Illinois

CHICAGO — Friedman Properties has completed the first phase of renovations at the Reid Murdoch Building in Chicago’s River North neighborhood. The improvements included renovations to the lobby, corridors, restrooms and elevator cabs, as well as a new fully furnished, riverfront speculative office suite. Friedman acquired the eight-story, 320,000-square-foot building in 1998 and completed initial redevelopment in 2002. The property is listed on the National Register of Historic Places and has been designated a Chicago Landmark. The Reid Murdoch Building was originally constructed in 1914 as office, warehouse and manufacturing facilities for Reid, Murdoch & Co., one of the country’s largest wholesale grocers. The city purchased the property in 1955 to house traffic courts and other municipal offices, a use it retained until Friedman’s acquisition. Designed by George Nimmons, the building is a notable example of the “Chicago School” of architecture, with a red brick façade and decorative terra-cotta embellishments covering a steel-and-concrete skeleton. In 1926, the property’s symmetry was adjusted to accommodate the widening of LaSalle Street, reducing the side of the building west of the central tower to five window bays, while the east side retained its original six. The lobby now features a mix of exposed ceilings …

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MONEE, ILL. — NewAge Products has signed a 168,741-square-foot industrial lease at 25340 S. Ridgeland Ave. in Monee. The lease brings the 621,246-square-foot facility to full occupancy, with NewAge Products joining Reynolds Consumer Products. Seefried Industrial Properties owns the building, which is situated within close proximity to I-57, I-80 and I-294. Additionally, the site is within 20 miles of three intermodal yards — the BNSF Intermodal Yard in Elwood, the Union Pacific Global IV Intermodal Terminal in Joliet and the Canadian National Intermodal Terminal in Harvey. Jason West of Cushman & Wakefield represented NewAge Products, while Sean Henrick and Ryan Klink of Cushman & Wakefield represented Seefried.

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DEERFIELD, ILL. AND NEW YORK CITY — Walgreens Boots Alliance (Nasdaq: WBA) has entered into a definitive agreement to be acquired by an entity affiliated with private equity firm Sycamore Partners. The total value of the transaction is $23.7 billion, according to WBA, including an equity value of $10 billion, as well as debt, capital leases and potential future payouts from the opioid and Everly Health Solutions COVID-19 testing settlements. Upon completion of the transaction, which is expected to close in the fourth quarter of 2025, WBA common stock will be delisted from the Nasdaq Stock Market. WBA will continue to operate as a private company under Walgreens, Boots and its portfolio of consumer brands, and also will maintain its headquarters in Deerfield.  The per-share price is valued at $11.45, which represents a premium of up to 63 percent over the WBA closing share price of $8.85 on Dec. 9, 2024, the day before reports came out about a potential sale. Under the terms of the agreement, WBA shareholders will also receive one non-transferable divested asset proceed right (i.e. DAP right) to receive up to $3.00 per WBA share from the future monetization of WBA’s debt and equity interests in …

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CHICAGO — JLL Capital Markets has negotiated the $88.2 million sale of Cobbler Square, an historic, 292-unit apartment property in Chicago’s Old Town neighborhood. The community occupies an entire city block at 1350 N. Wells St. Originally built in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The property offers a mix of studios, one- and two-bedroom, loft-style units with ceiling heights ranging from 12 to 18 feet. The asset also features 19,038 square feet of retail space that is fully leased. Cobbler Square presents value-add potential with opportunities to continue the programmatic renovation plan for unit interiors. The property also offers development opportunities — potential construction on an adjacent parking lot and the possibility of adding units above an existing parking garage. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL represented the undisclosed seller. JDL Development LLC and Centaur Capital Partners purchased the property.

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CHICAGO — Greenstone Partners has negotiated the $3.3 million sale of a 4,747-square-foot retail property in Chicago’s Wicker Park neighborhood. The asset on North Damen Avenue is fully leased to Chipotle and Playa Bowls and sold for 99 percent of the list price. Chipotle has operated at the property since 2004 and recently exercised its last remaining five-year renewal option. Playa Bowls entered into a new 10-year lease. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company. Buyer information was not provided.

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LAKE FOREST, ILL. — The Popcorn Factory has signed industrial lease renewals totaling 149,000 square feet in the Chicago suburb of Lake Forest. The transactions span two properties — 28160 N. Keith Drive and 13970 W. Laurel Drive — where the tenant’s manufacturing operations have been based for more than 25 years. Corey Chase of Newmark represented Popcorn Factory, which first moved into the 70,000-square-foot facility at Laurel before expanding to the adjacent 78,000-square-foot property at Keith. As part of the expansion, a tunnel connecting the two contiguous properties was built. Today, the facilities require substantial renovations. Seeking to motivate the tenant to stay in place, ownership agreed to implement a seven-figure capital improvement and modernization to meet the requirements. The scope of work includes enhancements to the power system, modernization of dock doors, improvements to the parking lot and a modernized lunchroom.

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CHICAGO — Lessen, a tech-enabled solution for outsourced real estate property services, has opened its new 76,932-square-foot office at 203 North LaSalle Street in downtown Chicago. The 17-story building is situated in the city’s Central Loop tech district adjacent to Google’s forthcoming Chicago office in the Thompson Center. Lessen first entered the Chicago market in 2023 after its acquisition of technology company SMS Assist for $950 million, the largest proptech merger in U.S. history, according to the company. Lessen partners with residential and commercial owners and occupiers who collectively manage over 1 million locations.

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FRANKLIN PARK, ILL. — General contractor F.H. Paschen has broken ground on an 80-unit seniors housing community in the western Chicago suburb of Franklin Park, which is part of Leyden Township. Evergreen Real Estate Group is the developer for the project, which is named Leyden Senior Apartments. The four-story residential building will also feature the new Carl Fiorito Senior Center, a one-story community center that will complement the apartments. Designed by Weese Langley Klein Architects and scheduled to open in summer 2026, the development is a collaborative effort between Leyden Township, Evergreen, owner Leyden Apartments LP and F.H. Paschen. Evergreen will also serve as property manager. The project site is 2.8 acres of vacant land located at the intersection of Mannheim Road and Nevada Avenue. The development is financed through multiple sources, including the Illinois Housing Development Authority, Bank of America, Hudson Housing, Leyden Township and the Cook County Department of Planning and Development. Mesirow Financial participated in the underwriting syndicate for the IHDA financing and served as the lead underwriter for Leyden Township’s General Obligation bond offering.

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DARIEN, ILL. — Marcus & Millichap has brokered the sale of The Jade Residences of Waterfall Glen in Darien for an undisclosed price. Built in 2024, the apartment complex features 70 units and is situated on 2.8 acres at 2305 Sokol Court. Units average 977 square feet. Amenities include a fitness center, party room, dog park and barbecue area. Ryan Engle, Kyle Stengle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor. Engle and Angelov procured the buyer, a private investor.

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WHEATON, ILL. — SVN Chicago Commercial has arranged the sale of a 35,400-square-foot office building located at 330 S. Naperville Road in downtown Wheaton for $1.9 million. The transaction closed at 97.5 percent of the asking price. The property features 23 executive suites, and was 72 percent occupied at the time of sale. Karen Kulczycki of SVN represented the seller. Buyer information was not provided.

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