Wednesday, November 12, 2025
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AcquisitionsIllinoisMidwestRetail

KPR Centers Acquires Pointe Plaza Shopping Center in Metro Chicago for $40M

by Kristin Harlow

NILES, ILL. — KPR Centers has acquired Pointe Plaza, a nearly 195,000-square-foot, grocery-anchored shopping center in the Chicago suburb of Niles, for $40 million. Built in 1999, the property is approximately 94 percent leased and anchored by Fresh Farms, Ross Dress for Less, dd’s Discounts and Daiso in addition to more than 20 retailers and restaurants. The asset is shadow-anchored by Walmart, which was not part of the acquisition. CBRE’s Richard Frolik, Christian Williams and George Good represented the undisclosed seller. KPR now owns and self-manages more than 10 million square feet of retail space in 20 states.  

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AcquisitionsIllinoisIndustrialMidwest

Greenstone Partners Brokers $6.2M Sale of Industrial Property in Downers Grove, Illinois

by Kristin Harlow

DOWNERS GROVE, ILL. — Greenstone Partners has brokered the $6.2 million sale of a multi-tenant flex industrial building in the Chicago suburb of Downers Grove. Located in DuPage County near I-88 and I-355, the property traded for $128 per square foot. The asset is fully leased to tenants such as LPMS USA, BTI Communications Group, Affiliated Customer Service Inc. and Advocate Home Health Services. Advocate and Affiliated have occupied the property for more than 25 years and together represent 50 percent of the building’s square footage. The property’s weighted average lease term is five years. Ownership has invested more than $770,000 in capital improvements since 2020, including a full roof replacement, parking lot milling and repaving, tuckpointing, regrading, landscaping upgrades, new paint and several new HVAC units. Jason St. John of Greenstone represented the seller, a locally based investment partnership, and procured the buyer, an East Coast-based investment group. The asset sold for 98 percent of the list price.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $2.5M Sale of Starbucks-Occupied Retail Property in Antioch, Illinois

by Kristin Harlow

ANTIOCH, ILL. — The Boulder Group has brokered the $2.5 million sale of a single-tenant retail property occupied by Starbucks in Antioch. The 2,540-square-foot building is located at 1051 Route 59. Neighboring retailers include Jewel-Osco, Ace Hardware, CVS Pharmacy, PNC Bank and Advance Auto Parts. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate firm, and the buyer, a partnership based in Washington.

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

Chicago Market Adapts as Return-to-Office Momentum Builds

by Kristin Harlow

By Nicole McAleese, Urban Innovations As autumn arrives, Chicago’s commercial real estate market continues to evolve in response to changing workplace strategies and a growing return-to-office (RTO) movement. With major employers tightening in-office attendance policies, both landlords and tenants are adapting to new demands around space, flexibility and location. Shift in tenant behavior Over the past year, Chicago has seen a noticeable shift in how companies are approaching their office needs. Where many tenants once sought short-term lease extensions or downsized footprints during the height of hybrid experimentation, 2025 has brought renewed interest in long-term planning and, in some cases, expansion. Several high-profile lease transactions underscore this trend. Stripe recently doubled its Chicago office space to 89,000 square feet, while law firm Arnold & Porter relocated from the Loop to a new 40,000-square-foot lease, according to Crain’s Chicago Business. While some firms continue to downsize or consolidate, there’s a clear cohort of companies reinvesting in physical office environments that support collaboration, talent attraction and cultural cohesion. These trends mirror national patterns. According to CRE Daily, a growing number of U.S. employers are enforcing stricter in-office attendance, accelerating the shift away from a purely remote or hybrid-first mindset. The Archie RTO …

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DevelopmentIllinoisMixed-UseMultifamilyTop Stories

Chicago City Council Approves $241.5M Office-to-Residential Adaptive Reuse Project at Field Building

by Hayden Spiess

CHICAGO — The Chicago City Council has approved plans for an adaptive reuse project at 135 S. LaSalle St. in the city’s central business district (CBD). A joint venture between Riverside Investment & Development, AmTrustRE and DL3 Realty is developing the project, which has a total budget of $241.5 million. Financing for the development includes $98 million in city subsidies and historic tax credits.  Scheduled to begin construction in spring 2026, the project will convert 624,000 square feet of vacant office space within the 1.4 million-square-foot Field Building to modern residential units and commercial space. Upon completion, the development will feature 430,050 square feet of residential space across 386 units, as well as 92,000 square feet of commercial space. Residences will include a mix of studio, one- and two-bedroom apartments.  Commercial space at the property will house food-and-beverage offerings, a small-format grocer, health and fitness club and other amenities. “The Field Building redevelopment will bring much-needed housing and amenities to workers, visitors and a growing residential base in the city. By modernizing this landmark, the project will help reposition the Loop to attract leading corporations and top talent while bolstering Chicago’s reputation as a thriving economic and cultural destination,” says John O’Donnell, …

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AcquisitionsIllinoisIndustrialMidwest

JLL Brokers Sale of 537,681 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has brokered the sale of a three-building industrial portfolio totaling 537,681 square feet across DuPage County. The infill properties provide direct access to I-290 and proximity to the O’Hare International Airport. Kurt Sarbaugh, Sean Devaney, Ed Halaburt, Ross Bratcher and Cameron Chandra of JLL represented the undisclosed seller. The buyer was High Street Logistics Properties.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates Sales of Two Chicago Apartment Buildings Totaling $6.7M

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sales of two Chicago apartment buildings for a combined $6.7 million. The 24-unit property at 4954 N. Christiana Ave. in the Albany Park neighborhood sold for $4.5 million, and the 10-unit building at 4321-23 N. Tripp Ave. in the Old Irving Park neighborhood traded for $2.2 million. Craig Martin of Interra represented the seller, HP Ventures Group, in both transactions. Martin also represented the buyers, Eloy Burciaga and John Krumsee, respectively. Both assets were fully occupied at the time of sale and underwent renovations approximately 15 years ago.

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AcquisitionsIllinoisMidwestMultifamily

Essex Three-Twelve Brokers $2.9M Sale of Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Essex Three-Twelve LLC has brokered the sale of a six-unit multifamily property in Chicago’s Lincoln Park neighborhood for $2.9 million. The asset is located at 2525 N. Orchard St. Renovated in 2022, the property features large floor plans with separate living and dining areas. The renovations included the addition of two new apartments, new electrical systems, partial plumbing upgrades and modern finishes. Buyer and seller information was not released.

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AcquisitionsCompany NewsHealthcareIllinoisMidwestOhioTop Stories

Welltower to Sell 18 MSF Outpatient Medical Portfolio to Remedy Medical, Kayne Anderson for $7.2B

by John Nelson

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has announced that the Toledo-based REIT is exiting the outpatient medical property management business following a portfolio sale to Remedy Medical Properties and Kayne Anderson Real Estate. The portfolio comprises approximately 18 million square feet of outpatient medical facilities across 296 properties in 34 states. Welltower says that the transaction will total $7.2 billion and will be completed in tranches through mid-2026, with the first tranche selling for $2 billion. This acquisition establishes the Remedy Medical and Kayne Anderson Real Estate partnership as the nation’s largest owner of outpatient medical buildings, with more than 52.4 million square feet across approximately 1,104 properties in 44 states. “This acquisition reinforces our position as leading institutional investors in the outpatient healthcare sector and underscores our long-standing, successful partnership with Remedy,” says Al Rabil, CEO of Boca Raton, Fla.-based Kayne Anderson. “We remain focused on building upon our history of delivering superior risk-adjusted returns for investors, while advancing the delivery of high-quality healthcare across the country.” Remedy Medical is assuming all operational responsibilities from Welltower, including property management and leasing functions. The portfolio was 94 percent occupied at the time of the acquisition announcement. Welltower will retain a …

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DevelopmentIllinoisLoansMidwestMultifamilyOffice

Associated Bank Provides $21.1M Loan for Office-to-Residential Conversion Project in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has provided a $21.1 million construction loan to Wildwood Investments LLC and Concord Capital for the conversion of a 93,707-square-foot office and retail building in Chicago into 72 multifamily units. The seven-story property is located at 230 E. Ohio St. within the Streeterville neighborhood. Plans call for a mix of studio, one-, and two-bedroom units averaging 811 square feet. Existing first-floor retail, including Dao Thai Restaurant & Noodle Palace, Eye Society and YA Skin Studio, will remain open throughout construction. Completion is slated for December 2026. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.

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