Thursday, April 23, 2026
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DevelopmentIllinoisMidwestRestaurantRetail

McDonald’s Opens New Flagship Restaurant in Chicago

by Kristin Harlow

CHICAGO — McDonald’s has opened its newly designed flagship restaurant at Clark and Ontario streets in Chicago. The modern and environmentally friendly design features self-order kiosks, table service, mobile order and payment and delivery. The 19,000-square-foot restaurant includes green spaces and energy-saving features such as a vegetated rooftop, on-site solar panel array for renewable energy collection, LED lighting and more than70 trees at the ground level. Chicago-based Ross Barney Architects designed the restaurant, which is set to operate seven days a week and 24 hours a day. Sydney-based Landini Associates designed the interiors. The new restaurant replaces the previous flagship restaurant, which was a rock ‘n’ roll-themed restaurant that closed in December 2017.

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HospitalityIllinoisLoansMidwest

HFF Arranges $30.5M Refinancing for Chicago’s Kinzie Hotel

by Kristin Harlow

CHICAGO — HFF has arranged a $30.5 million loan for the refinancing of Kinzie Hotel, a 215-room boutique hotel in Chicago’s River North. Constructed in 2003 as an Amalfi Hotel, the property was renovated and transformed into the Kinzie Hotel in 2014. The hotel, which occupies the first six floors of a 385,000-square-foot Class A office building, has its own lobby entrance and elevators on the first floor. Other hotel features include a lounge, fitness center and 2,300 square feet of meeting space. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the loan on behalf of the borrower, a joint venture between Bixby Bridge Capital LLC and Urbana Holdings LLC. Annaly Commercial Real Estate Group Inc. provided the three-year, floating-rate loan. Proceeds from the loan were used to refinance the existing mortgage in conjunction with installing Urbana Varro as the new hotel management company.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Construction Completes $43M Special Education School in Minnesota

by Kristin Harlow

LITTLE CANADA, MINN. — Kraus-Anderson Construction Co. (KA) has completed Quora Education Center in Little Canada, just north of St. Paul. The $43 million special education school for Northeast Metro 916 Intermediate School District spans three stories and 157,000 square feet. The school will serve 300 students in grades 5 through 12 in both general education and special education programs. The building also includes administrative offices for more than 200 employees. The school will provide services for students who have autism spectrum disorders, developmental cognitive disabilities, emotional/behavioral disorders and other health disabilities. KA partnered with Lawal Scott Erickson Architects to design and construct Quora. The building’s layout allows for classroom, small group and individual learning environments with improved lighting, air quality and temperature control.

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IllinoisIndustrialLeasing ActivityMidwest

TLC Industries Signs 51,600 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — TLC Industries has signed a 51,600-square-foot industrial lease in Elgin. A contract woodshop for the arcade and gaming industry, TLC will occupy the entire property at 1270 Abbott Drive. Jay Farnam of Lee & Associates represented TLC in the lease transaction. Brian Kling and John D’Orazio of Colliers International represented the undisclosed landlord.

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AcquisitionsIndianaMidwestRetail

Quantum Brokers $1.9M Sale of Retail Building in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,936-square-foot retail building in Indianapolis for $1.9 million. The multi-tenant property is located at 1950 Kessler Blvd. Tenants include Starbucks, Verizon and Subway. Jack Farritor of Quantum brokered the transaction. A Washington, D.C.-based investment group was the buyer. A Phoenix-based developer was the seller.

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AcquisitionsMidwestOfficeOhioRetail

KRA Management Acquires Office Tower in Downtown Cleveland

by Kristin Harlow

CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a two-story retail center and a food hall. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio of HFF represented the seller, RAIT Financial Trust of Philadelphia, and procured the buyer. Last summer, the Tower was 45 percent leased while the Galleria was 60 percent leased, according to the Plain Dealer. KRA Management is a family-owned and operated real estate development and property management business that was founded by James Kassouf.

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AcquisitionsIllinoisIndustrialMidwest

Stan Johnson Co. Arranges $11.4M Sale of Industrial Building in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Stan Johnson Co. has arranged the sale of a 111,667-square-foot industrial building in Arlington Heights for $11.4 million. The two-tenant property is located at 545 E. Algonquin Road. Quality assurance company Intertek leases 85 percent of the building and has self-funded a specialized interior build-out. A data center operator occupies the remaining 15 percent of the property. John Zimmerman and Craig Tomlinson of Stan Johnson represented the seller, a joint venture between Minneapolis-based Biynah Partners and Baltimore-based Alex Brown Realty. New York-based Crystal Acquisitions purchased the asset.

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AcquisitionsIllinoisMidwestMultifamily

Essex Brokers $9.1M Sale of Apartment Building in Chicago’s Hyde Park

by Kristin Harlow

CHICAGO — Essex Realty Group has brokered the sale of an 86-unit apartment building in Chicago’s Hyde Park for $9.1 million. The property, located at 6140 S. Drexel Ave., includes a fitness center, leasing office, party room and parking for 90 cars. Doug Fisher and Vic Ciancetta of Essex brokered the transaction. An out-of-state buyer purchased the asset.

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Company NewsIllinoisMidwestOffice

Aries Conlon Capital Rebrands, Relocates to Willis Tower in Chicago

by Kristin Harlow

CHICAGO — Aries Conlon Capital has rebranded to Mag Mile Capital and is relocating its Chicago headquarter offices from River North to the 84th floor of Willis Tower. Rushi Shah will continue to serve as principal and CEO and retain the same sales team, pipeline and national commercial mortgage and investment banking platform. Shah bought out his partners’ interest in the company to become majority owner. Previous partners include Neil Freeman and Sean Conlon of Aries Capital LLC and Conlon and Co., respectively. The name change is a nod to Chicago’s Magnificent Mile on North Michigan Avenue.

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LoansMichiganMidwestMultifamily

SunTrust Provides $8.8M Bridge Loan for Acquisition of Multifamily Property in Suburban Detroit

by Kristin Harlow

WESTLAND, MICH. — SunTrust Banks Inc. has provided an $8.8 million bridge loan for the acquisition and renovation of Birch Hill Apartments in Westland, a suburb of Detroit. Built in 1974, the 172-unit multifamily property features a mix of one-, two- and three-bedroom units. Amenities include a swimming pool and clubhouse. A Michigan-based commercial real estate owner and operator was the borrower.

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