AURORA, ILL. — Wholesale Interiors has signed a 551,200-square-foot industrial lease to fully occupy 2805 Duke Parkway in Aurora. The furniture supplier is subleasing the space from Follett Corp. on a three-year basis and will expand its operations from Bensenville. Owned by Duke Realty, the facility features a clear height of 32 feet, 74 dock doors, four drive-in doors, 73 trailer parking stalls and 153 car parking stalls. The property also includes 25,000 square feet of office space. Christopher Volkert and Brian Kling of Colliers International represented Follett Corp. in the lease transaction.
CHICAGO — Cushman & Wakefield has negotiated the sale of LUXE on Chicago, a 59-unit apartment building in Chicago’s West Town/Wicker Park neighborhood. The sales price was not disclosed, but it equates to approximately $525,000 per unit, according to the brokerage firm. Developed by Fifield Cos. in 2016, the Class A property also includes 13,979 square feet of first-floor retail space. The asset, which includes studios, one-, two- and three-bedroom units, was 92 percent occupied at the time of sale. Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, Fifield Cos. A private, international investor purchased the property.
SCHAUMBURG, ILL. — Cavalry Logistics has signed a 25,253-square-foot industrial lease in Schaumburg. The company, a third-party freight brokerage provider, will occupy the entire building located at 895 American Lane. Cavalry’s dispatch and sales division will occupy the property, which includes 11,000 square feet of newly renovated office space. Cory Kay, Mike DeSerto and Dan Benassi of Entre Commercial Realty LLC represented the landlord, a private investor. Dane Peachee of Compass Real Estate Advisors represented the tenant.
CHICAGO — CommonGrounds Workplace has signed a 10-year lease for 30,783 square feet at 33 North LaSalle in Chicago’s financial district. CommonGrounds is a coworking company that provides flexible space solutions and services for companies of all sizes. There are currently nine U.S. locations open, with 11 additional locations scheduled to open in 2019 and early 2020. The lease at 33 North LaSalle includes the entire second and third floors of the 38-story office tower, which was constructed in 1928 and renovated in 2016. Amenities include a bike room, fitness center, conference room and catering kitchen. The renovation of the CommonGrounds space will be overseen by the company’s in-house design division. Chicago-based Partners by Design is the architect of record. Jon Cordell and Jess O’Hara of Newmark Knight Frank represented ownership, The John Buck Co., in the lease transaction. Jim Suber of Strategic Real Estate Advisory represented CommonGrounds, which expects to expand its footprint to 2 million square feet across 50 locations in the next 24 months.
LOMBARD, ILL. — McShane Construction Co. has completed Elan Yorktown, a 295-unit apartment community in Lombard. Greystar is the developer and owner. The property offers studio, one-, two- and three-bedroom units ranging in size from 626 to 2,471 square feet. The four-story development includes an attached four-story parking garage. Amenities include a fitness center, golf simulator room, theater room, library, clubroom, conference rooms, pool, walking path and dog park. ESG Architects served as the architect. Monthly rental rates start at $1,490.
CHICAGO — PerkSpot has signed a 14,020-square-foot office expansion at 320 W. Ohio St. in Chicago. The customized employee discount firm now occupies more than 27,000 square feet at the building. It is the company’s second expansion in the last 13 months. Allen Rogoway of Cresa Chicago represented the tenant in the lease transaction. PerkSpot offers a perk program where employees can gain rewards and exclusive discounts for their performance. PerkSpot also offers discounted merchandise and services and receives a commission on the value of items sold through its platform by merchants.
BENSENVILLE, ILL. — Darwin Realty has begun development of a Bo Jackson Elite Sports Facility in Bensenville. The 114,140-square-foot indoor sports training center will be the third Bo Jackson facility in the United States and the second in Illinois. Completion is slated for the end of the year. The facility is designed to accommodate training for sports such as baseball, soccer, football and lacrosse. The building will also include a track, weight room and climbing wall. Sports legend Vincent “Bo” Jackson attended a groundbreaking ceremony on Thursday, July 18. Jackson, a graduate of Auburn University, is the only professional athlete in history to be named an All-Star in both baseball and football. Triumph Construction is the general contractor and Charles Smith of Arete Design Studio Ltd. is the architect.
BARTLETT, ILL. — Meridian Design Build has broken ground on a 100,560-square-foot industrial build-to-suit for Cathay Industries in Bartlett. The property will be situated on a 6.8-acre site within Abbott Land & Investment’s Blue Heron Business Park. The building will feature a clear height of 30 feet, eight loading docks, two drive-in doors, 70 car parking spaces and 4,000 square feet of office space. It will be the fourth building within Blue Heron Business Park. Cathay is an iron oxide manufacturer. Harris Architects and Mackie Consultants make up the project team. A timeline for completion was not disclosed.ggg
CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …
BATAVIA, ILL. — DHL has signed a 60,000-square-foot industrial lease in Batavia, a western suburb of Chicago. The recently completed, 102,000-square-foot building is located at 1100 N. Raddant Road within the Northeast Business Park. Principal Construction built the facility on behalf of developer Midwest Industrial Funds. Approximately 42,000 square feet remain available for lease.