UNIVERSITY PARK, ILL. — Hillwood and Clarius Partners have broken ground on University Park Logistics Center, a 970,123-square-foot speculative industrial development in University Park, a southern suburb of Chicago. Situated by the I-57 interchange at Stuenkel Road, the site provides access to 85.5 million people within a single day’s drive, according to the developers. David Bercu and Jim Estus of Colliers are marketing the project for lease.
CHICAGO — Marcus & Millichap has brokered the $15.5 million sale of a property in Chicago comprising 22 multifamily units and five commercial suites. Located at 1542 N. Damen Ave. and 2010 W. Pierce Ave. in the Wicker Park/Bucktown neighborhood, the asset is within walking distance of the CTA Blue Line and multiple bus routes. The residential units include a mix of one- and two-bedroom floor plans. The commercial spaces are fully leased to La Colombe, Urbanbelly, Blue Line Lounge & Grill, Eccentric Fitness and the Kadampa Meditation Center. Kyle Stengle of Marcus & Millichap represented the seller and procured the buyer, Stocking Urban LLC.
AURORA, ILL. — Standard Real Estate Investments LP and The Vistria Group LP have acquired Fox Valley Villages, a 420-unit apartment community in Aurora, for $93.2 million. The buyers plan to preserve long-term affordability for more than half of the apartments in the community. With this acquisition, Standard and Vistria jointly own 836 units in the Aurora/Naperville submarket. Situated on 21 acres, Fox Valley Villages includes 18 three-story buildings as well as a freestanding clubhouse, fitness center and maintenance garage. Additional amenities include two pools, a soccer field, dog park and barbecue areas. The property features 208 one-bedroom units and 212 two-bedroom residences and is 97 percent occupied. Standard and Vistria plan to invest more than $8 million in building improvements and renovations.
SPRINGFIELD, ILL. — Cushman & Wakefield has brokered the sale of White Oaks Plaza, a 320,933-square-foot regional shopping center in Springfield. The sales price was not disclosed, but Cushman & Wakefield states that the transaction represents one of the largest open-air shopping center deals in the region’s history. The property is home to more than 50 retailers and is anchored by Kohl’s + Sephora as well as TJ Maxx, HomeGoods and Sierra. Additional tenants include Harvest Market, Chili’s, Olive Garden, Petco and a freestanding Skechers outlet. The center is situated immediately west of Veteran’s Parkway, the area’s main north-south thoroughfare, and across from White Oaks Mall. Evan Halkias, Mark Gilbert, Zander Fried and David Matheis of Cushman & Wakefield represented the seller, Washington Prime Group. The R.H. Johnson Co. was the buyer.
CHICAGO — Walker & Dunlop Inc. has arranged a $92 million loan for the refinancing of the Hiltons at McCormick Place, a tri-branded hotel connected to the McCormick Place Convention Center in Chicago. The 23-story, 466-room property is the first and only tri-branded Hilton select-service hotel in the United States, combining Hilton Garden Inn, Hampton Inn and Home2 Suites offerings. The concept unites two of Hilton’s upscale select-service brands with an extended-stay concept. Guests have access to two hotel-operated food and beverage outlets, three ground-floor food and beverage offerings, an indoor pool, fitness center and attached skybridge. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Jordan Casella and Cole Grims of Walker & Dunlop arranged the loan on behalf of McHugh Enterprises Inc. and First Investors LLC. Access Point Financial Inc. provided the floating-rate loan, which features interest-only payments.
SOUTH ELGIN, ILL. — Krusinski Construction Co. (KCC) has delivered a 14,446-square-foot daycare center for BrightPath Early Learning and Child Care in South Elgin. The project involved the transformation of the first floor of the Medical and Legal Arts Building and marked KCC’s first for BrightPath, part of Busy Bees North America, which operates more than 240 centers across the U.S. and Canada.
TINLEY PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 34,180-square-foot industrial freezer/cooler facility at 18501 Northstar Court in the Chicago suburb of Tinley Park. The property was vacant at the time of acquisition. Constructed in 2009, the precast building features a clear height of 29 feet, eight exterior docks, one drive-in door and parking for 18 trailers. The facility features 22,341 square feet of freezer area with glycol floors, 5,121 square feet of dry area and 2,694 square feet of cold docks. John Suerth, Jason Lev and Jimmy Kowalczyk of CBRE represented the seller and have been retained to market the property for lease. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
HILLSIDE, ILL. — Edgemark has acquired Hillside Town Center, a 160,330-square-foot shopping center in the Chicago suburb of Hillside. Built in 2009, the property is located at the intersection of I-290 and Mannheim Road and was 99 percent occupied at the time of sale. Some of the tenants include HomeGoods, Ross Dress for Less and Petco. Michael Nieder and Brian Page of JLL represented the seller, Hutensky Capital Partners.
CHICAGO — Greenstone Partners has brokered the $3.6 million sale of two multifamily properties located at 1343 N. Western Ave. and 1045 N. California Ave. in Chicago’s Wicker Park and Smith Park neighborhoods. Jordan Multack and Jacob Goldstein of Greenstone represented the seller, a Chicago-based private investor. The buyer was also a private investor. The assets feature spacious layouts, rooftop decks and onsite parking.
AUBURN HILLS, MICH. — Automaker Stellantis (NYSE: STLA), parent company of brands including Jeep, Dodge and Ram, has unveiled plans to invest $13 billion over the next four years to grow its business in the U.S. market and increase its domestic manufacturing footprint. The investment, the largest in the company’s 100-year U.S. history, will support the introduction of five new vehicles across the brand portfolio; production of the all-new four-cylinder engine; and the addition of more than 5,000 jobs at plants in Illinois, Ohio, Michigan and Indiana. Stellantis says the investment will increase its annual finished vehicle production in the United States by 50 percent over current levels. The new product launches will be in addition to 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029. In Illinois, Stellantis plans to invest more than $600 million to reopen the Belvidere Assembly Plant to expand production of the Jeep Cherokee and Jeep Compass for the U.S. market. Initial production launch is expected in 2027, and the company anticipates the creation of roughly 3,300 new jobs. With an investment of nearly $400 million, Stellantis plans to move assembly of an all-new midsize truck from Belvidere to the …