Lone Lincoln Yards Office Up For Sale As Sterling Bay Loses Ground: The Chicago Deal Sheet
Sterling Bay has put the only completed building at its long-stalled Lincoln Yards megaproject on the market.
Brokers from Eastdil Secured and Savills are shopping the 284K SF office building at 1229 W. Concord Place, which was completed last year with Harrison Street and J.P. Morgan Asset Management but is still sitting vacant, Crain’s Chicago Business reported.
Lincoln Yards has steadily come apart this year, with Sterling Bay facing the loss of much, if not all, of the 55-acre site. In July, JDL Development and Kayne Anderson Real Estate agreed to acquire the project’s northern half from Bank OZK, which seized it in a foreclosure earlier this year.
It's unclear what price the building could fetch, though the developers face a looming deadline to pay off the $125M construction loan they used to build the structure, which was also from Bank OZK. The loan is set to mature next month.
PEOPLE
The Ardent Cos. has named Matt Snyder managing director in its Chicago office. In the role, he will spearhead debt sourcing, shape platform strategies and drive new product development. Snyder has more than two decades of experience in the debt sector, with a background in CMBS and commercial real estate lending.
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Ware Malcomb has promoted Mark Schwamel to regional director in its Chicago office. He will oversee the office’s strategic growth, lead regional initiatives and provide mentorship to the team. Schwamel joined the firm in 2022 as director of interior architecture and design.
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Stage Equity Partners has hired Caity Tirakian as a senior associate. She will oversee acquisition activities from underwriting through closing. Tirakian previously worked as a senior analyst on JLL’s Midwest retail investment sales team.
LEASES
Charlene Products signed a 27K SF lease at 905 Carlow Drive in Bolingbrook, relocating and expanding from its previous site in Plainfield. Lee & Associates’ Terry Grapenthin and Ryan Earley represented the tenant.
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Illinois Tool Works signed a 60K SF lease at a new industrial facility in Bartlett. The space is in Blue Heron Business Park’s newest speculative building, a 166K SF development. Brown Commercial Group’s Dan Brown and Mike Antonelli represented the developer and owner, Cratos Industrial.
SALES
Pharmacy Automation Supplies bought 4.4 acres at Plainfield Business Center for a new build-to-suit warehouse and office. Northern Builders will deliver a 30K SF facility, expandable to 60K SF, by late 2025. Terry Grapenthin and Ryan Earley of Lee & Associates represented the buyer.
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Hayes Properties acquired 611-613 W. Arlington Place for $7.3M. The apartment building includes three studios, 13 one-bedroom and seven two-bedroom units. Interra Realty’s Colin O’Malley represented the undisclosed seller, while Joe Smazal and Mark Dykstra represented Hayes Properties.
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An international buyer purchased 219 W. Chicago Ave. in River North for $3.2M. The 20K SF boutique mixed-use building, designed with a loft office profile for tech and creative tenants, is 78% leased. CBRE’s Dominic Soltero, Tom Svoboda and John Saletta represented the seller.
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A local private investor acquired 1234 N. Milwaukee Ave. in Libertyville, a net-leased medical office building occupied by Forefront Dermatology, for $2.5M. Originally built in 1996 as a Burger King, the property was renovated in 2018 and expanded in 2022. Marcus & Millichap’s Daniel Chumbley, Sean Sharko and Austin Weisenbeck represented the buyer.
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An undisclosed buyer acquired 567-569 W. Arlington Place for $5.7M. The property includes 10 two-bedroom units, three three-bedroom units and one four-bedroom unit. Interra Realty’s Colin O’Malley represented the seller, while the buyer was self-represented.
CONSTRUCTION AND DEVELOPMENT
Nicholas Family of Cos. will break ground this fall on the Elk Grove Ice Arena, an 86K SF, two-rink facility on Meacham Road in Elk Grove Village. The complex is slated to open in fall 2026 and will be the firm’s third ice arena project in the Chicago area in the past year.
