Frozen Assets signs big Northlake industrial lease
A cold-storage firm signed a big industrial lease in a Bridge Development Partners property in Northlake. Frozen Assets will take 124,000 square feet in the 256,000-square-foot building at 555 Northwest Avenue. The facility joins a Frozen Assets location at 2635 South Western Avenue in Chicago and a planned location in Savannah, Georgia. CBRE’s Steve Livaditis represented Frozen Assets in the lease, while CBRE’s John Suerth and Jason Lev represented Bridge. [GlobeSt.]
eSports center on tap for Logan Square
An eSports center could be coming soon to a Logan Square storefront. Financial consultant Adam Abbas is awaiting city approval for a liquor license for the business at 2741 North Milwaukee Avenue. It would feature computer setups and a projector to display the video game matches, along with a lounge and snack bar. The center would join similar businesses at DePaul University in Lakeview in Skokie. [Block Club]
Scrapyard might be Lincoln Yards neighbor longer than expected
The controversial scrap metal yard in the shadow of Sterling Bay’s Lincoln Yards site won city approval to stay open another three years even as its owners look to cash out. The family that operates General Iron earlier this year officially put the property up for sale with some experts saying it could sell for $130 million. The company in 2018 announced plans to move to the Southeast Side by the end of 2020, but the city quietly renewed permits this spring that would allow it to stay open until February 2022. News of the new permits angered neighbors and Alderman Brian Hopkins (2nd), who have been highly critical of the business. [Crain’s]
GSP refinances Lombard apartments
GSP Development secured a $33.1 million refinancing on a Lombard apartment complex. Pacific Coast Capital Partners provided the senior loan on the 181-unit Apex 41 complex at 2760 Highland Avenue. The new loan will pay off a construction loan on the two-year-old property and give the Des Plaines-based developer more time to lease it up, the company said. [REBusiness Online]
Nonprofit plans another affordable development in Pilsen
The Resurrection Project wants to build a 45-unit affordable housing development on the site of a vacant building and parking lot in Pilsen. The nonprofit wants to build the six-story complex at 19th Street and Racine Avenue. The $20 million project, funded by affordable housing tax credits, would also include ground-floor retail and 31 parking spots. The Resurrection Project currently operates 330 affordable housing units across its Pilsen properties. [Block Club]