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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $11M Sale of Multifamily Property in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — Interra Realty has brokered the $11 million sale of Westwood Apartments in the Chicago suburb of Waukegan. The 132-unit multifamily property is spread across 11 buildings and is located on Westwood Drive. Originally constructed in 1970, the community was 96 percent leased at the time of sale. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the local private buyer, which plans to make improvements to the building exteriors, common areas and unit interiors. The team also represented the seller, a local investment group. The transaction marked the largest by dollar amount in Waukegan in the past four years, according to CoStar.

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DevelopmentIllinoisIndustrialMidwest

Opus Breaks Ground on 360,000 SF Spec Industrial Development in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — The Opus Group has broken ground on Alsip Park 294, a two-building speculative industrial development totaling 360,000 square feet in the southern Chicago suburb of Alsip. Opus is completing the project in a joint venture with Principal Asset Management. Alsip Park 294 will feature immediate access to a full I-294 interchange and visibility from the interstate. Building A will total 190,935 square feet and feature a clear height of 32 feet, 18 dock doors, two drive-in doors and 169 auto parking stalls. Building B will total 169,064 square feet and feature a clear height of 32 feet, 18 dock doors and 138 auto parking stalls. Both buildings have been designed to meet Green Globe certification. Examples of sustainable features include clerestory windows, storefront glazing, LED lighting, motion-activated bay lighting and drought-tolerant landscaping. All stone, precast walls, concrete and asphalt will be locally sourced. Completion is slated for August 2024. Opus is the developer, design-builder, architect and structural engineer. Brian Kling and Jake Spinell of Colliers are marketing the buildings for lease.

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CosMc
Company NewsDevelopmentIllinoisMidwestRestaurantRetailTop Stories

McDonald’s to Test Small-Format, Beverage-Led CosMc’s Concept with First Location in Metro Chicago

by Katie Sloan

BOLINGBROOK, ILL. — McDonald’s (NYSE: MCD) has announced plans to test CosMc’s, a new smaller format concept featuring a beverage-led menu with new food and drink items. The first location will open this month in the Chicago suburb of Bolingbrook, where the first McDonald’s franchise location opened in 1955. By the end of 2024, the company plans to open 10 pilot locations for the concept, with target markets set to include the Dallas-Fort Worth and San Antonio metropolitan areas. CosMc’s will offer digital and drive-thru ordering formats only, with dynamic menu boards, cashless payment devices and pick-up windows. The concept’s menu will be beverage-focused, including specialty lemonades and teas, blended beverages and cold brew coffees.  Drink offerings — which will include churro- and s’mores-flavored coffees, sour cherry energy drinks and lemonades — will be customizable, to include the addition of boba, energy and Vitamin C shots.  CosMc’s locations will also feature a small lineup of food items, including new offerings like a spicy queso sandwich and pretzel and hash brown bites, alongside traditional menu standbys like Egg McMuffin sandwiches and McFlurrys.  The new concept is named after CosMc, a mascot that McDonald’s launched in the late 1980s.  Chicago-based McDonald’s is …

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of Two-Building Tollway Corporate Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Colliers has brokered the sale of Tollway Corporate Center in Aurora for approximately $75 million in two separate transactions. The industrial property consists of two buildings. The first building, which totals 543,638 square feet and is leased to Ryder Integrated Logistics, sold to a large financial institution. The second building, which spans 104,978 square feet and is leased to two tenants, sold to The Brimel LLC as part of a 1031 exchange. Jeff Devine and Steve Disse of Colliers represented the seller, a joint venture between Opus Development and Principal Asset Management.

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DevelopmentIllinoisIndustrialMidwestMinnesota

Sam’s Club to Open Two New Distribution Centers in Metro St. Louis, Minneapolis

by Kristin Harlow

EDWARDSVILLE, ILL. AND SHAKOPEE, MINN. — Sam’s Club, a division of Walmart Inc., plans to open two new distribution centers in early 2024 in metro St. Louis and Minneapolis. The retailer says the new facilities are part of a multi-year growth plan to transform the supply chain at Sam’s Club. The first center will open in the greater St. Louis area in Edwardsville, Ill., in January. The 370,000-square-foot property will serve as a distribution and fulfillment center, creating more than 100 jobs across the area. The second facility will be located in Shakopee, Minn., and is scheduled to open in March. The 365,000-square-foot property will serve as a multipurpose distribution center and will employ more than 80 associates.

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AcquisitionsIllinoisMidwestRetail

Quantum Arranges $7.1M Sale of Retail Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $7.1 million sale of Design Pointe, a 78,000-square-foot retail center in the Chicago suburb of Naperville. Built in the mid-2000s, the property is located at 1320 N. Route 59. At the time of sale, the center was 95 percent leased to Studio 41, Brain Balance, Fancy Free Holidays and other tenants. Brett Berlin of Quantum represented the seller, an Illinois-based investor. The buyer was also a private investor based in Illinois.

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AcquisitionsIllinoisMidwestMultifamily

Coldwell Banker Commercial Realty Negotiates Sale of 60-Unit Apartment Building Under Construction in Chicago

by Kristin Harlow

CHICAGO — Coldwell Banker Commercial Realty has negotiated the sale of a 60-unit apartment building under construction in Chicago’s Lincoln Square neighborhood. The sales price was undisclosed, but the list price was $4 million. The property at 5035 N. Lincoln Ave. will comprise 80 percent market-rate units and 20 percent affordable housing. Choudhry Muzaffar of Coldwell Banker brokered the sale. The buyer, TRIETH Development, intends to complete construction and add additional units. The development had been stalled for four years and went into receivership.

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DevelopmentIllinoisMidwestOfficeTop Stories

60-Story Office Tower With Salesforce as Anchor Tenant Opens in Chicago

by Kristin Harlow

CHICAGO — Salesforce Tower Chicago, a 60-story office building featuring software provider Salesforce Inc. as the anchor tenant, has opened in the Windy City. The 1.2 million-square-foot tower is situated along the Chicago River and is part of Wolf Point, a three-phase development designed by Pelli Clarke Pelli. Hines developed Wolf Point in partnership with the longtime landowner, the Joseph P. Kennedy Family. As a result of the rise of remote work during the pandemic, Salesforce has reduced its footprint in the building from 500,000 square feet to 360,000 square feet, according to Crain’s Chicago Business. The remaining 140,000 square feet of space is empty and available for sublease. Salesforce consolidated its local employees into the building from four offices downtown and one in suburban Naperville, according to Crain’s. The company’s lease runs through May 2040. Salesforce Tower Chicago features focus spaces like libraries and focus pods, as well as areas for team collaboration and connection such as event spaces and communal kitchens. Throughout the workspaces are a mix of mindfulness rooms, pods of height-adjustable desks, and meeting and training rooms. Salesforce doubled the size of the social lounges on its employee floors and added more conference rooms equipped with …

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AcquisitionsHealthcareIllinoisMidwest

Cushman & Wakefield Brokers $11M Sale of Medical Office Portfolio in Libertyville, Illinois

by Kristin Harlow

LIBERTYVILLE, ILL. — Cushman & Wakefield has brokered the $11 million sale of the Hollister Grove Medical Office Portfolio in Libertyville, a northern suburb of Chicago. The portfolio consists of 1800 Hollister Drive, which totals 58,000 square feet across three floors. Located on the campus of Hollister Inc., the property is 91 percent leased to tenants such as Advocate Infusion Center, Illinois Retina Associates and Northwest Neurology. The other property in the portfolio is 1900 Hollister Drive, which totals 34,000 square feet across three floors. The building is 57 percent leased to tenants such as Weil Foot & Ankle, Northshore Allergy, Northshore Primary Care and Ear, Nose & Throat Specialists of IL. Gino Lollio, Travis Ives, Sushil Puria and Tyler Morss of Cushman & Wakefield represented the seller, Libertyville-based Hollister Inc., which is a medical supply manufacturer. Skokie-based Stage Equity Partners was the buyer.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $3.8M Sale of Retail Property in Springfield, Illinois

by Kristin Harlow

SPRINGFIELD, ILL. — Marcus & Millichap has negotiated the $3.8 million sale of Springfield Commons, a 15,680-square-foot retail property located at 2701 N. Dirksen Parkway in Springfield. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The property sold near list price to an all-cash, coastal buyer.

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