Illinois

GBT Realty to Develop 53,000 SF Retail Center Near St. Louis

by Kristin Harlow June 17, 2020

O’FALLON, ILL. — GBT Realty Corp. will develop Shoppes at Richland Creek, a 53,000-square-foot retail center in O’Fallon, an eastern suburb of St. Louis. In March, GBT purchased the 17-acre site from Vantage Credit Union for an undisclosed price. Shoppes at Richland Creek is approximately 70 percent pre-leased to tenants such as Smoothie King, Chicken Salad Chick, Pacific Dental, Five Guys Burgers + Fries, Taco Bell, Burger King, Popeyes and Tidal Wave Luxury Car Wash. Completion is slated for summer 2021. “The area’s growing population and solid workforce, combined with the city’s willingness to assist us in the development process, made this site — and this community — the ideal place for GBT’s next shopping center,” says Jeff Pape, managing director with GBT. O’Fallon has experienced significant growth over the past two decades with nearly 2,000 new homes and over $400 million in residential and commercial development, according to GBT. Tennessee-based GBT currently has more than $1 billion of commercial development totaling 5 million square feet in the pipeline or under construction.

June 17, 2020

Development Illinois Midwest Retail

Cannabis Facility Construction Breaks Ground on Dispensary in Northbrook, Illinois

by Kristin Harlow June 17, 2020

NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has broken ground on a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the nearly 10,000-square-foot dispensary will serve as a flagship location for the brand. The design ensures all points of sale are six feet apart in order to accommodate social distancing. In addition to the retail space up front, there will be back office space and a vault for inventory storage. A timeline for completion was not disclosed. Greenhouse currently operates four dispensaries in Illinois. CFC, a division of Mosaic Construction, is a cannabis design-build firm based in Northbrook.

June 17, 2020

Illinois Midwest Restaurant Retail

McDonald’s: U.S. Same-Store Sales Fall 5 Percent for Month of May

by Kristin Harlow June 16, 2020

CHICAGO — McDonald’s says that U.S. same-store sales have sequentially improved from late March through May. For the month of May, the Chicago-based fast food giant reported a decline in U.S. same-store sales of 5.1 percent, compared with 19.2 percent for the month of April. Globally, sales fell 29.8 percent quarter-to-date through May. McDonald’s says that 95 percent of its restaurants globally are now open. In the United States, more than 1,000 restaurant dining rooms have reopened with reduced seating capacity. “Our unique advantages, including a high percentage of drive-thru restaurants and investments in delivery and digital, have enabled us to adapt to the changing landscape presented by the COVID-19 outbreak,” says Chris Kempczinski, president and CEO.

June 16, 2020

Acquisitions Illinois Industrial Midwest

Kiefer Associates Sells 82,000 SF Industrial Building in Zion, Illinois, Leases Back Smaller Portion

by Kristin Harlow June 16, 2020

ZION, ILL. — Kiefer Associates has sold its 82,000-square-foot industrial building located at 1700 Kiefer Drive in Zion within northern Illinois. The sales price was undisclosed. As part of the transaction, Kiefer has agreed to an early termination of its lease and will lease back a smaller portion of the property on a short-term basis. The property sold to an investment group that includes the principals of American Eagle Packaging Co. (AEP), a full-service packaging company that will move into a portion of the facility. The remainder of the building will be subdivided into three additional spaces. Dan Benassi, Dan Jones and Sam Deihs of Entre Commercial Realty brokered the transaction. The team will manage and lease the property going forward.

June 16, 2020

Illinois Industrial Midwest

Darwin Realty Joins CORFAC International

by Kristin Harlow June 16, 2020

ELMHURST, ILL. — Darwin Realty has joined CORFAC International as the newest U.S. affiliate of the global network. Darwin is the first U.S.-based firm to join CORFAC this year. Last year, seven U.S. firms joined the organization. Established in 1975, Darwin serves the Northeast Illinois, Southern Wisconsin and Northwest Indiana markets. It specializes in industrial and office brokerage, investment sales, property management and development. “Darwin fits into our need for a strong industrial group in Chicago, complementing our existing CORFAC member ProTen Realty Group on the office side,” says Alan Joel, 2020 CORFAC president. “We are now looking at a couple of strong retail and investment sales groups in Chicago to help round out that mega-market.” Des Plaines, Ill.-based CORFAC is a network of independently owned commercial real estate brokerage firms. There are 50 offices in the U.S.

June 16, 2020

Illinois Midwest Retail

Chicago’s 900 North Michigan Shops Reopens with 23 Retailers

by Kristin Harlow June 15, 2020

CHICAGO — Chicago’s 900 North Michigan Shops reopened on Monday, June 8. Those visiting the shopping center will initially find 23 retailers. Other retailers will open at a later date. The Aster Hall food hall is open for delivery and carryout. The center features enhanced safety measures, such as touchless hand-sanitizing stations, glass dividers and elevator button covers. A special thank you message is projected on the ceiling for essential workers. The property is open daily from 12 to 6 p.m.

June 15, 2020

Acquisitions Illinois Midwest Retail

JLL Arranges $2.2M Sale of Starbucks-Occupied Retail Building Near Chicago

by Kristin Harlow June 12, 2020

CHICAGO RIDGE, ILL. — JLL Capital Markets has arranged the $2.2 million sale of a single-tenant retail building net leased to Starbucks in Chicago Ridge, about 20 miles southwest of Chicago. Completed this year, the 2,400-square-foot building features a drive-thru and patio. It sits on 9.6 acres at 10259 S. Harlem Ave. Alex Sharrin led the JLL team representing the seller, Glazier Corp. An undisclosed investor purchased the asset.

June 12, 2020

Development Illinois Midwest Office Top Stories

Trammell Crow Plans to Develop 423,454 SF Fulton Labs Life Science Facility in Chicago

by Alex Patton June 12, 2020

CHICAGO — Trammell Crow Co. (TCC), a Texas-based developer, has unveiled plans for Fulton Labs, a 423,454-square-foot life science facility in the Fulton Market neighborhood of Chicago. Located at 400 N. Aberdeen St., Fulton Labs will span 16 floors, with 12 floors of wet or dry lab space, dependent on the tenant’s needs. The lab space will be equipped for drug, chemical and biological testing as well as digital research and analysis. The facility’s 34,000-square-foot, column-free floor plates will be able to accommodate small startups as well as multi-floor tenants. The building will also feature passenger and freight elevators, as well as chemical and equipment storage space for tenants. “With Fulton Labs’ advanced research and development infrastructure, flexible lab spaces, and full floor launchpad for early stage companies, we are confident that this facility will help to promote growth in the Midwest’s life science industry,” says Grady Hamilton, managing director of TCC’s Midwest Business Unit. The building will feature 35,000 square feet of amenity space, which will include a health and wellness center, a 190-person collaboration center, a rooftop fire lounge and two private balconies per floor. The property will offer access to interstates 90, 94 and 290, as well …

June 12, 2020

Development Illinois Midwest Multifamily Seniors Housing

McShane Completes Construction of 146-Unit Senior Living Community in Naperville, Illinois

by Kristin Harlow June 10, 2020

NAPERVILLE, ILL. — McShane Construction Co. has completed the construction of Avenida Naperville, a 146-unit senior living community in Naperville. Reserved for adults age 62 and older, the six-building property is geared toward residents who want to maintain an active lifestyle. Residents have access to 13,000 square feet of amenity space, including a clubhouse with a bistro, fitness and yoga studios, a theater, library, private dining room and arts studio. Outdoor amenities include a pool, game lawn and barbecue areas. Meeks + Partners designed the community. Avenida Partners is the developer and owner.

June 10, 2020

Acquisitions Illinois Midwest

Chicago’s BlockPoint Acquires Pacific Construction

by Kristin Harlow June 10, 2020

CHICAGO —BlockPoint, a project development and general contracting company, has acquired Pacific Construction, a general contractor, construction management and development services firm. The purchase price was undisclosed. Both companies are based in Chicago. Pacific, which will continue to operate under its same name, has built projects such as the Fermilab R&D building in Batavia, the Adler Planetarium in Chicago and military bases around the state such as the Army Reserve Center in Fort Sheridan. Pacific works in the institutional and public works, healthcare, retail, restaurants and multifamily sectors.

June 10, 2020

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