LOCKPORT, ILL. — Pepperidge Farm Inc. has leased 87,602 square feet of industrial space at Heritage Crossing in Lockport. The property is located at 15901 W. 147th St. Heritage Crossing, a 228-acre business park, is now 94 percent leased. Jason West and Brian Borget of Cushman & Wakefield represented Pepperidge Farm, a cookie, cracker and bread company, in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners.
CREST HILL, ILL. — Hanley Investment Group Real Estate Advisors and Greenstone Partners have arranged the sale of South Weber Plaza, a 28,600-square-foot retail property in Will County’s Crest Hill. The sales price was not disclosed. The center is fully leased by The Southern Café, Fire Water BBQ, 12 Handles Ale House, Sammy’s Gaming Parlor, Motivation Fitness, Serenity Wellness Center, Grandeur Salon & Spa, The Awesome A’s Activities Club, Natasha’s Clothing Boutique and Cambium Realty. In 2018, the property underwent a major renovation, which included a new façade, storefronts, signage, parking lot, HVAC and landscaping. The sale also included a 2.1-acre pad site in front of the center and a 7,400-square-foot pad site in the parking lot. Jeff Lefko and Bill Asher of Hanley and Johnny Lefko of Greenstone represented the seller, a private partnership. The team also represented the buyer, a Southern California-based 1031 exchange buyer.
PEORIA, ILL. — Portland, Ore.-based breakfast chain Original Pancake House will open a 3,800-square-foot restaurant within Grand Prairie Developments, a 200-acre mixed-use development by Cullinan Properties Ltd., in Peoria. The landlord will break ground on a new space for the restaurant this spring, with the opening slated for October. Major anchors at Grand Prairie Developments include AMC Theatre, Hy-Vee and Dick’s Sporting Goods in addition to numerous restaurants, retail stores and five hotels. Adjacent to the development is the $18 million Louisville Slugger Sports Complex estimated to draw 450,000 visitors each year.
CHICAGO — Interra Realty has arranged the sale of 1827 W. Hubbard, a 33,000-square-foot flex office building in Chicago’s West Town neighborhood. Chicago-based Dayton Street Partners LLC paid $3.9 million to acquire the structure located within the Kinzie Industrial Corridor. Interra’s Colin O’Malley and Jon Morgan represented the private seller. Built in 1960, the 33,000-square-foot building is currently leased to a single tenant, Tablescapes Chicago Party Rentals. The property features 6,320 square feet of fully conditioned showroom space, two loading docks and a paved parking lot with space for 34 vehicles. The city’s proposed rezoning of the Kinzie Industrial Corridor is attracting strong interest from investors and developers as they look to move west of Fulton Market, according to Interra Realty. The property is located less than a mile from Metra’s Western Avenue station and the Chicago Transit Authority’s Green/Pink Line station at Ashland/Lake. The planned Green Line stop at Damen/Lake, scheduled for completion in 2020, is expected to further enhance accessibility in the immediate area, which is approximately one mile from both the Kennedy and Eisenhower expressways.
DOWNERS GROVE, ILL. — The Boulder Group, an investment brokerage firm specializing in net-leased properties, has brokered the $3.2 million sale of a 6,267-square-foot retail asset in Downers Grove, about 25 miles west of Chicago. Located at 336-338 W. Ogden Ave., the property was fully leased at the time of sale to three tenants: Five Guys, ATI Physical Therapy and Sports Clips. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a local investor, in the transaction. The buyer was a private investor based in California. There are approximately 253,000 people earning an average household income of $121,377 living within a five-mile radius of the property.
Long before the emergence of Fulton Market, local real estate professionals referred to the West Loop as the office submarket between Wells Street and immediately west of the Chicago River. But today some also refer to the Fulton Market area, an area one mile west and across a natural boundary of the Kennedy Expressway, as the West Loop. So which is it? The West Loop is the leading — and by far the largest — office submarket in Chicago with over 50 million square feet of office space inventory. Its proximity to public transportation and wide setbacks along Wacker Drive and the Chicago River offer better view corridors and more access to natural light — key competitive advantages in an area that permits more buildable density than the periphery of the central business district (CBD). On the other hand, Fulton Market has its own distinct “edgy” identity that some area office tenants consider the antithesis of the Loop (recall that the original reference to the Loop meant the area surrounded by the Elevated CTA tracks, the “El,” that loops around the CBD). The West Loop proper has witnessed significant change in the last 10 to 15 years. The …
AURORA, ILL. — The Pizzuti Companies, and its partner Molto Properties, has unveiled plans to develop a 274,000-square-foot speculative industrial building in Aurora. The property will be situated on 16 acres on Mitchell Road. The project will feature a clear height of 32 feet, 52 loading docks, 49 trailer spaces, 238 car parking spaces and LED lighting. Construction is scheduled to begin this spring, with completion slated for the third quarter. David Prell and Jeff Kapcheck of CBRE will handle leasing for the property.
CHICAGO — Draper and Kramer Inc. has broken ground on 2111 S. Wabash Ave., a 24-story, 275-unit apartment tower in the McCormick Square area of Chicago’s South Loop. Designed by Solomon Cordwell Buenz, the property will feature an asymmetric base topped with a glass tower. Apartment units will range from 529 to 1,411 square feet and will include a mix of one-, two- and three-bedroom floor plans. A 25,000-square-foot amenity area on the fourth floor will feature a club lounge with a bar, coworking space, music rooms, fitness studios and an outdoor terrace. Monthly rents are expected to start at $1,800. Power Construction Co. LLC and Ujamaa Construction are serving as the general contractors. Completion is slated for summer 2020.
CHICAGO — AbelsonTaylor, a health and wellness advertising agency, has signed a lease to occupy nearly 85,000 square feet at the Old Post Office Building in Chicago. The firm plans to move all its operations to the building on March 1, 2020. The property owner, 601W Cos., is transforming the building into office space. Other tenants who have signed office leases at the building include Walgreens, candy manufacturer Ferrara and the Chicago Metropolitan Agency for Planning. Work on the $800 million adaptive reuse project is underway. Plans call for a food hall, fitness center, library and multi-acre rooftop park. Stephen Smith, Jamey Dix and Daniel Heckman of The Telos Group represented building ownership in the lease transaction with AbelsonTaylor. Jack Keenan of Cushman & Wakefield represented the tenant.
MT. CARMEL, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a nonprofit healthcare campus in Mt. Carmel, located in the southern part of the state along the Indiana border. Arkansas-based General Baptist Health Care sold the property. The buyer was CareTrust REIT and its regional operating partner, WLC Management Firm. Although the price was not disclosed, Blueprint reports the purchase price translated to approximately $70,000 per licensed bed. The campus is made up of two adjacent healthcare buildings: Oakview Heights, a 90-bed skilled nursing and long-term care facility, and Oakview Villa, a 38-bed supportive living facility offering affordable assisted living services. Since acquiring the propertyin 1981, ownership continuously expanded the campus, adding a secure memory care unit, rehabilitation facility and supportive living building. Michael Segal and Josh Salzman of Blueprint handled the transaction.
