Thursday, May 22, 2025
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Illinois

IllinoisIndustrialLeasing ActivityMidwest

Dynamic Manufacturing Signs 79,532 SF Industrial Lease in Hillside, Illinois

by Kristin Harlow

HILLSIDE, ILL. — Dynamic Manufacturing Inc., a family-owned and operated automotive manufacturer, has signed a 79,532-square-foot industrial lease at 4160-4190 Madison St. in Hillside, a western suburb of Chicago. The tenant will occupy the entire facility, which is part of a seven-building portfolio that EQT Exeter recently acquired. The property features a clear height of 19.5 feet, LED lighting, four dock doors, two drive-in doors and ample car parking. Corey Chase of Newmark represented the tenant.

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IllinoisLeasing ActivityMidwestOffice

Transwestern Negotiates Two Office Lease Renewals Totaling 52,300 SF in Chicago

by Kristin Harlow

CHICAGO — Transwestern Real Estate Services has negotiated two long-term office lease renewals at 203 N. LaSalle St. in Chicago’s Central Loop. Kathleen Bertrand, Eric Myers and John Nelson of Transwestern represented ownership, Sumitomo Corp. of Americas. Transwestern also manages the 27-story, 624,724-square-foot tower. The Office of the State Appellate Defender renewed its lease for the entire 24th floor totaling 36,000 square feet. Masuda Funai, a law firm that represents foreign companies entering and operating in the U.S. market, signed a lease for 16,300 square feet and is relocating to the 17th floor. John Ziesmer of Transwestern Commerial Services represented Masuda Funai. Leasing activity year-to-date at the property is roughly 134,000 square feet.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $4.4M Sale of Multifamily Property in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of Oakridge Apartments in Peoria. Built in 1990 and 2013 by previous ownership, the 48-unit multifamily property consists of four 12-unit buildings. The asset is located at 2700 W. Willowlake Drive near I-74 and Illinois Route 6. David Tarnoff, Patrick Suffield and Yianni Mouflouzelis of Marcus & Millichap represented the seller, an Illinois-based limited liability company. Christopher Malay and Eric Bell of Marcus & Millichap represented the buyer, a California-based investment group.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Skender Breaks Ground on Three-Building Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — Skender has broken ground on United Yards, a three-building affordable housing development in Chicago’s Back of the Yards neighborhood. Celadon Partners and Blackwood Group are the developers, and DesignBridge is the architect. The project will consist of a 45-unit, six-story apartment building with a ground-floor business entrepreneur hub and youth programming space at 4703 S. Justine St. as well as two three-flat, modular apartment buildings at 1639 and 1641 W. 47th St. Completion is slated for October 2025. Tandem Ventures is managing regulatory compliance, maximizing community engagement and creating local employment opportunities on the project. Other partners include Virgilio & Associates as structural engineer and Element Energy as mechanical, electrical and plumbing engineer.

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AcquisitionsHealthcareIllinoisMidwest

IRA Capital Purchases 41,500 SF Medical Outpatient Facility in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Southern California-based private equity firm IRA Capital has acquired a 41,500-square-foot medical outpatient facility in Chicago’s South Loop. The purchase price was $21.8 million, according to Crain’s Chicago Business. Located at 1411 S. Michigan Ave., the facility occupies five floors of a 15-story building and is fully leased to Rush University Medical Center. Constructed in 2018 as a build-to-suit for Rush, the facility is one of the healthcare provider’s largest outpatient centers, offering both adult and pediatric primary care as well as more than 20 medical specialties. The multispecialty clinic includes 61 exam and procedure rooms and is supported by a team of over 60 physicians.

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IllinoisLeasing ActivityMidwestRetail

Hyper Kidz Signs 26,941 SF Retail Lease at Main Street Plaza in Wheaton, Illinois

by Kristin Harlow

WHEATON, ILL. — Hyper Kidz has signed a 26,941-square-foot retail lease at Main Street Plaza in the Chicago suburb of Wheaton. Brad Belden and Chris Irwin of Colliers represented the landlord, RMS Properties Inc. Brendan Watt of Great Street Realty represented Hyper Kidz, which offers an indoor playground, attractions and play zones. The lease brings the 116,759-square-foot property to 75 percent occupancy. Jewel-Osco is the anchor tenant.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Arranges Sale of 890-Unit Self-Storage Portfolio in Carbondale, Illinois

by Kristin Harlow

CARBONDALE, ILL. — Marcus & Millichap has arranged the sale of a four-property self-storage portfolio totaling 890 units in Carbondale, a city in southern Illinois. The sales price was undisclosed. There are 834 non-climate-controlled units and 56 climate-controlled units totaling 98,363 rentable square feet. The properties are located at 710 E. Main St., 1535 N. Reed Station Road, 707 E. College St. and 1295 Harmony Lane. Marla Čolić of Marcus & Millichap represented the undisclosed seller. A regional storage investment group purchased the portfolio. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction.

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IllinoisLeasing ActivityMidwestRetail

Two New Retail Tenants Open at Deer Park Town Center in Suburban Chicago

by Kristin Harlow

DEER PARK, ILL. — Ancho & Agave and Bluemercury are slated to open next week at Deer Park Town Center in the Chicago suburb of Deer Park. Ancho & Agave is a Mexican restaurant that is opening its second Illinois location. The restaurant totals 8,500 square feet. Luxury beauty retailer Bluemercury occupies 2,543 square feet. Deer Park Town Center also welcomed Victoria’s Secret, The Shade Store, Aerie and Clean Juice to the shopping center earlier this year. Managed by JLL, the outdoor lifestyle center is home to more than 60 retail, restaurant and service brands.

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AcquisitionsIllinoisMidwestOffice

Namdar Realty Group, Mason Asset Management Acquire One North LaSalle Office Tower in Chicago

by Kristin Harlow

CHICAGO — Namdar Realty Group and Mason Asset Management have acquired One North LaSalle, a 493,738-square-foot office tower along the LaSalle Street corridor in downtown Chicago, through a deed-in-lieu of foreclosure. Built in 1929, the property was renovated in 2017. Once recognized as the city’s tallest structure, One North LaSalle was designated a Chicago landmark in 1996 and added to the National Register of Historic Places in 1999. The property features “The Landmark” on the 25th floor, which houses a fitness center, conference rooms and a tenant lounge with outdoor terrace. The ownership transition is part of a broader strategy to enhance the building’s appeal. Andy DeMoss of Bradford Allen will continue to lead leasing efforts for the asset. Recent lease signings have included Flanagan Bilton, Youth Guidance, Second Sense, Collins Bargione & Vuckovich, Symmetry Counseling, Reifers Holmes & Peters, Wolf Point Engineers and SRF Consulting Group.

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IllinoisLoansMidwestMultifamily

JLL Arranges $25M Loan for Refinancing of Multifamily Property in Warrenville, Illinois

by Kristin Harlow

WARRENVILLE, ILL. — JLL Capital Markets has arranged $25 million for the refinancing of Arden Townhomes, a 60-unit, newly constructed multifamily property in the Chicago suburb of Warrenville. Completed in 2024, the property is situated in the city’s Cantera neighborhood. The asset features three-bedroom units averaging 1,898 square feet along with shared amenities. Trent Niederberger and Philip Galligan of JLL arranged the two-year, floating-rate loan on behalf of the borrower, Cantera Townhomes LLC. An entity managed by Argentic Investment Management LLC provided a $20 million senior loan, and Pearlmark provided an additional $5 million of mezzanine financing.

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