CHICAGO — Sloan, a manufacturer of commercial plumbing systems and touchless restroom solutions, has signed a 20,000-square-foot office lease at 333 N. Green in Chicago’s Fulton Market. Sloan will use the space for its first Chicago showroom. Owned by Sterling Bay, 333 N. Green is now 93 percent leased. Russ Cora and Gillian Keebler of Sterling Bay negotiated the lease transaction. Larry Cohn of @properties represented the tenant.
By Brian Niven As we begin to reopen most parts of our society following the COVID-19 pandemic that devastated our country and economy earlier this year, many in the commercial real estate industry are beginning to take stock of the massive shifts it may have put into motion. While the pandemic has decimated many sectors — shuttering retail shops, leaving offices empty and setting off an exodus of urban apartment dwellers — prospects for industrial properties have remained strong. Demand for warehouses of all kinds has been soaring in recent years, largely on the back of the growing e-commerce industry, and the sidelining of brick-and-mortar stores has only strengthened those tailwinds. However, that does not mean that the sector will not face challenges in the years to come. While most of the country’s core markets have a healthy pipeline of dry warehouse development that will help meet demand from users, the same cannot be said for an increasingly essential part of our supply chain — cold storage facilities. Vacancy for cold storage was already at or near zero across the country, but the pandemic has set off a chain of events that is likely to place significant stress on our …
CHAMPAIGN, ILL. — Captain D’s newest franchise location has opened in Champaign. Located at 1409 N. Prospect Ave., the restaurant marks Captain D’s first restaurant in central Illinois and seventh overall in the state. The Champaign restaurant is currently open for drive-thru and carryout. The dining room will remain closed for the immediate future due to COVID-19. Sunil Modi owns the Champaign restaurant. He previously owned Dunkin’ restaurants in the Champaign area. Captain D’s, known for its fast-casual seafood, says it has experienced a surge in franchise development across the Midwest since 2018. Today, there are more than 530 Captain D’s restaurants in 23 states across the country.
CHICAGO — Englewood Construction has completed a new Windy City Cannabis-branded dispensary at 923 W. Weed St. in Chicago. The facility is the second recreational dispensary within Chicago’s city limits since Illinois legalized recreational marijuana on Jan. 1. Des Plaines, Ill.-based Camburas & Theodore Ltd. served as architect. Englewood has started work on a second Windy City Cannabis location at 1413 W. North Ave. in Melrose Park, a western suburb of Chicago. The dispensary is slated to open in September. Bill Di Santo, president of Lemont, Ill.-based Englewood, says that that the construction of cannabis projects is currently a bright spot for the firm given “a strong pipeline of work.”
PEKIN, ILL. — An 88-room Hampton Inn & Suites hotel has opened at East Court Village in Pekin, about 10 miles south of Peoria. The four-story property is located at 3445 Court St. Amenities include a free hot breakfast, Wi-Fi, on-site parking, a heated indoor pool, fitness center and meeting spaces. The pool will open to guests soon. Face masks are currently required in all indoor public areas of the hotel for guests and employees. In 2016, Marigold Lodging purchased the 2.8-acre parcel for the hotel from Cullinan Properties Ltd., which owns and manages East Court Village, a regional power center.
GURNEE, ILL. — An unnamed developer has purchased a 2.6-acre parcel at 5742 Northridge Drive in Gurnee near Waukegan for $1 million. The buyer plans to build a hotel at the site, which includes a 24,000-square-foot, single-story building. The site is near Gurnee Mills, Six Flags and Great Wolf Lodge. Paul Cawthorn and Angelo Labriola of SVN | Chicago Commercial represented the undisclosed seller in the transaction.
ROLLING MEADOWS, ILL. — Glenstar and Rubenstein Partners have completed a $20 million renovation of Continental Towers in Rolling Meadows. Built between 1978 and 1982, the 910,000-square-foot office complex is located at 1701 Golf Road. The three-building property sits on 34 acres and is home to tenants such as Verizon and Panasonic. The main portion of the modernization project was a one-acre outdoor space, which now houses flexible seating, gathering areas, fire pits and grills. Additional improvements were made to the lobbies, elevator cabs, common areas and tenant lounge. Michael Klein, co-founder and managing principal of Glenstar, says the owners have a robust program in place to address today’s safety and social distancing concerns. “Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance.” In 2015, Glenstar invested $30 million in the construction of a parking garage, reconfigured site plan and renovation of a 23,000-square-foot fitness center run by Midtown Fitness. Glenstar originally acquired Continental Towers in 2013 and recapitalized the property in 2018 with the help of Rubenstein Partners, which is a fund manager for a series of private equity funds focused on office investments …
NAPERVILLE, ILL. — American Street Capital (ASC) has arranged a $6.6 million cash-out refinancing loan for a 60-unit multifamily building in Naperville. Built in 1986, the three-story property features two-bedroom units averaging 1,082 square feet. The property includes 127 car parking spaces and laundry facilities. The building was fully occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year, fixed-rate loan with a CMBS lender. The loan features a 30-year amortization schedule.
CHICAGO — Openlands, a wildlife conservation nonprofit organization, has renewed its 8,373-square-foot office lease at 25 East Washington in Chicago. Openlands occupies space on the 16th floor and has resided in the building for over 20 years. Jonathan Seeley and Merrick Wells of Bradford Allen represented the tenant in the lease transaction. Aspire Properties is the landlord for the 22-story office building. Founded in 1963 as a program of the Welfare Council of Metropolitan Chicago, Openlands is one of the oldest metropolitan conservation organizations in the nation. It has helped to protect more than 55,000 acres of land for public parks, forest preserves, wildlife refuges, urban farms and community gardens in northeastern Illinois.
HARWOOD HEIGHTS, ILL. — NARE Investments has acquired Harwood Commons, a 142,195-square-foot shopping center in metro Chicago’s Harwood Heights. The purchase price was undisclosed. Harwood Commons, located at 4701 N. Harlem Ave. and built in 1981, is home to Burlington, Marshalls and Aldi. CBRE’s National Retail Partners Midwest team represented the seller, Icahn Enterprises.
