Wednesday, April 24, 2024
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Illinois

IllinoisMidwestMultifamily

RMK to Manage Two Multifamily Communities in Central Illinois

by Kristin Harlow

BLOOMINGTON AND NORMAL, ILL. — Churchill Living has selected RMK Management Corp. to manage Elm Point Apartments in Bloomington and Oak Point Apartments in Normal. Elm Point features 104 units ranging from 900 to 1,165 square feet. Monthly rents range from $1,190 to $3,800 per month. Oak Point includes 144 units ranging from 696 to 1,560 square feet. Monthly rents range from $1,050 to $2,150. Chicago-based RMK manages more than 8,800 apartment units across 38 properties in Chicago, Indiana, Wisconsin and Minnesota.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $2.1M Sale of Retail Building in Suburban Chicago

by Kristin Harlow

ORLAND PARK, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 14,000-square-foot retail building anchored by AutoZone in the Chicago suburb of Orland Park. AutoZone occupies about 60 percent of the property, which is located at 9310 W. 159th St. adjacent to a Jewel-Osco grocery store. Mitchell Kiven of Marcus & Millichap represented the seller, a private investor, and the buyer, a local investor based in suburban Cook County.

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DevelopmentIllinoisMidwestMultifamily

Skender Completes 21-Story Luxury Apartment Building in Chicago’s River North

by Kristin Harlow

CHICAGO — Skender has completed construction of The Leo, a 21-story luxury apartment tower located at 741 N. Wells St. in Chicago’s River North. VISTA Property is the developer. Designed by Antunovich Associates, the building features 168 units, including 50 studios, 101 one bedrooms and 17 two bedrooms. The project also includes 3,877 square feet of ground-floor retail space. Amenities include an in-gym yoga studio, outdoor pool, rooftop deck, kitchen café, group fitness terrace, private events room, dog run and bike room. Luxury Chicago Realty is handling leasing. Huntington Bank provided a first mortgage loan for the project. Monthly rents start at $2,250, according to the property’s website.

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IllinoisIndustrialLeasing ActivityMidwest

Lee & Associates Negotiates 53,000 SF Industrial Lease for Bullfrog International in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Lee & Associates has negotiated a full-building industrial lease totaling 53,000 square feet on behalf of Bullfrog International in Elgin. The property at 1320 Gateway Drive features a clear height of 24 feet, two interior docks, two drive-in doors and an existing three-ton bridge crane. Bullfrog International is a designer and manufacturer of high-end hot tubs that has expanded its Chicago-area presence with industrial and retail space. Rick Scardino, Michael Petrik and Sean Bishop of Lee & Associates represented the tenant. Jeff Matella of Cushman & Wakefield represented the landlord, Bix Box Property Owner C LLC.

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Affordable HousingIllinoisLoansMidwestMultifamily

Colliers Mortgage Originates $7.8M Loan for Refinancing of 72-Unit Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Colliers Mortgage has originated a $7.8 million Fannie Mae loan for the refinancing of Southeast Englewood and South Wabash in Chicago. The 72-unit, scattered site affordable housing property consists of six three-story buildings with garden-level basements. The buildings are situated on six parcels, three of which are non-contiguous. All of the units are restricted to low-income tenants by a HUD Section 8 HAP contract. Les Hardin of Colliers Mortgage structured the loan, which features a 10-year term. LSG Lending Advisors arranged the loan.

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AcquisitionsIllinoisMidwestRetail

Mid-America Real Estate Brokers Sale of 115,754 SF Oak Forest Commons Shopping Center in Suburban Chicago

by Kristin Harlow

OAK FOREST, ILL. — Mid-America Real Estate Corp. has brokered the sale of Oak Forest Commons, a 115,754-square-foot shopping center in the Chicago suburb of Oak Forest. The sales price was undisclosed. The value-add property presents the opportunity for ownership to lease up grocer space formerly occupied by Food 4 Less. Rick Drogosz, Ben Wineman and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. The asset sold to First Tek. The property was managed by Pine Tree.

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IllinoisLeasing ActivityMidwestOffice

Five Tenants Ink Leases for ‘Ready-to-Wear’ Office Suites at Bell Works Chicagoland

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Five tenants have inked leases totaling more than 13,800 square feet for “Ready-to-Wear” office suites at Bell Works Chicagoland in Hoffman Estates. PartsSource, a provider of healthcare products and solutions, leased 4,300 square feet. Jameson Sotheby’s International Realty, a real estate firm, signed a lease for 2,300 square feet. Route One Group, a consulting company specializing in the trucking industry, leased 1,200 square feet. Veregy, an energy-efficiency solutions, solar and smart building technology company, inked a lease for 1,600 square feet. Essentra Components, a manufacturer of plastic components, renewed its 4,400-square-foot lease.   Bell Works Chicagoland is the redevelopment of the former AT&T corporate campus. The Ready-to-Wear spaces total 23,628 square feet and are immediately ready for occupancy with flexible, short-term leasing options. Tenants have access to the larger office offerings such as conference rooms and the onsite coworking facility, CoLab. Colliers represented ownership in the leases. Inspired by Somerset Development is the owner and developer of Bell Works Chicagoland.

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IllinoisMarket ReportsMidwestMidwest Market ReportsRetail

Chicago Retail Market Is Busy as Tenants Reconfigure Store Sizes

by Kristin Harlow

By Brad Belden, Colliers Now that the final numbers are in for 2023, we can undoubtedly say that the worst of COVID is behind us in the world of retail leasing. 2023 saw increased rental rates, longer-term deals and record low vacancy rates across the nation.  It’s great news; retail is not dead and it could even be argued that it’s never been busier. But it’s also… different. On average, leases are shrinking and how space is used is changing. And demand, coupled with customers’ increased desire to visit evolving concepts, is making for another busy year ahead for this segment of the industry.  So far, 2024 is off to a great start and this year’s trends are already taking form. On the consumer side, a significant shift back to bricks-and-mortar retail is already underway as consumers seek to connect with retailers again and make shopping an “experience.”  On the retailer side, two factors are driving change: the emergence of AI, which is allowing many retailers to analyze and customize the customer experience while improving operations behind the scenes to boost sales (regardless of the tenant type, retail tenants in Chicago and across the U.S. have one thing in common: …

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DevelopmentIllinoisLeasing ActivityMidwestRetail

Five Below, Maurices to Open at East Court Village in Pekin, Illinois

by Kristin Harlow

PEKIN, ILL. — Five Below and Maurices are joining the tenant lineup at East Court Village in Pekin, just south of Peoria in central Illinois. The retailers, which are expected to open in fall 2025, join existing tenants Tractor Supply Co., Petco, Hobby Lobby and Dunham’s Sports. A former Bergner’s store is being redeveloped to make way for Five Below and Maurices, and additional tenants will be announced. The redevelopment project totals 42,000 square feet. Cullinan Properties Ltd. owns and manages East Court Village.

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