NAPERVILLE, ILL. — Husband-and-wife franchise owners Veronika and Greg Parranto plan to open the first IMAGE Studios concept in Illinois at Fox River Commons shopping center in Naperville later this month. The Parrantos signed a lease with Continental Realty Corp. (CRC) for 10,645 square feet of space at the 241,000-square-foot shopping center. With this transaction, Fox River Commons is now 77 percent leased. Kristin Perry of CRC and Brooke Spinell of Mid-America Real Estate represented the landlord, while Carlie Wilmes of Reimagine CRE represented the tenant. IMAGE Studios, which operates nearly 100 locations throughout 22 states, is an exclusive salon suite that enables hair stylist and other beauty-care professionals to operate independently owned private salon studios under one roof. Approximately 35 new locations are expected to open in 2025, including two in the Chicago area, with seven additional sites expected in Chicagoland by different franchise owners. The Fox River Commons location will contain 48 private salon studios.
Midwest
LENEXA, KAN. — Cactus Grill has opened at Lenexa City Center’s Restaurant Row in Kansas. The new location features house-made salsas, fajitas and espinaca dip as well as a spacious bar and patio. Copaken Brooks owns the property, and Erin Johnston is the landlord representative. Ed Gieselman owns Cactus Grill.
CHICAGO — Stantonic, a Chicago-based interior design and procurement firm, has announced that it is officially dropping the company name, “STANTON Interior Concepts” from the brand, effective immediately. The company says the rebranding enables the organization to further diversify its portfolio without the constraints of a strong name association, while also enhancing brand clarity and consistency directed toward the hospitality sector. Stantonic was founded in 2001.
CHICAGO — Friedman Properties has completed the first phase of renovations at the Reid Murdoch Building in Chicago’s River North neighborhood. The improvements included renovations to the lobby, corridors, restrooms and elevator cabs, as well as a new fully furnished, riverfront speculative office suite. Friedman acquired the eight-story, 320,000-square-foot building in 1998 and completed initial redevelopment in 2002. The property is listed on the National Register of Historic Places and has been designated a Chicago Landmark. The Reid Murdoch Building was originally constructed in 1914 as office, warehouse and manufacturing facilities for Reid, Murdoch & Co., one of the country’s largest wholesale grocers. The city purchased the property in 1955 to house traffic courts and other municipal offices, a use it retained until Friedman’s acquisition. Designed by George Nimmons, the building is a notable example of the “Chicago School” of architecture, with a red brick façade and decorative terra-cotta embellishments covering a steel-and-concrete skeleton. In 1926, the property’s symmetry was adjusted to accommodate the widening of LaSalle Street, reducing the side of the building west of the central tower to five window bays, while the east side retained its original six. The lobby now features a mix of exposed ceilings …
NEW BERLIN AND FRANKLIN, WIS. — Zilber Property Group (ZPG) has acquired a four-building industrial portfolio totaling 385,000 square feet in Southeast Wisconsin for an undisclosed price. Located in New Berlin and Franklin, the properties range in size from 80,000 to 125,000 square feet. The buildings are fully leased to eight tenants engaged in manufacturing, warehousing, distribution and logistics. Each property is situated in an established business park with essential infrastructure and access to major transportation systems.
BROWNSBURG, IND. — A joint venture between Buckingham and Onyx+East has broken ground on Mural Brownsburg, a 165-unit build-to-rent (BTR) community in the Indianapolis suburb of Brownsburg. The development is part of Buckingham’s Mural Collection. Phase I is underway at the intersection of US 136 and Northfield Drive. The three- and four-bedroom homes will range from 1,572 to 2,086 square feet. Under Buckingham’s property management, all Mural Brownsburg home and yard maintenance is included. Residents will enjoy walking paths, a neighborhood clubhouse and pool. The first units are expected to be available for rent beginning in October. Mural Brownsburg marks the first BTR venture for both Onyx+East and Buckingham. Onyx+East’s expertise is in for-sale single-family and townhome construction and Buckingham’s experience is in multifamily investment and management.
MONEE, ILL. — NewAge Products has signed a 168,741-square-foot industrial lease at 25340 S. Ridgeland Ave. in Monee. The lease brings the 621,246-square-foot facility to full occupancy, with NewAge Products joining Reynolds Consumer Products. Seefried Industrial Properties owns the building, which is situated within close proximity to I-57, I-80 and I-294. Additionally, the site is within 20 miles of three intermodal yards — the BNSF Intermodal Yard in Elwood, the Union Pacific Global IV Intermodal Terminal in Joliet and the Canadian National Intermodal Terminal in Harvey. Jason West of Cushman & Wakefield represented NewAge Products, while Sean Henrick and Ryan Klink of Cushman & Wakefield represented Seefried.
MILWAUKEE — Hines has completed an 11-year lease for James Beard-nominated Chef Kyle Knall’s newest restaurant, Cassis, to be located on the ground floor of Hines’ newly built luxury apartment community in Milwaukee. The riverfront French bistro, slated to open late this year, will span 5,175 square feet with an additional 1,100 square feet of outdoor patio space at 333 Water Street. The property, which marks the first luxury apartment tower to be located in Milwaukee’s Historic Third Ward, features amenities such as a sports lounge with golf simulator and resort-style pool and deck area.
Sycamore Partners Agrees to Acquire, Privatize Drugstore Giant Walgreens in Multibillion-Dollar Deal
DEERFIELD, ILL. AND NEW YORK CITY — Walgreens Boots Alliance (Nasdaq: WBA) has entered into a definitive agreement to be acquired by an entity affiliated with private equity firm Sycamore Partners. The total value of the transaction is $23.7 billion, according to WBA, including an equity value of $10 billion, as well as debt, capital leases and potential future payouts from the opioid and Everly Health Solutions COVID-19 testing settlements. Upon completion of the transaction, which is expected to close in the fourth quarter of 2025, WBA common stock will be delisted from the Nasdaq Stock Market. WBA will continue to operate as a private company under Walgreens, Boots and its portfolio of consumer brands, and also will maintain its headquarters in Deerfield. The per-share price is valued at $11.45, which represents a premium of up to 63 percent over the WBA closing share price of $8.85 on Dec. 9, 2024, the day before reports came out about a potential sale. Under the terms of the agreement, WBA shareholders will also receive one non-transferable divested asset proceed right (i.e. DAP right) to receive up to $3.00 per WBA share from the future monetization of WBA’s debt and equity interests in …
CHICAGO — JLL Capital Markets has negotiated the $88.2 million sale of Cobbler Square, an historic, 292-unit apartment property in Chicago’s Old Town neighborhood. The community occupies an entire city block at 1350 N. Wells St. Originally built in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The property offers a mix of studios, one- and two-bedroom, loft-style units with ceiling heights ranging from 12 to 18 feet. The asset also features 19,038 square feet of retail space that is fully leased. Cobbler Square presents value-add potential with opportunities to continue the programmatic renovation plan for unit interiors. The property also offers development opportunities — potential construction on an adjacent parking lot and the possibility of adding units above an existing parking garage. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL represented the undisclosed seller. JDL Development LLC and Centaur Capital Partners purchased the property.