Menashe Properties Scoops Up 125 S. Wacker: The Chicago Deal Sheet
Oregon investor Menashe Properties acquired 125 S. Wacker Drive, a 31-story, 640K SF Class-A office tower in the West Loop, for $51.5M.
Menashe Properties CEO Jordan Menashe said the company will take a simple approach to the property by building spec suites and maintaining a straightforward leasing process.
“Chicago is a city with momentum — it’s roaring back,” Menashe said in a press release. “Leasing activity is accelerating in Trophy and Class A+ properties at a near-record pace, and that energy creates a natural ‘trickle-down’ affect to the next tier of assets.”
This is the second major office purchase Menashe Properties has made in the past two years. The company bought 230 W. Monroe St. for $45M in 2023. It said occupancy at that property increased from 60% to nearly 85% in under two years.
PEOPLE
Kiser Group hired Katie Nunez as a director specializing in multifamily investment sales across the Midwest. Nunez will be a part of Kiser Group’s Midwest team, which includes Kyle Sissell, Will Cornish and Joe Caiola. She launched her real estate career in 2019.
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Bradford Allen's Ben Azulay was elected to the board of directors of TCN Worldwide Real Estate Services, a consortium of independent commercial real estate firms. He will help oversee TCN’s operations and provide strategic guidance, including on the organization’s expansion into new markets.
SALES
An undisclosed buyer purchased 1441 Branding Ave. in Downers Grove, a multitenant flex industrial building, for $6.2M. The property is fully leased to a tenant base including LPMS USA, BTI Communications Group, Affiliated Customer Service and Advocate Home Health Services. Advocate and Affiliated have occupied the property for more than 25 years and together represent 50% of the building’s square footage. Greenstone Partners' Jason St. John brokered the deal.
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Highland Real Estate Partners bought Low-Line Commons, a 95-unit apartment building at 3431-3449 N. Ashland Ave. in Lakeview, for an undisclosed price from a joint venture between Wildwood Investments and Contemporary Concepts. The building was 98% occupied at the time of sale. Interra Realty's Joe Smazal and Mark Dykstra brokered the deal.
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KPR Centers paid $40M for its acquisition of Pointe Plaza, a roughly 195K SF grocery-anchored shopping center at 5660 W. Touhy Ave. in Niles. The center is about 94% leased and anchored by Fresh Farms, Ross Dress for Less, DD’s Discounts and Daiso. CBRE’s Richard Frolik, Christian Williams and George Good represented the seller.
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Excel Restoration purchased a 43K SF facility at 2375 Estes Ave. in Elk Grove Village for an undisclosed sum to serve as its headquarters. Entre Commercial Realty's Cory Kay, Mike DeSerto and Elisabeth Lazzara represented the seller, while Entre's Kevin Kaplan represented the buyer.
LEASES
Perfection Servo Hydraulics signed a 16K SF lease at 3940 Swenson Ave. in St. Charles. The automation machinery manufacturing and repair company is relocating and expanding in the Chicago market. Brown Commercial Group's Luke Dummitt represented the tenant.
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Tolead Logistics USA signed a 160K SF lease at 640 N. Central Ave. in Wood Dale. Core Industrial Realty brokers Ryan Mullins and Frank Damato represented the tenant, while CBRE's Kevin Segerson and Genna Ohrn represented the owner.
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Catalynt Solutions signed a 39K SF industrial lease at 170 Thorndale Ave. in Bensenville. Lee & Associates' Dustin Albers represented the tenant, while Avison Young's Brian Colson and Brian Pomorski represented the owner.
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Tafco Corp. signed a 187K SF industrial lease at 222 Sievert Court in Bensenville. NAI Hiffman's Mark Baumhart represented the tenant, while Lee & Associates' Jeff Janda and John Cassidy represented the owner.
CONSTRUCTION AND DEVELOPMENT
Mapletree Investments broke ground on two industrial facilities, one at 1360 Schiferl Road in Bartlett and the other at 3600 Houbolt Road in Joliet. The Bartlett building will be 149K SF, and the Joilet property will be 312K SF. The properties are scheduled for delivery in summer 2026.
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Continental Properties opened Springs at Lockport, a residential community with 320 units at 16551 W. Springs Circle in Lockport. The community offers studio, one-, two- and three-bedroom layouts with private ground-level entrances and attached garage options.
THIS AND THAT
Neale Richmond, Ireland's minister of state for international development and diaspora, opened Ireland House Chicago. Ireland House Chicago brings the consulate general of Ireland and IDA Ireland teams in Chicago together under one roof, driving collaboration between Ireland’s diplomatic and state agency teams and creating a hub to advance Ireland’s interests in the Midwest.
