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AcquisitionsIllinoisIndustrialMidwest

MAG Capital Partners Buys 336,204 SF Manufacturing Facility in Belvidere, Illinois

by Kristin Harlow

BELVIDERE, ILL. — MAG Capital Partners has purchased a 336,204-square-foot manufacturing facility in Belvidere near Rockford for an undisclosed price. Located at 775 Logistics Drive and built in 2017, the property was designed for heavy manufacturing needs and features clear heights ranging from 27 to 35 feet, 24 fully equipped raised docks and three grade-level doors. Upon closing, Piranha, a manufacturer and assembler of metal cutting, fabrication and bending equipment, signed a long-term lease for the space. MAG Capital Partners, led by principals Dax Mitchell and Andrew Gi, invests in industrial real estate and operating companies throughout the continental U.S. JC Asensio, Andrew Sandquist and Briggs Goldberg of Newmark represented the seller, STAG Industrial Holdings LLC.

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IllinoisIndustrialLeasing ActivityMidwest

LaGrange Crane Signs 138,994 SF Industrial Lease Expansion in Hodgkins, Illinois

by Kristin Harlow

HODGKINS, ILL. — LaGrange Crane Inc., a crane rental services company, has signed a 138,994-square-foot industrial lease renewal and expansion at 6800 Santa Fe Drive in Hodgkins, an industrial suburb of Chicago. The tenant currently occupies 74,766 square feet. Ryan Mullins and Nick Krejci of Core Industrial Realty represented the tenant. The landlord was undisclosed.

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DevelopmentIllinoisMidwestRestaurantRetail

Urban Innovations Completes Renovation of Banging Gavel Taproom at Historic Building in Suburban Chicago

by Kristin Harlow

TINLEY PARK, ILL. — Urban Innovations has completed the renovation and expansion of the historic Karl Vogt Building at 6811 Hickory St. in downtown Tinley Park. The four-story, 7,835-square-foot former apartment building, constructed in 1872, is now home to The Vogt House by Banging Gavel Brews. The building was added to the National Register of Historic Places in 1988 and is the only designated landmark in Tinley Park. The project entailed an interior and exterior renovation, including a complete gut and structural re-enforcement throughout each floor and lowering the basement slab to make room for the brewery. The Vogt Building was constructed by merchant and German immigrant Karl Vogt and is the oldest building in Tinley Park. Urban Innovations worked to comply with the National Park Service’s landmark criteria. The completed project features the production brewery, taproom and restaurant. Altus Works was the project architect.

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IllinoisIndustrialLeasing ActivityMidwest

Green Bay Packaging Signs 74,000 SF Industrial Lease in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Green Bay Packaging Inc. has signed a 74,000-square-foot industrial lease at 2200 Sullivan Road in Aurora. Noel Liston and Nick Krejci of Core Industrial Realty represented the landlord, Panattoni Development, which developed the 356,000-square-foot building. Now occupied by two tenants, the facility has one remaining available space of 96,150 square feet. The property features a clear height of 36 feet, six exterior docks, one grade-level door and office spaces. Mike Plumb of Lee & Associates represented Green Bay Packaging.

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AcquisitionsIllinoisMidwestRestaurantRetail

Colliers Arranges Sale of 6,968 SF Former Texas Roadhouse-Occupied Property in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Colliers has arranged the sale of a 6,968-square-foot restaurant property formerly occupied by Texas Roadhouse in the Chicago suburb of Naperville for an undisclosed price. Brad Belden of Colliers represented the seller, 2866 Patriot’s Lane LLC. The buyer, Shinto Japanese Steakhouse LLC, plans to open a Shinto Japanese Steakhouse or similar concept on the site. Texas Roadhouse closed in July.

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IllinoisLeasing ActivityMidwestOffice

CBRE Negotiates Five Leases Totaling 41,802 SF at Westwood Office Property in Lisle, Illinois

by Kristin Harlow

LISLE, ILL. — CBRE has negotiated five office leases totaling 41,802 square feet at The Westwood in Lisle. The leases include: Westpoint Financial (11,179 square feet); Mission Wealth Management (3,263 square feet); Ottosen, DiNolfo, Hasenbalg and Castalado (14,630 square feet); Paycom (6,830 square feet); and Vantage Point Financial (5,900 square feet). Pete Adamo and Adam Lawler of CBRE represented ownership, Briar Meads Capital. Located along I-88, The Westwood is a Class A property totaling 300,000 square feet across two buildings. There are multiple tenant lounges and a fitness center as well as newly renovated lobbies and a new deli.

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AcquisitionsIllinoisIowaMidwestMissouriMultifamilySeniors Housing

Arrow Senior Living Acquires Eight Communities in Midwest Region

by Kristin Harlow

ILLINOIS, IOWA, MISSOURI AND ARKANSAS — St. Charles, Mo.-based Arrow Senior Living has acquired eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Acquired in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 units, including 88 assisted living apartments and 32 memory care residences. PrairieStone consists of 111 units, including 79 assisted living apartments and 32 memory care residences. Arrow also acquired six independent living communities in partnership with Welltower in early July, adding 654 units to its portfolio. The Cambridge Senior Living in Springfield, Mo., features 115 units. The Gardens at Arkanshire in Springdale, Ark., consists of 80 units. The Montvale Senior Living in Springfield, Ill., features 121 apartments. Curtis Creek Senior Living in Quincy, Ill., totals 120 units. Lastly, Mallard Point Senior Living in Cedar Falls, Iowa, features 114 units, while Walden Place Senior Living in Iowa City totals 104 units.

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Company NewsIllinoisMidwestOfficeTop Stories

Equity Commonwealth to Wind Down Operations, Liquidate Four Remaining Office Assets

by John Nelson

CHICAGO — During a conference call held yesterday, executives of Equity Commonwealth (NYSE: EQC) announced that the Chicago-based office REIT is going to wind down its operations and liquidate its four remaining office assets. David Helfand, president and CEO of Equity Commonwealth, cited “uniquely challenging market conditions” as the impetus behind the move as the company was previously pursuing a major acquisition that ultimately wasn’t executed. “After working through our pipeline, we have been unable to consummate a compelling transaction,” said Helfand, who noted that the firm had also been trying to sell three of its remaining office properties as discussed in the first-quarter earnings call. “As a result, our board of trustees has determined that it’s advisable and in the best interest of our shareholders to proceed with the wind down of our operations and the liquidation of our assets in order to maximize value for shareholders.” Equity Commonwealth was founded in 1986 by Barry Portnoy under the name CommonWealth REIT. In 2014, the late REIT champion and billionaire investor Sam Zell took over operations of the company alongside a new board of directors, including Helfand. The REIT was rebranded to Equity Commonwealth and began trading on the New …

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane Completes 47-Unit Affordable Housing Adaptive Reuse Project in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — McShane Construction Co. has completed Fox Valley Apartments in Aurora on behalf of Housing For All LLC in collaboration with Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services. The project includes one new building and two renovated historic school buildings to offer a total of 47 affordable housing units. McShane remodeled Lincoln Elementary School, a 39,000-square-foot building originally constructed in 1893, to accommodate 14 units. The school closed in 2007 due to low enrollment and remained vacant until construction of the apartments began. Also on that site, McShane constructed a new, two-story building to offer 22 units. Originally an elementary school, Mary A. Todd School was transformed into 11 apartment units and a healthcare clinic for uninsured or underinsured families. The building was originally constructed in the early 1900s and most recently housed West Aurora School District’s early childhood programs until the programs were moved to a new facility in 2019. During the remodeling process, McShane kept historical features of the schools, including trim, flooring, chalkboards, lockers, windows and doors. Cordogan Clark & Associates designed the units, which are offered in one- to three-bedroom floor plans. Amenities include a laundry room, community room, computer …

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

TA Cabinets Signs 52,922 SF Industrial Lease in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — TA Cabinets has leased two contiguous units totaling 52,922 square feet of industrial space at 2050 S. Mount Prospect Road in the Chicago suburb of Des Plaines. The facility is located north of O’Hare International Airport with immediate access to I-90 via Elmhurst Road. Chris Nelson and Calvin Gunn of Lee & Associates represented the landlord, MapleTree Investments. Marat Safir of TMG Real Estate Advisors represented TA Cabinets, which is a professional kitchen cabinet designer and manufacturer.

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