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.
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.
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.
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.
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.
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 …
CHICAGO — Associated Bank has completed a $1.4 million loan for 312 Properties for the purchase of a residential building in Chicago’s South Shore neighborhood. Located at 6700 S. Clyde Ave., the three-story building features 13 apartments. The property was previously subdivided as condominiums but operating as an apartment building. At closing, the buyer acquired all the units from the seller and converted the building to a multifamily designation. Elizabeth Hozian of Associated Bank’s commercial real estate division managed the loan and closing.
HOFFMAN ESTATES, ILL. — Heitman Architects Design, serving as architect/designer, and McShane Construction Co., serving as general contractor, have completed the development of a North American headquarters facility for Swiss-based Bystronic Inc. The tenant is a high-tech manufacturer of high-quality machines and systems for processing sheet metal and other flat materials for laser cutting, bending and automation. Bystronic is relocating from nearby Elgin to the 163,350-square-foot property, which includes 30,400 square feet of office space, 67,750 square feet of production space, 35,000 square feet of warehouse space and a 30,200-square-foot showroom. Designed and organized around the visitor experience, the facility features a catwalk that bisects the showroom and the manufacturing floor, stacking hospitality rooms that overlook the showroom and a large central conference room perched off the catwalk. Construction of the property began in fall 2018.
DES PLAINES, ILL. — NexGen Hotels, serving as general contractor and developer, has unveiled plans for a $16 million Home2 Suites by Hilton, with a scheduled groundbreaking in April 2021. The 63,000-square-foot hotel will be located at 1700 S. Higgins Road in Des Plaines, approximately four miles from O’Hare International Airport. Slated for completion in summer 2022, the five-story hotel will feature 107 suites with fully equipped kitchens, designed for both short-term and extended-stay guests. The property will include outdoor lounge and patio areas, an indoor saltwater pool and Spin2 Cycle, a combination fitness and laundry facility. Alpharetta, Ga.-based Origination Design is serving as architect and St. Louis-based Genuine Hospitality Group will manage the hotel. The hotel is NexGen’s first Home2 Suites by Hilton-branded property.
CHICAGO — Optima Signature, a luxury office tower in Chicago, is now offering its on-site office suites as e-learning spaces for residents and non-residents alike. Designed by David Hovey Sr. and completed in 2017, Optima Signature is a 490-unit Class A residential tower located at 220 E. Illinois St. Located on the 57-story building’s second and seventh floors, the study suites are furnished with five to seven workstations, a mini-fridge, built-in cabinetry and window treatments, Wi-Fi access, professional cleaning and a curated selected of building amenities, including outdoor lounge areas. The suites are available for rent, ranging from $1,800 to $2,400 per month.
