Chicago Cheat Sheet: Mall landlord picks up Naperville shopping center…& more

By John O’Brien | May 15, 2019 05:30PM

Phillips Edison Chairman and CEO Jeffrey S. Edison and Naperville Crossings

Phillips Edison Chairman and CEO Jeffrey S. Edison and Naperville Crossings

Phillips Edison buys Naperville shopping center for $50M

A Cincinnati-based REIT added to its Chicago-area retail properties with the $50 million purchase of a Naperville shopping center. Phillips Edison’s acquisition of the 147,000-square-foot Naperville Crossings at 95th Street and route 59 gives it 12 Chicago-area shopping centers. The REIT did not disclose the seller. [Crain’s]

Technology park pitched for Hoffman Estates

BK Equities is proposing a 670,000-square-foot technology park in Hoffman Estates. The park would feature four buildings ranging from 121,000 to 225,000 square feet, and all likely built on spec. BK, led by former executives of Colliers International, expects to close on the 53-acre property near Lakewood Boulevard and Barrington Road in late July. [Daily Herald]

Marz Brewing picks old Logan Square bank for possible second taproom

McKinley Park-based Marz Community Brewing plans to open a second taproom in Logan Square. The project, set for a former bank at 1965 North Western Avenue, would take up about 1,300 square feet and feature about 40 seats. Beer would be brewed on-site. Marz still needs a number of city approvals for the project, including the lifting of a ban on alcohol sales on the property. [Block Club]

Vacant Schaumburg restaurant building to get new eatery, banquet hall

A California investor is looking to open two hospitality businesses in a large restaurant building in Schaumburg. The Podi Dosa Indian restaurant would occupy the first floor of the building at 1301 American Lane, while the Schaumburg Banquet facility would occupy the second floor. The 22,00-square-foot building formerly housed Entourage, David Burke’s Grillhouse and The Clubhouse. Satish Ambatt said he learned of the opportunity through an existing business owner in the village and is now moving to the area to open the two new ventures. [Daily Herald]

Deerfield office complex hits the market for $20 million

American Realty Advisors is looking to sell a Deerfield office building, reportedly seeking $20 million. The Los Angeles-based firm hired HFF to market the five-story, 137,000-square-foot property at 570 Lake Cook Road. The building is about 84 percent leased, nearly 10 percentage points better than the first-quarter average for the submarket. HFF’s Bryan Rosenberg and Pat Shields are marketing the property. [Crain’s]