443K SF Industrial Building Trades Hands: The Chicago Deal Sheet
PJP Holdings paid $24.8M for a 443K SF industrial building at 1717 Gifford Drive in Elgin, one of the largest industrial transactions by square footage in the Chicago area this year.
PJP bought the property from JP Elgin Project Co. This is a new location for the company, in addition to the four facilities it already occupies in the area.
"Planned improvements are designed to position the property for long-term industrial use and growth," Lee & Associates principal Frank Griffin said in a release. "The expansion is anticipated to generate significant new employment opportunities and strengthen Elgin’s industrial workforce base."
Griffin and Mike Adams represented PJP Holdings. NAI Hiffman's Jack Brennan and Steve Bass represented the seller.
The transaction is the second-largest industrial building sale in the Chicago area in 2026 by square footage, Lee & Associates said in a release.
PEOPLE
Mary Cook Associates appointed senior vice president Josh Kassing as managing principal. As part of a planned leadership and ownership transition, Kassing will assume responsibility for the firm’s day-to-day operations, working with MCA’s senior leadership team. He will collaborate directly with Chief Financial Officer Mary McManus and Vice President of Operations Scott Durst.
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Clayco appointed former OpenAI executive Zack Kass to its board of advisers. Kass will provide strategic guidance on artificial intelligence, digital transformation and the future of work. Kass is the former head of go-to-market at OpenAI, where he helped build and lead the company's sales, partnerships and customer success organizations.
SALES
An undisclosed buyer paid $7.5M for a 19-unit mixed-use investment property at 1509 N. Western Ave. in Wicker Park. Built in 2018, the property is made up of 18 luxury apartment units and one ground-floor retail space. Greenstone Partners' Jordan Multack represented the seller and buyer.
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Harrison Street Asset Management sold Oak Brook Commons, an 82K SF Class-A medical office building in Oak Brook, for an undisclosed price. The building is a seven-story medical office facility delivered in 2023. The property is fully leased to one of the region’s leading healthcare systems.
LEASES
Huntington Bank signed a 10-year, 23K SF lease expansion that will grow its footprint to about 61K SF at the 26-story 222 N. LaSalle St. The bank has operated at 222 N. LaSalle since 2011. Tishman Speyer, which serves as property manager and leasing agent at the building, was represented by Ellen May and Steve Golz.
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AmTrustRE’s One East Wacker in the Loop executed three new leases and three extensions and expansions totaling nearly 95K SF. The largest deals were O’Hagan Meyer Law Firm's expansion to 46K SF across the 32nd, 34th and 35th floors and Shore Capital Partners renewing and expanding its office footprint to 14K SF.
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Savers, one of North America's largest thrift retailers, is opening a new 24K SF store at 2928 N. Ashland Ave. in Lakeview. The location will be the company's ninth in the Chicago area and will offer secondhand clothing, home goods, books and accessories.
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Cargowill signed a 42K SF lease renewal at 1325 Remington Blvd. in Bolingbrook. Lee & Associates' Jeff Galante represented the landlord, Pritzker Realty Group, and Lee & Associates' Chris Nelson represented the tenant.
FINANCING
Leon Capital Group, a holding company for a privately owned group of entities, made a preferred equity investment in a Class-A apartment community in Naperville. The $10.8M investment marks Leon Capital Group’s entry into real estate credit and the Midwest. The investment sits within Leon Multifamily and Leon Financial, two subsidiaries of Leon Capital Group.
