Chicago Cheat Sheet: Rio Grande buys suburban retail center…& more

Also, West Loop office plan wins key city approval

Chicago /
May.May 22, 2019 05:00 PM
22nd Street Plaza

22nd Street Plaza

Kimco sheds another Chicago-area retail property

A California-based investor picked up a suburban shopping center from a New York-based REIT that’s been shedding properties. Rio Grande Investment paid Kimco Realty $21 million for the 22nd Street Plaza at 22nd Street and Butterfield Road in Oakbrook Terrace. Tenants at the 176,000-square-foot property include Home Depot, Party City and Big Lots. Kimco, which has sold eight Chicago-area retail properties since January 2018, was represented by CBRE’s Christian Williams and George Goode. [Crain’s]

RCG, CLK secure Plan Commission approval for West Loop offices

RCG Longview and CLK Properties won a key city approval for their planned 160,000-square-foot office building in the West Loop. The Chicago Plan Commission endorsed the proposed nine-story building at 1230 West Washington Street, which will incorporate an existing 1920s-era loft building at the corner of Washington and Willard streets. A new, glassy building to be constructed above and to the west of the older structure. The plan still needs formal approval from aldermen. [Curbed]

ServiceNow signs big office lease in Fulton Market

A cloud software company signed a 47,000-square-foot lease in McCaffery Interests’ Twelve01West building in Fulton Market. ServiceNow will use the fifth and sixth floors of the building at 1201 West Lake Street as its Midwest hub. Colliers International’s David Burden, Patrick Hewitt, Jim Abarta and Grant Zumidio represented the firm. Craig Coupe, Mike Curran and Brad Despot of JLL are handling office leasing for the property. [REJournals]

Art Institute school looking to sell South Loop storefronts

The School of the Art Institute of Chicago is putting retail portions of three South Loop buildings on the market. The school hired CBRE to sell a total of 56,300 square feet of retail storefronts at 162 North State Street, 2 South State Street and 116 North Michigan Avenue. The school will continue to own the rest of the space in the buildings. CBRE is marketing the spaces without an asking price. [Crain’s]

UrbanStreet, VennPoint advancing plan for big park in sprawling Veridian complex

Schaumburg officials endorsed a plan by UrbanStreet Group and VennPoint Real Estate to build a central 12-acre park as part of their redevelopment of the former Motorola Solutions campus. The new park will join office buildings, a 260-unit luxury apartment complex, retail, hotel, senior living and entertainment options in the 225-acre Veridian Development. The park would feature a band shell, two large lawns, a central building, sculpture garden and water features. Work would begin next year. [Daily Herald]


Related Articles

arrow_forward_ios
Citadel's Ken Griffin (Getty, iStock)
Griffin’s Citadel debates Chicago exit due to crime
Griffin’s Citadel debates Chicago exit due to crime
Preservation Chicago's Ward Miller and Century Building (Tdl1060/ CC BY-SA 4.0 via Wikimedia Commons, LinkedIn)
Preservationists push to save Chicago’s Century, Consumers towers
Preservationists push to save Chicago’s Century, Consumers towers
Peppercorn Capital's Philip Denny’ and the site of 1217 West Washington Boulevard (Google Maps)
“King of the West Loop” sells $10.3M site
“King of the West Loop” sells $10.3M site
2731 N. Elston Ave (Google Maps, iStock) REIT, Shopping Center
REIT buys mall from construction company for $29M
REIT buys mall from construction company for $29M
Silvestri Investments' Dan Silvestri and 737 North Michigan Avenue (Google Maps, Silvestri Investments, iStock)
Mag Mile sale for $94M shows where stability lies as pricing adjusts
Mag Mile sale for $94M shows where stability lies as pricing adjusts
Chicago's Wicker Park (Google Maps, iStock)
Shuttered Wicker Park bar says it was “scapegoated” by cops
Shuttered Wicker Park bar says it was “scapegoated” by cops
From left: Edzard Overbeek, CEO, HERE Technologies and the Boeing Building at 425 West Randolph Street; Richard Edelman, CEO, Edelman and 111 North Canal Street (Edelman, HERE Technologies, LoopNet)
Chicago office subleases grow as Boeing building empties
Chicago office subleases grow as Boeing building empties
A photo illustration of 105 West Adams Street (top right) and the Chatham Village Square shopping center (bottom) (LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Chicago landlord Tadros files for bankruptcy with $22M mortgage at stake
Chicago landlord Tadros files for bankruptcy with $22M mortgage at stake
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...