Friday, July 18, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Illinois

AcquisitionsIllinoisMidwestOffice

Avison Young Brokers Sale of 123,944 SF Office Building in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Avison Young has brokered the sale of a 123,944-square-foot office building in Arlington Heights for an undisclosed price. Northwest Community Healthcare (NCH) purchased the building, which is located at 3040 Salt Creek Lane. The company will relocate its non-clinical business operations and support services staff from a neighboring 50,000-square-foot property to fully occupy the new building. Mark Johnson of Avison Young represented NCH in the sale. The seller was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHealthcareIllinoisMidwest

Ankura, Medicus Capital Break Ground on 50,000 SF Outpatient Care Center in Kildeer, Illinois

by Kristin Harlow

KILDEER, ILL. — Ankura Healthcare Real Estate Solutions and Medicus Capital have broken ground on a 50,000-square-foot outpatient care center in Kildeer. The new facility will be located on a five-acre site at the corner of Rand and Cuba roads. Northwest Community Healthcare will occupy the facility. Slated for completion in late 2019, the building will be home to primary care, physical therapy and cardiac rehab and include an immediate care center, advanced imaging center and lab. Leopardo Cos. Inc. is the contractor and Jensen & Halstead Ltd. is the architect. Lake Forest Real Estate Capital LLC arranged $19.1 million in development financing through Wintrust Financial.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLeasing ActivityMidwestRestaurantRetail

Adelphia Negotiates 3,608 SF Restaurant Lease in Park Ridge, Illinois

by Kristin Harlow

PARK RIDGE, ILL. — Adelphia Properties has negotiated a 3,608-square-foot restaurant lease at the historic Pickwick Theater building in downtown Park Ridge, a suburb of Chicago. Pazzi di Pizza will occupy the space, which was formerly home to the Pickwick Restaurant. The property is located at 1 S. Prospect Ave. Simeon Spirrison and George Spirrison of Adelphia represented the undisclosed landlord.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $2.4M Sale of Apartment Property in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of Riverside Apartments in Rockford for $2.4 million. The 72-unit apartment property is located at 3701 Trilling Ave. James Ziegler marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Salesforce-Tower-Chicago
DevelopmentIllinoisMidwestOfficeTop Stories

Hines to Develop 57-Story Office Tower in Chicago for Salesforce’s Regional Headquarters

by Taylor Williams

CHICAGO — A partnership led by national development firm Hines has released plans for Salesforce Tower Chicago, a 57-story office tower that will serve as the new regional headquarters for Salesforce (NYSE: CRM). The San Francisco-based software firm is expected to bring 1,000 jobs to Chicago in connection with the project. Salesforce Tower Chicago will be located in the city’s River North area at the site formerly known as Wolf Point South, which houses several other office skyscrapers. Designed by Pelli Clarke Pelli, the project is slated for completion by 2023. Salesforce, one of the nation’s fastest-growing software companies that employs more than 32,000 people, will occupy about 500,000 square feet at the property, according to The Chicago Tribune. Salesforce opened in Chicago in 2012 and currently employs about 1,400 people in the Windy City. The total price of the project was not disclosed, but the newspaper also reported that Salesforce could receive as much as $41.5 million in tax credits if the company meets certain job creation and capital investment criteria. “Chicago is the Midwest’s largest city with a global and economic force that attracts a wealth of talent and international business,” said Tyler Prince, executive vice president at Salesforce. “We …

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLoansMidwestMultifamily

KeyBank Provides $24.3M Acquisition Loan for Multifamily Portfolio in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — KeyBank Real Estate Capital has provided a $24.3 million Fannie Mae loan for the acquisition of a four-property multifamily portfolio in Evanston. The properties total 132 units and were built in the early 1920s. Erik Storz of KeyBank arranged the non-recourse, fixed-rate loan with a 10-year term. The borrower was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of Two Warehouses in Illinois

by Kristin Harlow

CAROL STREAM AND ELGIN, ILL. — Colliers International has brokered the sale of two warehouses in Carol Stream and Elgin. The asking price was $7 million, but the final sales price was not disclosed. The Carol Stream property spans 45,746 square feet and includes five loading docks. The building is fully leased to two tenants. The Elgin property spans 35,756 square feet and includes three loading docks. Kelly Joyce of Colliers represented the undisclosed buyer. Jeff Devine and Steve Disse of Colliers represented the seller, Bristol Group.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestMultifamilyRetail

Retail-Residential Project in Winnetka, Illinois Earns Development Approval

by Kristin Harlow

WINNETKA, ILL. — The Winnetka Village Council has given final approval to One Winnetka, a five-story retail-residential project in suburban Chicago. The development will be located adjacent to the city’s train station in the downtown area. David Trandel, CEO of both Springbank Capital Advisors LLC and Stonestreet Partners LLC, is the developer. Lucien Lagrange Studio is the architect. One Winnetka will offer 36 apartment units, 15 condominiums and seven townhome units, as well as 30,000 square feet of street-level commercial space and 355 parking spaces. The three-building project is slated for completion at the end of 2020.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRetail

Hanley Investment Group Brokers Sales of Three Retail Properties in Illinois for $5.2M

by Kristin Harlow

WOODRIDGE, ARLINGTON HEIGHTS AND O’FALLON, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant retail properties in Illinois for a combined $5.2 million. In Woodridge, Jeff Lefko and Bill Asher of Hanley brokered the sale of a Carrabba’s Italian Grill ground lease. The 6,500-square-foot building was constructed in 2002. Carabba’s has 6.5 years remaining on the original lease term. Lefko and Asher represented the seller, a Schaumburg, Illinois-based private development company. Jeff Gates of The Kase Group represented the Dallas-based buyer. The asset sold for $2 million. In Arlington Heights, a 5,995-square-foot building net leased to Chili’s sold for $1.7 million. Chili’s has seven years remaining on its lease. Lefko and Asher represented the Schaumburg, Illinois-based seller. Don Straub of NNN Property represented the buyer, a California-based private investor completing a 1031 tax-deferred exchange. Lastly, in O’Fallon, Illinois, a 4,700-square-foot MedExpress Urgent Care ground lease sold for $1.4 million. Built in 2016, the 4,700-square-foot building sits on one acre. MedExpress has eight years remaining on its original lease term. Lefko and Asher, with assistance from Alex Apter of L3 Corp., represented the Missouri-based seller. Helvetica Group represented the California-based buyer.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts