Wednesday, June 25, 2025
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AcquisitionsIllinoisMidwestOffice

Cushman & Wakefield Brokers $41.7M Sale of Office Property in Chicago

by Kristin Harlow

CHICAGO — Cushman & Wakefield has brokered the $41.7 million sale of 1100 West Fulton, a 45,380-square-foot office property in Chicago’s Fulton Market. Fulton Street Cos. and Huizenga Capital Management completed development of the five-story building in 2020. Furniture company Herman Miller occupies space at the property on a long-term lease. Cody Hundertmark, David Knapp, Tom Sitz, Dan Deuter and Paul Lundstedt of Cushman & Wakefield represented the sellers. Zagame Corp. was the buyer. The transaction sets a new per-square-foot record for Chicago office investment sales, according to Cushman & Wakefield.

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LoansMidwestMultifamilyOfficeOhio

Trez Capital Provides $37.3M Construction Loan for Office Conversion Project Near Cincinnati

by Kristin Harlow

SPRINGDALE, OHIO — Trez Capital has provided a $37.3 million construction loan for the conversion of two office buildings into multifamily space in Springdale, a northern suburb of Cincinnati. The borrower, Trinity Square Holdings LLC, plans to build 129 apartment units and 97 rental townhomes. The vacant office buildings were constructed in the early 1980s. Brett Forman and Scott Mehlman of Trez Capital originated the loan. The Warren County Port Authority is investing approximately $8 million in the project.

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DevelopmentIndianaIndustrialMidwest

Dayton Street Partners Buys Land in Northwest Indiana, Plans 538,000 SF Spec Industrial Development

by Kristin Harlow

PORTAGE, IND. — Dayton Street Partners LLC has purchased 42 acres in the Northwest Indiana town of Portage. The developer plans to build a 538,000-square-foot speculative industrial development known as DSP Crossroads Portage. Corey Chase and Chris Hill of Newmark represented the undisclosed seller, which sold three assembled land sites. Chase and Hill will also be retained to market the project for sale or lease.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Krab Kingz Opens Restaurant in East Peoria, Illinois

by Kristin Harlow

EAST PEORIA, ILL. — Krab Kingz has opened at EastPort Plaza, which is located within the central Illinois town of East Peoria. The seafood restaurant specializes in Southern-style seafood boils and offers fresh king crab, snow crab and blue crab. The menu also features other seafood options such as shrimp, lobster and salmon. The East Peoria location will be the first Krab Kingz restaurant in central Illinois. Rimmon McNeese is the franchisee. Peoria-based Cullinan Properties Ltd. owns and manages EastPort Plaza, a retail center that is home to tenants such as Erie Insurance, Mobil Gas, The Galley Restaurant, Maloof Realty and Edward Jones.

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AcquisitionsIllinoisMidwestMultifamily

Becovic Acquires Apartment Building in Chicago for $2.2M

by Kristin Harlow

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired The Clark Rogers in Chicago’s Rogers Park neighborhood for $2.2 million. The 19-unit apartment building is located on North Clark Street and includes eight parking spaces. Chicago Real Estate Resources represented the undisclosed seller, while Becovic Realty represented the buyer.

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AcquisitionsHospitalityMichiganMidwest

Friedman Brokers Sale of Westin Book Cadillac Hotel in Downtown Detroit

by Kristin Harlow

DETROIT — Friedman Real Estate has brokered the sale of the Westin Book Cadillac hotel in downtown Detroit. A joint venture between Oxford Capital Group LLC and Taconic Capital Advisors LP assumed debt owed by the previous owner, which faced foreclosure. The joint venture assumed $77 million in commercial mortgage-backed securities debt owed by Cleveland-based Ferchill Group, according to Crain’s Detroit Business. Located at 1114 Washington Blvd. within the city’s Washington Boulevard Historic District, the hotel rises 32 stories with 453 rooms. The property served as Detroit’s tallest building and the world’s tallest hotel when it opened as the Book-Cadillac hotel in 1924. The hotel was redeveloped and branded as Westin in 2008. The new ownership plans to make improvements to the common areas, amenities and guest rooms over the next two years. Jared Friedman of the brokerage negotiated the sale.

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IllinoisIndustrialLeasing ActivityMidwest

Two Tenants Sign Industrial Leases Totaling 177,161 SF at New Development in Glendale Heights, Illinois

by Kristin Harlow

GLENDALE HEIGHTS, ILL. — Clyde’s Donuts and Advanced Technical Services (ATS) have pre-leased space at Army Trail Trade Center in Glendale Heights, a western suburb of Chicago. Mike Antonelli and Dan Brown of Brown Commercial Group represented the development’s owner, ML Realty Partners. Clyde’s Donuts pre-leased a 153,000-square-foot facility at 85 West Army Trail Road. ATS pre-leased 24,161 square feet at 55 West Army Trail Road. Kelly Disser and Michael Freitag of NAI Hiffman represented Clyde’s, while Bill Lussow and Matt Kelly of Bespoke represented ATS. A timeline for occupancy was not provided.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Arranges $17.1M Sale of Multifamily Property in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has arranged the sale of The Erikson in Chicago’s Lakeview neighborhood for $17.1 million. The 36-unit multifamily property is located at 3728 N. Lake Shore Drive. Residents have access to 36 parking spaces and a rooftop deck. Kyle Stengle of Marcus & Millichap arranged the sale. Buyer and seller information was not provided.

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IndustrialMidwestMissouriOffice

Cresa St. Louis, Pace Properties Join Avison Young

by Kristin Harlow

ST. LOUIS — The office and industrial team at Cresa St. Louis and its parent company Pace Properties will be affiliating with Avison Young, effective Jan. 1. The affiliation strengthens Avison Young’s presence in the St. Louis market by adding a team of experts with a strategic focus on office, industrial, project management and property management services. The retail brokerage and retail property management segments of Pace Properties will continue to operate as Pace Properties.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $2.5M Sale of Chicago Apartment Building Featuring Taco Bell Cantina

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of 1439 N. Milwaukee Ave. in Chicago’s Wicker Park neighborhood for $2.5 million. The building is home to five apartment units and 2,000 square feet of street-level retail space that is leased to Taco Bell Cantina, which selected the property for its first cantina location in the U.S. The building was originally constructed in 1878. All the apartments were fully leased at the time of sale. Joe Smazal of Interra represented the private seller. Danny Spitz of Greenstone Partners represented the undisclosed buyer.

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