Chicago - The Real Deal

Highland Park penthouses break suburban price record

TRD Staff — Thu, 22 May 2025 20:30:00 +0000

Highland Park just set a new high for suburban condo sales. Two penthouses at the newly built Park Sheridan Residences sold for $3.7 million each this week, about $822 per square foot, marking the most expensive condo transactions ever recorded in Chicago’s suburbs, Crain’s reported. The fourth-floor units, at 1950 Sheridan Road, each span about […]

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Canadian investor drops $100M for downtown parking garages

Judah Duke — Thu, 22 May 2025 19:52:34 +0000

A Canadian investor is betting on Chicago’s parking sector while others steer clear. Toronto-based Clermont has spent more than $100 million over the past four months acquiring four downtown Chicago parking garages with over 3,200 spaces, CoStar reported. The buying spree includes properties near Millennium Park and the Merchandise Mart. The purchases come as other […]

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No takers on distressed O’Hare office prompts Regions to sell loan

TRD Staff — Thu, 22 May 2025 16:59:28 +0000

Regions Bank gave up on trying to sell a suburban Chicago office complex and is instead shopping the troubled loan behind it. The Alabama-based lender is marketing a $47.5 million defaulted loan tied to the O’Hare International Center, a two-building, 530,000-square-foot office complex in Rosemont, Crain’s reported. The default amount comes to $90 per square […]

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Inside a $14M fix-and-flip meltdown fueled by lender Renovo Financial

Kelli Duncan, Sam Lounsberry, Adam Farence — Thu, 22 May 2025 12:00:00 +0000

Andrew Holmes congratulated South Side single-family investor Chris Urban on completing his 75th real estate deal in 2022, calling it a “huge accomplishment” and posting a video tour of the home, and Chris joked about losing count of how many properties he had rehabilitated. About two years later, Holmes was warning fellow Chicago investors about […]

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Key player in LaSalle Street redevelopment buys into West Loop

TRD Staff — Wed, 21 May 2025 21:00:00 +0000

A general contractor with its finger on the pulse of Chicago’s office-to-resi ambitions is shifting west as the city’s office landscape evolves. Leopardo Construction is moving its Chicago office to a West Loop industrial building recently acquired by its holding company, the Chicago Business Journal reported. It’s a long-term bet on one of the city’s […]

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Union beef blocks Onni’s $1.1B multi-tower apartment plan

TRD Staff — Wed, 21 May 2025 20:35:59 +0000

Onni Group’s $1.1 billion apartment proposal is facing headwinds in Chicago’s River West, not over zoning or density, but labor. The Service Employees International Union Local 1 is pushing Onni to sign a labor agreement that would make it easier for the union to organize janitorial, security and door staff at the company’s Chicago properties, […]

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Ruben Espinoza sues Igor Gabal over office bought at steep bargain

Emma Whalen — Wed, 21 May 2025 19:57:30 +0000

A Loop office building that made headlines for selling at an eye-popping $17 per-square-foot in late 2023 has faced its fair share of challenges since then. Investor Ruben Espinoza, who bought the property at 300 West Adams with Igor Gabal, sued Gabal last week, accusing him of mishandling a $6.2 million insurance payout. The lawsuit […]

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Dolton threatens eminent domain for Pope Leo XIV’s childhood home

TRD Staff — Wed, 21 May 2025 18:00:00 +0000

Pope Leo XIV’s modest childhood home in Dolton has become the center of a growing legal and political showdown. Dolton officials plan to purchase the new pope’s former home through eminent domain, Crain’s reported, short-circuiting an upcoming auction and asserting public control over the property. The three-bedroom house at 212 East 141st Place was listed […]

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Chicago built for a biotech boom that hasn’t arrived

Judah Duke — Tue, 20 May 2025 22:24:57 +0000

Chicago’s life-sciences market is still waiting for its breakout moment. It is the smallest of any major U.S. hub by square footage, yet it has a vacancy rate of 43.3 percent, more than double the average across the country’s leading biotech markets, according to CBRE. The average vacancy for the lab and research-and-development sector across […]

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Former U.S. Open tennis coach serves hotel plan near Hyde Park

TRD Staff — Tue, 20 May 2025 19:00:00 +0000

A South Side development team is looking to bring a hotel to Washington Park, a move that could help fill the hospitality gap west of Hyde Park and the University of Chicago. Center Court Development, led by Kamau Murray of the XS Tennis & Education Foundation, is planning a two-building, mixed-use project at 5301 South […]

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