Logistics Property Co. is making another Midwestern purchase, picking up its fourth development site in the Chicago area in the past year.
The company closed on the 74-acre site at 23960 S. Houbolt Road in Joliet for an undisclosed price. When the development is complete, the property will be close to 1.3M SF.
“23960 S Houbolt Road is a premier location for many users given its direct proximity to the intermodal and the new Houbolt Road Extension,” Ben Fish, the company’s associate market leader, said in a statement. “We are excited to continue expanding our Midwest portfolio with this property, our fourth development site in the Chicago market in the past year.”
The 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 of the speculative building will begin in the spring, and the project will be delivered the following spring, the company said in a release. Logistics Property Co. Fish and Vince Pergande worked with Cushman & Wakefield’s Ryan Klink on the deal.
PEOPLE
WE O’Neil Construction appointed Nicholas Schubert as general counsel. He will lead WE O’Neil’s corporate legal and risk functions, providing strategic and practical advice on business and construction. He will also work closely with the company’s safety leadership to continue to integrate safety into the company’s risk management approach.
SALES
An undisclosed buyer acquired the nearly 80K SF industrial facility on Exchange Avenue in Aurora from a private entity. The buyer plans to use the facility to support the expansion of its US operations. Corey Chase Newmark arranged the deal.
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WP Carey acquired the British International School of Chicago in a $70.6M deal, taking 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 storage sites in the Chicago area, according to The Real Deal. The company acquired the site from Transport Properties. The largest site is a 29.5-acre yard at 3000 E. 106th St.
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An unnamed investor has acquired 1910-1912 Division St., an 18-unit multifamily property in Melrose Park. At the time of sale, the property is 100% occupied, and the unit has a remodeled kitchen and bath. 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 represents the developer and owner, Cratos Industrial.
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Year Up United signed a lease for approximately 13K SF at Two Prudential Plaza, with a move-in scheduled for later this year. The East Loop location will establish the company’s physical presence in Chicago. Savills’ Brett Tynes and Brandon Nasatir advise 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 company’s new office brings the Chicago team together in one location and nearly doubles the size of the city.
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Whole Foods signed 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 Everyday Store at 2280 N. Milwaukee Ave with a smaller footprint than a standard store. This site was formerly home to Family Dollar.
CONSTRUCTION and DEVELOPMENT
Northern Builders reached a build-to-fit agreement with Magna-Tiles for a 245K SF facility at the Carlow Corporate Center in Bolingbrook. The development will be the new headquarters for the company’s warehouse and office operations, and construction is expected 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 community in Franklin Park. The community at 2506 N. Mannheim Road is being developed by Evergreen Real Estate Group. FH Paschen managed construction, and Weese Langley Klein Architects designed the project.