SCHILLER PARK, ILL. — Associated Bank has provided a $2.2 million loan for the refinancing of an industrial outdoor storage facility near O’Hare International Airport in Schiller Park. O’Hare Blue Sky Parking leases the property and operates it as an offsite parking facility servicing O’Hare. The asset includes a 16,562-square-foot building. Daniel Barrins of Associated Bank originated the loan on behalf of the borrower, The Missner Group, which acquired the property in February 2023.
MATTESON, ILL. — Entre Commercial Realty has negotiated a long-term build-to-suite lease with a national tank rental company at the Chicagoland Truck Center in Matteson. The new facility will consist of an 11,790-square-foot maintenance building with six drive-in doors on eight acres of secured outside storage. Entre assisted in designing a custom-built headquarters facility along with obtaining village approval for equipment rental and maintenance. Cory Kay and Mike DeSerto of Entre represented the landlord, Bike Road LLC. JLL represented the tenant.
CHICAGO — Related Midwest and CRG have unveiled plans to co-develop the Illinois Quantum & Microelectronics Park (IQMP) at 8080 S. DuSable Lake Shore Drive in South Chicago. The quantum innovation campus marks the first phase of a broader 400-acre master plan. PsiQuantum, a quantum computing technology company, will anchor IQMP. The project site is located on the former U.S. Steel South Works site along the Lake Michigan shoreline. IQMP will occupy 128 acres on the southern end of the site. In addition to PsiQuantum, the campus will house cryo facilities and equipment labs as well as research and office spaces for private companies and universities to collaborate. The first phase, designed by Lamar Johnson Collaborative, will occupy approximately 30 acres and is scheduled for completion in 2027. Clayco will serve as the general contractor for the initial phase.
MOKENA AND WOODRIDGE, ILL. — Colliers has brokered the sale of two retail strip centers in metro Chicago. The first property totals 16,482 square feet and is located in Mokena. Five of the tenants have been onsite since 2015, while the sixth has occupied space since 2003 when the property was developed. The second asset in Woodridge is anchored by a food mart and service-oriented tenants. Peter Block and Rachel Patten of Colliers represented the seller, Armco Properties. The buyer, a private investor, purchased the properties at close to asking price, which was $6.8 million.
CHICAGO — Essex Realty Group has negotiated the sale of a four-building, 38-unit multifamily portfolio in Chicago’s Austin neighborhood for $2.3 million. Robert Berman, Michael Anguiano, Daniel Shabsin, Jeremy DeMarco and Joe Kahlhammer of Essex represented the long-term, local seller. A local investor purchased the properties with plans to update units. The assets are located at 44 N. Mason Ave., 60 N. Mason Ave., 112 N. Mason Ave. and 150 N. Mayfield Ave.
CHICAGO — Prime Healthcare has agreed to acquire nine hospitals and associated physician practices in Illinois, as well as five post-acute and senior living facilities, from St. Louis-based Ascension. The properties are largely located in Chicago and its surrounding suburbs. The transaction is expected to close in the first quarter of 2025, subject to standard regulatory and canonical approvals. The price was not disclosed. The acquisition includes the following Ascension hospitals: Prime Healthcare also acquired multiple post-acute and senior living facilities operated by Ascension Living: Fox Knoll Village in Aurora; Villa Franciscan Place in Joliet; Heritage Village and Heritage Lodge in Kankakee; and Resurrection Place in Park Ridge. Prime Healthcare plans to invest $250 million in facility upgrades, capital improvements, technology investments and system upgrades to the properties. According to Prime Healthcare, the company has all available funding for the renovations. No debt will be put on the hospitals to complete the transaction. Additionally, the buyer has agreed to make offers of employment to substantially all associates. “Our agreement with Ascension reflects our decades-long mission of saving, improving and investing in community hospitals,” says Sunny Bhatia, president and chief medical officer of Prime Healthcare. Prime Healthcare is based in Ontario, …
UNIVERSITY PARK, ILL. — Colliers has brokered the sale of a 72-acre industrial land site in the southern Chicago suburb of University Park. A private investor sold the land to Clarius Partners for an undisclosed price. The planned development will be primed for large logistics operations and include a 970,123-square-foot warehouse. The project will feature a 40-foot ceiling height, up to 475 trailer stalls, 162 docks and convenient access to I-57. Jim Estus and David Bercu of Colliers brokered the transaction. Colliers is marketing the project for lease.
CHICAGO — Interra Realty has negotiated the $6.6 million sale of a 33-unit apartment and retail building located at 5704 S. Harper Ave. in Chicago’s Hyde Park neighborhood. The corner property includes 28 one-bedroom apartment units and five commercial spaces, which are leased to Subway, a bike shop, convenience store, barbershop and real estate office. The residential portion was also fully leased at the time of sale. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, a private family partnership.
BOLINGBROOK AND ROLLING MEADOWS, ILL. — Brown Commercial Group has negotiated two retail leases that will bring the first Parlor Doughnuts franchises to the Chicago market. Luke Dummitt, Dan Brown and Trinity Scurto of Brown Commercial Group represented a private investor in leasing two suburban locations that will be used for high-end doughnut and coffee shop locations. The properties include 1301 Algonquin Road in Rolling Meadows and 227 Weber Road in Bolingbrook. Each store will total nearly 3,000 square feet and is expected to open by year-end. Parlor Doughnuts launched in Evansville, Ind., in 2019 and now maintains more than 70 locations nationwide.
CHICAGO — The owners of the NBA’s Chicago Bulls and NHL’s Chicago Blackhawks have unveiled plans for the transformation of the area around their shared venue, the United Center. The initiative is known as The 1901 Project, and development costs are estimated at $7 billion. Michael Reinsdorf, CEO of the Bulls and son of owner Jerry Reinsdorf, formally announced the project on Tuesday, July 23. The elder Reinsdorf, along with Blackhawks owner Danny Wirtz, co-owns the United Center, where both teams have played since 1994. The name is a reference to the venue’s address at 1901 W. Madison St. The 1901 Project will be privately funded by the Reinsdorf and Wirtz families and developed in phases over approximately 10 years. The areas in question span roughly 55 acres on the city’s west side. Phase I could commence as soon as next spring, pending the completion of various permitting and approvals processes. Preliminary plans call for a mix of uses, including more than 1,000 transit-oriented residential units and a new entertainment venue that can accommodate up to 6,000 people. The residential component will feature both market-rate and affordable housing units. International architecture firm RIOS will lead design and planning. The 1901 …