The Real Deal Chicago

Chicago Cheat Sheet: Industrial developers ramp up massive construction… & more

Also, Orion Residential puts 224-unit Naperville complex on the market
By John O’Brien | January 10, 2019 05:00PM

(Credit: iStock)

Industrial construction ramping up

Industrial developers had nearly 19 million square feet of space in production at the end of 2018, nearly double the amount underway at the start of the year. A year-end report from Colliers International said 60 projects were in the works at the end of 2018. This year could approach 2017’s industrial construction total of 24.6 million square feet completed. The boom could be attributed to heightened leasing activity: Some 65 percent of spec space built since 2013 has been filled, the report said. [Bisnow]

Garfield Green Line station gets $43 million facelift

City officials said work has wrapped up on a $43 million renovation of the Garfield Green Line stop. The project included landscaping, public art, bigger platform canopies and elevator and escalator improvements.. The work was partly funded with a $25 million federal grant and begun in the spring of last year. [Chicago Tribune]

Orion selling off Naperville apartment complex

Orion Residential is looking to sell the 224-unit Courtyards Village Apartments in Naperville, which the Deerfield-based firm acquired in November in a three-property deal. The 1,700-unit deal also included two complexes in Mount Prospect. Orion valued the Courtyards Village port of the deal at $26 million for property transfer tax purposes. [Crain’s]