Amazon is close to a deal to acquire a 571K SF vertical warehouse facility on Goose Island that has sat vacant since 2024.
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Developer Logistics Property is in talks with the tech giant to sell the multistory property at 1237 W. Division St., Crain's Chicago Business reported. While the purchase price is unclear, Amazon is expected to pay far less than the amount Logistics paid to develop the property.
The company is expected to cover the remainder of the $150M construction loan originated in 2022 to build the structure but not the $55M that Logistics took out to buy the site from People's Gas, according to the outlet.
PEOPLE
Cullinan Properties tapped Dan Jutzi to join the company as executive vice president of development and construction. In the role, Jutzi will provide strategic leadership for Cullinan Properties' development and construction department, oversee third-party construction resources and direct all construction activities across the company's existing portfolio and current and future development projects.
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Inland Real Estate Investment Corp. appointed Andrew Barnum as managing director, product strategy. In the role, Barnum will help advance product strategy and execution across the platform. He will also play an important role in strengthening Inland Investments’ relationships and supporting education, training and engagement related to new and existing products.
SALES
Sonica International paid $5.2M for a 40K SF industrial building at 1951 Lively Blvd. in Elk Grove Village, acquiring the property from FD Venture Co. Lee & Associates' Dustin Albers represented the buyer, while Colliers' John D’Orazio, Jonathan Kohn and Tommy Karnig represented the seller.
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A local owner-operator paid $11.5M for a 78-unit apartment building at 6748-6750 N. Ashland Ave. The property, built in 1927, includes eight studios, 69 one-bedroom apartments and one two-bedroom unit. Kiser Group's Jacob Price and Katie LeGrand facilitated the sale.
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An undisclosed buyer scooped up a three-property veterinary hospital portfolio across Illinois for $21.7M. The 26K SF portfolio is in Hinsdale, Downers Grove and Oswego and is 100% leased to a large pet healthcare operator. Matthews' Michael Moreno, Rahul Chhajed and Andrew Evans represented the seller in the deal.
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An Illinois-based investor paid $7M for a 23K SF, single-tenant industrial property in West Chicago. The property is situated on 5.9 acres and is occupied by TKO Logistics. Marcus & Millichap's Kellan Gilmartin brokered the deal.
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Concord Capital paid $4.1M for 226 W. Ontario St., a 48K SF, six-story loft building in River North. The company plans to convert the brick loft building to residential use. CBRE's Dominic Soltero and Tom Svoboda represented the seller in the transaction.
LEASES
An undisclosed tenant relocating its corporate headquarters signed a 15K SF lease at 2360 Vantage Drive in Elgin. The Class-A facility is equipped with two docks and one drive-in door. Entre Commercial Realty's Mike DeSerto, Cory Kay and Elisabeth Lazzara brokered the deal.
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Swanson, Martin & Bell LLP signed a 57K SF, long-term headquarters lease restructure and renewal at 330 N. Wabash Ave. Colliers’ Dan Arends, Dougal Jeppe, Corby Marx, Joe Stevens and John Arends represented the tenant in the deal.
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Illinois Retina, a medical services provider, signed a 16K SF lease in Skokie at Concourse Office Plaza, 4709-4711 Golf Road. The long-term deal represented a renewal and expansion from roughly 3K SF. Bradford Allen's Craig Nadborne negotiated the deal.
THIS AND THAT
Newmark was awarded a more than 21M SF national property and project management assignment for 601W Cos.' U.S. office portfolio. The 601W portfolio comprises over 12M SF in Chicago. Newmark secured the assignment through an effort led by Jesse Van Dyke and Richard Holden.
