Thursday, May 15, 2025
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IllinoisLeasing ActivityMidwestRetail

Burlington Signs 22,104 SF Retail Lease in Streamwood, Illinois

by Kristin Harlow

STREAMWOOD, ILL. — Burlington has signed a 22,104-square-foot retail lease at 980 S. Barrington Road in Streamwood, a northwest suburb of Chicago. The retailer will occupy the space beginning later this year. The new lease brings the previously vacant building totaling 81,000 square feet to full occupancy. Value City Furniture previously occupied the entire property, which has now been split into three units. CBRE also arranged the other leases with Aldi (23,589 square feet) and Ollie’s (33,000 square feet). Joe Parrott and Sean McCourt of CBRE represented ownership, Diehl LLC. The building is located within Westview Center, a 350,000-square-foot power center.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamily

Standard, Vistria Group Acquire Workforce Housing Community in Suburban Chicago for $94M

by Kristin Harlow

NAPERVILLE, ILL. — Standard Real Estate Investments LP and The Vistria Group LP have acquired Haven on Long Grove in the Chicago suburb of Naperville for $94 million. The naturally occurring affordable housing community features 416 units. Pensam Capital was the seller. John Jeager of CBRE brokered the off-market transaction, which included the assumption of an existing, fixed-rate Fannie Mae mortgage serviced by M&T Bank. Situated on 34 acres, Haven on Long Grove features 248 one- and two-bedroom apartments and 168 townhomes. The buyer plans to make targeted improvements.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 785,181 SF Industrial Portfolio in St. Charles, Illinois

by Kristin Harlow

ST. CHARLES, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 785,181-square-foot, two-building industrial portfolio in the Chicago suburb of St. Charles. The purchase price for the sale-leaseback transaction with R.R. Donnelley was undisclosed. Located at 609 Kirk Road is a 504,152-square-foot building that was constructed in 1988. The property features a clear height of 30 feet, 45 docks and three drive-in doors. The second building in the portfolio totals 281,029 square feet and is located at 1750 Wallace Ave. Built in 1990, the property features clear heights ranging from 21 to 31 feet, 15 exterior docks and one drive-in doors. Mike Tenteris, Jim Carpenter, Adam Tyler, Scott Goldman and David Friedland of Cushman & Wakefield represented the seller. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.

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DevelopmentIllinoisMidwestMultifamily

Shapack, CRG Unveil Plans to Build 29-Story Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Shapack Partners and CRG have unveiled plans to build a 29-story apartment tower located at 220 N. Ada St. in Chicago’s Fulton Market. The partnership received $84 million in construction financing from Pacific Life Insurance, according to Crain’s Chicago Business. Plans call for 308 apartment units, 62 of which will be designated as affordable housing, as well as 12,300 square feet of ground-floor retail space. Apartments will come in studio, one- and two-bedroom layouts. There will also be nine penthouses. Shapack and CRG are developing the property along with Bill Williams, founder and principal of KMW Communities LLC, a Chicago-based developer. The partnership with KMW is part of CRG’s PILLAR initiative, the firm’s diverse developer program that works closely with a group of Chicago-based developers aimed at addressing the lack of diversity in commercial real estate. Rising 314 feet, 220 N. Ada St. will be positioned on a 27,244-square-foot parcel at the corner of West Fulton and North Ada streets, replacing a one-story warehouse building. Demolition is scheduled for February, with a groundbreaking planned for March. Completion is slated for early 2026. Designed by SOM, the property’s residential units will be situated on floors 5 to 28 and …

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DevelopmentIllinoisLeasing ActivityMidwestRetail

Six New Tenants to Open at Hawthorn Shopping Center in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — Six new tenants are slated to open at Hawthorn, a regional shopping center undergoing redevelopment in the Chicago suburb of Vernon Hills. Sephora, Anthropologie, FP Movement and The Lovesac Co. will open this year at the new Hawthorn Row outdoor streetscape. Also this year, Perry’s Steakhouse & Grille will open on an outparcel along Milwaukee Avenue. In 2025, Dom’s Kitchen & Market will open along Townline Road next to the Sleep Number store. The Domaine, a 311-unit luxury apartment complex, recently opened on the east side of the Hawthorn property. The next phase of development calls for another 250 apartment units and a three-acre amenitized plaza, a new food gallery on the upper level, and the addition of curated food and beverage tenants for the center’s ring road outparcels. Hawthorn originally opened 50 years ago.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $10.4M Sale of Apartment Building in Berwyn, Illinois

by Kristin Harlow

BERWYN, ILL. — Interra Realty has brokered the $10.4 million sale of reVerb Century Station in the Chicago suburb of Berwyn. The 52-unit apartment building features 10,662 square feet of ground-floor commercial space. The sales price represents a record price for multifamily or mixed-use properties in Berwyn, according to CoStar. Constructed in 2010 and located at 3200 S. Oak Park Ave., the property features four ground-floor retail suites, 12 one-bedroom apartments and 40 two-bedroom units. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed seller. The team also represented the buyer, an investment group that assumed the loan from the seller. The buyer plans to renovate common areas and add a package system for residents.

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AcquisitionsIllinoisIndustrialMidwest

Brennan Acquires Seven-Building Industrial Portfolio in Wood Dale, Illinois

by Kristin Harlow

WOOD DALE, ILL. — Brennan Investment Group has acquired a seven-building industrial portfolio in the Chicago suburb of Wood Dale for an undisclosed price. The portfolio totals 280,947 square feet across 12.5 contiguous acres. The assets had been institutionally owned for over 20 years and are fully leased to a variety of tenants. Brennan owns roughly 10 million square feet in Chicagoland.

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AcquisitionsCompany NewsIllinoisIndustrialMidwestSelf-Storage

Inland Agrees to Acquire Majority Interest in Devon Self Storage

by Kristin Harlow

OAK BROOK, ILL. — The Inland Real Estate Group of Cos. Inc. has agreed to acquire a majority interest in the business of Devon Self Storage Holdings LLC. Financial terms of the agreement were not disclosed. Devon manages 202 properties totaling roughly 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries throughout its history. Since entering the self-storage sector in 2016, Oak Brook-based Inland has amassed a $1.7 billion self-storage portfolio of both stabilized assets and development projects across 30 states. Inland plans to grow Devon’s third-party management and development platform.

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DevelopmentIllinoisMidwestRetail

NewQuest Asia-Pacific Retail to Redevelop 140,892 SF Shopping Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — NewQuest Asia-Pacific Retail is scheduled to break ground in February on the redevelopment of a former Dominick’s-anchored shopping center in Naperville. The Houston-based developer acquired the 140,892-square-foot property eight months ago in an off-market transaction. The 27-year-old center is 35 percent leased. NewQuest Asia-Pacific Retail specializes in development opportunities in markets with high Asian populations. The developer plans to reposition the Naperville shopping center with an Asian focus and incorporate green spaces. To date, roughly 62,000 square feet of leases are in various stages of negotiations, including a commitment from a specialty grocer. Teso Life, a Japanese fashion casual store, is leasing 18,016 square feet. Completion is slated for summer 2025. Nearly 20 percent of Naperville’s population is Asian, according to NewQuest.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers Sale of 10,600 SF Dollar General-Occupied Property in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a recently developed property occupied by Dollar General in Rockford for an undisclosed price. Constructed in 2021, the freestanding building totals 10,600 square feet. Dan Waszak of Quantum represented the buyer, a New York City-based investor. The seller was a Midwest-based developer.

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