This Week's Chicago Deal Sheet
CRG has executed a full-building, more than 1M SF lease at The Cubes at Country Club Hills, an industrial facility near the intersection of Interstates 57 and 80 in south suburban Country Club Hills.
“With proximity to a wide swath of the U.S. population, the Midwest ranks as a top industrial market, and modern super-bulk facilities like this one are in short supply,” Jeff Lanaghan, senior vice president and partner for the Midwest region at CRG, said in a press release. “Large users need the scale and infrastructure The Cubes at Country Club Hills provides to meet the growing demands of their supply-chain operations.”
The 70-acre site includes 239 trailer stalls, 128 exterior docks, four drive-in doors, 212 vehicle parking spaces, a newly built office space, dock locks and battery-charging areas.
“With its industrial vacancy rate hovering near record lows, Chicago continues to be a part of our investment strategy as the demand for modern facilities remains strong," CRG President Shawn Clark said in the release.
This is CRG’s first Cubes-branded industrial development in the Chicago area and the first investment made by its investment vehicle, U.S. Logistics Fund II, which raised $300M and closed in June 2022. It is expected to invest over $1.5B in new e-commerce, logistics and manufacturing facilities. So far, CRG has planned, broken ground on or completed 53M SF of Cubes projects.
PEOPLE
Baird & Warner hired Steven Johnson as a broker for the firm’s Chicago Gold Coast office, joining from Jameson Sotheby’s International Realty where he was a broker since 2016.
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Clear Height Properties hired Robin Stolberg as managing director of acquisitions, a newly created position. He will lead all acquisition efforts.
SALES
Chicagoland Commercial Real Estate Inc. brokered three sales totaling $9.8M, including a 26.8K SF retail center in Carpentersville, Illinois, a 15.5K SF single-tenant office building in Arlington Heights and a 20.2K SF Department of Agriculture food-grade warehouse production facility in Chicago.
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Marcus & Millichap brokered the sale of a new-construction medtail center at 1001 Fifth Ave. in Hammond, Indiana, for $4.6M. The 14.2K SF property is anchored by a Walmart Supercenter and has visibility from the Chicago Skyway. The firm also secured the full $2.9M asking price for a 17.5K SF drive-thru Dunkin'-anchored retail center at 12980 State Road 23 in Granger, Indiana.
LEASES
Calamos Real Estate entered a lease agreement with Koru Group to relocate its headquarters from Geneva, Illinois, to CityGate Centre in Naperville. The lease starts March 1, and Koru will occupy 7,750 SF of Class-A office space at 2135 City Gate Lane.
CONSTRUCTION AND DEVELOPMENT
Optima Inc.’s construction team has topped off Optima Verdana, a six-story luxury apartment building at 1210 Central Ave. in Wilmette. Pre-leasing for the 100-unit building will begin in early May, with move-ins starting in July.
