Illinois

Centennial Expands Redevelopment Plans for Hawthorn Mall in Vernon Hills, Illinois

by Hayden Spiess October 26, 2022

Vernon Hills, Ill. — Dallas-based real estate firm Centennial has revealed plans to expand on its Hawthorn 2.0 redevelopment of Hawthorn Mall, a super-regional shopping center in Vernon Hills, a northern suburb of Chicago. Built in 1973, the mall currently houses over 120 retailers. Centennial first announced the redevelopment of Hawthorn Mall in 2019, which included new retail and dining options, luxury multifamily housing and indoor/outdoor gathering spaces. The expanded plans nearly triple the new development at the property and include 162 units of seniors housing, a 25,000-square-foot grocery store …

October 26, 2022

Illinois Investment sales News

Anytime Fitness Signs 6,276-Square-Foot Retail Lease in Belvidere, Illinois

by Hayden Spiess October 24, 2022

Belvidere, Ill. — Anytime Fitness has signed a 6,276-square-foot retail lease at Southtowne Shopping Center in Belvidere, a city in northern Illinois. The property is located at the corner of Highway 20 and Pearl Street. Rick Scardino of Lee & Associates represented the landlord, Southtowne Ventures LLC, in the transaction. Jack Siragusa of CBRE represented the tenant.

October 24, 2022

Development Illinois News Restaurants

Newcastle Properties to Begin Construction on Additions to Eastgate Crossing in Suburban Chicago

by Hayden Spiess October 18, 2022

Naperville, Ill. — Newcastle Properties is set to begin construction on an 8,300-square-foot, multi-tenant outlot building and a 3,260-square-foot endcap space at Eastgate Crossing in the Chicago suburb of Naperville. The new development will be home to Kura Revolving Sushi Bar and NaanSense, an Indian fast-casual chain. Adam Cody of JLL represented Kura, and Phil Golding of CBRE represented NaanSense in the leasing transactions. Midwest Construction Partners will serve as general contractor, and Sean Devine of Newcastle Properties is the project manager. Eastgate Crossing currently spans 270,327 square feet and …

October 18, 2022

Illinois Investment sales Net lease News

Greenstone Partners Brokers $2.3 Million Sale of Starbucks-Occupied Property in Lakemoor, Illinois

by Hayden Spiess October 13, 2022

Lakemoor, Ill. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks Coffee in Lakemoor, located in Northeast Illinois. The net-leased building is situated within the larger Lakemoor Commons development, which is home to tenants such as Heartland Dental, Chipotle Mexican Grill and Buona Beef. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.

October 13, 2022

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Puttshack Raises $150 Million in Growth Capital, Unveils Expansion Plans

by Hayden Spiess October 12, 2022

Chicago — Chicago-based Puttshack, an indoor mini golf venue, has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack’s rapid growth strategy across the United States. New venues in Boston and Miami are scheduled to open this fall, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, plus a second location in Atlanta, are all slated to open in 2023. Additional U.S. locations will …

October 12, 2022

Development Illinois News

PENN Entertainment to Build $185 Million Casino at Rock Run Crossings in Metro Chicago

by Hayden Spiess October 12, 2022

Joliet, Ill. — PENN Entertainment has unveiled plans to build Hollywood Casino Joliet at the Rock Run Crossings development in Joliet, roughly 35 miles southwest of Chicago. Construction is expected to begin in late 2023, subject to local regulatory approval. The project has an estimated budget of $185 million and will combine gaming, dining and 10,000 square feet of meeting and event space. The land-based casino will replace PENN’s riverboat casino in Joliet. Cullinan Properties owns Rock Run Crossings, which spans 310 acres and 1 million square feet.

October 12, 2022

Illinois Investment sales News Restaurants

Marcus & Millichap Brokers $1.9 Million Sale of Chili’s Ground Lease in Suburban Chicago

by Hayden Spiess October 7, 2022

Plainfield, Ill. — Marcus & Millichap has brokered the $1.9 million sale of a Chili’s ground lease in Plainfield, about 40 miles southwest of Chicago. The restaurant building spans 6,150 square feet. The property at 12740 Illinois Route 59 is situated near Target, Ross Dress for Less and Five Below stores. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a Chicagoland private investor and limited liability company.

October 7, 2022

Illinois Investment sales News

Mid-America Brokers Sale of 21,571-Square-Foot Shopping Center in Chicago’s Beverly Neighborhood

by Hayden Spiess October 6, 2022

Chicago — Rick Drogosz and Emily Gadomski of Mid-America Real Estate have brokered the sale of Shops of Beverly, a 21,571-square-foot shopping center in the Chicago neighborhood of Beverly. Located within the subregional trade area of Evergreen Park, the center was fully leased at the time of sale. Tenants include Chipotle Mexican Grill, Chase Bank and For Eyes. A private buyer purchased the property from Sperry Equities, which was represented by Mid-America.

October 6, 2022

Illinois Investment sales News

NAI Miami Arranges $4 Million Sale of Former Midas Total Car Care Center in Chicago

by Hayden Spiess October 6, 2022

Chicago — NAI Miami has arranged the sale of a former Midas Total Car Care center located at 158 W. Grand Ave. in Chicago for $4 million. Jeremy Larkin and Joseph Gallaher of NAI Miami, along with Elan Rasansky and Al Rodenbostel of ARC Real Estate Group, represented the seller, TBC Corp. The buyer, Friedman Properties Ltd., developed the adjacent Moxy Hotel. The sales price equates to roughly $470 per square foot.

October 6, 2022

Illinois Leasing News

Bridalwear Brand Rosa Clará Signs 2,200-Square-Foot Lease in Chicago

by Hayden Spiess October 4, 2022

Chicago — Luxury Spanish bridalwear brand Rosa Clará has signed a 2,200-square-foot retail lease at 670 N. Wabash Ave. in Chicago near the Magnificent Mile. The store is scheduled to open later this fall. Jordan Karp of Savills represented the tenant. In Spain, Rosa Clará is expanding its footprint in Valencia and Cordoba.

October 4, 2022

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