Chicago Cheat Sheet: Another industrial property sold off in Fulton Market

Also, uber-wealthy North Shore town of Kenilworth to create TIF to fight “blight’

Chicago /
Jul.July 18, 2019 05:00 PM
The former Nealey Foods complex at 900-914 West Fulton Street (Credit: Google Maps, iStock)

The former Nealey Foods complex at 900-914 West Fulton Street (Credit: Google Maps, iStock)

Another relic of the old Fulton Market getting sold
Shorewood Development Group is buying a former food service property in Fulton Market. Buffalo Grove-based Shorewood is under contract to buy the 25,000-square-foot former Nealey Foods complex at 900-914 West Fulton Street. CEO Louis Schriber declined to share his plans for the property, and terms of the deal, which closes next month, were not disclosed. Nealey, meanwhile, also has a deal to sell industrial buildings across the street to Oak Brook-based Huizenga Capital Management. Colliers International’s Vern Schultz and Michael Senner are representing Nealey in the Shorewood deal. [Crain’s]

Kenilworth officials looking to fight “blight”in ultra wealthy suburb
Kenilworth officials voted to create a tax increment financing district to combat “blight” in the village, one of the wealthiest locales in the country. Proponents said revenue generated by the plan will revive the “long stagnant” business district at Green Bay Road and Park Avenue. But the plan was slammed by residents who said it violates the spirit of the TIF system, which is designed to give new life to “blighted” areas. [Wilmette Life]

Panattoni inks incontinence products producer to big industrial lease
NorthShore care will lease 162,000 square feet in a Panattoni industrial complex under construction in north suburban Green Oaks. The maker of incontinence products will move from Buffalo Grove to the building at Rockland Road and Interstate 94 after its expected January delivery. Colliers International’s Christopher Volkert represented Panattoni in the transaction, while Whit Heitman of CBRE represented NorthShore Care. [REJournals]

CNI still trying to redevelop homes bought from city three years ago
Nearly three years after a developer bought a group of homes on the far South Side from the city and promised to redevelop them, the homes remain vacant and boarded up. Chicago Neighborhood Initiatives bought the homes near 107th Street and Langley Avenue in October 2016 for about $10,000 each and agreed to rehab them within 90 days, but that never happened. CNI Chief Operating Officer Jennifer Bransfield said the developer is still trying to get financing for the project, but a city spokesperson said officials are finalizing a plan to transfer the properties to other developers who will finish the job. [WBBM]

Colony Capital signs blanket maker to north suburban industrial lease
A manufacturer of heated blankets is taking a big industrial space in north suburban Green Oaks. Biddeford Blankets will move from its home of 15 years in Mundelein to take 99,000 square feet at 13820 South Business Center Drive. The building includes 3,300 square feet of office space. Avison Young principals Michael Fonda and John Hauser represented Biddeford Blankets, while building owner Colony Capital was represented by vice president Scott Cordes. [REJournals]


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