Tuesday, November 4, 2025
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IllinoisLoansMidwestMultifamily

CEDARst, Kayne Anderson Receive $91M in Financing for Chicago Apartment Building

by Kristin Harlow

CHICAGO — CEDARst Cos. and Kayne Anderson Real Estate have received a $91 million loan from Invesco Real Estate to finance the acquisition and future tenant improvements at Millie on Michigan, a 47-story apartment tower located at 300 N. Michigan Ave. in Chicago’s Loop. The financing follows the joint venture’s all-cash acquisition of the property in July. The loan proceeds will support the venture’s long-term investment strategy, including capital improvements designed to enhance the resident experience and retail environment. Completed in 2022, Millie on Michigan includes 289 luxury apartment units and 25,000 square feet of retail space. Occupancy exceeded 95 percent at the time of purchase. Amenities include a rooftop pool, coworking spaces, a fitness center, dog run and integrated smart home technology. The project is part of CEDARst Opportunistic Fund, which launched in February.

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DevelopmentIllinoisMidwestMixed-UseRetail

UrbanStreet Group Breaks Ground on 30-Acre Retail District at Veridian in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — UrbanStreet Group has broken ground on a 30-acre retail district at Veridian in the Chicago suburb of Schaumburg. The first phase of the district is expected to open in 2027 for apartments; retail turnover is slated for fall 2026. The Veridian project involves the transformation of the former Motorola campus. The first phase of the retail district will include 100,000 square feet of walkable retail and international cuisine, anchored by a 26,000-square-foot The Fresh Market grocery store along with 321 apartments and year-round community programming. At full build-out, the district will include more than 200,000 square feet of retail and restaurant space and more than 600 apartment units, adding to the 225-acre Veridian site that is already home to Topgolf; corporate users such as The Boler Co., Zurich North America, Motorola Solutions and DR Horton; and multiple residential communities. The groundbreaking is the latest milestone for the project, which began a decade ago. In 2015, Motorola announced it would relocate its headquarters to downtown Chicago. The following year, UrbanStreet Group acquired the property and began planning the redevelopment. In 2018, the Village of Schaumburg approved a new zoning ordinance, clearing the way for Veridian’s master plan. By …

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IllinoisLeasing ActivityMidwestOffice

Tishman Speyer Secures Two Full-Floor Leases at 900,000 SF Office Tower in Chicago

by Kristin Harlow

CHICAGO — Tishman Speyer has secured lease agreements with Rewards Network and CVS Health to occupy a total of 81,931 square feet at 525 West Monroe, its recently renovated, 900,000-square-foot office tower in Chicago’s West Loop neighborhood. Rewards Network, a restaurant rewards and loyalty program, will relocate its headquarters to the tower’s 40,956-square-foot sixth floor in September 2026. The fintech company will expand its footprint when it moves from 540 West Madison Street, where it occupies 25,000 square feet. CVS Health will bring together its Chicago-area workforce at 525 West Monroe in early 2026. The healthcare company’s new office will span the fifth floor for a total of 40,975 square feet. Tishman Speyer’s redevelopment of 525 West Monroe included a new outdoor plaza, entrances and lobby designed by Michaelis Boyd Associates and MDEAS. The Foyer, an all-day café concept that Tishman Speyer created in partnership with Infuse Hospitality, encompasses a bar and table service as well as outdoor patio seating. Tenants also have access to ZO Clubhouse, an amenity center and lounge on the 23rd floor. Tishman Speyer originally developed 525 West Monroe, which is located one block from Chicago Union Station. Ellen May and Stephen Golz represented Tishman Speyer …

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DevelopmentIllinoisIndustrialMidwest

CRG Breaks Ground on 364,102 SF Industrial Development in Chicago

by Kristin Harlow

CHICAGO — CRG has broken ground on The Cubes at Roosevelt & Kostner, a two-building, 364,102-square-foot industrial campus on a 20.8-acre site at the southwest corner of Roosevelt Road and Kostner Avenue in Chicago’s North Lawndale neighborhood. Co-developed in a joint venture with Related Midwest and 548 Development, the project will transform a long-vacant site into modern logistics facilities and community amenities, with the first buildings slated for completion in third-quarter 2026. Plans call for two 182,051-square-foot Class A industrial buildings, each featuring a clear height of 36 feet. Together, the facilities will offer 54 dock-high loading doors, four drive-in doors, 323 car parking spaces and 84 trailer parking stalls. Designed by Lamar Johnson Collaborative (LJC) and Ware Malcomb, the buildings will feature ESFR sprinkler systems and are proximate to I-290. General contractor DSI, in partnership with GMA Construction Group, is leading construction. In addition to the industrial facilities, the development will include two community-focused amenities. The developers are donating two 5,000-square-foot community spaces, also designed by LJC and known as “Innovation Centers.” One building will be operated by Black Men United and the other will house the New Covenant Community Development Corp. The project also includes new public green …

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Jensen-Souders Signs 105,000 SF Industrial Lease Expansion in Belvidere, Illinois

by Kristin Harlow

BELVIDERE, ILL. — Jensen-Souders and Associates, a provider of warehousing services for chemicals, rubber products and other miscellaneous products, has signed a 105,000-square-foot industrial lease expansion at 3905-3925 Morreim Drive in the Chicago suburb of Belvidere. Jeff Janda and Jeff Galante of Lee & Associates of Illinois represented the tenant, which renewed and extended its current lease of 60,000 square feet while taking an additional 45,000 square feet to occupy the entire building. Shane Van Sickle of LandMark Real Estate Group represented the landlord, STAG Industrial. Jensen-Souders’ headquarters remains in Itasca.

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AcquisitionsIllinoisMidwestRetail

Mid-America Arranges Sale of 20,427 SF Pebblewood Commons Retail Center in Metro Chicago  

by Kristin Harlow

NAPERVILLE, ILL. — Mid-America Real Estate Corp. has arranged the sale of Pebblewood Commons, a 20,427-square-foot retail center in the Chicago suburb of Naperville. Constructed in 2008, the property is home to dining, health and wellness, and personal services tenants. Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Northern Builders Inc. The asset sold to a public REIT.

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IllinoisIndustrialLeasing ActivityMidwest

Cawley CRE Secures Lease for 5.7-Acre Industrial Outdoor Storage Property in Roselle, Illinois

by Kristin Harlow

ROSELLE, ILL. — Cawley Commercial Real Estate has secured a lease for the industrial outdoor storage (IOS) facility at 160 N. Garden Ave. in Roselle following its representation of the property’s sale earlier this year. The 5.7-acre site features a 28,964-square-foot maintenance facility and a 1,350-square-foot standalone office. Industrial Outdoor Ventures (IOV) acquired the property and appointed Matt Garland, Andrew Maletich and Theo Zacher of Cawley CRE as the leasing agents. IOV made significant renovations to the property post-acquisition that included upgrades to the building systems, refreshed interiors and enhancements to the exterior yard and drive-through bays. The Cawley team secured a long-term lease with National Trench Safety, a provider of trench and traffic safety equipment. The lease term is 87 months.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 11,920 SF Industrial Building in Villa Park, Illinois

by Kristin Harlow

VILLA PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired an 11,920-square-foot industrial building at 865 N. Ellsworth Ave. in Villa Park. The single-tenant property was fully leased at the time of sale. Built in 1980, the facility features one dock, one drive-in door and roughly a quarter acre of outdoor storage. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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IllinoisLeasing ActivityLife SciencesMidwest

University of Chicago Expands Lease to 155,000 SF at Hyde Park Labs on City’s South Side

by Kristin Harlow

CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have inked a new lease expansion with the University of Chicago at Hyde Park Labs in Chicago. The private research university will occupy more than 155,000 square feet and is expected to move into its new space by the second quarter of 2026. The announcement was made at the grand opening of Hyde Park Labs and UChicago’s Science Incubator on Tuesday, Sept. 16. The university’s new space, including 101,199 square feet across the building’s top three floors, will support research initiatives in areas such as cancer, metastasis, biochemistry and molecular biology. UChicago’s original lease included space for faculty research and the new incubator, which is a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Six UChicago-affiliated companies are among the incubator’s first tenants: memQ, Exactics, Signl, Cell Therapy, ZipBionexus Tech and Neuro Innovations. In partnership with the university, the ground floor of the building will also initially host IBM’s next-generation modular quantum computer, called IBM Quantum System Two. Located at 5207 S. Harper Ave., Hyde Park Labs is the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building, according to TCC. Delivered earlier this …

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AcquisitionsIllinoisMidwestRetail

Continuum Development Buys Church Street Plaza Retail Complex in Evanston, Illinois for $31.2M

by Kristin Harlow

EVANSTON, ILL. — Continuum Development has acquired Church Street Plaza, a 144,833-square-foot retail complex in Evanston, for $31.2 million. Located at 900-950 N. Church St., the property spans a full city block with immediate access to CTA and Metra rail lines and is situated approximately a half mile from Northwestern University. Built in 2000 and redeveloped in 2023, the asset is 98 percent leased with tenants including a 12-screen AMC movie theater, Sky Zone indoor entertainment park and other stores and restaurants. Earlier this year, Continuum proposed the addition of a 27-story, 358-unit multifamily tower on the northwest corner of Church Street Plaza.

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