Prologis Acquires 26-Acre Plot For New Development: The Chicago Deal Sheet
Prologis acquired 26.19 acres of land in Glendale Heights in Central DuPage, with plans to build two Class-A logistics facilities totaling 454K SF.
The company stated in a release that the deal strengthens its footprint in the Chicago area and enables the company to serve its customers more effectively. The purchase price was not disclosed.
“This is a pivotal transaction for Prologis as we build out our active development pipeline across Chicago,” said Josh Bauer, vice president and investment officer for Prologis. “Unlocking an opportunity of this scale in Central DuPage is extremely rare.”
Prologis has 341 properties totaling more than 79M SF in the market, including 42 buildings comprising more than 8M SF in Central DuPage.
PEOPLE
The Inland Real Estate Group appointed Jacqueline Dagan as associate general counsel and Dhaval Parikh as head of institutional capital formation. Dagan will drive Inland Institutional’s legal strategy, regulatory oversight and business growth. Parikh will lead institutional capital formation efforts, support new product and strategy development and cultivate new institutional investor relationships.
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Cresa added Julie Northcutt-Dunn to its team as president, markets, a newly created executive role. Northcutt-Dunn will focus on driving growth across Cresa’s market operations through strategic planning, operational excellence and organic growth initiatives. She will be based in Cresa’s Chicago headquarters and joins after a stint at Colliers.
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PsiQuantum appointed Joshua Koons as vice president of facilities in Chicago to help lead the development of the company’s facility at the Illinois Quantum and Microelectronics Park. He has over 20 years of experience, including most recently as the department head of utility systems and infrastructure engineering at Argonne National Laboratory.
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BakerHostetler added Nicholas Carson to its business practice group as a member of the community development team. Carson will advise on investment and financing transactions involving federal tax incentives, including renewable energy credits, historic tax credits and new markets tax credits. Carson was previously with Kutak Rock.
SALES
An undisclosed buyer paid $6.6M for 935-937 W. Armitage Ave., a mixed-use multifamily and retail property in Lincoln Park. The property includes eight multifamily units and a retail space occupied by Wintrust Bank. Marcus & Millichap's Kyle Stengle represented both parties in the deal.
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An unnamed buyer purchased Circle Plaza, a 100% occupied multitenant retail center at 23-25 Harlem Ave. and 7200-7216 Circle Ave. in Forest Park, for $8.4M. The 18K SF retail center was developed in 1984. Greenstone Partners' Brewster Hague and Connor Sheedy brokered the deal.
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An investor scooped up 1316 Bond St. in Naperville, a 22K SF office property occupied by Weaver Consulting Group, for $3.7M. The property was built in 2015. Marcus & Millichap's Sean Sharko and Austin Weisenbeck represented the buyer and seller in the deal.
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Essex Realty Group's Matt Feo and Abe Eilian successfully closed the sale of three multifamily properties across the city, totaling 20 units and $9.6M. The transactions are 1049 N. Wolcott Ave. in Ukrainian Village, 918 W. Eastwood Ave. in Uptown and 1620 W. Grand Ave. in West Town.
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A private investor acquired Grand Plaza East, a five-suite retail center at 2201 Grand Ave. in Waukegan, for $2.8M. The 36K SF property is anchored by Domino’s Pizza. Marcus & Millichap's Adrian Mendoza, Austin Weisenbeck and Sean Shark brokered the transaction.
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An institutional investment manager picked up The Shops of Uptown, a 70K SF, grocery-anchored retail property in Park Ridge, from Phillips Edison Co. Trader Joe's anchors the property. Mid-America Real Estate Corp.'s Joe Girardi and Patrick Corrigan closed the deal on behalf of the seller.
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An undisclosed buyer purchased a six-suite retail strip property at 4926 N. River Road in Schiller Park for $3.5M. The 23K SF center is occupied by a mix of service-oriented tenants, including Shoeless Joe’s Restaurant, Enterprise Rent-A-Car and Axeclusive Throwing & VR Lounge. Marcus & Millichap's Adrian Mendoza, Austin Weisenbeck and Sean Shark represented the buyer and seller in the deal.
LEASES
Premier Handling Solutions signed a 65K SF lease at 2801 Alft Lane in Elgin, bringing the building to 100% occupancy. Lee & Associates' John Cassidy and Ken Franzese represented the landlord, Cabot Properties. The brokerage's Jay Farnam represented the tenant.
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NAI Hiffman completed four industrial transactions totaling 996K SF in Elgin. Three of the four transactions exceeded 245K SF. NAI Hiffman Executive Vice Presidents Steve Bass and Jack Brennan represented ownership groups and occupiers in the deals.
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Recyclops signed a 77K SF lease at 7750 Industrial Drive in Forest Park. Additionally, Nuvomed signed a 54K SF lease at 200 Fencl Lane in Hillside. Colliers' Tom Rodeno and Patrick Turner represented the landlords, and Lee & Associates' Sean Austin represented the tenants in both deals.
CONSTRUCTION AND DEVELOPMENT
The Missner Group, in partnership with Thackeray Partners, completed a 180K SF industrial development at 4002 S. Princeton Ave. in Fuller Park. Developed on a speculative basis, the facility can accommodate up to four tenants. CBRE is leading the leasing for the site.
