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Elmhurst-Restaurant
IllinoisInvestment salesNews

Adelphia Arranges Sale of Two Restaurant Properties in Metro Chicago

by Katie Sloan

Elmhurst and Crystal Lake, Ill. — Adelphia Properties has arranged the sale of two restaurant properties in metro Chicago. Dispositions include a 5,000-square-foot restaurant building formerly occupied by Elmhurst Family Restaurant in the Chicago suburb of Elmhurst; and a 4,500-square-foot vacant freestanding building located at 394 W. Virgin St. in Crystal Lake. George Spirrison and Simeon Spirrison of Adelphia Properties represented the sellers in each transaction, both of which were local investors. Terms of the transactions were undisclosed. 

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Orland Park
IllinoisInvestment salesNews

Adelphia Properties Brokers Sale of 7,365-Square-Foot Retail Center in Suburban Chicago

by Julia Sanders

Orland Park, Ill. — Adelphia Properties has brokered the sale of a 7,365-square-foot retail center in Orland Park, a suburb of Chicago. The building is located at 15845 S Harlem Ave. and was 17 percent occupied at time of sale. George Spirrison and Simeon Spirrison of Adelphia Properties represented the undisclosed seller in the disposition of the property. Both the buyer and seller in the transaction are based in Chicago.

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Company newsIllinoisNews

Old Second to Acquire West Suburban Bank for $297 Million

by Julia Sanders

Aurora and Lombard, Ill. — Old Second Bancorp Inc. and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a news release, the merged company will have approximately $6.2 billion in …

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Wilson Sporting Goods
IllinoisLeasingNews

Wilson Sporting Goods Opens First Brick-and-Mortar Retail Location

by Julia Sanders

Chicago — Wilson Sporting Goods Co. has opened its first-ever retail location in its hometown of Chicago. Wilson plans to open additional flagship stores in New York, Los Angeles, Beijing and Shanghai in the coming months. The Chicago store opened in July 2021. The new 2,247-square-foot store is located at 932 N. Rush St. in Chicago’s Gold Coast neighborhood and will offer a curated assortment of sporting goods across many sport categories such as tennis, baseball, football, basketball and golf, as well as Wilson’s new athletic-lifestyle sportswear collection.

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Bronzetown
DevelopmentIllinoisNews

City of Chicago Approves $3.8 Billion Mixed-Use Project at Former Michael Reese Hospital Site

by Julia Sanders

Chicago — The Chicago City Council has given approval for the development of Bronzeville Lakefront, a $3.8 billion mixed-use project located in Bronzeville, a South Side neighborhood. Michael Reese Hospital and Medical Center, which closed in 2008, formerly occupied the 48-acre development site. The City of Chicago acquired the property in 2009 and cleared most of the land over the ensuing months. A team of local developers known as GRIT was selected to purchase the site for $96.9 million through a redevelopment agreement. GRIT comprises Farpoint Development, Loop Capital Management, …

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Ulta
DevelopmentIllinoisNews

Target, Ulta Beauty Reveal Brands and Locations Ahead of August Launch

by Julia Sanders

Minneapolis and Bolingbrook, Ill. — Target Corp. and Ulta Beauty have revealed further details about the Ulta Beauty at Target launch, which is slated to begin rolling out in more than 100 Target stores nationwide and online this August. Most of the initial locations will be concentrated in California, Colorado, Florida, Illinois, Minnesota, New York and Texas. The “shop-in-shop” retail concept will include 50 specially curated brands. The two companies are planning to roll out the concept at 800 Target stores in the coming years. Each shop-in-shop will be placed …

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Miramar Square
Company newsIllinoisIndianaNews

Kite Realty, RPAI Enter Into $7.5 Billion Merger Agreement to Create New Shopping Center REIT

by Julia Sanders

Indianapolis and Chicago — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five …

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Company newsIllinoisNews

Walgreens Reports Uptick in Sales, Plans to Make Technology Investments

by Julia Sanders

Deerfield, Ill. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), the company behind pharmacy retailers Walgreens and Duane Reade, predicts a 10 percent increase in adjusted earnings per share this fiscal year. The Deerfield, Illinois-based firm’s new CEO, Roz Brewer, says she plans to make investments in the coming months, including digital automation and technology efforts. Additionally, Walgreens and VillageMD have agreed to open hundreds of doctor offices in drugstores, which will span around 3,300 square feet each. VillageMD says it will find staff members and operate these clinics, and over …

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IllinoisLeasingNews

CIM Group Signs 11,000-Square-Foot Lease for Five Iron Golf at Block 37 in Chicago

by Julia Sanders

Chicago, Ill. — CIM Group has signed a lease agreement for Five Iron Golf at Block 37, a shopping, dining and entertainment destination in Chicago’s Loop, and Five Iron Golf is an indoor golf and entertainment experience with nine locations across the country. Five Iron Golf will be on the second floor in an 11,000-square-foot space. The location is Five Iron Golf’s second location in Chicago. This location will include 11 simulators, a putting green and entertainment offerings, including a full bar, kitchen, widescreen TVs and games. Owned by CIM …

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Market Meadows
FinanceIllinoisNews

Associated Bank Provides $26.7 Million Acquisition Loan for Market Meadows Shopping Center in Suburban Chicago

by Julia Sanders

Naperville, Ill. — Associated Bank has provided a $26.7 million loan to Shorewood Development Group for the acquisition and revitalization of Market Meadows Shopping Center, a 148,700-square-foot, multi-tenant retail property located at 1201 S. Naper Blvd. in the Western Chicago suburb of Naperville. Tenants at the center include Jewel, US Bank, McDonald’s and T-Mobile. New leases have been signed for the property with Chipotle Mexican Grill, BMO, Jersey Mike’s, Big Blue Swim School and Delta Life Fitness. Daniel Barrins of Associated Bank’s Commercial Real Estate group handled loan arrangements and …

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