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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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IllinoisInvestment salesNews

NewMark Merrill Acquires 292,309-Square-Foot Bricktown Square Retail Center in Chicago

by Julia Sanders

Chicago — NewMark Merrill Cos. Inc. has acquired Bricktown Square, a 292,309-square-foot retail center located at the northwest corner of N. Narragansett and W. Fullerton avenues in Chicago. Ross Dress for Less, Harbor Freight Tools, Aldi Stores, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market anchor the center. Upgrades to the property are planned under the new ownership, including the addition of updated signage. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill in-house. The seller, Bonnie Investment Group, was self-represented in the transaction. …

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Shoppes on Route 31
IllinoisInvestment salesNews

Hanley Investment Group Arranges $4 Million Sale of Retail Pad Building in Metro Chicago

by Julia Sanders

Carpentersville, Ill. — Hanley Investment Group Real Estate Advisors has arranged the $4 million sale of Shoppes on Route 31, an 11,035-square-foot multi-tenant retail property located roughly 42 miles outside Chicago in Carpentersville. Home Depot shadow-anchors the property, which is fully occupied by Panda Express, ATI Physical Therapy, Game Stop, a dental office, SportClips and T-Mobile. Brad Dessy of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, a private investor based in Arizona. Chuck Wasker of Colliers International represented the buyer, a private investor based in San …

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Algonquin Commons
IllinoisInvestment salesNews

Red Mountain Group Acquires 600,000-Square-Foot Algonquin Commons Power Center in Suburban Chicago

by Julia Sanders

Algonquin, Ill. — Red Mountain Group Inc. has acquired Algonquin Commons, a 600,000-square-foot power center in Algonquin, a northwest suburb of Chicago. The purchase price and seller were undisclosed. Built in 2004, the property is 75 percent occupied by tenants such as Trader Joe’s, Ulta Beauty, Nordstrom Rack, DSW, Pottery Barn, Victoria’s Secret, Express, On the Border and Bonefish Grill. Red Mountain plans to invest $30 million for the renovation and repositioning of the center. Plans call for an indoor-outdoor covered entertainment area with an acre of open space. While …

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Company newsIllinoisNew YorkNews

Elliott Investment Management Enters into Agreement to Acquire Paper Source Inc.

by Julia Sanders

Chicago, New York City and London — Elliott Investment Management LP, the parent company of Barnes & Noble, has entered into a definitive agreement to acquire the assets and business operations of Paper Source. The Seattle Times reports that the purchase price was approximately $91.5 million. The acquisition will allow the Chicago-based stationery and party supplies retailer to emerge from Chapter 11 bankruptcy and to continue to operate 130 stores across the country, as well as its wholesale division, Waste Not Paper by Paper Source. James Daunt, CEO of New …

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