Illinois

CHICAGO — A joint venture between The Missner Group and Realterm has completed development of a 130,354-square-foot speculative industrial building in Chicago. The Class A facility is located at 1032 W. 43rd St. within the Chicago Stockyards. The Missner Group also served as general contractor for the project, which features a clear height of 32 feet, 26 exterior docks, two drive-in doors, a 276-space parking area and 20 dedicated trailer stalls. Atom Banana, a fruit wholesaler based in Illinois, leased 61,000 square feet of the building prior to completion. The Missner Group will complete the tenant build-out and intends to start construction in the fourth quarter. The project marks the final of three developments for Realterm and Missner’s joint venture. The project team included Cornerstone Architects and engineer Spaceco Inc. Larry Goldwasser, Colin Green and Michelle Maguire of CBRE served as the leasing agents.

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ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 30,963-square-foot industrial building in the Chicago suburb of Elmhurst. The purchase price was undisclosed. Located at 851 Industrial Drive and constructed in 1980, the property is fully leased to seven tenants. The building features seven docks and parking for 36 cars. Each unit has its own dock and office area. Joe Bronson and Paddy Dwyer of NAI Hiffman represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fully discretionary fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

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WINFIELD, ILL. — SVN Chicago Commercial has brokered the $2.2 million sale of an office and retail building in Winfield, a western suburb of Chicago. The ground floor of the building is fully leased to a variety of retail and restaurant tenants. The second floor is vacant office space that was previously occupied by one tenant. SVN represented the seller. The buyer retained SVN to lease the remaining spaces with intentions of converting them into medical office suites. Buyer and seller information was not provided.

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UNIVERSITY PARK, ILL. — Alive Telecom has signed a 74,978-square-foot industrial lease at 500 Crossing Drive in the Chicago suburb of University Park. The 150,000-square-foot building, constructed in 2006, is now fully leased. Brian Vanosky, Michael O’Leary and Dylan Maher of Lee & Associates represented the landlord, Mapletree. Jeff Galante of Lee & Associates represented the tenant, which is a global supplier of equipment, systems and services for the communications market.

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CHICAGO — The development team of Mavrek Development, GW Properties, Luxury Living and Double Eagle Development, alongside general contractor Lendlease, have topped off construction of The Saint Grand, a 21-story mixed-use building in Chicago’s Streeterville neighborhood. Office tenant build-outs are scheduled for later this year, with residential deliveries expected in early 2024. The project will consist of 248 luxury apartment units, 45,000 square feet of office space and 7,500 square feet of street-level retail space. Amenities will include a package receiving service, coworking lounge, fitness center and outdoor pool deck. Office tenants will enjoy all building amenities as well as a private outdoor space.

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CHICAGO — BGO has launched Move-In Ready Offices (MIRO) to provide small and medium-sized businesses with immediate access to adaptable workspaces. Current MIRO suites range from 1,000 to 18,000 square feet and offer immediate occupancy and flexible lease terms. BGO currently has MIRO suites available in Chicago, New York, Boston, San Francisco and Washington, D.C. The firm plans to deliver more prebuilt suites across its entire U.S. office portfolio. Gensler and Michaelis Boyd designed the spaces. MIRO offers both private workstations and collaboration spaces. Tenants also benefit from access to amenity centers, townhalls and various perks. As of June 30, BGO had $83 billion of assets under management.

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AURORA, ILL. — Meridian Design Build has completed construction of a 392,973-square-foot speculative industrial project on behalf of developer Logistics Property Co. in Aurora. The building features a clear height of 36 feet, 56 loading docks, two drive-in doors, 403 auto parking stalls and 26 exterior trailer parking stalls. An undisclosed tenant leased the entire building prior to completion. NAI Hiffman marketed the building for lease. The project team included Partners in Design Architects and civil engineer Webster McGrath & Ahlberg.

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CHICAGO — Maverick Commercial Mortgage Inc. has arranged a first mortgage loan totaling $7.5 million for a multi-tenant industrial building located at 1120 E. 89th St. in Chicago. The property is fully leased to two tenants, Chicago Transit Authority and SCR Transportation. The borrower was 1788 Holdings LLC, a Maryland-based real estate investment firm specializing in purchasing and repositioning older light industrial properties and industrial outdoor storage properties. A regional bank provided the five-year loan, which will be swapped at closing to provide a competitive five-year, fixed-rate loan. A portion of the loan proceeds will be used for capital improvements to the property post-closing.

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CHICAGO — Walker & Dunlop has arranged the sale of The Arcade Residences in Chicago for $35 million. Built in 2019, the property features 58 apartment units and 9,643 square feet of retail space. Todd Stofflet and Jason Stevens of Walker & Dunlop represented the seller and developer, Borecki Real Estate. The sale represented one of the highest-priced sales per door in Chicago, according to Walker & Dunlop. The Arcade Residences is located on the border of the city’s Edgewater and Rogers Park neighborhoods, directly adjacent to Loyola University. Amenities at the property include a tenant lounge, fitness center and rooftop deck. Over 90 percent of the retail space is leased by tenants such as Bank of America and Verizon.

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CHICAGO — Through a partnership with lulafit, Sterling Bay has opened The Factory, a new fitness and wellness space at its office building located at 600 W. Chicago Ave. The Factory totals 30,000 square feet. Users pay $35 per month and have access to a variety of offerings, including a yoga studio and meditation suite; recovery room with Therabody technology; spaces designed exclusively for HIIT, cardio, heavy bag workouts and group exercises; a sauna; steam room; and large turf installation. Built in 1908, the eight-story building formerly served as the Montgomery Ward catalog building until 2000. In 2021, with the building under the ownership and management of Sterling Bay, lulafit started designing a complete overhaul of the property’s fitness center. The Factory received more than 100 membership sign-ups on its first day, and almost 200 in its first two weeks. During its initial six months of operations, The Factory added 460 members. Data shows members utilize the space three to five times per week.

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