Venture One Real Estate acquired a 132K SF, three-building industrial portfolio in the Chicago suburbs for an undisclosed price.
The portfolio was 100% occupied at closing and consists of two properties in East Dundee and one in Mokena. The portfolio is leased to five tenants with unit sizes ranging from 18K SF to 53K SF.
The properties are 160 Windsor Drive and 170 Prairie Lake Road in East Dundee, as well as 9645 Willow Lane in Mokena. Venture made the acquisition through its VK Industrial VII fund.
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PEOPLE
Conor Commercial Real Estate promoted Mike Fausone to vice president, development. He is responsible for leading Conor’s multifamily development activity in the Midwest. Fausone joined Conor in 2021 as development manager.
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The Essex Cos. promoted Mary McGinnis to chief marketing officer. McGinnis joined Essex in 2023 as a marketing associate and now leads marketing across all three of the group's affiliated firms. She oversees branding, digital strategy, social media, content creation and marketing campaign execution.
LEASES
Dynamic Manufacturing signed a 150K SF lease at 7801 Industrial Drive in Forest Park. Dynamic Manufacturing will utilize the facility for industrial warehousing, electrification and manufacturing operations, which are expected to start in February. Newmark's Corey Chase represented the tenant.
FINANCING
Developer Johana Casanova secured a low-income housing tax credit award for 47 affordable senior homes in New Lenox. Lincoln Prairie at Briarwood is the first independent development under Casanova Development. Casanova was also a part of the Illinois Housing Development Authority's Next Generation Capacity Building Initiative.
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Greystone provided a $25.5M Fannie Mae loan to finance the acquisition of 422 and 424 W. Melrose Ave., a 169-unit multifamily property in Chicago. Greystone's Clint Darby and Andrew Remenschneider originated the financing. Global Real Estate Advisors' Christopher Sackley and William Montana brokered the sale.
CONSTRUCTION AND DEVELOPMENT
Skender completed the 83K SF build-out of Harrison Street Asset Management’s headquarters at 919 W. Fulton St. in Fulton Market. The real estate and infrastructure investment management firm is relocating from 444 W. Lake St.
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The Chicago City Council approved a mixed-use development at 2121 W. Grand Ave. with 48 residential units and about 5K SF of retail. Panoptic Group planned the project, which was designed by Hanna Architects, according to Urbanize Chicago.
THIS AND THAT
Mid-America Asset Management announced a new partnership with Newcastle Properties. As part of this partnership, Mid-America will provide comprehensive property services for 16 retail properties totaling about 810K SF. The scope of services includes full property management, accounting services, maintenance and property services support.
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Illinois Realtors is launching a partnership program with local governments and other community leaders to confront their housing shortages head-on and accelerate the development of new homes. Through the Illinois Housing Supply Accelerator Program, Illinois Realtors governmental affairs directors will work directly with elected officials and housing stakeholders to identify and remove local barriers that can delay or prevent housing construction.
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