Sunday, July 13, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Illinois

AcquisitionsIllinoisMidwestRetail

Sterling Acquires Two-Property Retail Portfolio in Metro Chicago

by Kristin Harlow

HILLSIDE AND OSWEGO, ILL. — Sterling Organization has acquired a two-property retail portfolio in metro Chicago for an undisclosed price. The portfolio includes the 164,837-square-foot Hillside Town Center in Hillside and the 101,466-square-foot Prairie Market in Oswego. Developed in 2009, Hillside Town Center is home to tenants such as Ross Dress for Less, HomeGoods, Michaels and Petco. Aldi and PetSmart anchor Prairie Market, which was developed between 2007 and 2009. The properties were purchased on behalf of Sterling’s institutional fund, Sterling Value Add Partners III LP. The seller was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisIndustrialMidwest

Morgan/Harbour Completes Two Spec Warehouses Totaling 560,000 SF in Illinois Industrial Park

by Kristin Harlow

FRANKLIN PARK, ILL. — Morgan/Harbour Construction has completed two speculative warehouses on behalf of CenterPoint Properties at CenterPoint Logistics Center O’Hare in Franklin Park. One of the buildings totals 225,891 square feet and features a clear height of 32 feet, 50 exterior docks and parking for 68 trailers. The other building totals 333,696 square feet and features a clear height of 36 feet, 92 exterior docks and parking for 76 trailers. Cornerstone Architects provided architectural services, while Spaceco Inc. was the civil engineer. James Estus of Colliers International is marketing the properties for lease.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRetail

Kensington Development, IM Properties Acquire 310,000 SF Retail Center in Metro Chicago, Plan Redevelopment

by Kristin Harlow

MORTON GROVE, ILL. — Kensington Development Partners and IM Properties have acquired Prairie View Plaza, a 310,000-square-foot retail center in Morton Grove. Edgemark Properties arranged the transaction on behalf of the seller, Federal Construction Inc. The asset sold for $11.3 million, according to local media reports. Kensington Development and IM Partners plan to reposition and redevelop the 26-acre property, located 16 miles northwest of Chicago, with new retail, restaurant and entertainment options. The site also has development potential for residential, hotel and medical office uses, according to the project developers. Kensington and IM plan to maintain the existing 3,120-square-foot Bank of America outparcel, as well as the 10,500-square-foot strip center currently anchored by Starbucks Coffee. Additional tenants at the center include LA Fitness, Dollar Tree and The Room Place. A development timeline for the project was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestMultifamily

McShane Completes Construction of 45-Unit Apartment Project in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — McShane Construction Co. has completed Parkview Apartments in downtown Arlington Heights, a northwest suburb of Chicago. The seven-story, 45-unit apartment project is situated at the southwest corner of Dunton Avenue and Eastman Street. Residences are located on the upper five floors of the property, while the second floor and a portion of the first floor consist of secured parking for 58 vehicles. The remaining 1,314 square feet on the first floor serve as retail space. Tinaglia Architects designed the property and UP Development was the developer.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestOffice

Bridge Investment Group Acquires 517,640 SF Office Complex in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — Bridge Investment Group’s office division has acquired O’Hare International Center, a pair of nine-story office buildings adjacent to O’Hare International Airport in Rosemont. The purchase price was not disclosed. The buildings total 517,640 square feet. Bridge plans more than $5 million in capital improvements, including the renovation of both lobbies, a new tenant lounge and conference center. Renovations are expected to begin in mid-October. Originally built between 1984 and 1987, O’Hare International Center is currently 83 percent occupied. Rob Lundin, John Clark and John Norris of Newmark Knight Frank will market the property for lease. The seller was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Essex Brokers $3M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Essex Realty Group has brokered the sale of a 32-unit apartment building in Chicago’s West Ridge neighborhood for $3 million. The property, located at 2349 W. Devon Ave., also features 8,097 square feet of street-level commercial space that is fully leased. Abe Eilian and Doug Fisher of Essex represented the seller, while Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestNew YorkNortheastOfficeTop Stories

Ivanhoé Cambridge Acquires Callahan Capital Properties in Investment Firm Merger

by Kristin Harlow

CHICAGO AND NEW YORK CITY — Ivanhoé Cambridge has acquired Callahan Capital Properties (CCP) for an undisclosed price. The transaction will internalize all investment and asset management responsibilities. In 2012, Ivanhoé Cambridge partnered with CCP to expand its U.S. office properties platform. At the time of closing, the platform’s assets under management were in excess of $10 billion. Some prominent office properties that the partnership owns in New York include 85 Broad St., 1411 Broadway and Three Bryant Park. In Chicago, the duo owns 125 S. Wacker Drive and 180 North LaSalle. Canada-based Ivanhoé Cambridge, which has an office in New York, develops and invests in real estate properties, projects and companies. The company is the real estate investment arm of Quebec’s public pension fund manager. Through subsidiaries and partnerships, the company holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors. Chicago-based CCP is a real estate private equity firm founded in 2006 by Tim Callahan, the former CEO of Trizec Properties, an office real estate investment trust. Eastdil Secured advised on the transaction. — Kristin Hiller

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestOffice

Bystronic Breaks Ground on 162,875 SF Headquarters in Hoffman Estates, Illinois

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Bystronic has broken ground on its new experience center and U.S. corporate headquarters in Hoffman Estates. The 162,875-square-foot facility will feature a showroom as well as serve as the hub for the company’s U.S. business operations, including sales, service, spare parts and the refurbishing of used machines. Completion is slated for summer 2019. Bystronic, a provider of solutions for the sheet metal processing business, currently operates out of Elgin. Jeff Janda and Mike Plumb of Lee & Associates represented Bystronic in the build-to-suit transaction. Conor Commercial Real Estate is the developer, McShane Construction Co. is the general contractor and Heitman Architects is the architect. Mike Sedjo and Jack Brennan of CBRE represented the developer.

Continue Reading
FacebookTwitterLinkedinEmail
HealthcareIllinoisLoansMidwest

CBRE Arranges $96M Non-Recourse Acquisition Financing for Medical Office Portfolio in Suburban Chicago

by Kristin Harlow

CHICAGO — CBRE U.S. Healthcare Capital Markets has arranged a $96 million permanent loan to finance the acquisition of an eight-building medical office portfolio in the Chicago suburbs. The Class A buildings total 490,000 square feet. The 10-year loan features a fixed rate of 1.15 percent over 10-year Treasury. Shane Seitz, James Millon and Thomas Traynor of CBRE served as advisors for the loan transaction. A commercial bank provided the loan. The borrower was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

TGM Acquires 347-Unit Apartment Community in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — TGM has acquired TGM NorthShore, a 347-unit, mid-rise apartment community in suburban Chicago. The purchase price was not disclosed. Constructed in 2016, the property features a mix of one- and two-bedroom units. Luxury amenities include a doorman and concierge service, golf simulator, landscaped courtyards, community room, catering kitchen, dog park and media center. John Jaeger and Dan Cohen of CBRE brokered the sale. The seller was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts