Friday, July 3, 2026
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DevelopmentIllinoisMidwestOffice

Somerset Development Opens 15,000 SF Coworking Space at Bell Works Chicagoland

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Somerset Development has opened coLab at Bell Works Chicagoland in Hoffman Estates. The 15,000-square-foot coworking facility offers flexible lease terms and workspaces, including access to dedicated conference and meeting rooms, lounges and amenities. It was designed as a turnkey solution for enabling companies to flexibly lease ready-to-use office space, according to Somerset. NPZ Style & Décor designed the space. Membership plans range from a $25 day pass to private team suites, which start at $2,000 per month. Bell Works Chicagoland is the transformation of the former AT&T campus. Somerset is developing the project in a similar fashion to its Bell Labs development in Holmdel, N.J.

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AcquisitionsIllinoisMidwestRetail

Newcastle Properties Acquires 7,763 SF Retail Center in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Newcastle Properties has acquired a 7,763-square-foot retail center in Elmhurst, a western suburb of Chicago. Built in 2016, the property is fully leased to Starbucks, Hand & Stone Massage, T-Mobile and Bentley’s Pet Stuff. The center is shadow-anchored by LA Fitness. Sean Devine of Newcastle sourced and managed the acquisition. Beth Sansiper and Jeff Gurian of Becker & Gurian represented Newcastle in the transaction. The seller and sales price were undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

IRG Acquires 1.5 MSF Former Caterpillar Facility in Rockdale, Illinois

by Kristin Harlow

ROCKDALE, ILL. — Industrial Realty Group LLC (IRG) has acquired a 1.5 million-square-foot industrial facility formerly occupied by Caterpillar in Rockdale near Joliet. The purchase price was undisclosed. The 69-acre property includes several buildings along the Des Plaines River. The largest building is 1.3 million square feet and includes 65,384 square feet of office space. Caterpillar used the site for its hydraulic manufacturing operations. IRG’s CEO John Mase says the company intends to convert the single-tenant manufacturing facility into a multi-tenant complex capable of accommodating warehouse, distribution and manufacturing users. IRG plans to immediately begin renovations and marketing the space for lease.

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IllinoisIndustrialMidwest

Bridge Development Partners Rebrands as Bridge Industrial

by Kristin Harlow

CHICAGO — Chicago-based Bridge Development Partners LLC has rebranded and changed its name to Bridge Industrial. The privately owned industrial real estate operating company and investment manager also launched a new website. The new name represents Bridge’s evolution over the past 20 years, according to the company. Bridge is also prioritizing the growth of its investment management business. The company hired Sean Zasche as CFO in September to lead all capital markets efforts.

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HealthcareIllinoisMidwest

Blueprint Expands Platform into Medical Office Brokerage

by Kristin Harlow

CHICAGO — Chicago-based Blueprint Healthcare Real Estate Advisors has expanded its platform into medical office brokerage. Coinciding with the announcement is the addition of medical office veterans Eric Lee and Chris Lashmet to lead the practice. Known for its activity in the seniors housing and care space, Blueprint says the expansion is an effort to provide innovative advisory services to the healthcare sector while also best serving its core senior living clients. Blueprint’s medical office practice will include services such as investment sales; sale-leaseback structuring for physician groups; strategic real estate advisory for health systems and investors; joint venture structuring with developers; and capital raising for ground-up development.

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DevelopmentHospitalityIllinoisMidwest

Summit Design + Build Completes Construction of SpringHill Suites Hotel in Chicago’s Chinatown

by Kristin Harlow

CHICAGO — Summit Design + Build LLC has completed construction of a 148-room SpringHill Suites hotel in Chicago’s Chinatown neighborhood. Summit constructed the four-story, 80,000-square-foot property on top of an existing two-story parking garage and retail center. The project includes a first-floor lobby, reception, gym, breakfast room and meeting room. SpringHill Suites is under the Marriott International umbrella. The project team included T2 Mechanical and Vari Architects.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 45,112 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Lee & Associates has negotiated a 45,112-square-foot industrial lease at 1755 Britannia Drive in Elgin. Kenneth Franzese and John Cassidy of Lee & Associates represented the owner, Scannell Properties. Steve Bass of NAI Hiffman represented the tenant, Hardinge Inc., which is a provider of advanced metal-cutting solutions. The 80,491-square-foot, newly constructed building features a clear height of 32 feet. There are 35,379 square feet remaining available for lease.

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AcquisitionsIllinoisMidwestMultifamily

Interra Negotiates $5.7M Sale of Apartment Building in Chicago’s Lakeview Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sale of a 16-unit apartment building in Chicago’s Lakeview neighborhood for $5.7 million. Originally constructed in 1916, the property is located at 700 W. Grace St. Units range in size from 850 to 1,500 square feet. The property was fully occupied at the time of sale. Joe Smazal of Interra represented both the East Coast-based seller and the private local buyer.

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IllinoisIndustrialLeasing ActivityMidwest

Garage Door Supplies Inks 30,000 SF Industrial Sublease in Bedford Park, Illinois

by Kristin Harlow

BEDFORD PARK, ILL. — Garage Door Supplies has subleased 30,000 square feet of industrial space at 6558 W. 73rd St. in Bedford Park, a southwest suburb of Chicago. The 35,000-square-foot building features a clear height of 23 feet, five exterior dock doors and 300 car parking spaces. Jeffrey Provenza and Rollo Dace of Darwin Realty/CORFAC International represented Garage Door Supplies, which manufactures and distributes garage doors and related parts. William Strey of Cushman & Wakefield represented the sublandlord, Jerich USA. The sublease is for 18 months.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers Sale of 253-Unit Multifamily Asset in West Chicago

by Kristin Harlow

WEST CHICAGO, ILL. — Marcus & Millichap has brokered the sale of Aspen Ridge in West Chicago for an undisclosed price. The 253-unit multifamily asset is situated in a wooded area near DuPage County Forest Preserve. Built in 1967 on 12 acres, the property features an Olympic-size pool, fitness center and playground. There are 77 one-bedroom units and 176 two-bedroom units. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors.

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