Wednesday, July 23, 2025
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DevelopmentIllinoisMidwestMultifamily

Continental Properties Begins Development of 336-Unit Apartment Community in South Elgin, Illinois

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $6.9M Sale of Chicago Retail Property

by Kristin Harlow

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.

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DevelopmentIllinoisIndustrialMidwestSelf-Storage

Hernandez Development, XSITE Real Estate to Build 882-Unit Self-Storage Facility in Naperville, Illinois

by Kristin Harlow

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.

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IllinoisIndustrialLeasing ActivityMidwest

Parceljet Signs 239,190 SF Industrial Lease in Montgomery, Illinois

by Kristin Harlow

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.

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DevelopmentIllinoisIndustrialMidwest

Contegra Construction Completes 76,000 SF Headquarters Expansion for West Star Aviation in Metro St. Louis

by Kristin Harlow

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.

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IllinoisLeasing ActivityMidwestOffice

Medline Signs 214,560 SF Office Lease in Northbrook, Illinois

by Kristin Harlow

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.

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AcquisitionsIllinoisLoansMidwestMultifamily

Greystone Provides $18.2M Acquisition Loan for Chicago Multifamily Property

by Kristin Harlow

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.

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AcquisitionsHealthcareIllinoisMidwestMultifamily

Colliers Arranges $7.4M Sale of Apartment, Medical Office Building in Suburban Chicago

by Kristin Harlow

HIGHLAND PARK, ILL. — Colliers has arranged the $7.4 million sale of a 55,033-square-foot commercial building in the Chicago suburb of Highland Park. Located at 1770 1st St., the property features 17 apartment units on the upper three floors and 36,000 square feet of medical office space home to Robb Orthodontics, Highland Park Maxillofacial & Implant Surgery and Pediatric Dentistry of the North Shore. The apartment units are fully leased, and the medical office portion is 61 percent leased. Constructed in 1988, the building sits atop a 447-space public parking garage and is across the street from the Highland Park Metra stop. Alissa Adler, John Homsher, Tyler Hague and Lauren Stoliar of Colliers represented the seller, Fulton Design + Build. QMR Partners was the buyer.

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IllinoisLeasing ActivityMidwestOffice

Workbox Moves Corporate Headquarters to Chicago’s Fulton Market District

by Kristin Harlow

CHICAGO — Workbox, a national workspace operator founded in 2019, has moved its corporate headquarters to Chicago’s Fulton Market neighborhood. In less than three years, the company has grown from nine employees to over 35 nationwide and is relocating a majority of its Chicago-based team to 220 N. Green St. At over 60,000 square feet, Workbox Chicago – Fulton Market is the company’s sixth and largest workspace in Chicago. The Workbox team will share its new corporate space with its member base.

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DevelopmentHealthcareIllinoisMidwest

Joint Venture to Convert 43,000 SF Former Fitness Facility in Suburban Chicago into Cardiovascular Center

by Kristin Harlow

NAPERVILLE, ILL. — A joint venture between Capital Healthcare Properties and HSG Medical has entered the permitting phase of a project to create a specialized cardiovascular center in the Chicago suburb of Naperville. The outpatient ambulatory surgery treatment center (ASTC) will be built for a Chicago-area healthcare system. The ASTC will transform a former 43,000-square-foot fitness facility at 1836 Freedom Drive. The joint venture has been coordinating with consultants, the health system and the city for over a year. The original design and use of the building as a fitness center, including 25-foot ceiling heights and minimal columns, promotes an efficient and flexible floor plan to maximize the space for a complex healthcare build-out, according to the development team. The building, constructed in 2008, sits on a five-acre lot and offers more than 200 parking spaces. Construction is set to commence this quarter, with the first patients expected to be seen in the new facility in 2026. The project team includes architects Antunovich Associates and HDR, civil engineer V3 Cos., mechanical, electrical and plumbing engineer IMEG, landscape architect Hitchcock Design Group and general contractor Boldt. Brett Berlin of Quantum Real Estate Advisors Inc. brokered the $7.5 million sale of the …

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