ELK GROVE VILLAGE, ILL. — Transportation company Midwest Express has signed a 40,320-square-foot, full-building industrial lease at 1850 Arthur Ave. in the Chicago suburb of Elk Grove Village. The property features 24 exterior docks and 29 trailer spots. Chris Nelson of Lee & Associates represented the owner, RREEF America. Calvin Gunn of Lee & Associates represented the tenant, which is relocating from Mount Prospect.
CHICAGO — SVN Chicago Commercial has brokered the sale of a historic building totaling 16,400 square feet in the city’s Wicker Park neighborhood for an undisclosed price. The property, built in 1907, is located at 1934 W. North Ave. near The Robey Hotel. Tim Rasmussen, Adam Napp and Chad Schroedl of SVN represented the undisclosed seller. The buyer, Envoi Partners LLC, plans to renovate the building and add nine rental units on the second and third floors. The property served as the filming location for MTV’s “The Real World Chicago” in 2001, and was later home to Cheetah Gym and Verge Gym.
AURORA, ILL. — CyrusOne has broken ground on a two-building data center totaling 446,000 square feet in Aurora. The campus marks CyrusOne’s second in the city, the first of which is a three-building campus that opened in 2016. The new data center is part of the company’s broader investment strategy, selecting Illinois to expand its portfolio, with total capital investments in the state exceeding $1 billion.
SOUTH ELGIN, ILL. — Continental Properties has begun development of Authentix South Elgin, a garden-style apartment community with 336 units in South Elgin. Located at the northwest corner of Lancaster Road and McLean Boulevard, the property will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, clubhouse, outdoor grill area, fitness center and dog park. Pre-leasing will begin in spring 2025, with move-ins expected in late summer 2025. Authentix Apartments, owned and operated by Continental Properties, is a national brand of residential communities offering garden-style apartments.
CHICAGO — Greenstone Partners has brokered the sale of a retail property located at 4066-4080 N. Milwaukee Ave. in Chicago’s Portage Park neighborhood for $6.9 million. The two-building asset is home to medical-related tenants, including Athletico Physical Therapy, DentalWorks, America’s Best Contacts and Eyeglasses and Midwest Express Clinic. The center features 16,063 square feet of gross leasable area on 35,185 square feet of land and includes 41 off-street surface parking spaces. The property was fully leased at the time of sale. Danny Spitz and Brewster Hague of Greenstone represented the seller, a private investment fund, and procured the buyer, a private partnership based in Illinois.
NAPERVILLE, ILL. — Hernandez Development and XSITE Real Estate have received the site plan approval from the Planning and Zoning Department of DuPage County for a Class A self-storage facility in the Chicago suburb of Naperville. Plans for the 120,300-square-foot project include a three-story, climate-controlled self-storage facility with 882 units as well as a one-story Little Sunshine Playhouse & Playschool and a drive-thru-only Scooter’s Coffee. CubeSmart will manage the self-storage portion. According to the development team, the Naperville area currently offers 6.07 square feet of self-storage per person, while the average utilization rate as an indicator of equilibrium is 8.44 square feet. A timeline for construction was not provided.
MONTGOMERY, ILL. — Parceljet Information Technology LLC has signed a 239,190-square-foot industrial lease at 900 Knell Road in Montgomery. The cross-border logistics company is expanding from its coastal locations to grow its presence in the Midwest. The space is part of a 992,462-square-foot building constructed in 1960 and renovated in 2000. The facility features a clear height of 30 feet, 17 exterior docks and one drive-in door. Parking is available for 184 trailers and more than 600 cars. George Cibula and Rick Daly of DarwinPW Realty/CORFAC International represented the landlord, CenterPoint Properties. Danielle Radtke and Patrick Smith of CenterPoint were instrumental in getting Parceljet into the space in a short timeframe.
EAST ALTON, ILL. — Contegra Construction Co. has completed a 76,000-square-foot expansion for West Star Aviation’s service facility and headquarters in East Alton, about 25 miles north of St. Louis. The company’s maintenance, repair and overhaul property now totals more than 500,000 square feet. The expansion is projected to create 60 to 80 jobs over the next two years. Located at 2 Airline Court, the three-building expansion project added 50,000 square feet of new hangar capacity, 13,000 square feet of additional back shop space and 13,000 square feet of additional storage space. It also includes 165 parking spaces.
NORTHBROOK, ILL. — Medline Industries LP has signed a long-term office lease for 214,560 square feet at 2375 Waterview Drive in the Chicago suburb of Northbrook. The privately held medical-surgical product manufacturer and supplier plans to move into its new space in mid-2025 and will occupy the north building of the campus. Kyle Robbins, Andrew Davidson and David Burkards of Transwestern Real Estate Services represented the owner of the 432,000-square-foot property. Of the two buildings at the campus, there is approximately 80,000 square feet of available space remaining inside the south building. Tenants have access to a cafeteria, 400-person multi-purpose meeting space, fitness center and outdoor terraces. A new tenant lounge is set to open next year. James Otto, Jon Milonas, Paul Diederich and Peter Livaditis of CBRE represented Medline.
CHICAGO — Greystone has provided an $18.2 million Fannie Mae loan for the acquisition of Cornelia-Stratford in Chicago. Originally constructed in 1927, the 139-unit multifamily property features studio, one-, two-, three- and four-bedroom units. Amenities include bike storage, laundry facilities and a tenant lounge. Clint Darby and Andrew Remenschneider of Greystone originated the nonrecourse loan, which features a fixed interest rate, 15-year term and five years of interest-only payments. The borrower was undisclosed.
