HOFFMAN ESTATES, ILL. — Recent additions at Bell Works Chicagoland in Hoffman Estates include global medical device and solutions provider Arjo, indoor golf facility Swing Loose, interactive gaming and entertainment experience Game Night Out, Indonesian specialty retailer LeGenda, video installation gallery Cameos of Street Life, local media company Love Local Media Agency and French-inspired gluten-free bakery Musing Baker. The new and expanded office and retail leases represent an additional 73,500 square feet at the property. In addition to the new tenants, Convergint, an existing tenant specializing in technology solutions, has expanded its footprint by an additional 17,400 square feet of office space and 10,000 square feet of warehouse space. Convergint’s space now totals 92,400 square feet. Inspired by Somerset Development is the developer behind Bell Works Chicagoland, the redevelopment of the former AT&T corporate campus.
CHICAGO — Chicago-based financial services firm Mesirow has expanded its structured debt capabilities with the launch of its Single-Asset Single-Borrower (SASB) platform. Mesirow says the platform is designed to address the evolving needs of borrowers in today’s challenging debt capital markets environment by providing access to the highly liquid and efficient CMBS markets, while also delivering customized solutions traditionally reserved for larger issuers. Mesirow’s SASB platform caters to transactions starting at $50 million. Additionally, Mesirow continues its role post-closing as an administrative agent, facilitating post-close borrower dialogue with certificate holders in the securitization trust through its loan servicing platform. This service mirrors the relationship management borrowers typically experience in syndicated bank transactions. To support the growth of its SASB platform, Mesirow is investing in new talent, including the addition of Thomas Chang and Simon Mui, two seasoned capital markets professionals with over 20 years of experience in CMBS.
NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has arranged the sale of a 30,421-square-foot office condominium in Normal near Bloomington for an undisclosed price. The asset is located at 420 Wylie Drive within the Crossroads Center, which was formerly the Bloomington Normal Factory Stores. Chestnut Health Systems acquired the property in 2007, converting the former retail space into a functional office setting. The space features a research library, large training room, kitchen facilities, office and conference rooms and a mezzanine level with private offices. The facility served as an office for Chestnut’s research division, Lighthouse Institute, for nearly two decades. Lighthouse will relocate to its headquarters on Martin Luther King Jr. Drive in Bloomington. Meghan O’Neal-Rogozinski and Michael O’Neal of AXIS 360 marketed the property for sale. The buyer was undisclosed.
HOFFMAN ESTATES, ILL. — Eastham Capital and Bender Cos. have acquired Haven Hoffman Estates, a 550-unit apartment community in the Chicago suburb of Hoffman Estates, for $75.8 million. The asset will be renamed Hoffman Hills Apartments as part of a property update program. South Florida-based Eastham Capital obtained a majority interest in the deal through its current fund, Eastham Capital Fund VI LP. Bender Cos., which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management of the property. The community is currently 96 percent occupied with average rents of just over $1,349 per month. The acquisition includes a renovation budget of $6.5 million, which will include interior unit, exterior and amenity upgrades. Built in 1970, the property features amenities such as a pool, clubhouse, fitness center, private work-from-home suites and an outdoor dining area.
DECATUR, ILL. — Cinnaire has invested $7 million in New Markets Tax Credits to support the rehabilitation and expansion of the former Prairie Farms dairy plant into the Tillamook Decatur Creamery. The facility, located at 757 N. Morgan St. in Decatur, is being transformed into a modern 79,000-square-foot creamery to support Tillamook County Creamery Association’s (TCCA) production efforts in the eastern U.S. Construction began in June, and is slated for completion this month. The project, which has revitalized the vacant building into a dedicated ice cream manufacturing plant, marks a significant expansion as TCCA’s first wholly owned and operated manufacturing facility outside of Oregon and its only facility dedicated solely to ice cream production. Tillamook is an Oregon-based dairy co-op and manufacturer known for its cheese, yogurt, butter and ice cream. The Tillamook Decatur Creamery will create approximately 49 new full-time jobs. Originally opened in 1918 by Swift and Co., the Decatur plant was later acquired by Prairie Farms in 1977 where it served as an ice cream production facility until its closure in early 2022. TCCA is spending roughly $74 million adding automation, robotic palletizing and improving employee welfare spaces.
EVANSTON, ILL. — Cyclopure Inc. has leased 17,527 square feet of lab-ready space on the third floor of Evanston Labs in Evanston. Trammell Crow Co. (TCC) owns the property. Cyclopure will operate its headquarters and water treatment business out of the building as it expands DEXSORB commercial operations to deliver PFAS-free water to customers worldwide. Cyclopure is a materials science and environmental engineering firm founded in Chicago in 2016. Located at 710 Clark St., Evanston Labs rises 10 stories and totals 178,000 square feet. Now that all lab-ready graduation suites have been leased, TCC plans to develop more at Evanston Labs. With Cyclopure’s new lease, the development is approximately 40 percent leased. Jonathan Metzl and Jack Deroche of Cushman & Wakefield represented Cyclopure, while Dan Lyne and Brandon Green of CBRE represented TCC.
CHICAGO — Habitat has received a $72.9 million Freddie Mac loan plus $29.5 million in equity from New York-based Torchlight Investors for the refinancing of Columbus Plaza in downtown Chicago. Torchlight Investors joins Habitat as an equity partner in the apartment property, which rises 47 stories with 534 units. Northmarq arranged the Freddie Mac loan. The refinancing replaces a $93 million loan from 2017 that matured in November. The new loan and capital structure enable Habitat and its partners to plan renovations and other capital improvements. Completed in 1980, Columbus Plaza comprises studio, one- and two-bedroom units. Monthly rents average from $1,700 to $3,350. The building was 95 percent leased at the time of loan closing. Onsite amenities include a fitness center, sunroom, business lounge, patio and bicycle storage. Located on East Wacker Drive, the asset features views of Lake Michigan and the surrounding downtown cityscape. Habitat was the original developer of the building and continues to serve as property manager.
SKOKIE, ILL. — Skender has completed construction on the interior build-out of the 19,366-square-foot Materials Discovery Research Institute (MDRI) lab for UL Research Institutes (ULRI), a global safety science leader. The lab is located within the Illinois Science + Technology Park at 8045 Lamon Ave. in Skokie. Designed as an incubator for scientific innovation where students and early-career researchers can work alongside seasoned experts, the MDRI lab harnesses advanced computing and experimental methods to create innovative materials for renewable energy and environmental sustainability. The build-out included joining multiple lab sections within a secure envelope, retrofitting existing labs and adding specialized laboratories. The space features a gas adsorption lab with significant lab gas infrastructure, an automation lab and a battery characterization lab. The project team included architect Harley Ellis Devereaux, Affiliated Engineers Inc. and Project Management Advisors Inc. Construction lasted 30 weeks. Skender is now underway on the project’s next phase, the design-build of a scanning electronic microscope capable of viewing down to 1 nanometer.
CHICAGO — Westmount Realty Capital has acquired a nine-building industrial portfolio in metro Chicago for an undisclosed price. Called the Chicago Shallow-Bay portfolio, the buildings total 390,781 square feet and are located in four submarkets. At the time of sale, the portfolio was 91 percent leased to 37 tenants spanning 28 industries, including office, medical and automotive suppliers, and home restoration. Kurt Sarbaugh and Sean Devaney of JLL represented the seller, Unilev Capital and its partner, a Palladius Capital Management affiliate, Mandalay Industrial. Jeff Sause and Brian Walsh of JLL supported financing for the transaction.
ROSEMONT, ILL. — Nicholas & Associates is nearing completion of its new $34.5 million indoor ice arena in the Chicago suburb of Rosemont. With precast concrete up and joists and roof decking installed, the building’s shell is 95 percent finished. Construction is on track for an August 2025 opening. Located on 3 acres north of Allstate Arena, the 103,000-square-foot arena will offer ice time for youth hockey groups and figure skating, evening ice time for adult hockey leagues and exclusive daytime use by the Chicago Wolves professional hockey team, which currently practices in Hoffman Estates and plays games at Allstate Arena. Designed by architectural firm ARCON Associates Inc., the project will feature a family-friendly mezzanine-level restaurant, bar with viewing area overlooking both rinks, grab-and-go concept and a physical therapy clinic and gym. The arena will be operated by the Nicholas Family of Cos.’ Spectate Group, which also manages Nicholas Sportsplex, an indoor-outdoor sports complex in Mount Prospect. Spectate Group will pay the Village of Rosemont an annual licensing fee to operate and manage the year-round facility. Under the agreement, both parties will be able to sell naming rights and sponsorships inside and outside the building.