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Illinois

DevelopmentIllinoisMidwestRetail

Cannabis Facility Construction Transforms Former Restaurant Property into Cannabis Dispensary in Suburban Chicago

by Kristin Harlow

TINLEY PARK, ILL. — Cannabis Facility Construction (CFC) has completed the Ascend Tinley Park recreational cannabis dispensary for Ascend Wellness Holdings Inc. in the Chicago suburb of Tinley Park. The 4,900-square-foot property at 16200 S. Harlem Ave. was formerly home to Chili’s and the Dugout sports bar. The project build-out included new lighting, custom-milled wood walls, multimedia display screens, illuminated product display cases and flexible point-of-sale stations. The building now features a state-of-the-art security system, custom mural by a local artist and expanded parking. The project marks the seventh Illinois dispensary that CFC has built for Ascend.

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IllinoisLeasing ActivityMidwestOffice

IWG to Open 21 New Coworking Spaces Across Illinois

by Kristin Harlow

ILLINOIS — IWG, a provider of hybrid working solutions with brands such as Spaces and Regus, has unveiled plans to open 21 new coworking spaces across Illinois. The new locations are primarily in metro Chicago. Plans call for 17 Regus locations, four HQ locations and one Signature location. The flexible workspaces will offer private offices, meeting rooms and creative coworking spaces. IWG’s “Design Your Own Office” service will enable companies to tailor their space entirely. IWG operates 4,000 locations in more than 120 countries. The firm predicts that 30 percent of all commercial real estate will be flexible workspace by 2030.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

OneLife Senior Living Acquires 70-Unit Property in Suburban Chicago

by Kristin Harlow

VERNON HILLS, ILL. — OneLife Senior Living has acquired the former Springs of Vernon Hills Alzheimer’s Special Care Center in the Chicago suburb of Vernon Hills. The firm has since rebranded the 70-unit property as The Laurel at Vernon Hills. OneLife retained all 59 staff members, and reviewed and updated benefits, wages and best practices for staffing. OneLife reduced temporary agency staff and increased permanent team members. The Laurel at Vernon Hills provides memory care services for people with Alzheimer’s and other forms of dementia. The community features large hallways, a circular design, fully enclosed courtyards and enhanced security. The seller and sales price were not provided.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $8.1M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 69-unit apartment building in Chicago’s Rogers Park neighborhood for $8.1 million. Located at 7219 N. Sheridan Road, the property features three studios, 37 one-bedroom units, 21 two-bedroom units and eight ground-floor retail spaces. Kevin Rahmanim of Interra represented the buyer, a local private investor. The sale marks the first time the building, which was constructed in 1931, has transacted in over 50 years. The local private seller was self-represented.

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Affordable HousingDevelopmentIllinoisMidwestMultifamilySeniors Housing

NHP Foundation Completes Renovation of 57-Unit Affordable Seniors Housing Property in Chicago

by Kristin Harlow

CHICAGO — The NHP Foundation (NHPF) has completed a major renovation of the Edwin C. Berry Manor Apartments in Chicago. The Section 8 seniors housing property is located at 737 E. 69th St. The rehabilitation project was made possible by a financial partnership between HUD, Merchants Capital, Illinois Housing Development Authority, National Affordable Housing Trust and UnitedHealth Group. The 57-unit community, built in 1991, marks the fourth property that NHPF has acquired or built in Chicago in the last five years and the first specifically for seniors. The units are fully leased. The project team included Weese Langley Weese, Burling Builders Inc., Solis Construction and baso ltd. Operation Pathways, a subsidiary of NHPF, will provide social and enrichment services to the residents. An onsite resident services coordinator will work with residents to support aging well in their independent living spaces.

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IllinoisIndustrialLeasing ActivityMidwest

Entre Commercial Realty Negotiates 68,825 SF of Industrial Subleases in Libertyville, Illinois

by Kristin Harlow

LIBERTYVILLE, ILL. — Entre Commercial Realty has negotiated two subleases totaling 68,825 square feet in the Chicago suburb of Libertyville. The property at 801 Technology Way is now fully leased and features a clear height of 24 feet, eight truck docks, two grade-level doors and ample parking. In the first transaction, AAT Sales Inc. subleased 24,777 square feet. The provider of food service equipment is relocating and expanding from nearby Northbrook. Rob Elbrecht of Tri State Realty represented the subtenant, while Dan Benassi and Sam Deihs of Entre represented the sublandlord. LED Tranquility Inc., a full-service audio, video, lighting and scenic company, subleased 44,048 square feet. Dan Benassi and Sam Deihs of Entre represented the sublandlord and were the sole brokers for the lease.

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IllinoisLeasing ActivityMidwestRetail

Starbucks, Cooper’s Hawk Join Tenant Lineup at Ogden Hill Shopping Center in Montgomery, Illinois

by Kristin Harlow

MONTGOMERY, ILL. — Starbucks and Cooper’s Hawk Winery & Restaurant are the latest tenants to join Ogden Hill Shopping Center in Montgomery, just south of Aurora. Both tenant build-outs are under construction and are scheduled to open in mid-2024. Starbucks will feature a drive-thru on the eastern side of the center in front of Menards. Cooper’s Hawk will be positioned on the western side of the center. Inland National Development Co. LLC owns the shopping center, which is situated on 67 acres.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Housing Trust Group Opens $18.2M Affordable Housing Community in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Housing Trust Group (HTG) has opened Crescent Place, an $18.2 million affordable housing community in the Chicago suburb of Arlington Heights. The community marks HTG’s entry into the Illinois market. HTG developed the property in partnership with nonprofit developer Turnstone Development Corp. Crescent Place offers 40 units that are reserved for residents who earn up to 60 percent of the area median income. Monthly rents range from $621 to $1,489, while units range from 646 to 880 square feet. Amenities at the four-story development include a community room, library, computer café, fitness room, resident garden, outdoor patio, tenant storage compartments, bicycle storage and 80 outdoor parking spaces.   Funding for Crescent Place included a $10.9 million construction loan and a $1.6 million permanent loan from BMO Harris Bank; $12.1 million in 9 percent Low Income Housing Tax Credit equity from National Equity Fund; $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and a $110,214 ComEd grant for building according to Energy Star efficient standards. The project team included general contractor Henry Bros Co., civil engineer Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, interior designer Frosolone Interiors, …

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Brokers Sale of 94,490 SF Industrial Facility in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Lee & Associates has brokered the sale of a 94,490-square-foot industrial facility in the Chicago suburb of Schaumburg for an undisclosed price. Constructed in 1988, the building is located at 2050 Mitchell Blvd. adjacent to Schaumburg Regional Airport. Terry Grapenthin, Michael Plumb and Ryan Earley of Lee & Associates represented the undisclosed seller. Nick Krejci and Noel Liston of Core Industrial Realty represented the buyer, a manufacturing user.

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Chicago-Prime
AcquisitionsIllinoisIndustrialMidwestTop Stories

CBRE Arranges Sale of 1.1 MSF Industrial Campus in West Chicago

by Taylor Williams

CHICAGO — CBRE has arranged the sale of a two-building, 1.1 million-square-foot industrial campus located at 4700-4800 Proviso Drive and 5000 Proviso Drive in Chicago. The properties are located in the Melrose Park neighborhood on the west side of the city. The site is located roughly 10 miles from O’Hare International Airport and is also near the Union Pacific Intermodal railway and the interchange of interstates 290 and 294. According to data from CBRE, the O’Hare submarket had an industrial vacancy rate of 2.4 percent as of the third quarter. Houston-based Hines purchased the campus for an undisclosed price. Zach Graham, Michael Caprile and Joe Horrigan of CBRE represented the unnamed seller in the transaction. The campus was fully leased at the time of sale, with a single logistics user that has been in place for approximately 20 years occupying each of the three spaces. Building features include 32- and 35-foot clear heights, one dock per 5,000 square feet of space, 159 trailer parking stalls and the capacity for dual rail loading. Hines plans to implement a value-add program to make improvements at the property. “This transaction represented a compelling opportunity given its strategic infill location in the densely populated …

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