Related, CRG Break Ground On Quantum Campus: The Chicago Deal Sheet
Related Midwest and CRG broke ground on the Illinois Quantum & Microelectronics Park, the first phase of Quantum Shore Chicago, a 440-acre master-planned technology and innovation district along the Chicago lakefront.
The move is the first step toward turning the megadevelopment initially proposed in 2024 into a reality. PsiQuantum, a Silicon Valley startup angling to build the first “utility-scale” quantum computer, is the campus’s anchor tenant.
“Beginning with PsiQuantum and the IQMP, this first-of-its-kind ecosystem will serve as a launchpad for changemakers ready to turn bold ideas into ventures that push boundaries and set new standards,” Curt Bailey, president of Related Midwest, said in a statement.
The first phase of the IQMP is designed by Lamar Johnson Collaborative. Clayco, the parent company of both LJC and CRG, will serve as general contractor for the initial phase.
PEOPLE
Essex Realty Group is expanding its South and West Side brokerage team with the addition of Jesus Garcia as a director. He will focus on multifamily investment sales throughout the Southwest Side of Chicago. Prior to joining Essex, Garcia worked at Coldwell Banker Commercial.
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Proper Title hired Jeff Gross as president to grow its national commercial services division, expand its residential business beyond Illinois and Indiana, and shape overall strategy. Proper Title operates 14 locations with 110 employees across the Chicago area and northwest Indiana.
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Ridgeline Property Group named Michael Nelligan as a partner to direct its Chicago operations. Nelligan will be responsible for the oversight and execution of speculative projects, build-to-suit development and value-add acquisitions, including sourcing, design, entitlement, construction, leasing and disposition in the Chicago market.
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Partner Valuation Advisors tapped Vytas Norusis to join the firm as an executive vice president based in Chicago. He will serve as the national lead for Partner’s industrial outdoor storage practice group, guiding strategy and execution across markets. Norusis joins from Colliers and brings more than a decade of experience in industrial valuation, specializing in the IOS sector.
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Waterton hired Sean Jacobson as senior vice president, portfolio management. He will be responsible for multifamily investment strategies, portfolio construction and diversification strategies in Waterton’s value-add fund platform. Jacobson brings a track record of multifamily real estate investment experience to the team with a focus on real estate transactions, asset and portfolio management, acquisitions and capital strategy across institutional investment platforms.
LEASES
Midcap Financial Services signed a lease extension with Lincoln Property Co. that will more than double its space at 150 S. Wacker Drive. The company will take the entire 18K SF 32nd floor. The J. Rich Co.'s Rich Schulz and Jason Schulz represented Midcap.
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FCA Packaging signed a 54K SF industrial lease at 2685 N. Eagle Way in Hoffman Estates, expanding to an additional location in the Chicago area. Brown Commercial Group's Candace Scurto represented FCA Packaging, while CBRE's Mike Sedjo and Ben Dickey represented the landlord, Brennan Investment Group.
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Sky Zone signed a 40K SF lease at Gurnee Mills Mall at 6148 Grand Ave. in Gurnee. CBRE's Sean McCourt and Alex Corno represented the landlord, Simon Property Group.
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DesignPac, a subsidiary of 1-800-Flowers.com, signed a 17K SF lease at 2100 Swift Drive in Oak Brook. Newmark's Corey Chase represented the tenant, while NAI Hiffman's Patrick Kiefer represented the landlord.
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The RDI Group signed a lease at Town & Country Distributors' 25K SF industrial building at 1070 W. Ardmore Ave. in Itasca. Lee & Associates' Jeff Janda and Chris Nelson represented both parties.
SALES
An undisclosed investor paid $11.1M for a 40-unit mixed-use property at 2407 W. Eastwood Ave. in Lincoln Square. The building was completed in 2017 and features a mix of studio and one-bedroom apartments. Essex Realty Group's Jim Darrow and Jordan Gottlieb represented the seller.
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An affiliate of Benenson Capital Partners scooped up a Whole Foods at 300 S. Second St. in St. Charles for $17.3M from Swanson Development Group and Fort Union. The newly renovated property features 174 parking stalls, and Whole Foods committed to a 20-year double-net lease. JLL Capital Markets' investment sales and advisory team, featuring Alex Sharrin, Mohsin Mirza and Torri Rosene, represented the seller.
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Zenith Industrial Outdoor Storage acquired two industrial properties in Chicago at 9809 Industrial Drive and 1400 Powis Road for an undisclosed price. Meridian Capital Group's Ikey Betesh and Cawlet's Frank Melchert and Stevan Arandjelovic sourced the acquisitions for Zenith.
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Becovic Residential acquired a 12-story mixed-use property at 1325 W. Wilson Ave. in Sheridan Park for $18.5M. The newly renamed Beacon at Wilson features 121 apartments and four ground-floor retail spaces totaling more than 4K SF. The acquisition was financed by JPMorgan Chase's Scott Kalkofen. Essex Realty Group's Matt Feo and Jordan Gottlieb represented the seller, while Feo and Essex's Rick Ofman represented Becovic.
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A local private investor purchased a newly constructed, single-tenant Guzman y Gomez at 2741 Mannheim Road in Des Plaines for $3.6M. Greenstone Partners’ Brewster Hague and Danny Spitz represented the seller, an Illinois-based developer, and also procured the buyer.
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The Shiner Group purchased 2525 N. Clark St., a mixed-use property in Lincoln Park, for $4.4M. The building has 12 multifamily units and three commercial storefronts. Marcus & Millichap's Kyle Stengle marketed the property on behalf of the seller, while the brokerage's Mitchell Kiven procured the buyer.
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An undisclosed metal manufacturing company purchased a 20K SF, freestanding industrial building at 344 Beinoris Drive in Wood Dale for $2.6M. NAI Hiffman's Joe Bronson and Paddy Dwyer represented the buyer.
CONSTRUCTION AND DEVELOPMENT
Construction began on the 970K SF property at 5258 University Parkway in University Park. The project, one of the largest speculative developments in the Chicago area this year, is being jointly developed by Clarius Partners and Hillwood Investment. Avison Young's Erik Foster, Mike Wilson, Scott Singer and Kevin Swartz arranged the joint venture transaction.
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Ann & Robert H. Lurie Children’s Hospital of Chicago officially opened its new 75K SF outpatient center at 1895 Arbor Glen Blvd. in Schaumburg. The center will begin seeing patients the same week, consolidating services from former locations in Arlington Heights, Hoffman Estates and Huntley into one facility. The project team included HKS as the architect, Skender as the general contractor, IMEG Corp. as structural and mechanical engineers, and V3 Cos. as civil engineers.
THIS AND THAT
Kiser Group formed a new direct lending relationship with Regions Bank. The partnership provides Kiser Group clients with a streamlined path to financing, the company said in a release. Kiser Group also expects the relationship to lead to a lending process tailored to the nuances of multifamily investment.
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The Nicholas Family of Cos. acquired Joseph Nicholas Construction Corp., a construction firm specializing in auto dealerships, for an undisclosed price. JNC will become a dedicated automotive facility construction studio within The Nicholas Family of Cos., which plans to leverage JNC’s expertise to meet the growing demand for automotive facility and dealership projects nationwide.
