Tuesday, June 17, 2025
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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 108,412 SF Iroquois Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Iroquois Center, a 108,412-square-foot retail center in the Chicago suburb of Naperville. Northpond Partners purchased the asset for an undisclosed price. Some of the tenants at the value-add property include Planet Fitness, Duly Health and Care, Illiana Financial Credit Union and Cookies by Design. Joe Girardi, Rick Drogosz and Bine Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. Pine Tree managed the property.

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IllinoisLeasing ActivityMidwestOffice

Lessen to Relocate Chicago Office to 77,000 SF Space in Central Loop

by Kristin Harlow

CHICAGO — Lessen, a company for outsourcing real estate property services, has signed a lease to relocate its Chicago office to a 77,000-square-foot space at 203 North LaSalle Street in the city’s Central Loop tech district. Last year, Lessen acquired SMS Assist, a facilities maintenance technology company headquartered in Chicago, marking Lessen’s corporate entry into the market. The company’s Chicago office is currently located at 130 E. Randolph St. Lessen expects to move into its new office in the first quarter of 2025. The new office is located adjacent to Google’s forthcoming Chicago office in the Thompson Center. Sumitomo Corp. owns 203 North LaSalle Street, which rises 17 stories.

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DevelopmentIllinoisMidwestRetail

Summit Design + Build Completes Two Burdeen’s Jewelry Locations in Chicago’s Gold Coast

by Kristin Harlow

CHICAGO — Summit Design + Build has completed an adaptive reuse project for Burdeen’s Jewelry at 120 E. Oak St. in Chicago’s Gold Coast as well as interior renovations to the existing Burdeen’s Jewelry store at 11 E. Walton St. at the base of the Waldorf Astoria. The 120 E. Oak St. project consisted of the interior build-out for Burdeen’s as well as two luxury flagship stores situated on either side. The two-story luxury jewelry store totals more than 10,000 square feet and shares an outer structure with Panerai and IWC. Project highlights include a watchmaking studio, transparent glass floor and large skylight. The location marks Burdeen’s fourth in the Chicago area. Hirsch MPG served as the architect. The renovated space at 11 E. Walton St. features individual luxury brand spaces for Jaeger-LeCoultre, Roger Dubuis and Piaget. Dunne Kozlowski was the architect.

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IllinoisIndustrialMarket ReportsMidwestMidwest Market Reports

Windy City’s Industrial Sector May Face Market Headwinds in 2024

by Kristin Harlow

By Chris Mergenthaler, DarwinPW Realty/CORFAC International The Windy City, as Chicago is often dubbed, has long been a vital hub of commerce and industry. Boasting 19 intermodal facilities operated by six Class I railroads, a top 15 worldwide cargo airport, and sitting at the confluence of seven interstate highways that allow goods to reach 25 to 30 percent of the U.S. population within one day’s drive, Chicago’s central location makes it a key logistics and transportation hub.  The robust labor force of over 4.7 million nonfarm employees, according to a first-quarter 2024 U.S. Bureau of Labor Statistics report, coupled with Chicago’s location and infrastructure, lay the foundation for a fundamentally strong industrial market.  While the long-term outlook of the Chicago industrial market remains positive, the Windy City is facing some headwinds as the market progresses through 2024. Uncertainty, whether positive or negative, has been a common theme of the Chicago industrial market since early 2023  as the market reacts to changing macroeconomic and geopolitical factors.  Uncertainty in the global supply chain, trade relations with other countries, as well as one of the longest freight market recessions in recent history, have led to an increase in direct and sublet space on …

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AcquisitionsIllinoisIndustrialMidwest

Stream Realty Partners Acquires 104,008 SF Halsted Pershing Business Center in Chicago

by Kristin Harlow

CHICAGO — Stream Realty Partners has acquired Halsted Pershing Business Center in Chicago’s Stockyards submarket for an undisclosed price. The 104,008-square-foot industrial property is fully leased to three tenants. Patrick Russo, Mustafa Ali and Ben Harrison of Stream facilitated the acquisition. Ed Halaburt, Sean Devaney, John Huguenard, Kurt Sarbaugh, Will McCormack and Michael Conway of JLL represented the undisclosed seller. Stream currently manages a portfolio of 41 investments totaling 23.2 million square feet.

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DevelopmentIllinoisIndustrialMidwestSelf-Storage

Noble Self Storage Breaks Ground on 130,000 SF Redevelopment Project in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — Noble Self Storage has broken ground on Batavia Square, a 130,000-square-foot self-storage facility and a 44,729-square-foot electric car dealership in the Chicago suburb of Batavia. Noble Self Storage acquired the shuttered Sam’s Club building at 510 N. Randall Road in March. Linda Kost of Grid 7 properties dba Realty Metrix Commercial represented the seller, 501 N. Randall Rd Batavia LLC, and the buyer, Noble Self Storage/Bradley Financial Corp. Sam’s Club vacated the property in January 2018. The two-story, climate-controlled self-storage facility will be in the rear of the building and the car dealership will occupy the entire frontage. Completion is slated for early 2025.

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IllinoisIndustrialLeasing ActivityMidwest

John B. Sanfilippo & Son Inks 444,600 SF Industrial Lease at Venture Park 47 in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — John B. Sanfilippo & Son Inc. has inked a 444,600-square-foot industrial lease at Venture Park 47 in the Chicago suburb of Huntley. Completed in 2023, the building at 12300 Jim Dhamer Drive totals 729,823 square feet. Frank Griffin and John Sharpe of Lee & Associates represented the tenant, which has begun occupying the facility concurrently with a tenant improvement build-out. Brian Kling and Reed Adler of Colliers represented the owner, Venture One Real Estate. The transaction marks the largest industrial lease of the second quarter in Chicago’s North Kane County submarket and the fourth largest in metro Chicago, according to Lee & Associates. John B. Sanfilippo & Son is a processor, packager and marketer of a wide variety of nut and snack products.

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DevelopmentIllinoisIndustrialMidwest

Krusinski Construction Completes 66,000 SF Industrial Build-out in Woodridge, Illinois

by Kristin Harlow

WOODRIDGE, ILL. — Krusinski Construction Co. has completed the build-out of a 66,000-square-foot interior warehouse space on behalf of J&P Warehousing and Tardella Foods in the Chicago suburb of Woodridge. J&P Warehousing is a third-party logistics firm and will serve its food-and-beverage client, Tardella Foods, out of the Woodridge facility at 2250 W. 75th St. Krusinski previously completed construction of the building, a 100,400-square-foot facility, on behalf of developer Molto Properties. The interior build-out included minor office modifications, installing a demising wall to separate the J&P Warehousing space from the adjacent 34,400-square-foot tenant space. Krusinski also separated gas and electrical services to accommodate the multi-tenant property. Additional project elements consisted of installing tenant-specific electrical and HVAC equipment, including a charging station for electric pallet jacks and an air compressor. Harris Architects designed the building.

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DevelopmentIllinoisMidwest

Summit Design + Build Begins Phase III of Interior Renovations for The Bloc Nonprofit in Chicago

by Kristin Harlow

CHICAGO — Summit Design + Build has begun Phase III of interior renovations for The Bloc, a nonprofit in Chicago. The Bloc is a boxing club that also provides training, tutoring and mentorship to guide youth toward academic, social and athletic achievements. Summit has completed two phases of renovations, including major upgrades to the building’s mechanical systems, a full kitchen remodel and other finishes of the space. The third phase includes flooring upgrades, electrical repairs and the reconfiguration of restroom plumbing, fixtures and layouts. Future Film is the architect.

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400-Lake-Shore_Chicago
DevelopmentIllinoisMidwestMultifamilyTop Stories

Related Midwest Breaks Ground on 635-Unit Multifamily Tower in Chicago

by Hayden Spiess

CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a multifamily project in the Streeterville neighborhood on the Near North Side of Chicago. Situated on a waterfront site where Lake Michigan meets the Chicago River, the two-tower development will occupy the last undeveloped parcel at the location. 400 Lake Shore’s first phase will feature a 72-story, 858-foot tower. The building will feature 635 apartments, with 20 percent of the residences (127 units) designated as affordable housing. Units will include studio, one-, two- and three-bedroom apartments.  Related Midwest’s in-house contracting company, LR Contracting Co., will build the first phase of the project with BOWA Construction. Skidmore, Owings & Merrill designed the development, with building interiors designed by MAWD. Stantec is serving as the architect of record.  Related will also lead the development of a 3.3-acre park — with a $10 million commitment from the company — and an extension of the Chicago Riverwalk, in conjunction with the construction of the first tower. Dubbed DuSable Park, the park will comprise a portion of the 4.5 acres of public space included in the 400 Lake Shore project, which will also feature a plaza with amenities, two-story podium and public art. The …

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