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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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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Ziegler Negotiates Sale of 100-Bed Skilled Nursing Facility in Chicago

by Kristin Harlow

CHICAGO — Ziegler has negotiated the sale of a 100-plus-bed skilled nursing facility in a northern neighborhood of Chicago. Ziegler advised the seller, an Illinois-based nonprofit. A local operator acquired the asset for an undisclosed price. Nick Glaisner of Ziegler led the transaction with the support of colleague Melanie Shaffer.

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IllinoisMidwestMultifamily

Chicago-Based Peak Realty Rebrands Name to Cross Street After Expanding to Denver

by Kristin Harlow

CHICAGO — Peak Realty has rebranded to Cross Street. The Chicago-based firm, which specializes in multifamily leasing and investment, expanded to Denver last year with the opening of a second office. In five years, the Cross Street team has doubled, with more than 12,000 units leased and over $200 million in closed multifamily sales. The company says that the name “Cross Street” and tagline “The corner of people and place” represents the important connections and intersecting parts of life and business. Cross Street plans to expand to more markets, particularly urban areas.

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DevelopmentIllinoisLeasing ActivityMidwestMultifamily

Habitat Begins Pre-Leasing Efforts for 33-Story Cassidy on Canal Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Chicago-based Habitat has begun pre-leasing efforts for Cassidy on Canal, a 33-story luxury apartment tower in Chicago’s Fulton River District. The property at 350 N. Canal St. features 343 units in a variety of layouts ranging from studios to penthouses. Additional features of the project include 1,313 square feet of ground-floor retail space, parking for 123 vehicles and an outdoor dog run just northwest of the building. Amenities include a 10,000-square-foot outdoor deck off the building’s fifth floor with landscaped grounds, a pool, lounge seating, fire pits, grilling areas, heaters and dining areas. Inside, residents will have access to a fitness center with practice studios, a game room, clubrooms, a coworking center and a spa with sauna, steam and whirlpool rooms. The first resident move-ins are expected in May. Rents will range from $2,550 to $5,660 per month. Penthouse units will go for up to $10,810 per month. The project site was formerly home to the Cassidy Tire building. Architecture firm Solomon Cordwell Buenz designed the new glass tower. The joint venture partner on the project is Diversified Real Estate Capital LLC, with James McHugh Construction Co. serving as general contractor.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Brokers Sale of 31,379 SF Industrial Building in West Chicago

by Kristin Harlow

WEST CHICAGO, ILL. — Brown Commercial Group has brokered the sale of a 31,379-square-foot industrial building in West Chicago for an undisclosed price. Matt Hanson of Brown represented the buyer, Krishiv Foods, a distributor of Indian food products. The buyer is more than tripling its space and will be relocating from Elk Grove Village. Mike Antonelli of Brown represented the seller, Spare Tire Enterprises LLC, which purchased the building in 2018.

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DevelopmentIllinoisMidwestRetail

Mosaic Construction Completes K-12 STEM Learning Facility for Noggin Builders in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — Mosaic Construction LLC has completed a K-12 STEM learning facility for Noggin Builders at 4165 Dundee Road in the Chicago suburb of Northbrook. The 3,750-square-foot project consisted of the renovation of three existing vacant spaces that were combined into one large space for Noggin, which relocated from a smaller location in Northbrook. The new location is aimed at reinforcing the importance of STEM studies outside the traditional school setting. STEM stands for science, technology, engineering and mathematics. Established in 2013, Noggin provides afterschool and summertime learning programs. The new facility includes four classrooms, an accordion door for flexible learning spaces, a refrigerator for science experiments and a built-in cage that houses a bearded dragon. A large storage room houses art supplies and tools. MDT provided architectural services.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $1.3M Sale of Apartment Building in Chicago’s Lawndale Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 13-unit apartment building in Chicago’s Lawndale neighborhood for $1.3 million. Built in 1923, the property at 1858 S. Springfield Ave. was completely renovated in 2022 with new roofing, porches and windows. There are nine two-bedroom units and four three-bedroom residences, which were also upgraded but had not yet been leased. An empty side lot will be used for onsite parking. Lucas Fryman of Interra represented the buyer, a local owner who has a portfolio of multifamily properties in the immediate area. Ted Stratman of Interra represented the seller, Brilliant Future LLC. The asset sold for 96 percent of the list price.

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