Chicago Cheat Sheet: Longtime vacant State Street building finds buyer…& more

Schaumburg investor buys vacant State Street building

North American Real Estate acquired a six-story commercial building on State Street that’s been empty for nearly three years. The Schaumburg firm bought the 38,000-square-foot building at 114 South State Street from a trust for $9.1 million. A company executive said it plans to market the first three floors to retailers and use the top three floors for offices, corporate housing or some other use. Marcus & Millichap’s Austin Weisenbeck, Sean R. Sharko and Joseph Bono arranged the sale. [Crain’s]

Fulton Market group wants to see development spread west

The Fulton Market Association is leading a push to lift restrictive zoning in the Kinzie Industrial Corridor area west of the booming neighborhood. The city is considering opening up the area to more types of development, a move the association backs. Roger Romanelli, executive director of the group, said current zoning is holding back “billions” of dollars in potential development. [Connect Media]

River West has new tallest building

Tandem Partners and Rambaud Holdings topped out their 23-story apartment building in River West, making it the tallest building in the neighborhood. The transit-oriented development at 730 North Milwaukee Avenue will have 196 units when it opens later this year, the developers said. [Curbed]

Children’s hospital plans outpatient facility in Skokie

Lurie Children’s Hospital wants to build a $27.5 million outpatient facility in Skokie. The hospital wants to build the 32,000-square-foot facility on the site of a current one-story building at 3722 West Touhy Avenue but needs approval from state regulators first. The Streeterville-based hospital has 15 Chicago-area outpatient centers, according to its website. [Crain’s]