Illinois

Meridian Design Build Completes Construction of 358,879 SF Spec Industrial Building in Chicago

by Kristin Harlow June 18, 2020

CHICAGO — Meridian Design Build has completed construction of a 358,879-square-foot speculative industrial building in the city of Chicago. NorthPoint Development was the developer. The new facility sits on a 31.2-cre site. StudioNorth Architecture and Jacob & Hefner Associates made up the project team. Meridian and NorthPoint worked together to maximize participation by businesses owned by minorities and women for the project. The new building is the first within NorthPoint’s $164 million, 200-acre Avenue O Industrial Park. The park is a redevelopment of the Republic Steel site that has been vacant for more than two decades. Plans call for 2.3 million square feet of industrial development.

June 18, 2020

Illinois Industrial Leasing Activity Midwest

Screen Americas Signs 44,198 SF Industrial Lease at Elk Grove Technology Park in Illinois

by Kristin Harlow June 18, 2020

ELK GROVE VILLAGE, ILL. — Screen Americas has signed a 44,198-square-foot industrial lease at Elk Grove Technology Park in Elk Grove Village. Screen is a provider of inkjet printing technology. The facility will serve as the North American headquarters for the company. Mike Sedjo, Jack Brennan and John Hamilton of CBRE represented the landlord, Brennan Investment Group, in the lease transaction. Joe Bronson of NAI Hiffman represented Screen, which will occupy space within a 151,693-square-foot building. Elk Grove Technology Park is an 85-acre industrial park near O’Hare International Airport. With the completion of Phase I in the fourth quarter of 2019, the park is nearly 75 percent leased.

June 18, 2020

Acquisitions Illinois Midwest Multifamily

SVN Chicago Commercial Brokers $10.6M Sale of Multifamily Community in Chicago

by Kristin Harlow June 18, 2020

CHICAGO — SVN Chicago Commercial has brokered the sale of Baric Commons in Chicago’s West Pullman neighborhood for $10.6 million. The 141-unit multifamily community is located at 232 E. 121st Place. Jeff Baasch and Finley Askin of SVN brokered the transaction. An out-of-state private investment group purchased the asset from an undisclosed seller.

June 18, 2020

Development Illinois Midwest Retail

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

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