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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Skender Breaks Ground on Three-Building Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — Skender has broken ground on United Yards, a three-building affordable housing development in Chicago’s Back of the Yards neighborhood. Celadon Partners and Blackwood Group are the developers, and DesignBridge is the architect. The project will consist of a 45-unit, six-story apartment building with a ground-floor business entrepreneur hub and youth programming space at 4703 S. Justine St. as well as two three-flat, modular apartment buildings at 1639 and 1641 W. 47th St. Completion is slated for October 2025. Tandem Ventures is managing regulatory compliance, maximizing community engagement and creating local employment opportunities on the project. Other partners include Virgilio & Associates as structural engineer and Element Energy as mechanical, electrical and plumbing engineer.

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AcquisitionsHealthcareIllinoisMidwest

IRA Capital Purchases 41,500 SF Medical Outpatient Facility in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Southern California-based private equity firm IRA Capital has acquired a 41,500-square-foot medical outpatient facility in Chicago’s South Loop. The purchase price was $21.8 million, according to Crain’s Chicago Business. Located at 1411 S. Michigan Ave., the facility occupies five floors of a 15-story building and is fully leased to Rush University Medical Center. Constructed in 2018 as a build-to-suit for Rush, the facility is one of the healthcare provider’s largest outpatient centers, offering both adult and pediatric primary care as well as more than 20 medical specialties. The multispecialty clinic includes 61 exam and procedure rooms and is supported by a team of over 60 physicians.

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IllinoisLeasing ActivityMidwestRetail

Hyper Kidz Signs 26,941 SF Retail Lease at Main Street Plaza in Wheaton, Illinois

by Kristin Harlow

WHEATON, ILL. — Hyper Kidz has signed a 26,941-square-foot retail lease at Main Street Plaza in the Chicago suburb of Wheaton. Brad Belden and Chris Irwin of Colliers represented the landlord, RMS Properties Inc. Brendan Watt of Great Street Realty represented Hyper Kidz, which offers an indoor playground, attractions and play zones. The lease brings the 116,759-square-foot property to 75 percent occupancy. Jewel-Osco is the anchor tenant.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Arranges Sale of 890-Unit Self-Storage Portfolio in Carbondale, Illinois

by Kristin Harlow

CARBONDALE, ILL. — Marcus & Millichap has arranged the sale of a four-property self-storage portfolio totaling 890 units in Carbondale, a city in southern Illinois. The sales price was undisclosed. There are 834 non-climate-controlled units and 56 climate-controlled units totaling 98,363 rentable square feet. The properties are located at 710 E. Main St., 1535 N. Reed Station Road, 707 E. College St. and 1295 Harmony Lane. Marla Čolić of Marcus & Millichap represented the undisclosed seller. A regional storage investment group purchased the portfolio. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction.

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IllinoisLeasing ActivityMidwestRetail

Two New Retail Tenants Open at Deer Park Town Center in Suburban Chicago

by Kristin Harlow

DEER PARK, ILL. — Ancho & Agave and Bluemercury are slated to open next week at Deer Park Town Center in the Chicago suburb of Deer Park. Ancho & Agave is a Mexican restaurant that is opening its second Illinois location. The restaurant totals 8,500 square feet. Luxury beauty retailer Bluemercury occupies 2,543 square feet. Deer Park Town Center also welcomed Victoria’s Secret, The Shade Store, Aerie and Clean Juice to the shopping center earlier this year. Managed by JLL, the outdoor lifestyle center is home to more than 60 retail, restaurant and service brands.

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AcquisitionsIllinoisMidwestOffice

Namdar Realty Group, Mason Asset Management Acquire One North LaSalle Office Tower in Chicago

by Kristin Harlow

CHICAGO — Namdar Realty Group and Mason Asset Management have acquired One North LaSalle, a 493,738-square-foot office tower along the LaSalle Street corridor in downtown Chicago, through a deed-in-lieu of foreclosure. Built in 1929, the property was renovated in 2017. Once recognized as the city’s tallest structure, One North LaSalle was designated a Chicago landmark in 1996 and added to the National Register of Historic Places in 1999. The property features “The Landmark” on the 25th floor, which houses a fitness center, conference rooms and a tenant lounge with outdoor terrace. The ownership transition is part of a broader strategy to enhance the building’s appeal. Andy DeMoss of Bradford Allen will continue to lead leasing efforts for the asset. Recent lease signings have included Flanagan Bilton, Youth Guidance, Second Sense, Collins Bargione & Vuckovich, Symmetry Counseling, Reifers Holmes & Peters, Wolf Point Engineers and SRF Consulting Group.

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IllinoisLoansMidwestMultifamily

JLL Arranges $25M Loan for Refinancing of Multifamily Property in Warrenville, Illinois

by Kristin Harlow

WARRENVILLE, ILL. — JLL Capital Markets has arranged $25 million for the refinancing of Arden Townhomes, a 60-unit, newly constructed multifamily property in the Chicago suburb of Warrenville. Completed in 2024, the property is situated in the city’s Cantera neighborhood. The asset features three-bedroom units averaging 1,898 square feet along with shared amenities. Trent Niederberger and Philip Galligan of JLL arranged the two-year, floating-rate loan on behalf of the borrower, Cantera Townhomes LLC. An entity managed by Argentic Investment Management LLC provided a $20 million senior loan, and Pearlmark provided an additional $5 million of mezzanine financing.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $10.5M Sale of Retail Strip Center in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — Marcus & Millichap has negotiated the $10.5 million sale of Hawthorn Village Commons in the Chicago suburb of Vernon Hills. The 51,815-square-foot retail strip center was built in 1981. Tenants include Hobby Lobby, Dollar Tree, Panda Express, Wendy’s and Subway. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a privately held Chicagoland investment group, and procured the buyer, a local investor completing a 1031 exchange. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Brokers Sale of Industrial Development Site in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Lee & Associates has brokered the sale of a nearly four-acre industrial development site at 2290 White Oak Circle in Aurora. The sales price was undisclosed. The site features convenient access to the I-88 tollway via Eola Road to the east and Farnsworth Avenue to the west. Nick Eboli and Andrew Block of Lee & Associates represented the seller. George Cibula of DarwinPW Realty/CORFAC International represented the buyer, which plans to build a 50,000- to 60,000-square-foot speculative cold storage or warehouse.

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DevelopmentIllinoisMidwestRetail

Geis Begins Development of 65,720 SF Service, Sales Facility for Rush Truck Centers in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — Geis Cos. has begun development of a 65,720-square-foot service and sales facility for Rush Truck Centers in the Chicago suburb of Huntley. The development marks the 15th Rush Truck Centers project for Geis. Rush purchased 12 acres next to its existing facility for the new project. Geis will demolish an existing 32,000-square-foot building on the property. Completion is slated for the first quarter of 2026, and the project will be done in three phases.

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