The Real Deal Chicago

Chicago Cheat Sheet: Industrial vacancies hit 18-year low … & more

Also, West Loop church eyed for gallery, event space and restaurant
By John O’Brien | February 19, 2019 05:00PM

(Credit: Pexels)

Chicago-area industrial market continues its hot streak

The Chicago-area industrial vacancy rate in the fourth quarter dropped to its lowest level in nearly 18 years. A new report from Colliers International put the vacancy rate at 6.34 percent at the end of the year. That was down slightly from 6.4 percent in the third quarter and, from 6.8 percent in the fourth quarter of 2017. But things could change, with the amount of new space coming online. Some 61 buildings totaling 19 million square feet are under construction, the report said. [Crain’s]

West Loop church latest house of worship eyed for redevelopment

BCG Enterprises wants to convert the shuttered Church of the Epiphany at 201 South Ashland Avenue into an art gallery, event space and restaurant. The Chicago firm introduced the plan in 2017, calling for keeping the landmark 134-year-old church building and putting in a 150-person-capacity rooftop deck. A public meeting to discuss the project was set for Tuesday night. [Block Club]

Mount Prospect expected to approve new apartments

First Equity Group and Harlem Irving Companies are teaming up on a $25 million project to build a five-story, 97-unit apartment building at 10 North Main Street in Mount Prospect. Village officials next month are expected to approve the project, which would rise on the site of the former Central Plaza shopping center. [Daily Herald]

Former White Sox player Uribe sells Downtown condo

Juan Uribe, whose Major League Baseball career included a four-year stint with the White Sox, sold his three-bedroom condo in the Regatta high-rise at 420 East Waterside Drive in Lakeshore East. Uribe bought the unit in 2007 for $1 million, and listed it in March 2017 for $1.3 million. He reduced his asking price 17 times before selling it this week for $885,000. Uribe played for the Sox from 2004-2008, including the 2005 World Series championship season. [Chicago Tribune]