Thursday, July 31, 2025
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AcquisitionsIllinoisMidwestRetail

Core Acquisitions Buys Rice Lake Square Shopping Center in Suburban Chicago for $34.2M

by Kristin Harlow

WHEATON, ILL. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. The value-add center was 76.2 percent leased at the time of sale. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Old National Bank provided acquisition financing. Core Acquisitions will provide property management services, and Mid-America Asset Management, which has handled leasing at the property for 20 years, will continue to serve as the leasing agent.  

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

The Good News for Chicago’s Office Market

by Kristin Harlow

By Dougal Jeppe, Colliers Over the past few years, we have been inundated with less than positive industry news. While it’s true we are at a historic moment in commercial real estate, and users are facing complex, never-before-seen questions about how to use their space, there remain many positives as we head toward the second half of 2024. So, let’s take a look at the good news from the Chicago office market. For now, downtown Chicago remains a tenant’s market, a trend expected to persist throughout 2024. With over 47.2 million square feet of office space available, tenants have a plethora of high-quality options to choose from, making it an opportune time for businesses seeking favorable lease terms to secure space.  And companies are doing just that. There has been a recent uptick in large space renewals by long-term office tenants including some consolidations reflecting the commitments many Fortune 500 companies, such as Mesirow and PNC Bank, have made to the City of Chicago.  Notably, JPMorgan Chase announced plans to reinvest in Chicago by renovating its namesake tower and keeping its 7,200 employees in the city. Similarly, Google has committed to the Central Loop, and plans to move about 1,000 …

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 57,040 SF Self-Storage Property in Beach Park, Illinois

by Kristin Harlow

BEACH PARK, ILL. — Marcus & Millichap has brokered the sale of Self Storage of Beach Park, a 57,050-square-foot self-storage property in Beach Park, a city in northeast Illinois. The sales price was undisclosed. Completed in 2021, the asset features 197 non-climate-controlled units and 250 climate-controlled units within three single-story buildings. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Extra Space Storage. The property will be rebranded as Storage Express.

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AcquisitionsIllinoisMidwestMultifamily

DMG Capital Acquires Linkt Apartments in Chicago’s River West for $14.2M

by Kristin Harlow

CHICAGO — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group, has acquired Linkt Apartments in Chicago’s River West neighborhood for $14.2 million. The luxury apartment property includes 47 units and two street-level retail spaces. The asset is 95 percent occupied. DMG will manage the building and oversee a common area refresh and light unit rehabs. The fitness center, outdoor green space and lobby will all be part of upgrades that will occur in the second half of this year. The acquisition marks DMG Capital’s third in six months, totaling $40 million in new assets. Philip Galligan and Danny Kaufman of JLL Capital Markets arranged debt financing through Freddie Mac. Meredith Katz and Ariel Murray of Greenberg Traurig LLP represented DMG in the purchase. Craig Martin and Joe Smazal of Interra Realty brokered the transaction on behalf of the buyer and undisclosed seller.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 32,496 SF Industrial Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,496-square-foot industrial building in Elgin for an undisclosed price. Located on Church Road and built in 1979, the property is fully leased to three tenants. The facility features three docks, four drive-in doors and parking for 30 cars. Nick Kyriazes of 360 Real Estate Services represented the undisclosed seller, while Matthew Lee and Parker Ray of Core Industrial Realty represented Venture One. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $11.2M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 48-unit apartment building in Chicago’s Lakeview East neighborhood for $11.2 million. Located at 452 W. Oakdale Ave. and constructed in 1971, the property includes 16 studios and 32 one-bedroom units. All apartments were occupied at the time of sale. Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, a local investment group led by Cagan Management.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 32,230 SF Industrial Building in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,230-square-foot industrial building in the Chicago suburb of Naperville for an undisclosed price. Constructed in 1989, the property was 50 percent leased to one tenant at the time of sale. The building features a clear height of 18 feet, two docks, two drive-in doors and parking for 42 cars. Venture One plans to make improvements such as new spec office space, energy-efficient warehouse lights and a new parking lots. Ted Gates and Dylan Demaio of CBRE will market the property for lease. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $3.1M Sale of Three-Property Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a three-property, 18-unit multifamily portfolio on Chicago’s Northwest Side for $3.1 million. The six-flat buildings, located at 8622 W. Berwyn Ave., 8657 W. Berwyn Ave. and 5240 N. Oakview Ave., were all built in 1969. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller, a local partnership. Jay Chandran of Jay C. Realty represented the buyer, a local partnership.

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Wieland-East-Alton-Illinois
DevelopmentIllinoisIndustrialMidwestTop Stories

Wieland Begins $500M Renovation, Expansion of Manufacturing Facility in East Alton, Illinois

by Taylor Williams

EAST ALTON, ILL. — Wieland, a supplier of copper and copper alloy solutions, has begun renovating and expanding its manufacturing facility in East Alton, located outside of St. Louis near the Illinois-Missouri border. The project is valued at $500 million. The initial phase of the modernization will increase the capacity and quality of copper production at the facility, which was originally constructed in 1916. The development team will revamp building foundations to support new equipment, and the site will be modified to support the use of an overhead crane for equipment setting. Wieland will also undertake upgrades to other facilities, including the furnace, re-cooling system, distribution switchgear, superstructure and controls/commissioning. Following completion of the project, the building structure will feature metal siding and roofing over heavy structural steel. “With copper having an integral role in the energy transition, this endeavor better positions Wieland as a provider of sustainable solutions for our customers’ ever-changing needs,” says Greg Keown, president of Wieland’s rolled products North America division. The project team includes general contractors Graycor Construction Co. and Helmkamp Construction Co., as well as design firms Vestal Corp. and Salas O’Brien. Completion is slated for mid-2028. — Taylor Williams

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Affordable HousingIllinoisLoansMidwestMultifamilySeniors Housing

Berkadia Arranges $17.6M in LIHTC Financing for Affordable Seniors Housing Property in Harvey, Illinois

by Kristin Harlow

HARVEY, ILL. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the preservation of Jesse Jackson Jr. Senior Housing in Harvey, a southern suburb of Chicago. The 120-unit affordable seniors housing property consists of two three-story buildings that were originally constructed in 2007 and 2011. The one-bedroom units are designated for seniors age 62 and above, with 114 of them set aside for those whose income is at or below 50 percent of the area median income. The remaining six units are for persons with disabilities whose income is at or below 30 percent AMI as part of the Illinois Housing Development Authority’s Statewide Referral Network program. The renovation project will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint. The renovation will also include the installation of solar panels and will receive Renewable Energy Investment Tax Credits under Section 48 of the U.S. Internal Revenue Code. Brian Blanchard and James Grande of Berkadia arranged the financing on behalf of the sponsor, Preservation of Affordable Housing.

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