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

Also, West Loop office plan wins key city approval
By John O’Brien | May 22, 2019 05:00PM

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]