Chicago Cheat Sheet: Suburban retail center sells at deep discount … & more

Also, Pulte cleared to build 312-home subdivision in Naperville

Feb.February 06, 2019 05:00 PM

Burr Ridge shopping center

Burr Ridge shopping center sold for a fraction of its development cost

A group of investors bought a shopping center in Burr Ridge for a fraction of what it cost to develop. Orland Park-based Edwards Realty and Chicago-based Core Acquisition paid $15 million for the retail portion of the Burr Ridge Village Center. Minneapolis-based Opus Group had spent $85 million to develop the 200,000-square-foot retail property in 2007, right before the recession. [Crain’s]

Pulte to build big subdivision on Naperville farmland

Naperville officials approved plans to redevelop the Wagner Farms property into a subdivision with 312 homes. Pulte Homes is converting the 113 acres of farmland at Illinois 59 and 103rd Street into a mix of single-family detached and attached homes. Eight acres of the property will be rezoned for office, institutional and commercial use in order to accommodate a new Compass Evangelical Free Church. The residential lots will run from 6,800 to 20,000 square feet. [Naperville Sun]

Law firm signs Loop lease extension, expansion

Law firm Scopelitis, Garvin, Light, Hanson & Feary signed a long-term lease extension and expansion in the Inland Steel Building at 30 West Monroe Street. The firm, which according to RE Journals represents clients in the transportation and logistics industry, is moving from space on the fifth floor to occupy the entire 13,400-square-foot 16th floor. Colliers International’s Tony Karmin and Corby Marx represented the firm, while Mark Buth and Kelsey Morgan of MB Real Estate represented landlord Capital Properties. [REJournals]

Durty Nellie’s coming back after fire

Well-known Palatine bar and music venue Durty Nellie’s is getting closer to reopening, two weeks after being ravaged by a fire. The Jan. 25 blaze left fire, smoke and water damage throughout the building. The owners aim to get most of the venue’s operations running again this month, and said the annual St. Patrick’s Day celebration will proceed with some changes on March 16. [Daily Herald]

Former Bear Marshall getting hit for a loss on Michigan Avenue condo

Former Chicago Bears receiver Brandon Marshall is again cutting the asking price on his Michigan Avenue penthouse. Marshall bought the 6,400-square-foot condo at the top of 6 North Michigan Avenue for $3.9 million in March 2014. He put it on the market in April 2018 for just under $5 million and has cut the price several times since. He’s now asking $3.9 million. [Crain’s]

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From left: 1109 W. Washington Blvd., 1943 W. Cortland St., 2753 N. Hampden Ct. (Credit: Redfin)

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