Chicago Cheat Sheet: River East Center up for sale … & more

Also, big mixed-use complex advances in Arlington Heights
By John O’Brien | March 28, 2019 05:00PM

River East Center property flier

Streeterville retail complex listed for a reported $120M

New York-based Madison Capital and Connecticut-based Wheelock Street Capital are shopping the River East Center in Streeterville, seeking a reported $120 million. The investors are looking to cash out of the 253,000-square-foot complex at 233 East Illinois Street three years after buying it for $94 million. Tenants include an AMC movie theater, Lucky Strike bowling alley, Walgreens, University of Chicago Medical Center clinic and a Bright Horizons daycare center. An Embassy Suites hotel, luxury condominium tower and large parking garage in the complex are not included in the sale. HFF’s Amy Sands and Clinton Mitchell have the listing. [Crain’s]

Norwood Builders’ big Arlington Heights mixed-use project gets key OK

Arlington Heights officials are backing Norwood Builders’ plan for a large mixed-use complex in the town’s downtown. The Arlington 425 project calls for a four-story, 54-unit residential building facing Chestnut Avenue; a nine-story, 182-unit apartment building with commercial space on the bottom two floors on Campbell Street; and a 13-story, 125-unit apartment building on Highland Avenue that would include a six-story parking garage. Arlington Heights planning officials voted to advance the plan, but said they still have concerns about parking and congestion. [Daily Herald]

Logan Square church listed for $1.6M

A 110-year-old church in Logan Square is set to hit the market for $1.6 million. Leaders of the Grace United Methodist Church at 3325 West Wrightwood Avenue decided to sell the building after years of shrinking membership and needed repairs. They said the new owners can decide whether to preserve or redevelop the property. Eric Rojas of Kale Realty has the listing. [Block Club]

Rolling Meadows townhome development rolls along

Rolling Meadows officials gave preliminary approval to plans for 106 townhouses on a former Dominick’s property downtown. Taylor Morrison’s Meadow Square development at 2819-2915 Kirchoff Road would feature 54 three-story homes and 52 two-story homes. Clark Street Development would retain two lots fronting Kirchoff Road for potential future commercial use. The project could come up for a final vote April 9. [Daily Herald]