Tuesday, July 1, 2025
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IllinoisLeasing ActivityMidwestOffice

Zynga Signs 14,000 SF Office Lease at Cumberland Centre in Chicago

by Kristin Harlow

CHICAGO — Zynga Inc., a global interactive entertainment company known for its social games such as FarmVille and Words With Friends, has signed a 14,000-square-foot office lease at Cumberland Centre in Chicago. The relocation marks an expansion for Zynga, which previously leased 12,448 square feet in a nearby single-story office complex. Cumberland Centre is a three-story office building that has recently undergone significant renovations. The lobby area features modernized lighting, seating areas and pop-culture décor. Amenities under construction include common-area hallway upgrades, a building café and a tenant lounge. These enhancements are slated for completion in 2025. Jason Wurtz and Jack Reardon of NAI Hiffman represented the owner, Integris Ventures. Jim Rose of JLL represented the tenant.

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IllinoisLeasing ActivityMidwestMultifamily

248-Unit Luxury Apartment Complex in Chicago Hits 75 Percent Occupancy

by Kristin Harlow

CHICAGO — The Saint Grand, a 248-unit luxury apartment complex in Chicago, is now 75 percent leased. The development team includes Mavrek, Double Eagle Development, Luxury Living and GW Properties. The property at 535 N. St. Clair also features 45,000 square feet of office space and 8,000 square feet of street-level retail space. The building’s grand opening took place in late July, and residents started moving in in April. Units feature workspaces and private outdoor spaces. Amenities include a fitness center, coworking spaces, lounges and a rooftop pool deck. The retail space will be home to a Starbucks, and additional retailers will be announced in the coming months. The project team included architect NORR, general contractor Lendlease and interior designer Harken Interiors. Cushman & Wakefield is overseeing residential and commercial property management. Monthly rents for the apartments start at $2,379.

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IllinoisMidwestMultifamily

Peak Properties to Manage 121-Unit Multifamily Adaptive Reuse Development in Chicago

by Kristin Harlow

CHICAGO — Peak Properties has been awarded management of The Ludlow, a historic typograph factory that has been converted into 121 apartment units and 20,000 square feet of commercial space in Chicago’s Lincoln Park neighborhood. Located at 2032 N. Clybourn, the loft apartments consist of studios to three-bedroom layouts split between five buildings. Amenities include a rooftop lounge, fitness center, demonstration kitchen, media room, coworking lounge and electric vehicle charging stations. Cross Street is handling marketing and leasing for The Ludlow.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Arranges Sale of 101,577 SF Industrial Building in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Lee & Associates of Illinois has arranged the sale of a 101,577-square-foot industrial building located at 701 Rohlwing Road in Itasca. The sales price was undisclosed, but the transaction marks the largest user sale in the O’Hare submarket this year by both sales price and square feet, according to Lee & Associates. Jeffrey Janda and Jeff Galante of Lee & Associates represented the seller, a private owner. Chris Nelson and Calvin Gunn of Lee & Associates represented the buyer, TR Property Management.  

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates Sales of Three Multifamily Properties on Chicago’s Northwest Side for $6.8M

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sales of three multifamily properties in Chicago for a combined $6.8 million. Joe Smazal of Interra represented the three private sellers and the three local buyers. Located in the Avondale neighborhood, 3748-54 W. School St. sold for $2.8 million. The 12-unit building features two-bedroom, three-bedroom and four-bedroom layouts. Recent renovations include plumbing and electrical system replacements as well as new steel porches. In the Jefferson Park neighborhood, 5045-49 N. Northwest Highway is a 12-unit building that sold for $2.7 million. Constructed in 2008, the property features two-bedroom layouts. A 12-unit property at 5057-59 W. Altgeld St. in the Belmont Craigin neighborhood sold for $1.2 million. The building features studio, one-, two and three-bedroom layouts. It received a new roof in 2023.

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Affordable HousingDevelopmentIllinoisLoansMidwestMultifamily

Habitat, Cabrera Capital Partners Receive $27M Capital Loan for Multifamily Redevelopment in Chicago

by Kristin Harlow

CHICAGO — Habitat and Cabrera Capital Partners have received the approval of a $27 million capital loan from the Chicago Housing Authority (CHA) for the first phase of multifamily redevelopment of LeClaire Courts on the city’s Southwest Side. The 32-acre site was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Under Habitat’s multi-phase plan, the site will be redeveloped into as many as 700 residential units, most of which will be affordable; nearly 440,000 square feet of commercial space; and publicly accessible open areas. The first phase will consist of two six-story buildings located on the west side of Cicero Avenue between 44th and 45th streets. Collectively, they will offer 183 apartment units in a mix of studio, one-, two- and three-bedroom floor plans as well as a 14,000-square-foot early childhood center and 2,200 square feet of first-floor retail space. Ninety percent of the units will be designated as affordable through income and rent restrictions accompanying the development’s various sources of public financial support, including the CHA, the Chicago Department of Housing and the Illinois Housing Development Authority (IHDA). The remainder will be available as market-rate units. Residents in …

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of Three-Building Woodridge Commerce Center in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Colliers has arranged the sale of Woodridge Commerce Center, a three-building industrial complex in the southwest Chicago suburb of Woodridge. The sales price was undisclosed. Built in 2006, the buildings are situated on 12 acres in the center of International Centre Business Park. They feature clear heights ranging from 18 to 20 feet, a mix of private and shared loading and parking for 447 cars. Woodridge Commerce Center is 96 percent leased to 22 tenants. The weighted average lease term is nearly three years with in-place rents that average 15 to 20 percent below current market rates. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Unilev Capital and an affiliate of Palladius Capital Management. The buyer was a Chicago-area limited liability company. Colliers also arranged the property’s sale to Unilev in 2021.

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DevelopmentIllinoisMidwestMultifamily

Mia Rose Holdings Breaks Ground on 144-Unit Multifamily Community in Glen Carbon, Illinois

by Kristin Harlow

GLEN CARBON, ILL. — Mia Rose Holdings has begun development of its first multifamily development in Illinois. Known as The Meridian, the luxury community will consist of 144 units at the intersection of Highway 157 and North Meridian Road. Completion is slated for spring 2025. The project will consist of 110,000 square feet across four three-story buildings and a one-story clubhouse. Amenities will include a resort-style pool, fitness center, dog park, garages and walking paths. Midas Construction is the general contractor, and Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc., mechanical, electrical and plumbing engineer Engenuity and property manager 2B Residential.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $2.3M Sale of Chipotle-Occupied Property in Lansing, Illinois

by Kristin Harlow

LANSING, ILL. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to Chipotle in Lansing, a southern suburb of Chicago. Chipotle maintains a 15-year lease with 10 percent rental escalations every five years and four five-year renewal options at the newly constructed building, which is located at 2302 Thornton Lansing Road. Randy Blankstein and Jimmy Goodman of Boulder represented the 1031 exchange buyer and the seller, a Midwest-based developer.  

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IllinoisLeasing ActivityMidwestMultifamily

Lendlease Nears Lease-up of The Reed at Southbank Apartment Tower in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Lendlease is nearing the lease-up of The Reed at Southbank, a 41-story apartment tower located at 234 W. Polk St. in Chicago’s South Loop. The rental units are now 95 percent occupied. Located along the Chicago River immediately south of the Loop, The Reed is the second high-rise completed in the seven-acre Southbank master plan. The property includes 226 units in a mix of studio, one-, two- and three-bedroom floor plans in addition to 214 condominiums on the upper floors. The tower’s eighth-floor amenity suite includes a 15,000-square-foot outdoor deck with a resort-style pool and cabanas, sunning lawn, fire pits, kitchens and dining areas. Additional amenities include a wet lounge adjacent to the pool deck, indoor-outdoor fitness center, show kitchen, lounge room, virtual sports simulation room, salon, massage room and media room. The Reed is immediately adjacent to Southbank Park, a two-acre green space privately developed by Lendlease as a public amenity. Designed by Hoerr Schaudt, whose plan was implemented by Confluence, the park features a central lawn, natural stone amphitheater and meandering walkways that connect to a new riverwalk. The Reed holds LEED Gold, Fitwel and Energy Star certifications. Green initiatives at the property include the use …

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