Nicholas Family Skates Into Ice Arena Play As Hockey Demand Heats Up: The Chicago Deal Sheet
The Nicholas Family of Cos. has acquired the 63K SF Glacier Ice Arena in Vernon Hills, home to two NHL-regulation rinks at 670 Lakeview Parkway.
The group will helm both ownership and management of the rink, where sweeping upgrades are slated to begin later this year.
“While the growing popularity of hockey has increased interest in investing in rinks, we also have a track record for managing them,” Nick Papanicholas Jr., CEO and managing director of the Nicholas Family of Cos., said in a release.
Capital is starting to glide into rink development, as Bisnow reported in March, driven in part by surging interest among American girls, who are now outpacing their Canadian counterparts in the sport.
That rising demand is fueling a wave of new indoor ice rink construction across North America, a market projected to grow by $500M over the next six years.
PEOPLE
Brennan Investment Group has promoted Dan Smith to senior vice president. He will lead acquisition efforts across Chicago, Milwaukee and Minneapolis. In addition to sourcing deals, Smith will support asset management and the monetization of value-add investments, ground-up developments and industrial outdoor storage projects.
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Greenstone Partners added three new team members and promoted two others:
- Arjav Patel was promoted to director.
- Connor Sheedy was promoted to junior broker analyst.
- Alexander Tychalski joined the firm as a junior broker analyst, while Augie Stilp and Charlie Vietzen were hired as investment sales analysts.
SALES
A Texas-based private partnership has acquired 387 Shuman Blvd., a 110K SF Class-A office building in Naperville, for $6.4M. The property was marketed through a Crexi auction, with Greenstone Partners’ Jason St. John and AJ Patel representing the seller.
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An undisclosed investor has acquired The Shops of Northwind, a 20K SF, four-tenant strip center in Libertyville, for approximately $2.9M. Marcus & Millichap’s Brian Parmacek represented the seller.
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A Chicago-based private investor group has acquired 1432 N. Hoyne Ave., a 16-unit multifamily property in Wicker Park, for $3.6M. The buyer plans a full renovation, including updated kitchens, bathrooms, HVAC systems and in-unit laundry. Greenstone Partners’ Jordan Multack represented the buyer.
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Brennan Investment Group has acquired a 98K SF multitenant industrial property in Addison for an undisclosed price. The deal marks the fifth acquisition for the firm’s inaugural opportunity fund.
CONSTRUCTION AND DEVELOPMENT
A joint venture between Wingspan Development Group and Tucker Development has delivered the first luxury rental townhomes at The Henry at Harms Woods, a 294-unit mixed-use community at 5424 Old Orchard Road in Skokie. The 11-acre project will feature 245 apartments, 49 townhomes and 13K SF of commercial space. Townhome move-ins begin in August, with the rest to follow this fall.
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CRG has broken ground on The Cubes at Cicero, an 86K SF warehouse at 5401 W. Roosevelt Road. The facility will feature 32-foot clear heights, 16 dock-high doors and two drive-in doors. DSI is serving as the general contractor, with design by Lamar Johnson Collaborative.
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Path Construction has kicked off the residential conversion of 111 W. Illinois St. in River North, transforming the upper floors of the 10-story commercial building into 153 luxury apartments. Completion is slated for summer 2026.
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Crown Community Development has broken ground on The Grove, a master-planned community at the I-88 and Route 47 interchange in Sugar Grove. Plans call for roughly 1,400 new homes, ranging from single-family to multifamily, as well as retail space, a town center, a business park, and community parks and trails.
