Logistics Property Co. is making another Midwestern buy, picking up its fourth development site in the Chicago area in the last year.
The company closed on a 74-acre site at 23960 S. Houbolt Road in Joliet for an undisclosed price. When the development is complete, the property will total close to 1.3M SF.
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“23960 S Houbolt Road is the premier location for bulk users given the immediate proximity to the intermodal and the new Houbolt Road Extension,” Ben Fish, associate market leader at the company, said in a statement. “We’re excited to continue to grow our Midwest portfolio with this property, our fourth development site in the Chicago market in the last year.”
Acquisition of the development site follows the closing of three development properties: 424 Howard Ave. in Des Plaines, 390 O’Hare Logistics Park in Schaumburg, and 2349 W. Lake St. in Addison.
Construction on the speculative building will start in the spring, and the project is expected to deliver the following spring, the company said in a release. Logistics Property Co.'s Fish and Vince Pergande worked with Cushman & Wakefield’s Ryan Klink on the deal.
PEOPLE
W.E. O’Neil Construction appointed Nicholas Schubert as general counsel. He will lead W.E. O’Neil’s enterprise legal and risk function, providing strategic and practical counsel on business and construction matters. He will also work with the company’s safety leadership to continue to incorporate safety into its approach to enterprise risk management.
SALES
An undisclosed buyer acquired a nearly 80K SF industrial facility at Exchange Avenue in Aurora from a private entity. The buyer plans to use the facility to support the expansion of its U.S. operations. Newmark's Corey Chase arranged the deal.
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W. P. Carey acquired the British International School of Chicago in a $70.6M deal, picking up the building from EPR Properties. The 102K SF property was completed in 2015 at 161 W. Ninth St. in the South Loop. Colliers’ Todd Noel, Mindy Korth, Kyle Campbell, David Burden, Josh McGee, Austin Little, Christian Rahe and Jack Johnson brokered the deal.
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NW1 Partners paid about $74M for a portfolio of eight truck parking and outdoor storage sites in the Chicago area, according to The Real Deal. The company acquired the sites from Transport Properties. The largest site was a 29.5-acre yard at 3000 E. 106th St.
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An unnamed investor acquired 1910-1912 Division St., an 18-unit multifamily property in Melrose Park. At the time of the sale, the property was 100% occupied, and units feature remodeled kitchens and baths. Essex Realty Group's Karla Galva represented the seller and buyer.
LEASES
Sampa USA signed a 62K SF industrial lease for its Midwest distribution hub at 2305 Kenyon Road in Bartlett. The facility is part of the three-unit Blue Heron 160 business park. Brown Commercial Group's Dan Brown represented the developer and owner, Cratos Industrial.
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Year Up United signed a roughly 13K SF lease at Two Prudential Plaza, with move-in slated by the end of this year. The East Loop location will establish the company's physical presence in Chicago. Savills' Brett Tynes and Brandon Nasatir advised Year Up United.
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Croke Fairchild Duarte & Beres and Point of Difference Strategies completed a 40K SF move to 222 N. LaSalle St. The firms’ new office brings their Chicago team together in one location and nearly doubles their footprint in the city.
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Whole Foods inked a 10K SF lease in Logan Square, aiming to open a small-format store in the neighborhood, Crain's Chicago Business reported. The company plans to open a Whole Foods Market Daily Shop at 2280 N. Milwaukee Ave. with a smaller footprint than its standard stores. The site was formerly home to Family Dollar.
CONSTRUCTION AND DEVELOPMENT
Northern Builders reached a build-to-suit agreement with Magna-Tiles for a 245K SF facility at Carlow Corporate Center in Bolingbrook. The development will serve as the new headquarters for the company's warehouse and office operations, and construction is slated to begin in November. CBRE's Cal Payne represented Magna-Tiles in the deal, and Cushman & Wakefield's Jason West, Sean Henrick and Ryan Klink represented Northern Builders.
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Local officials and construction partners celebrated the ribbon-cutting of Leyden Senior Apartments, a four-story, 80-unit independent senior living community in Franklin Park. The community at 2506 N. Mannheim Road was developed by Evergreen Real Estate Group. F.H. Paschen managed construction, and Weese Langley Klein Architects designed the project.
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