MUNDELEIN, ILL. — Venture One Real Estate has begun development of Route 60 Logistics Center, a 195,375-square-foot speculative industrial facility in Mundelein, a northern suburb of Chicago. Located at 1300 Allanson Road, the infill project will feature a clear height of 36 feet, onsite trailer parking and ample car parking. Chris Volkert, Ned Frank and Pat Hake of Colliers International have been retained to market the property for lease. Meridian Design Build is the general contractor. Completion is slated for the second quarter of 2021.
WEST DUNDEE, ILL. — The Opus Group has broken ground on an industrial build-to-suit for WEN Power Tools in West Dundee, a far northwest Chicago suburb. WEN, which is owned by Great Lakes Technologies, will relocate its headquarters to the 180,623-square-foot building within Oakview Corporate Park. The project will feature a 1,900-square-foot showroom, 4,000 square feet of office space, 21 truck dock doors, two drive-in doors and a clear height of 32 feet. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Eric Chang of U.S. Asia Investment Group LLC represented WEN while Noel Liston of Darwin Realty represented Opus. Completion is slated for March 2021.
CHICAGO — JLL Capital Markets has arranged the sale of a new 3,000-square-foot retail property occupied by 7-Eleven in Chicago for $5.9 million. Located at 3159 N. Clybourn Ave., the property opened in July. Alex Sharrin, Alex Geanakos and Truman Tiernan of JLL represented the seller, GW Property Group. The buyer was undisclosed. With more than 68,000 stores across 23 countries, 7-Eleven is the world’s largest store chain in the convenience retailing industry, according to JLL.
CHICAGO — ShipBob, an e-commerce fulfillment company based in Chicago, has raised $68 million in Series D funding led by SoftBank Vision Fund 2, which has previously invested in companies such as Uber, Slack, Opendoor and Doordash. ShipBob says it has experienced a “tremendous acceleration” in new customers since the onset of the COVID-19 pandemic. The new capital will enhance the company’s capabilities to provide for more customers, hire more workers and expand its software platform. To support the influx in demand, ShipBob has opened six new fulfillment centers since April, including two international locations. The company has also hired hundreds of new fulfillment associates over the last few months and plans to hire hundreds more leading up to the holiday season. ShipBob expects to open two more U.S. centers this year and 10 facilities across North America, Europe, Asia and Australia in 2021. Dhruv Saxena and Divey Gulati formed ShipBob in May 2014. Series D funding refers to the fourth stage in the financing cycle of new business growth.
CHICAGO — Irvine Co. has negotiated several new and expanded office leases totaling more than 144,000 square feet at 300 North LaSalle, One North Wacker and 71 South Wacker. Vestian, a workplace solutions firm, doubled its footprint to 7,102 square feet at the 60-story 300 North LaSalle. LoanCore Capital, a privately held asset management firm, signed a lease for 4,521 square feet. In-telligent, a Chicago-based technology company, leased 7,753 square feet at the 51-story One North Wacker. Other lease signings at the office tower include Chicago Partners Wealth Advisors, Hana2.0 Property Group, James Denney and Periscope Equity. Chicago-based startup Drift Net Securities leased 10,136 square feet at the 48-story 71 South Wacker. Reply leased 4,885 square feet and Consolidated Training renewed its lease for 14,222 square feet. Irvine Co. partnered with UCI Health to review and enhance its coronavirus-related health and safety plans.
O’FALLON, ILL. — Knoebel Construction has completed building a new Drake’s restaurant in O’Fallon near St. Louis. The 6,014-square-foot restaurant and entertainment venue features two full-service bars and an outdoor patio. Drake’s, an entity of parent company Bluegrass Hospitality Group, is a Kentucky-based chain with 15 locations across the Midwest and Southeast. The restaurant offers more than 20 craft beers on tap as well as sandwiches, salads, burgers and sushi. Drake’s says it is closely following government guidelines for reopening during COVID-19 and working alongside state and local officials to ensure health and safety.
CHICAGO — The historic Palmer House Hilton hotel in Chicago faces a bank foreclosure, according to several media reports including The Wall Street Journal. Wells Fargo Bank filed a lawsuit against Thor Equities because the owner was in default on its $333.2 million first mortgage. Located at 17 E. Monroe St., the hotel was originally constructed in 1871. Conrad Hilton later purchased it in 1945. Palmer House features 1,639 guest rooms and suites. Famous guests throughout the decades have included Oscar Wilde, Frank Sinatra, Louis Armstrong and Bill Clinton.
CHICAGO — J.C. Anderson has completed a 22,000-square-foot, full-floor office buildout for global infrastructure and engineering firm Gannett Fleming in Chicago. The firm has relocated from One Prudential Plaza to the 37th floor of Two Prudential Plaza. The new space features open office areas, private offices, meeting rooms and a large training room. Eastlake Studio provided architectural services and Gola Corporate Real Estate Inc. provided project management services.
HINSDALE, ILL. — MedProperties Group has sold Salt Creek Medical Campus in Hinsdale, about 20 miles west of Chicago. The sales price was undisclosed. The four-building medical office portfolio spans 156,660 square feet. The properties are 88 percent leased to a variety of healthcare providers, including the Hinsdale Surgical Center. MedProperties originally acquired 12 Salt Creek Lane, 907 Elm Street and 901 Elm Street in 2012 and 2013 and made significant capital improvements to the buildings over the last several years. The seller developed 8 Salt Creek Lane in 2016 as a build-to-suit for Edward-Elmhurst Health. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller. The buyer was undisclosed.
CHICAGO — Marcus & Millichap has brokered the sale of a 31,120-square-foot office building occupied by the State of Illinois Department of Human Services (IDHS) for $4.2 million. The property is located at 915 E. 63rd St. in Chicago. IDHS has operated at the location for 27 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. The team also secured the buyer, a private investor.