,000 square feet in Chicago. Completed in 2022, the property features touchless technology, cutting edge building systems and flexible floor plates ranging from 5,500 to 7,100 square feet. Amenities include a penthouse lounge and conference room; green rooftop space and amenity terrace; offices with private outdoor terraces; and a lobby design inspired by boutique hotels. The asset is 93.5 percent leased to 10 tenants, including Fetch Rewards, Buford Capital and NTT Data. Christopher Knight, Matt Maksymec and Katia Novi of JLL represented the borrower, Vista Property. JP Morgan Chase & Co. provided the five-year loan, which features a fixed interest rate of 7.23 percent.
BUFFALO GROVE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $3.9 million sale of a roughly 94,000-square-foot shopping center in the Chicago suburb of Buffalo Grove. At the time of sale, the property on West Dundee Road was 51 percent leased to tenants such as Aldi, Dollar Tree and AutoZone. Brett Berlin of Quantum represented the buyer, a private developer based in Illinois that plans to redevelop the center. The previous owner lost the asset to its lender.
CHICAGO — CBRE has negotiated a new headquarters lease for Energize Capital, a Chicago-based investor in climate solutions. The firm is expanding and will occupy 11,070 square feet at 1 South Wacker Drive, more than doubling its footprint within Chicago’s Loop. Brad Serot and Bill Sheehy of CBRE represented Energize Capital, which is relocating within its current building. The tenant has outgrown the spec suite that it has occupied since October 2021. The new space will accommodate a headcount of more than 60, enabling the firm to continue its growth trajectory and more than double its current number of full-time employees. The 40-story property has undergone a complete lobby renovation and includes amenities such as a full-service health club and rooftop deck.
LOMBARD, ILL. — A joint venture between Pacific Retail Capital Partners (PRCP) and Synergy Construction Group has broken ground on the mixed-use redevelopment of Yorktown Center, an enclosed regional mall located in the Chicago suburb of Lombard. The 1.2 million-square-foot mall opened its doors in October 1968. The 130-acre property is currently home to over 170 stores and restaurants, including anchors Von Maur and JCPenney. The joint venture acquired a 217,887-square-foot anchor building at the site that was formerly occupied by Carson Pirie Scott in fall 2022. The property will be demolished to make way for Phase I of the redevelopment, which will include a community park dubbed The Square, 600 residential units and thousands of square feet of new, exterior-facing shops and restaurants. The Square will feature a children’s play area, entertainment stage, dog park and fitness area. New retail space will be occupied by tenants including The Fresh Market, Tapville Social, Empire Burgers + Brew, Dave & Buster’s and Ancho & Agave, among others. The residential portion of Phase I, Yorktown Reserve, will offer luxury multifamily units. Shared amenities will include a fitness center, resort-style swimming pool and hot tub, sauna, business center, DIY room, game room, multiple media and theater …
PHILADELPHIA — Philadelphia-based Alterra IOS has acquired seven industrial outdoor storage (IOS) sites totaling 23 usable acres largely in the Midwest region. The purchase price was undisclosed. The sites are fully leased to a national telecommunications and broadband network company. Each parcel is located across metro areas in Dallas, Minneapolis, Indianapolis, Chicago, Nashville, Cleveland and St. Louis. Specifically, the properties are located in Haslet, Texas; Osseo, Minn.; Indianapolis; Frankfort, Ill.; La Vergne, Tenn.; Avon, Ohio; and St. Peters, Mo. All of the assets in the portfolio are located near city downtowns, interstate highways, international airports and rail networks. CRE Advising facilitated the acquisition.
SOUTH ELGIN, ILL. — JLL Capital Markets has brokered the sale of South Elgin Commons, a 94,508-square-foot retail center in South Elgin. The sales price was undisclosed. Built in 2011 and partially renovated in 2021 and 2024, the property is fully leased. Anchor tenants include Advocate Health Care, T.J. Maxx and Ross Dress for Less. Michael Nieder and Keely Polczynski of JLL represented the seller, PMAT Real Estate Investments. The buyer was L2 Partners LLC.