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The article discusses the retail renaissance in Schaumburg, a northwest suburb of Chicago, highlighting its low retail vacancy rates and strong leasing momentum. Schaumburg has been successful in attracting retailers to fill large vacancies left by bankruptcies, and its diverse population allows for continued investment in the community. The village is expanding its retail footprint with mixed-use developments, and while suburban retail has proven resilient, concerns about future sales tax revenues exist due to potential changes in state tax policies. [Extracted from the article]

The downtown apartment market in Chicago saw rents increase last quarter, indicating strong demand as the supply of new buildings decreases. Despite over 3,200 new units delivered this year, occupancy remains high at 94.7%. Factors such as interest rates and economic uncertainty are keeping demand for downtown living strong, with projections of rent spikes in 2025 and 2026 due to limited new construction. [Extracted from the article]

A former Blackstone executive and a Chicago development firm are set to purchase the Cobbler Square Lofts in Old Town, previously owned by the late billionaire Sam Zell. The 292-unit apartment complex is under contract for close to $90 million, marking the first time it has changed hands in decades. The new owners plan to capitalize on strong rental demand in the North Side neighborhood and undertake a value-add renovation of the property. [Extracted from the article]

Aldi will be opening its first store in Chicago's West Loop in 2026 at the base of a new apartment tower. The grocery chain's lease for almost 22,000 square feet at 1016 W. Jackson Blvd. reflects the area's residential growth, with over 2,000 apartments under construction or recently completed. The project site is close to the Illinois Medical District and the University of Illinois Chicago, and the new store is set to open in the second half of 2026. [Extracted from the article]

The article from Crain's Chicago Business features Michael Kaplan, a 36-year-old vice president of affordable housing at Related Midwest. Kaplan's work involves complex financing structures and collaboration with government entities, with notable projects like the Roosevelt Square transformation in Chicago. His background in urban planning and policy informs his approach to development, and he is recognized for his creativity and mission-driven mindset in improving communities. Kaplan's involvement with the Cook County Land Bank Authority showcases his commitment to fostering development and growth in Chicago. [Extracted from the article]

Chris Horney, a 39-year-old managing director at Murphy Real Estate Services, has been instrumental in developing prominent buildings in Chicago. Due to economic challenges, he shifted focus to developing day care facilities across multiple states, emphasizing their profitability and necessity. Horney's adaptability and organizational skills have been praised by colleagues, including John Murphy, as he navigated through the COVID-19 pandemic while caring for his young daughters. [Extracted from the article]

The article from Crain's Chicago Business features Anthony Hrusovsky, a 38-year-old Chief Investment Officer at Mavrek Development. Hrusovsky's background in real estate, including managing projects at Sterling Bay, has prepared him to lead Mavrek in taking on more ambitious projects in Chicago. Despite economic challenges, Hrusovsky remains committed to growing Mavrek and supporting the city's development, emphasizing the importance of young entrepreneurs in Chicago's future. [Extracted from the article]

Chicago developers are increasingly seeking opportunities outside the city due to challenges in building within Chicago. Factors such as population growth, friendlier political environments, and rising construction costs are prompting developers to expand to markets like Phoenix and Nashville. While some developers see potential in other cities, those who continue to build in Chicago are meeting strong demand for housing, despite regulatory challenges and financial concerns. The city's real estate market is still experiencing rapid rent growth, but to attract more development, Chicago may need to improve its labor market and reduce bureaucratic barriers. [Extracted from the article]

AmTrust Realty, a New York investor, has acquired Parkline Chicago, a 26-story apartment high-rise near Millennium Park. This is the first apartment building that AmTrust has purchased in Chicago, as the firm expands its national apartment portfolio. The sale price was not disclosed, but the building is about 93% occupied. AmTrust President Jonathan Bennett believes that the demand for residential space downtown will increase due to Google's overhaul of the Thompson Center nearby, which will bring an influx of tech professionals to the area. AmTrust also owns several office buildings in Chicago and is working on a proposal to convert a portion of an office building into apartments. [Extracted from the article]

Lugano Diamonds, a high-end diamond retailer, is planning to open its first location in Chicago on Oak Street. The retailer has a deal to take up space at 100-104 E. Oak St., which was previously occupied by two closed shops and a soon-to-be-closed restaurant. Oak Street is known for its luxury brands and upscale boutiques, and has a low retail vacancy rate. Lugano Diamonds, based in California, offers a luxurious shopping experience and has locations in various cities across the United States and internationally. The building on Oak Street is owned by a venture of Spanish billionaire Amancio Ortega's real estate investment business. [Extracted from the article]

Deerfield-based Oak Residential Partners has purchased the 296-unit Mark Apartments in Glendale Heights, DuPage County, for $53.3 million, a 30% increase from its previous sale price in 2018. The strong suburban rent growth in the area has attracted investors, despite the challenging economic environment. The Mark is currently 93% occupied, with an average asking rent of $1,734 per month. Oak Residential Partners financed the acquisition with a $38.3 million Fannie Mae loan arranged by brokerage Walker & Dunlop. FPA Multifamily, the previous owner, also sold the adjacent Monroe Apartments to Oak Residential Partners in 2022. [Extracted from the article]

Chicago entrepreneur Glen Tullman, former Allscripts CEO, is planning a new magic-themed dining and entertainment concept at the former Lawry's The Prime Rib space near the Magnificent Mile. Tullman's entity, Metamorphosis Chicago LLC, has entered into a lease agreement for the historic building at 100 E. Ontario St. The specifics of the concept are not yet clear, but sources suggest it will be a restaurant with a magic and entertainment component. The property is currently undergoing significant redevelopment, and the lease is set to begin either when the business opens or on October 15, 2025. [Extracted from the article]

The owner of a retail space on Chicago's Magnificent Mile, 625 N. Michigan Ave., has surrendered the property to its lender due to debt trouble and the departure of key tenants. Ashkenazy Acquisition handed over the 52,000-square-foot space to Barings in June through a deed-in-lieu of foreclosure. The property is burdened with $61 million in debt and is likely worth less than that. The retail space has been mostly vacant, with only one tenant remaining, Garrett Popcorn. The Mag Mile shopping corridor has been struggling since the COVID-19 pandemic, with retail occupancy hovering around 30% due to decreased foot traffic and concerns about crime. Other nearby properties have also faced similar challenges, with some owners surrendering their properties to lenders or taking significant losses. Ashkenazy Acquisition, however, remains optimistic about the Chicago suburbs and recently purchased the Gateway Centre shopping center. [Extracted from the article]

Los Angeles investment firm JRK Property Holdings has purchased a 288-unit apartment complex in Bolingbrook, a suburb of Chicago, for approximately $69.3 million. This acquisition expands JRK's presence in the suburban Chicago market, which already includes properties in Arlington Heights and Lombard. The purchase comes as the apartment-building investment sector is experiencing increased activity after a slowdown caused by higher interest rates. Suburban Chicago has attracted investor attention due to strong rent growth and limited new supply. The apartment complex, called Brook on Janes, is currently 97% occupied with an average effective rent of $2,126 per month. [Extracted from the article]

A new racket sport club is set to open in Chicago's West Loop, becoming the city's first padel club. Led by Lakeshore Sport & Fitness and venture-capital investor Fabian Gosselin, the facility will offer a sport that combines elements of tennis, squash, and pickleball. Padel is gaining popularity in the United States, and the club aims to capitalize on this growth. The facility will feature five indoor courts and various amenities, targeting a young and vibrant demographic. [Extracted from the article]

Canadian developer Onni Group is securing a $1 billion refinancing package for a portfolio of apartment buildings, including five towers in Chicago. The loan, issued by Wells Fargo, Citi Real Estate Funding, and Goldman Sachs, will replace $930 million in prior debt and allow Onni Group to take home $38.6 million in equity. The refinancing includes eight properties in Chicago and the Los Angeles area, with the Chicago buildings appraised at $1.5 billion in April. Onni Group has ongoing projects in Chicago, including two complexes near the planned Bally's casino in River West. [Extracted from the article]

This article provides an update on three major development projects in Chicago: Lincoln Yards, The 78, and the Bronzeville Lakefront. These projects were proposed before the COVID-19 pandemic and have faced challenges due to the economic impact of the pandemic and other factors. Lincoln Yards, a $6 billion project, is seeking financial support and new equity partners. The Bronzeville Lakefront project, a $3.8 billion mixed-use complex, is adjusting its development timeline and considering residential space as the first phase. The 78, a $7 billion project, is in talks with the Chicago White Sox about building a new stadium. These projects are part of Chicago's history of ambitious megadevelopments, and their progress is influenced by market dynamics and financial considerations. [Extracted from the article]

A developer is proposing to convert a mostly vacant office building on Chicago's Magnificent Mile into residential units. The building, located at 500 N. Michigan Ave., would be transformed into 320 dwelling units, with the first two floors remaining as retail and commercial space and floors three through five as office space. The project aims to revitalize the corridor, which has been struggling with high retail vacancy and low foot traffic due to remote work. The proposal requires approval from the Chicago Plan Commission and the City Council. [Extracted from the article]

Chicago investment firm, Focus Healthcare Partners, has raised approximately $370 million for its second fund, which targets the "private pay" senior housing market. Despite a difficult environment for private equity and a desire among institutional investors to reduce exposure to commercial real estate, the demand for senior housing remains high due to the aging baby boomer population and limited commercial lending. The new fund is 20% larger than the previous one and includes a diverse range of investors such as university endowments, pension funds, insurance companies, and family offices. Focus Healthcare Partners has acquired around $1.2 billion worth of senior housing properties since 2010. [Extracted from the article]

A Wisconsin real estate investor, MLG Capital, has purchased a 272-unit apartment complex in Aurora, a suburb of Chicago, for $48 million. The property, called Orchard Village, was previously sold for $34.5 million in 2015. The consistent rent growth in suburban Chicago has attracted investors, with net monthly rent increasing by 4% in the first quarter of 2024. MLG Capital now owns over 1,700 units in Illinois and this acquisition was part of a 1031 exchange. [Extracted from the article]

Chicago startup Cameo is relocating its headquarters to Fulton Market, doubling its office space. The company, which operates an online marketplace for video shoutouts from celebrities, will move into a two-floor, 18,000-square-foot space at 320 N. Elizabeth St. in July. Despite a decrease in valuation and staff cutbacks, Cameo achieved profitability in 2023 and raised over $25 million in new capital. While not mandatory, the company's CEO believes in-person work is beneficial for the company's culture. Cameo's move to Fulton Market marks a return to the former meatpacking district, a popular location for tech companies in Chicago. [Extracted from the article]

Demand for downtown rental apartments in Chicago continues to exceed supply, but the market has been cooled off by the opening of new high-rise buildings. In 2024, a total of 3,600 new apartment units are projected to be delivered, compared to 2,900 units in 2023 and 1,500 units in 2022. Despite the increase in supply, building owners have still been able to raise rents, indicating strong demand for downtown living. Factors contributing to the demand include elevated interest rates, remote work, and employment relocations to Chicago. However, the supply of new apartments is expected to decrease in 2025, leading to potential rent spikes. [Extracted from the article]

The owners of two apartment buildings in downtown Chicago are looking to sell their properties. Cobbler Square Lofts, a 292-unit apartment complex in Old Town, and Nevele22, a 97-unit apartment complex in River West, are both on the market. The properties are located in popular neighborhoods and are being sold at a time when rising rents make the Chicago area attractive to apartment building investors. The apartment complexes offer assumable debt and the potential for additional residential units to generate more revenue. [Extracted from the article]

ASB Real Estate Investments, an East Coast real estate firm, is planning to sell the property at 1-15 E. Oak St. in Chicago's Gold Coast shopping district. The six-story property, which was purchased for $154 million in 2013, underwent a major redevelopment after Barneys New York closed its store there. The building now houses luxury brands Cartier and Balenciaga, as well as a Citibank branch. The property will be offered for sale without any outstanding debt, and commercial real estate brokerage CBRE will handle the marketing. [Extracted from the article]

University of Chicago Medicine has reached an agreement with New York investment bank Mizuho Americas to save money on the lease for its outpatient clinic in Streeterville. Mizuho purchased revenue bonds from the Illinois Finance Authority to acquire the medical portion of the Retail at River East property, with UChicago Medicine's rent covering the bond payments. The deal allows for continued lease of the space at a lower cost, with options to buy at the end of the lease term. The clinic offers a range of services and was consolidated into the River East location in 2019. [Extracted from the article]

Deerfield-based CRM Properties Group has proposed an overhaul of the mostly vacant Clybourn Place shopping center in Lincoln Park, Chicago. The plans include demolishing most of the existing retail space and constructing a new mixed-use center with upscale retail space and a residential high-rise. The proposed luxury apartment building would be 42 stories tall and 520 feet high. The area, known as Clybourn Corridor, has seen increased interest from residential developers due to its strong rental demand. The proposal is currently under review by the city's Department of Planning & Development and would require a zoning change and City Council approval. [Extracted from the article]

Raising Cane's Chicken Fingers is in talks to lease a space in Chicago's Fulton Market District, specifically at 820 W. Randolph St. The fast-casual restaurant chain, known for its chicken fingers, fries, and Texas toast, would be a departure from the upscale restaurants in the area. However, with the development of thousands of apartments in the district, it would provide additional food options for new residents. Raising Cane's currently has three locations in Chicago and plans for further expansion. The property is being marketed for lease by Canvas Real Estate. [Extracted from the article]

A 500-unit luxury residential tower in the South Loop of Chicago has been sold for $144 million, making it the largest apartment building sale in downtown Chicago so far this year. The buyer, FPA Multifamily, paid $288,000 per unit for the property. This sale price is the fourth-highest for a Chicago apartment building in the past year. Despite a slow market for commercial property transactions, real estate investors continue to show interest in downtown apartment buildings. The seller likely experienced a loss on the sale, as the development cost $171 million to construct. FPA Multifamily has made significant investments in Chicago apartment properties in recent years. The South Michigan Avenue building is now called Arrive Michigan Avenue. [Extracted from the article]

Compasspoint Development, a local developer based in Barrington, plans to construct nearly 400 luxury apartment units in the northwest suburbs of Chicago. The projects, located in Barrington, Arlington Heights, and Des Plaines, aim to meet the high demand and rising rents for suburban apartments. The developer's previous project in Des Plaines, a 212-unit complex, is 97% occupied and has benefited from strong rent growth. The increased demand for suburban apartments is attributed to factors such as work-from-home flexibility and proximity to transit stops and downtown amenities. Each of Compasspoint's upcoming projects will cost between $40 million to $50 million in development costs. The developer is currently working on securing financing for the first project in the pipeline. [Extracted from the article]

Louisiana-based commercial real estate investment firm PMAT has purchased the Orland Park Place shopping center in the southwest suburbs of Chicago from New York investor DRA Advisors. The sale price was not disclosed. DRA Advisors had hired brokers to sell its 18-property retail portfolio in the Chicago area as part of a larger multistate shopping center package valued at $540 million. PMAT plans to complete a releasing plan to stabilize occupancy and reinvest in the property. This is PMAT's third acquisition in the Chicago area. [Extracted from the article]

JPMorgan Chase is in talks to open a small bank branch in an empty building on Chicago's Magnificent Mile. The building, owned by Farpoint Development, has been vacant since 2021 and has seen a high retail vacancy rate of about 30%. While the bank branch may not fill the entire building's vacancy, it indicates a shift towards pursuing new uses for the property rather than tearing it down. The preliminary deal with Chase is a positive sign for retail leasing in the area, which has been struggling with store closures and downsizings. [Extracted from the article]

Chicago Ridge Mall, located in the southwest suburbs, has been sold by Starwood Capital Group to Second Horizon Capital, a Florida investor. Starwood failed to pay off an $80 million mortgage, resulting in the sale of the property for a fraction of its former value. The mall has struggled since the closure of a department store in 2018 and a Sears store in 2021, which impacted foot traffic. Second Horizon plans to invest in upgrading the shopping center to improve occupancy. This is the fourth acquisition for Second Horizon Capital, which also owns shopping centers in Massachusetts, Arkansas, and Virginia. [Extracted from the article]