Chicago — The Museum of Ice Cream (MOIC) has signed a long-term lease to open a 13,544-square-foot location at The Shops at Tribune Tower in downtown Chicago. MOIC represents the first retail tenant at the newly redeveloped Tribune Tower. The retail portion spans 50,000 square feet and anchors the ground floor of the 36-story, 740,000-square-foot tower, which is located at 435 N. Michigan Ave. Owners CIM Group and Golub & Co. have transformed the property into 162 luxury condominiums and are now welcoming their first residents. The building originally opened …
Illinois
Evergreen Park, Ill. — Evergreen Plaza, a recently redeveloped, 255,249-square-foot retail center in the Chicago suburb of Evergreen Park, has sold for $67.2 million. The sale represents the largest single-asset retail sales transaction in the Chicago area this year, according to JLL, which brokered the sale. Anchored by Whole Foods Market, Evergreen Plaza is also home to TJ Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness. The property is 94 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, a partnership between funds …
Algonquin, Ill. — Ashley HomeStore has signed a 48,397-square-foot retail lease at 1500 S. Randall Road within Algonquin Commons, a 600,000-square-foot lifestyle center in the northwest Chicago suburb of Algonquin. The retailer is relocating from nearby 2451 S. Randall Road where it operated for 12 years. Brad Murchison, Chris Irwin and Brad Belden of Colliers International represented the tenant in the lease transaction. Marget Graham of Mid-America Real Estate Group represented the landlord, Red Mountain Retail Group Inc. Based in Wisconsin, Ashley HomeStore operates more than 900 locations nationwide.
Chicago — Cushman & Wakefield has brokered the $13.1 million sale of the Tesla Service Center of Chicago, located at 3059-3057 N. Elston Ave. in Chicago’s Avondale neighborhood. The build-to-suit for Tesla opened in 2019. The service center spans 31,700 square feet and provides maintenance and repairs for all Tesla models. Michael Marks, Evan Halkias, David Matheis and Eric Cline of Cushman & Wakefield represented the seller, a private owner. Exan Capital acquired the property on behalf of a separate account, Chicago Elston One LLC.
Aurora, Ill. — JLL Capital Markets has brokered the sale of Prairie Point Shopping Center, a 91,535-square-foot property located about 40 miles west of Chicago in Aurora. Mariano’s Fresh Market anchors the center, which is also home to tenants including Pet People, Prairie Point Dental, Buchar Family Chiropractic and Hair Cuttery. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, Walton Street Capital.
Schaumburg, Ill. — Sears is set to close its last store in the state of Illinois, according to reports by the Daily Herald and Crain’s Chicago Business. The Hoffman Estates-based retailer’s only remaining Illinois location is at Woodfield Mall in Schaumburg, which is scheduled to close on Sunday, Nov. 14. Simon Property Group is the mall owner. The parent company of Sears, Transformco, is pursuing redevelopment plans for the store, according to Crain’s.
Oak Brook, Ill. — Game of Irons, a golf simulation facility, has leased 18,361 square feet at Oak Brook Promenade in Oak Brook, a western suburb of Chicago. Featuring 16 bays, Game of Irons will be the largest golf simulation facility in the Midwest when it opens in November. One to six players can play in each bay and enjoy full food and beverage service. Chris Irwin of Colliers International represented Game of Irons in its lease. Brendan Reedy and Jimmy Danahe of CBRE represented the landlord, Retail Properties of …
Chicago — Illuminarium Experiences, an experiential entertainment company, has unveiled plans to open an Illuminarium at Chicago’s Navy Pier. The 32,000-square-foot entertainment venue, which combines projections and soundscapes to create virtual reality-like exhibits, will be situated inside the former Crystal Gardens venue. This is the fourth Illuminarium location announced in the U.S., following Atlanta, Miami and Las Vegas. The company plans to add dozens of its immersive experience venues in major cities across the globe over the next five years. In Chicago, architecture firms Rockwell Group and Perkins & Will …
Bridgeview, Ill. — Adelphia Properties has negotiated the $3.6 million sale of a single-tenant retail building occupied by Panera Bread in Bridgeview, about 15 miles southwest of Chicago. The newly constructed, 4,380-square-foot property is located at 8115 S. Harlem Ave. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Chicago-based private investor. A Chicago-based developer was the seller. There are 15 years remaining on Panera Bread’s lease.
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.