ELMHURST, ILL. — Cicero Construction Group has completed the build-out of a third HOTWORX fitness studio in metro Chicago. The newest studio is located at 100 N. Addison Ave. in Elmhurst. Previously, Cicero renovated spaces in Chicago’s River North neighborhood and in Naperville. Cicero’s scope of work at the Elmhurst facility included installing mechanicals, drywall, paint, flooring and the building of bathrooms and a lobby. The team also installed infrared saunas and an expansive list of exercise systems. Like the River North and Naperville locations, the Elmhurst studio is open and staffed 24 hours a day, seven days a week. It offers members a variety of virtual-instructed 30-minute Isometric (ISO) and 15-minute High Intensity Interval Training (HIIT) workouts inside infrared saunas. Semi-private sessions include Yoga, Pilates, ISO, Barre, Core, Buns, Cycle and Thunder Row.
UNIVERSITY PARK, ILL. — Cushman & Wakefield has negotiated a full-building industrial lease totaling 1.6 million square feet at 701 Central Ave. in the Chicago suburb of University Park. The transaction marks the largest warehouse lease in the Chicago market in 2024, according to the brokerage firm. Sean Henrick and Ryan Klink of Cushman & Wakefield represented the landlord, W. P. Carey. Jason West, Lou D’Avanzo and Adam Cooke of Cushman & Wakefield represented the tenant, a global tech and logistics company. W. P. Carey made several capital improvements to the property. The tenant is consolidating its footprint into a single facility.
CHICAGO — SVN Chicago Commercial has brokered the $2.3 million sale of a 6,800-square-foot commercial building located at 5212 N. Clark St. in Chicago’s Andersonville neighborhood. Tim Rasmussen of SVN procured a local buyer who plans to convert the ground-floor commercial space into medical use. SVN also represented the undisclosed seller.
CHICAGO — Cronheim Hotel Capital (CHC) has arranged a $15.4 million loan for the refinancing of the Hyatt Place Chicago South University Medical Center. A Southeast-based bank provided the nonrecourse financing, which features a floating interest rate. David Poncia of CHC arranged the financing on behalf of the borrower, a joint venture between Smart Hotels and the Olympia Cos., the original developers of the hotel and current operators. The property is located at 5225 S. Harper Ave.
ILLINOIS — IWG, a provider of hybrid working solutions with brands including Spaces, Regus and HQ, is adding seven flexible workspaces in metro Chicago. The centers are designed to shorten commute times and provide increased flexibility for residents to work in the communities in which they reside. IWG says its new Illinois locations come on the heels of the business posting its highest-ever revenue and adding 867 new global locations over the course of 2023. IWG added 35 new locations in Illinois in 2023. With these seven new signings, IWG’s footprint now spans 75 locations across the state. Two of the new spaces are in Chicago, while the rest are in Naperville, Buffalo Grove, Libertyville, Naperville and Olympia Fields. IWG predicts that 30 percent of all commercial real estate will be flexible workspace by 2030.
ROMEOVILLE, ILL. — The PMAT Cos. has acquired the Shops of Romeoville, an 82,660-square-foot retail center in the Chicago suburb of Romeoville. The purchase price was undisclosed. Tenants include TJ Maxx, Petco and Discovery Clothing. The lender-owned property had significant remaining instability and was 65 percent occupied with several month-to-month and short-term leases at the time of acquisition, according to PMAT. Within months of closing, PMAT renewed existing anchor tenancy and executed a new long-term lease with Ross Dress for Less. PMAT also worked with the Village of Romeoville to structure incentives to attract the right tenant mix for the remaining gaps. PMAT plans to reinvest in the site in conjunction with the village and to work with the existing retailers to achieve long-term commitments while bringing in new tenants.
CHICAGO — CBRE has arranged the sale of the Hotel Versey, a 137-room property located at 644 W. Diversey Parkway in Chicago. The sales price was undisclosed. Constructed and opened in 1925, the hotel is situated near the Lincoln Park Zoo, Lake Michigan beaches and Wrigley Field. The four-story property was recently renovated. Nate Sahn, James Foxx, Nicholas Endre, Marcello Campanini and Adam Foret of CBRE represented the seller, Lincoln Park Hotel PropCo LLC. The buyer was an entity doing business as REIT 644 LLC.
GENEVA, ILL. — Lamar Cos., in conjunction with Real Capital Solutions, has acquired Geneva Commons, a 440,370-square-foot open-air shopping center in the western Chicago suburb of Geneva. The purchase price and seller were undisclosed. Dick’s Sporting Goods and Barnes & Noble are the anchor tenants, while The Fresh Market, Binny’s, DSW and HomeGoods are shadow anchors. Additional tenants include Sephora, Athleta, Lovesac, Williams Sonoma, Pottery Barn, Bath & Body Works, J. Crew Factory and First Watch. Lamar plans to make some capital improvements to the property.
SCHAUMBURG, ILL. — Matthews Real Estate Investment Services has brokered the $7.8 million sale of a cannabis dispensary occupied by Enlightened Dispensary in the Chicago suburb of Schaumburg. Located at 820 E. Golf Road, the property features a gross leasable area of 9,296 square feet. Enlightened Dispensary, a corporate-backed, multi-state cannabis operator, has 12 years remaining on its lease with two additional five-year options. Alexander Machado, Daniel Gonzalez, Robert Goldberg and Ben Snyder of Matthews brokered the sale. Buyer and seller information was not provided.
CHICAGO — Habitat has opened Cassidy on Canal, a 33-story luxury apartment tower located at 350 N. Canal St. in Chicago’s Fulton River District. The 343-unit development marks the first Class A rental tower to open in more than 17 years near the west bank of the Chicago River, according to the developer. The first residents have begun moving in. Cassidy on Canal offers a mix of floor plans and penthouse residences along with parking for 123 vehicles and ground-floor retail space. A 10,000-square-foot outdoor deck off the building’s fifth floor offers landscaped grounds, a pool, fire pits, grilling areas, cool weather heaters and dining areas. Inside, residents have access to a fitness center, game room, various clubrooms, a coworking center and spa. An outdoor dog run is scheduled to open in the coming months. Monthly rents range from $2,550 to $5,660. Penthouse Collection units rent for up to $10,810 per month. The project site was formerly home to the Cassidy Tire building, which had stood on the location since 1908. Habitat repurposed 200 bricks from the original property in the outdoor plaza near the new building’s main entrance. Solomon Cordwell Buenz designed the 375-foot glass tower. Diversified Real Estate …