Illinois

SOLVD Health to Relocate Headquarters from California to Chicago’s Lincoln Park

by Kristin Harlow March 9, 2021

CHICAGO — SOLVD Health, a life sciences company specializing in data-driven disease prevention, is relocating its corporate headquarters to Chicago from Carlsbad, Calif. The tech startup will occupy space in Sterling Bay’s 2430 N. Halsted, a life sciences research facility located in Lincoln Park. Additionally, SOLVD says it intends to expand future operations at Sterling Bay’s Lincoln Yards development along the Chicago River. SOLVD’s space at 2430 N. Halsted is meant to be temporary until the company moves to Lincoln Yards, according to Sterling Bay. SOLVD expects to begin corporate operations in Chicago while continuing to operate its manufacturing, research and development, and commercial lab facilities in Carlsbad. The company is currently in the process of commercializing two tests, one for opioid use disorder and one for colon cancer.

March 9, 2021

Development Illinois Industrial Midwest

ML Realty Partners to Develop Two-Building Industrial Project in Suburban Chicago

by Kristin Harlow March 9, 2021

GLENDALE HEIGHTS, ILL. — ML Realty Partners will develop Army Trail Trade Center, a two-building industrial project located along Army Trail Road in Glendale Heights, a western suburb of Chicago. The developer expects to break ground this summer on the buildings, which will total 292,500 square feet. In addition to a clear height of 32 feet, the project will feature ample car parking and 72 exterior docks. Completion of the 21-acre development is slated for spring 2022.

March 9, 2021

Development Illinois Midwest Multifamily

Summit Design + Build Completes Adaptive Reuse of Former Sears Store in Chicago into Apartments

by Kristin Harlow March 8, 2021

CHICAGO — Summit Design + Build has completed the adaptive reuse of a former Sears department store in Chicago’s Ravenswood neighborhood. The Sears store opened in 1925 and permanently closed in 2016. Summit transformed the property into 59 apartment units with first-floor commercial space. DeVry University occupies 90 percent of the available commercial space. Floor plans range from one- to three-bedroom units. CA Ventures and Springbank Capital Advisors served as developers. Gillespie Design Group was the project architect.

March 8, 2021

Acquisitions Illinois Industrial Midwest

Pinnacle Systems Relocates from Saint Charles to Batavia, Illinois

by Kristin Harlow March 8, 2021

BATAVIA, ILL. — Pinnacle Systems Inc. has sold its 33,113-square-foot industrial facility located at 3715 Swenson Ave. in Saint Charles for $2.3 million. The safety equipment supplier then purchased a 16,095-square-foot industrial building located at 1510 Hubbard Ave. in Batavia for $915,000. David Friedland, Michael Magliano and Michael Manna of Cushman & Wakefield represented Pinnacle in both transactions. The new building is better suited to the current needs of Pinnacle, according to Manna.

March 8, 2021

Illinois Industrial Leasing Activity Midwest

Radial Signs Lease Extension for 421,361 SF Distribution Center in Suburban Chicago

by Kristin Harlow March 5, 2021

ROMEOVILLE, ILL. — Radial Inc. has signed a long-term lease extension for its distribution center in Romeoville. The commerce technology and operations company occupies 421,361 square feet at 715 Theodore Court near I-55. Paul Diederich, Todd Lippman, Traci Payette and Stephanie Park of CBRE represented Radial in the lease. The landlord was undisclosed. Building improvements were negotiated as part of the lease transaction, according to Diederich.

March 5, 2021

Acquisitions Illinois Midwest Multifamily

Interra Arranges $4.5M Sale of Multifamily Property in Westmont, Illinois

by Kristin Harlow March 5, 2021

WESTMONT, ILL. — Interra Realty has arranged the $4.5 million sale of Warwick Apartments in Westmont, a western suburb of Chicago. The 32-unit multifamily property is located at 312-316 N. Warwick Ave. The seller, Chicago-based 29th Street Capital, made significant capital improvements to the property in 2018. It was originally built in 1973 and was 97 percent occupied at the time of sale. Brian DiBasilio and Craig Martin of Interra represented the seller. The buyer was not disclosed.

March 5, 2021

Illinois Midwest Retail

Cullinan Rebrands Quincy Mall in Illinois as Quincy Town Center

by Kristin Harlow March 4, 2021

QUINCY, ILL. — Owner and manager Cullinan Properties Ltd. has rebranded Quincy Mall as Quincy Town Center. The property is located in Quincy, which is situated along the Mississippi River in western Illinois. Cullinan says the new identity reflects a fresh image and direction for the next chapter of the property. Anchor tenants include Quincy Medical Group, Slumberland Furniture and VIP Cinemas. Cullinan will continue to pursue retail tenants for Quincy Town Center, but it is also seeking uses such as office, hotel and multifamily. Originally opened in 1958 as an outdoor complex known as the American Legion Miracle Mile Town and Country Shopping Center, the center was eventually enclosed and rebranded as Quincy Mall in 1978. Cullinan acquired the asset in 2006.

March 4, 2021

Illinois Leasing Activity Midwest Office

Costco Leases 30,000 SF at Woodfield Preserve Office Center in Schaumburg, Illinois

by Kristin Harlow March 4, 2021

SCHAUMBURG, ILL. — Costco Wholesale Corp. and Costco Innovel Solutions have leased 30,000 square feet at Woodfield Preserve Office Center in Schaumburg. The property is located at 10 N. Martingale Road. Costco expects to begin occupying the space in April. The two-building Woodfield Preserve recently underwent renovations such as lobby remodeling and elevator cab modernization. Amenities include fitness centers, conference centers, tenant lounges, game rooms, delis and an outdoor courtyard. William Elwood and Robert Graham of CBRE represented ownership, Zeller, in the lease transaction. David Stefancic and Lexis Livengood of Cushman & Wakefield represented Costco. Other tenants at the property include Assurance, Byline Bank, Hitachi, New York Life and Progressive.

March 4, 2021

Development Illinois Industrial Midwest

Conor Commercial Underway on Development of 436,500 SF Spec Industrial Project in Bartlett, Illinois

by Kristin Harlow March 3, 2021

BARTLETT, ILL. — Conor Commercial Real Estate is underway on the development of Brewster Creek Commerce Center in Bartlett, about 35 miles northwest of Chicago. The speculative industrial project will span 436,500 square feet. Conor expects to serve e-commerce and logistics companies in need of large-scale distribution space. The building will feature a clear height of 36 feet, 54 truck docks, four drive-in doors, ESFR sprinklers, parking for 125 trailers and parking for 340 cars. Completion is slated for the second quarter. McShane Construction Co., V3 Cos. and Harris Architects Inc. make up the project team. The project is part of a larger 670-acre business park that is home to tenants such as McKesson, ITW, Greco & Sons, Rana, Creative Werks and Cheese Merchants of America.

March 3, 2021

Development Illinois Industrial Midwest

ML Realty Partners Completes 115,924 SF Spec Industrial Building in Glendale Heights, Illinois

by Kristin Harlow March 3, 2021

GLENDALE HEIGHTS, ILL. — ML Realty Partners has completed the development of a 115,924-square-foot speculative industrial building in Glendale Heights. Located at 760 E. North Ave., the project features a clear height of 32 feet, 26 exterior truck docks and two drive-in doors. ML Realty acquired the 7.5-acre site in fall 2019. Kelly Disser, Eric Tresslar, Michael Freitag and Dion Ursino of NAI Hiffman will market the property for lease. Meridian Design Build and Harris Architects made up the project team.

March 3, 2021

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