Logistics Property Co. closed on a fully leased, value-add industrial property in suburban Romeoville.
The company scooped up the 716K SF property at 1401 Normantown Road for about $58M, according to property records. The acquisition is the first within Logistics Property Co.'s recently created value-add real estate venture.
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The company's acquisitions team, led by Mark Crawford and Joel Wicks, is targeting properties in infill and bulk locations with the opportunity to rehabilitate, redevelop or lease up.
“The Chicago industrial market has performed well over the last few years, and we have seen an increase in demand in the I-55 and I-80 corridors,” Crawford said in a statement. “This property is in an excellent location, and we anticipate demand for industrial space in this sub-market will remain strong.”
Crawford worked with Colliers’ Jeff Devine, Steve Disse and Tyler Ziebel, who represented the seller, on the deal.
PEOPLE
Lee & Associates of Illinois promoted Tony Russo from executive vice president to principal. In his new role, Russo plans to continue expanding the company's office division, strengthen its regional reach and create new opportunities to serve clients throughout the market.
SALES
Investor Paul Fortman acquired 5724-5726 N. Mozart St., a 13-unit courtyard apartment building in West Ridge, for about $3.6M. The building was fully occupied at the time of sale. Interra Realty's Joe Braun represented Fortman in the deal, while Interra's Joe Smazal and Mark Dykstra represented the seller, an affiliate of Root Property Group.
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The Missner Group acquired 3106 S. Homan Ave., a 2.87-acre industrial outdoor storage site on the South Side, for an undisclosed price. The property is fully leased to Schneider National and includes a 16K SF truck maintenance building.
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SpringView Investments acquired Heritage Manor Apartments, an 84-unit multifamily portfolio made up of seven buildings in Orland Park, for $13.6M. SpringView plans to invest $2.5M in apartment upgrades. Greenstone Partners' Michael Duckler represented SpringView in the deal while affiliated with Interra Realty. Essex Realty's Brian Karmowski and Jimmy Donahue represented the seller.
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Digital RED paid $4.5M for a 66K SF industrial building at 1125 Carnegie St. in Rolling Meadows, acquiring the property from a private investor. Brown Commercial Group's Luke Dummitt represented the buyer.
LEASES
Blanchet LLP inked a nearly 11K SF lease at 155 N. Wacker Drive in the West Loop. The firm launched late this summer and was founded by veteran litigation partners. JLL's Terry Mostrom and Brian Means represented the tenant, while Stream Realty Partners' Andrea Saewitz and Mark Baby represented the landlord.
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AIA Chicago signed a lease at the Monroe Building at 104 S. Michigan Ave., with a mid-2027 move-in date. AIA Chicago is moving its headquarters after its lease expires at 35 E. Wacker Drive and is seeking a member design firm to create its new space.
CONSTRUCTION AND DEVELOPMENT
S&C Electric Co. announced plans for a 295K SF facility in Glenview. The facility will serve as the company's central warehouse, consolidating materials and inventory that support production across its manufacturing operations. It is targeting a beginning operations date of early 2027.
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Henricksen opened its newly renovated, 14K SF headquarters in Oak Brook. The company designed the space in collaboration with Lamar Johnson Collaborative, and it includes flexible work areas designed to accommodate between 35 and 100 employees. The new location is a strategic shift from its previous headquarters in Itasca and provides central access to Chicago.
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