CHICAGO — The Chicago office of Hines has signed a lease for the anchor tenant of River Point, the developer’s 52-story office tower located at 444 W. Lake St. in Chicago. William Blair & Co. will occupy more than 340,000 square feet of the 1.1 million-square-foot tower. Groundbreaking for the project is set to occur late this year, with completion scheduled for mid-2011. William Blair & Co. was represented by The Staubach Company in site selection and lease negotiations.
JOLIET, ILL. — A partnership between Los Angeles-based O&S Holdings and Hollywood, Fla.-based Strategic Retail Development has announced plans to develop 314 acres into a 1.27 million-square-foot mixed-use development called Bridge Street Towne Centre. The site is located at the intersection of interstates 55 and 80 in an unincorporated area of Joliet. The project will contain retail space, restaurants, a hotel and a movie theater. It is being designed by Baltimore-based Development Design Group.
JOLIET, ILL. — A partnership between Los Angeles-based O&S Holdings and Hollywood, Fla.-based Strategic Retail Development has announced plans to develop 314 acres into a 1.27 million-square-foot mixed-use development called Bridge Street Towne Centre. The site is located at the intersection of interstates 55 and 80 in an unincorporated area of Joliet. The project will contain retail space, restaurants, a hotel and a movie theater. It is being designed by Baltimore-based Development Design Group.
PARK FOREST, ILL. — New York-based Nassimi Realty Corp. has acquired Norwood Square, a 129,000-square-foot shopping center located at the corner of 26th Street and Western Avenue in Park Forest. Located on 15 acres, the property is currently occupied by Family Dollar and Currency Exchange. Nassimi is planning a multi-million dollar redevelopment of the property to increase occupancy; at least $1 million will be spent in the first 12 to 15 months. Jason Berngard of Baum Realty Group and Chad Firsel of NAI Hiffman represented the undisclosed seller. Nassimi utilized in-house representation. The acquisition price was also undisclosed.
PARK FOREST, ILL. — New York-based Nassimi Realty Corp. has acquired Norwood Square, a 129,000-square-foot shopping center located at the corner of 26th Street and Western Avenue in Park Forest. Located on 15 acres, the property is currently occupied by Family Dollar and Currency Exchange. Nassimi is planning a multi-million dollar redevelopment of the property to increase occupancy; at least $1 million will be spent in the first 12 to 15 months. Jason Berngard of Baum Realty Group and Chad Firsel of NAI Hiffman represented the undisclosed seller. Nassimi utilized in-house representation. The acquisition price was also undisclosed.
O’FALLON AND FAIRVIEW HEIGHTS, ILL. — Fairview Heights-based IMPACT Strategies is advancing construction for two environmentally sustainable office buildings located in Illinois. The first building is Greenmount Corporate Center, a 52,000-square-foot office building located in O’Fallon. The $6 million project is the first multi-tenant facility located within the Regency Park development. Sustainable features include an efficient water use system, the use of low-emitting materials and a bicycle storage area to promote alternative transportation. The building is owned by St. Louis-based Balke-Brown Associates, and TR,i Architects is serving as project architect. Completion is scheduled for June. In Fairview Heights, IMPACT is also advancing construction on its $2.1 million headquarters located within The Fountains of Fairview Heights. The 20,000-square-foot building will feature the use of sustainable construction materials, energy-saving equipment and insulated glass, and a design that maximizes natural light. The project, which is being designed by Gray Design, is also scheduled for a June completion.
O FALLON AND FAIRVIEW HEIGHTS, ILL. Fairview Heights-based IMPACT Strategies is advancing construction for two environmentally sustainable office buildings located in Illinois. The first building is Greenmount Corporate Center, a 52,000-square-foot office building located in O Fallon. The $6 million project is the first multi-tenant facility located within the Regency Park development. Sustainable features include an efficient water use system, the use of low-emitting materials and a bicycle storage area to promote alternative transportation. The building is owned by St. Louis-based Balke-Brown Associates, and TR,i Architects is serving as project architect. Completion is scheduled for June. In Fairview Heights, IMPACT is also advancing construction on its $2.1 million headquarters located within The Fountains of Fairview Heights. The 20,000-square-foot building will feature the use of sustainable construction materials, energy-saving equipment and insulated glass, and a design that maximizes natural light. The project, which is being designed by Gray Design, is also scheduled for a June completion.
CAROL STREAM, ILL. — Skokie, Ill-based The Missner Group has completed an 80,255-square-foot speculative warehouse facility located at 221 Westgate Dr. in Carol Stream. The building features 24-foot clear ceiling heights, eight interior loading docks and an ESFR sprinkler system. Concurrently, Jason Industrial has signed a lease for 55,952 square feet of space in the buildings. The Missner Group will also complete tenant improvements to the space, including a 3,950-square-foot office area. Andrew Corken of CB Richard Ellis represented both parties in lease negotiations. Missner served as developer and general contractor for the warehouse. MRSA Architects & Planners provided design services; Corkin will also act as marketing agent for the facility’s remaining space.
CAROL STREAM, ILL. — Skokie, Ill-based The Missner Group has completed an 80,255-square-foot speculative warehouse facility located at 221 Westgate Dr. in Carol Stream. The building features 24-foot clear ceiling heights, eight interior loading docks and an ESFR sprinkler system. Concurrently, Jason Industrial has signed a lease for 55,952 square feet of space in the buildings. The Missner Group will also complete tenant improvements to the space, including a 3,950-square-foot office area. Andrew Corken of CB Richard Ellis represented both parties in lease negotiations. Missner served as developer and general contractor for the warehouse. MRSA Architects & Planners provided design services; Corkin will also act as marketing agent for the facility’s remaining space.
LEE’S SUMMIT, MO. — The Kansas City office of Colliers Turley Martin Tucker (CTMT) has arranged the sale of Douglas Square Shopping Center, located at 1301-1667 Northeast Douglas St. in Lee’s Summit. The shopping center comprises four inline retail buildings totaling 59,436 square feet. Tenants at the shopping center include Panera Bread Co., Sprint, Jose Peppers, Countrywide, Mr. Goodcents and Children’s Orchard. Peter Stadler of CTMT represented the seller, Douglas Square I LLC. The property was acquired by BF Partners for an undisclosed amount.