OAK PARK, MICH. — Bernard Financial Group (BFG) has secured a $14 million permanent loan for a 475-unit multifamily property in Oak Park. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Towers Apartments LP. A life insurance company provided the loan. BFG will provide servicing for the loan.
CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 51,820-square-foot industrial building located at 4114 Peoria St. in Chicago. The single-tenant property was fully leased at the time of sale. Situated within the Stockyards Industrial Park and constructed in 1969, the building features three docks and parking for more than 45 cars. Zeke Rowan, Adam Haefner, Nick Fazio and Marty Mikaitis of Avison Young represented the undisclosed seller. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
JOLIET, ILL. — Hyundai Translead, a subsidiary of Hyundai Motor Co., has signed a 1.4 million-square-foot lease in Joliet. Industrial Realty Group LLC (IRG) owns the property, which was formerly Caterpillar’s main plant. In addition to the Joliet facility, Hyundai Translead will also move into a second Will County location at the former Lion Electric site. The two expansions will collectively create approximately 2,500 new full-time jobs and represent $450 million of investment. Onno Steger represented IRG on an internal basis. Jerry Sullivan and Ed Wabick of DarwinPW Realty/CORFAC International represented the landlord, while Shamus Conneely of John Greene Commercial represented the tenant.
CHICAGO — Newmark has arranged the $41 million sale of the retail portion of 500 North Michigan Avenue along Chicago’s Magnificent Mile. The 21,565-square-foot space is fully leased to tenants such as Bank of America, Chick-fil-A and Vans. The asset traded at a cap rate of 5.93 percent. Keely Polczynski of Newmark represented the undisclosed seller. The buyer was a private investor.
CHICAGO — FTK Capital has selected Stream Realty Partners to oversee the leasing and property management of 111 W Jackson, a 25-story, 567,531-square-foot office tower located at 111 W. Jackson Blvd. in Chicago’s Central Loop. Ownership is undertaking a strategic reinvestment program to enhance the asset. OTJ Architects is collaborating on the planned improvements, which include updates to the lobby and common areas, expanded amenities and the addition of new spec suites. Plans call for 50,000 square feet of pre-built suites, with an initial 25,000 square feet expected to be completed by late 2026. Matt Lerner and Erica Marshall of Stream will lead leasing, while Charlie Andersen and Jen Bilinski of Stream will oversee property management.
MILWAUKEE — CBRE has arranged the sale of a five-building, 126,335-square-foot flex industrial property in Milwaukee. Minnesota-based Brait Capital purchased the property from Oyster Two Wisconsin Owner LLC for $6 million. CBRE’s Matson Holbrook, Sean Beuche and Patrick Gallagher represented the seller. Built in 1987, the asset features clear heights ranging from 14.5 to 17 feet, several dock-high and drive-in loading doors and ample parking on a 10-acre site. The property was 67 percent occupied at the time of sale.
ST. LOUIS — St. Louis-based McCarthy Building Cos. has topped out construction of the 14-story, 200-bed SSM Health Cardinal Glennon Children’s Hospital in St. Louis. The topping out ceremony signified completion of the building’s structural frame and advanced the hospital toward the planned opening in late 2027. The new facility will incorporate advanced technology, expanded specialty units and a “healing-focused environment.” Plans call for a larger pediatric intensive care unit, new bone marrow transplant unit, increased operating room capacity, a dedicated dialysis unit and private, light-filled NICU, PICU and CVICU spaces. The project team includes Dallas-based architecture and design firm HKS Inc. and St. Louis-based planning and design firm The Lawrence Group. SSM Health is a Catholic, nonprofit health system with care delivery sites in Illinois, Missouri, Oklahoma and Wisconsin.
OVERLAND PARK, KAN. — nbkc bank has acquired a new headquarters building at 7400 W. 110th St. in Overland Park. The new headquarters will accommodate the majority of nbkc’s Kansas City-based employees and include a bank branch. The bank anticipates relocating staff to the building in 2027. nbkc has been headquartered at 8320 Ward Parkway in Kansas City since 2017. The new building in Overland Park is roughly 127,000 square feet. The bank will lease space to third-party tenants. Renovations are expected to commence soon and be substantially completed by the time nbkc employees move in.
ELK GROVE VILLAGE, ILL. — Stage Equity Partners has sold the Elk Grove Village Medical Campus, a 52,126-square-foot campus with four medical outpatient buildings in metro Chicago. Private capital group Casa Avore was the buyer. Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof, Jesse Greshin, Trent Jemmett and Kevin Kobe of CBRE represented the seller. Fresenius Medical Care is the anchor tenant. Other tenants include Midwest Sports Medicine & Orthopaedic Surgical Specialists, Medical Center Dental Associates and Nephrology Associates of Northern Illinois and Indiana. The campus was 95 percent occupied with a weighted average length of tenancy in excess of 20 years at the time of sale.
CHICAGO — JLL has opened its new office at O’Hare Plaza, a Class A office complex located at 8755 W. Higgins Road near the Chicago O’Hare International Airport. The brokerage giant says that the new office uses a more efficient footprint that emphasizes amenity-rich design, communal workspaces and flexibility. The 5,748-square-foot space features city views, breakout areas, upgraded conference facilities and access to shared building amenities, including a tenant lounge with a restaurant/bar and outdoor spaces. “This move is a tangible example of what we recommend to clients: create a workplace that earns the commute through experience, flexibility and thoughtful design,” says Marcellus Parker, head of corporate real estate, Americas, at JLL. Sustainability and employee well-being were core considerations throughout the design and build-out. The office features LED lighting, occupancy sensors and daylight sensors in open office areas, indoor air quality sensors and biophilic elements such as planters. The layout prioritizes access to natural light, with shared spaces such as the open office, meeting rooms and collaboration areas located along the window line. Height-adjustable desks and a range of meeting and collaboration settings support different work styles, while high-performance acoustic glass and sound-mitigating phone booths provide privacy. Open office workstations …