ITASCA, ILL. — The RDI Group, a manufacturer of engineered systems for the roofing, construction, power, metal coil processing and medical industries, has signed a 43,845-square-foot industrial lease at 940-942 Thorndale Ave. in Itasca. Jeff Janda of Lee & Associates represented the tenant, while Mike Plumb of Lee & Associates represented the owner, Link Logistics. Cabot Properties manages the building.
KANSAS CITY, KAN. — TruCore Investments has purchased a 17,250-square-foot cross-dock truck terminal and maintenance facility at 6125 Speaker Road in Kansas City. The industrial outdoor storage property is situated on 5.4 acres and features 31 dock doors, two drive-in bays and a fully fenced concrete yard. Initially, the facility will be leased for a short term to the current tenant. Following this period, TruCore will market the property for lease.
CHICAGO — JLL Capital Markets has arranged a $32 million loan for the refinancing of 609 West Randolph, a 15-story boutique office building totaling 95,000 square feet in Chicago. Completed in 2022, the property features touchless technology, cutting edge building systems and flexible floor plates ranging from 5,500 to 7,100 square feet. Amenities include a penthouse lounge and conference room; green rooftop space and amenity terrace; offices with private outdoor terraces; and a lobby design inspired by boutique hotels. The asset is 93.5 percent leased to 10 tenants, including Fetch Rewards, Buford Capital and NTT Data. Christopher Knight, Matt Maksymec and Katia Novi of JLL represented the borrower, Vista Property. JP Morgan Chase & Co. provided the five-year loan, which features a fixed interest rate of 7.23 percent.
ST. CLOUD, MINN. — Industrial Realty Group LLC (IRG) has acquired a 965,134-square-foot industrial portfolio in central Minnesota’s St. Cloud for an undisclosed price. The eight buildings are part of the St. Cloud Industrial Park and served as the longtime home to the fulfillment operation of Publisher’s Clearinghouse (PCH). IRG intends to redevelop and lease the buildings as PCH vacates in the near future. IRG owns approximately 4.8 million square feet of space in Minnesota.
BUFFALO GROVE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $3.9 million sale of a roughly 94,000-square-foot shopping center in the Chicago suburb of Buffalo Grove. At the time of sale, the property on West Dundee Road was 51 percent leased to tenants such as Aldi, Dollar Tree and AutoZone. Brett Berlin of Quantum represented the buyer, a private developer based in Illinois that plans to redevelop the center. The previous owner lost the asset to its lender.
OMAHA, NEB. — The Lund Company (Lundco) has unveiled a strategic reorganization that will split its operations into two distinct entities: Lund Living and The Lund Company, operating as Cushman & Wakefield/The Lund Company. Under the new structure, Lund Living will operate as a third-party multifamily property management company. As a member of the Cushman & Wakefield Alliance, The Lund Company’s brokerage and commercial property management departments will continue to provide comprehensive commercial real estate services. Both entities will operate under the Lundco umbrella. The restructuring will help separate the company’s multifamily department from the brokerage and commercial management departments.
CHICAGO — CBRE has negotiated a new headquarters lease for Energize Capital, a Chicago-based investor in climate solutions. The firm is expanding and will occupy 11,070 square feet at 1 South Wacker Drive, more than doubling its footprint within Chicago’s Loop. Brad Serot and Bill Sheehy of CBRE represented Energize Capital, which is relocating within its current building. The tenant has outgrown the spec suite that it has occupied since October 2021. The new space will accommodate a headcount of more than 60, enabling the firm to continue its growth trajectory and more than double its current number of full-time employees. The 40-story property has undergone a complete lobby renovation and includes amenities such as a full-service health club and rooftop deck.
LOMBARD, ILL. — A joint venture between Pacific Retail Capital Partners (PRCP) and Synergy Construction Group has broken ground on the mixed-use redevelopment of Yorktown Center, an enclosed regional mall located in the Chicago suburb of Lombard. The 1.2 million-square-foot mall opened its doors in October 1968. The 130-acre property is currently home to over 170 stores and restaurants, including anchors Von Maur and JCPenney. The joint venture acquired a 217,887-square-foot anchor building at the site that was formerly occupied by Carson Pirie Scott in fall 2022. The property will be demolished to make way for Phase I of the redevelopment, which will include a community park dubbed The Square, 600 residential units and thousands of square feet of new, exterior-facing shops and restaurants. The Square will feature a children’s play area, entertainment stage, dog park and fitness area. New retail space will be occupied by tenants including The Fresh Market, Tapville Social, Empire Burgers + Brew, Dave & Buster’s and Ancho & Agave, among others. The residential portion of Phase I, Yorktown Reserve, will offer luxury multifamily units. Shared amenities will include a fitness center, resort-style swimming pool and hot tub, sauna, business center, DIY room, game room, multiple media and theater …
By James Young, JLL Through 2023 and 2024, JLL industrial has seen a historically high number of new leases signed. JLL research saw positive absorption in the third quarter of 2024 at 48,200 square feet, primarily driven by the completion of owner-built projects. This activity, combined with existing occupier commitment to the region and record-high asking rents, points to a thriving market. As the Milwaukee industrial market continues to grow its regional presence, there are a few factors that set it apart from its larger peer cities like Indianapolis or Minneapolis. In this article, we will discuss what is driving regional industrial activity and the market’s strong growth trajectory. Industrial evolution We continue to see wide expansion into the suburban market, though this has not always been the case. Relocating a tenant from an established urban industrial area to a suburban location was often challenging 15 years ago. Such a move could entail workforce relocation, warehouse closures and complex logistical changes that potentially risked business disruption. Today, JLL research shows other large occupiers are not only retaining their spaces in the Milwaukee market but are also actively expanding into suburbs like Waukesha and Menomonee Falls. JLL is tracking 11 build-to-suit …
PHILADELPHIA — Philadelphia-based Alterra IOS has acquired seven industrial outdoor storage (IOS) sites totaling 23 usable acres largely in the Midwest region. The purchase price was undisclosed. The sites are fully leased to a national telecommunications and broadband network company. Each parcel is located across metro areas in Dallas, Minneapolis, Indianapolis, Chicago, Nashville, Cleveland and St. Louis. Specifically, the properties are located in Haslet, Texas; Osseo, Minn.; Indianapolis; Frankfort, Ill.; La Vergne, Tenn.; Avon, Ohio; and St. Peters, Mo. All of the assets in the portfolio are located near city downtowns, interstate highways, international airports and rail networks. CRE Advising facilitated the acquisition.