RE Journals – The Midwest’s leading source for commercial real estate news
The latest headlines from
Illinois Real Estate Journal
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Chicago law firm office leasing remains one bright spot in downtown pandemic woes

These last two years have undoubtedly been tough for commercial real estate investors and professionals whose business focuses primarily on office space. The ongoing pandemic has not only added more time to the clock and delayed countless businesses’ plans to return to the office, but it’s also changed the perspective of many employees and job seekers who now see a work-from-home or hybrid model as a necessity going forward. 

For industrial, the good news keeps on coming
This is the season of good industrial news, with commercial real estate companies sending a steady stream of reports touting low vacancy rates and surging demand for this asset class in cities across the country.

Crystal Lake is the Clear Leader for Real Estate Opportunities

Crystal Lake Growth Opens Door for Redevelopment and New Development

Construction starts on affordable housing for veterans and people with disabilities in Lansing, Illinois
Skender, along with its joint-venture partner Ashlaur Construction, recently broke ground on Torrence Place, a three-story, mixed-use affordable housing and health clinic project for affordable housing developer Full Circle Communities at 2320 Thornton-Lansing Road in Lansing. The wood-framed building will have 48 affordable, accessible units for veterans and people with disabilities, as well as a 3,000-square-foot health clinic on the ground floor operated by Christian Community Health Center. 

Interra Realty brokers $5.2 Million sale of mixed-use building in Southport Corridor
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it negotiated the $5.2 million sale of 3546 N. Southport Ave., a mixed-use property with 21 apartments and two commercial spaces in the Southport Corridor of Chicago’s Lakeview neighborhood. The price per unit was $226,000.

CRER brokers $2.8 million sale of redevelopable site in Roscoe Village
Sean Mason of CRER represented the buyer, Mavrek Development, in the purchase of 3817-19 N. Ashland Ave, Chicago, IL 60613, which closed for $2,800,000. The former Zia’s Lago Vista restaurant site will be redeveloped by Mavrek into a 48-unit luxury apartment building. The project will feature studios, one- and two-bedroom units and will include amenity space that will grant tenants access to Peloton bikes, co-working space and outdoor grilling areas.

Kiser Group advises on $1.22 Million sale of 16-unit multifamily building in Rolling Meadows
Kiser Group has announced the sale of 2341 Algonquin Road, a 16-unit multifamily building in Rolling Meadows, Illinois. The property sold for $1,225,000. Kiser Group Directors Matt Halper and Danny Mantis represented both the buyer, GMA North 1 LLC, and an unnamed seller in the transaction.

Built in 1973, 2341 Algonquin Road encompasses a 17,265 square-foot lot with 16-unit apartment units and 32 parking spaces. All of the building’s apartments are one-bedroom units. Three of the units have also been updated with new kitchens and baths, while the remaining units are an older vintage. 

Cawley Chicago represents Naperville building owner in a two-part lease/sale transaction
Cawley Chicago’s Capital Markets Team, comprised of Principal Daniel Cawley, SIOR alongside Senior Associate, Brenten Blakeman represented building owner and operator of Players Indoor Sports, an indoor athletic and entertainment facility in a recent two-part lease and sale transaction in Naperville, IL. Located at 1740 Quincy Avenue, the 94,769 square foot multi-purpose facility opened its doors in 2009 and sits on 6.54 acres of land.

Brown Commercial Group negotiates 30,039-SF of transactions in Chicago’s suburban market
Brown Commercial Group negotiated five industrial transactions totaling 30,039 square feet in Chicago’s west and northwest industrial submarkets.  

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