Tuesday, June 16, 2026
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DevelopmentIllinoisIndustrialMidwest

CRG Breaks Ground on 364,102 SF Industrial Development in Chicago

by Kristin Harlow

CHICAGO — CRG has broken ground on The Cubes at Roosevelt & Kostner, a two-building, 364,102-square-foot industrial campus on a 20.8-acre site at the southwest corner of Roosevelt Road and Kostner Avenue in Chicago’s North Lawndale neighborhood. Co-developed in a joint venture with Related Midwest and 548 Development, the project will transform a long-vacant site into modern logistics facilities and community amenities, with the first buildings slated for completion in third-quarter 2026. Plans call for two 182,051-square-foot Class A industrial buildings, each featuring a clear height of 36 feet. Together, the facilities will offer 54 dock-high loading doors, four drive-in doors, 323 car parking spaces and 84 trailer parking stalls. Designed by Lamar Johnson Collaborative (LJC) and Ware Malcomb, the buildings will feature ESFR sprinkler systems and are proximate to I-290. General contractor DSI, in partnership with GMA Construction Group, is leading construction. In addition to the industrial facilities, the development will include two community-focused amenities. The developers are donating two 5,000-square-foot community spaces, also designed by LJC and known as “Innovation Centers.” One building will be operated by Black Men United and the other will house the New Covenant Community Development Corp. The project also includes new public green …

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Jensen-Souders Signs 105,000 SF Industrial Lease Expansion in Belvidere, Illinois

by Kristin Harlow

BELVIDERE, ILL. — Jensen-Souders and Associates, a provider of warehousing services for chemicals, rubber products and other miscellaneous products, has signed a 105,000-square-foot industrial lease expansion at 3905-3925 Morreim Drive in the Chicago suburb of Belvidere. Jeff Janda and Jeff Galante of Lee & Associates of Illinois represented the tenant, which renewed and extended its current lease of 60,000 square feet while taking an additional 45,000 square feet to occupy the entire building. Shane Van Sickle of LandMark Real Estate Group represented the landlord, STAG Industrial. Jensen-Souders’ headquarters remains in Itasca.

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AcquisitionsIllinoisMidwestRetail

Mid-America Arranges Sale of 20,427 SF Pebblewood Commons Retail Center in Metro Chicago  

by Kristin Harlow

NAPERVILLE, ILL. — Mid-America Real Estate Corp. has arranged the sale of Pebblewood Commons, a 20,427-square-foot retail center in the Chicago suburb of Naperville. Constructed in 2008, the property is home to dining, health and wellness, and personal services tenants. Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Northern Builders Inc. The asset sold to a public REIT.

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IllinoisIndustrialLeasing ActivityMidwest

Cawley CRE Secures Lease for 5.7-Acre Industrial Outdoor Storage Property in Roselle, Illinois

by Kristin Harlow

ROSELLE, ILL. — Cawley Commercial Real Estate has secured a lease for the industrial outdoor storage (IOS) facility at 160 N. Garden Ave. in Roselle following its representation of the property’s sale earlier this year. The 5.7-acre site features a 28,964-square-foot maintenance facility and a 1,350-square-foot standalone office. Industrial Outdoor Ventures (IOV) acquired the property and appointed Matt Garland, Andrew Maletich and Theo Zacher of Cawley CRE as the leasing agents. IOV made significant renovations to the property post-acquisition that included upgrades to the building systems, refreshed interiors and enhancements to the exterior yard and drive-through bays. The Cawley team secured a long-term lease with National Trench Safety, a provider of trench and traffic safety equipment. The lease term is 87 months.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 11,920 SF Industrial Building in Villa Park, Illinois

by Kristin Harlow

VILLA PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired an 11,920-square-foot industrial building at 865 N. Ellsworth Ave. in Villa Park. The single-tenant property was fully leased at the time of sale. Built in 1980, the facility features one dock, one drive-in door and roughly a quarter acre of outdoor storage. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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IllinoisLeasing ActivityLife SciencesMidwest

University of Chicago Expands Lease to 155,000 SF at Hyde Park Labs on City’s South Side

by Kristin Harlow

CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have inked a new lease expansion with the University of Chicago at Hyde Park Labs in Chicago. The private research university will occupy more than 155,000 square feet and is expected to move into its new space by the second quarter of 2026. The announcement was made at the grand opening of Hyde Park Labs and UChicago’s Science Incubator on Tuesday, Sept. 16. The university’s new space, including 101,199 square feet across the building’s top three floors, will support research initiatives in areas such as cancer, metastasis, biochemistry and molecular biology. UChicago’s original lease included space for faculty research and the new incubator, which is a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Six UChicago-affiliated companies are among the incubator’s first tenants: memQ, Exactics, Signl, Cell Therapy, ZipBionexus Tech and Neuro Innovations. In partnership with the university, the ground floor of the building will also initially host IBM’s next-generation modular quantum computer, called IBM Quantum System Two. Located at 5207 S. Harper Ave., Hyde Park Labs is the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building, according to TCC. Delivered earlier this …

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AcquisitionsIllinoisMidwestRetail

Continuum Development Buys Church Street Plaza Retail Complex in Evanston, Illinois for $31.2M

by Kristin Harlow

EVANSTON, ILL. — Continuum Development has acquired Church Street Plaza, a 144,833-square-foot retail complex in Evanston, for $31.2 million. Located at 900-950 N. Church St., the property spans a full city block with immediate access to CTA and Metra rail lines and is situated approximately a half mile from Northwestern University. Built in 2000 and redeveloped in 2023, the asset is 98 percent leased with tenants including a 12-screen AMC movie theater, Sky Zone indoor entertainment park and other stores and restaurants. Earlier this year, Continuum proposed the addition of a 27-story, 358-unit multifamily tower on the northwest corner of Church Street Plaza.

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AcquisitionsIllinoisMidwestRetail

JLL Arranges $21.1M Sale of Levee District Shopping Center in East Peoria, Illinois

by Kristin Harlow

EAST PEORIA, ILL. — JLL Capital Markets has arranged the $21.1 million sale of The Levee District, a 137,304-square-foot open-air shopping center in East Peoria. Michael Nieder and Brian Page of JLL represented the seller, Cullinan Properties Ltd., and procured the buyer, Chase Properties. Developed in 2013, the retail power center consists of three buildings that are 94 percent leased. Anchor tenants include Ulta, Best Buy, Ross Dress for Less and Boot Barn. The Levee District is the most trafficked shopping center in a 50-mile radius with more than 4 million annual visitors, according to JLL.

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DevelopmentIllinoisLoansMidwestMultifamilyOffice

Mavrek, ACRES Receive Financing for Conversion of Chicago Office Building into 252 Apartment Units

by Kristin Harlow

CHICAGO — Mavrek and ACRES Commercial Realty Corp. have received financing for the conversion of 65 E Wacker Place, an historic office building in Chicago, into apartments. The development will be named Wacker Place. With the issuance of the full building permit, interior construction is poised to begin. The property will be redeveloped into a 252-unit luxury apartment complex. The project team includes McHugh Construction and architect Pappageorge Haymes Partners. Chris Knight of JLL represented the development team in the placement of debt. The financing includes a $62.4 million senior loan from Derby Lane Partners and an $11 million loan from Hoyne Savings Bank. The project’s capital stack includes more than $17 million in federal and Illinois state historic tax credits, which were monetized through PNC Bank. Wacker Place will offer a mix of studios, one- and two-bedroom units. Amenities will include a coworking lounge, fitness center and rooftop deck. Morton’s The Steakhouse will continue its tenancy on the ground floor. The property was originally constructed as the Millinery Mart Building and later served as the home of the Esquire offices.

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AcquisitionsIllinoisIndustrialMidwestMissouri

MAG Capital Partners Buys 165,000 SF Food-Grade Production Portfolio in Metro Chicago, Kansas City

by Kristin Harlow

CHICAGO AND KANSAS CITY, MO. — MAG Capital Partners has purchased two food-grade production facilities via a sale-leaseback in metro Chicago and Kansas City. The seller was a provider of ingredients for food, pet and personal care segments. The portfolio comprises 165,000 square feet of manufacturing, warehousing and R&D space on 33 acres.

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