Illinois

Bolingbrook, Ill. — DD’s Discounts is set to open an 18,000-square-foot store at Market Square Shopping Center in the Chicago suburb of Bolingbrook. Other tenants at the property include Walmart, Dollar Tree, Wintrust Bank and T-Mobile. Michael Horne of Newcastle Properties represented the property’s ownership on an internal basis. Andy Bulson of Mid-America Real Estate represented the tenant.

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1051 N Rush

Chicago — L3 Capital has acquired 1051 N. Rush, a 10,000-square-foot retail property in Chicago’s Gold Coast neighborhood. The purchase price was undisclosed. The two-level asset is fully leased to Vans and Uniform Teeth. Marol Rush was the seller. Keely Polczynski of CBRE brokered the transaction.

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McLean Square

Elgin, Ill. — SVN | Chicago Commercial has brokered the sale of McLean Square, a 23,405-square-foot retail strip center located in the Chicago suburb of Elgin, for $2.7 million. Dollar Tree is the anchor tenant. David Coupe of SVN worked alongside Lee Kotler of Konnect Real Estate to reposition and lease up the asset, which had fallen into receivership. Buyer and seller information was not provided.

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59-65 Oak

Chicago — Union Investment Real Estate has purchased 59-65 E. Oak St., a one-block stretch of retail space in Chicago. The purchase price was $120 million, according to Crain’s Chicago Business. The price represents the largest amount paid for any retail asset sold in Chicago since 2016, according to CBRE. Keely Polczynski of CBRE Capital Markets represented both the buyer and the seller, Jenel Real Estate, which acquired two separate parcels in 2016, demolished them and rebuilt a 32,000-square-foot building that now houses high-end retailers Chanel, Van Cleef & Arpels, …

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PNC Bank

Saint Charles, Ill. — The Boulder Group has arranged the $3.3 million sale of a PNC Bank ground lease in Saint Charles, about 40 miles west of Chicago. The 3,586-square-foot building is located at 3879 E. Main St. The property serves as an outparcel to a Target-anchored shopping center. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private, Midwest-based real estate investor. An undisclosed Midwest-based buyer acquired the property through a 1031 exchange.

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Ramova Theater

Chicago — McHugh Construction has begun the renovation of the historic Ramova Theater in Chicago’s Bridgeport neighborhood. The scope of the project involves restoring the theater and building out adjacent space for a new brewery and restaurant. Originally constructed in 1929, the theater has been vacant since 1985. Completion is slated for late 2022. The project is a public-private partnership with the City of Chicago and co-developers Our Revival Chicago and Baum Revision. Upon completion, the 22,000-square-foot Ramova Theater will include a 1,600-seat auditorium and a separate balcony-level theater that …

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Chicago — Marcus & Millichap has brokered the $7 million sale of a Starbucks Coffee-anchored retail center located at 5505 S. Kedzie Ave. in Chicago’s Gage Park. The Starbucks features a drive-thru, and the overall property spans 14,812 square feet. Other tenants include a mix of medical and retail users. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based developer. The asset sold to an all-cash buyer.

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1111 W Addison

Chicago — Summit Design + Build has completed construction of 1111 W. Addison in Chicago’s Wrigleyville neighborhood. The four-story, 59,000-square-foot project features retail space on the ground floor and a fitness and bouldering center on the second through fourth floors. The 41,895-square-foot climbing gym is home to Movement Wrigleyville, a climbing, yoga and fitness center. Hirsch/MPG Architecture + Planning was the project architect and Clausen Management Services was the owner’s representative.

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Tribune

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 …

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Evergreen Plaza

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 …

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