Joann Fabrics announced it would be closing more than 800 of its locations, weeks after announcing the closure of 500 stores. That includes the 36 remaining stores in Illinois.

Prior to the announcement, the fabrics and crafts company had planned to keep a fraction of its stores open, including 26 of its 36 remaining stores in Illinois. Now, Joann has been sold as the result of its second bankruptcy filing in less than a year to the GA Group along with its prepetition term lender.

The winning bidders plan to wind down Joann’s operations at all store locations, including the 36 locations in the state. “In connection with this agreement, subject to Bankruptcy Court approval of the transaction, the winning bidders plan to begin winding down the Company’s operations and conduct going-out-of-business sales at all store locations,” said Joann in a statement.

The Hudson, Ohio-based retailer filed for bankruptcy a year ago, aiming to restructure its ballooning debt. The company filed for bankruptcy again in January, reporting $615.7 million in debt.

Entre Commercial Realty is pleased to announce that it has recently completed a long term 25,000 square foot lease at 175 Prairie Lake Road in East Dundee, Illinois.

The modern 45,000-square-foot facility was built in 2021 and comes equipped with four docks, four drive-in doors, floor drains, a new office buildout, and a fully air-conditioned warehouse. Entre capitalized on the lack of quality products currently available in this size range and procured a tenant from a neighboring business park for their expansion needs.

Mike DeSerto, Cory Kay, and Elisabeth Lazzara from Entre Commercial Realty represented the landlord, and John Greene Commercial represented the tenant in this transaction. Entre Commercial Realty is a full-service industrial/commercial real estate firm based in suburban Chicago, Illinois.

International Workplace Group, is adding nine state-of-the-art flexible workspaces in Illinois, bringing the company’s statewide footprint to a total of 78 locations.

These nine new Illinois locations are part of International Workplace Group’s drive to meet the sharply rising demand for top-class flexible working space in the state. Eariler, this year the coworking company added seven flexible workspaces in the greater Chicago area, in several of the city’s traditional suburbs including Libertyville, Naperville and Orland Park.

“An important business hub in the U.S., the Prairie State is a fantastic place for us to boost our expansion plans as the need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal,” said Mark Dixon, CEO & Founder of IWG.

The centers will include facilities including private offices, meeting rooms, co-working and creative spaces. International Workplace Group has more than 4,000 locations in more than 120 countries.

Intersect Illinois announced Christy George as its new President and Chief Executive Officer. George most recently served as Executive Director of the Chicago 2024 Host Committee for the Democratic National Convention.

As President and CEO, she will harness her wealth of experience leading economic development initiatives, including her tenure as Governor JB Pritzker’s First Assistant Deputy Governor for Budget & Economy, to continue the momentum Intersect Illinois has built to elevate the state as a global destination for business location and expansion.

Before joining the Governor’s Office, George served as the Executive Director of the Illinois Commerce Commission and held several roles at the City of Chicago including Deputy Budget Director for Public Safety, Assistant Commissioner at the Department of Business Affairs & Consumer Protection, and Assistant Corporation Counsel in the Department of Law. George will step into the new role this November.

The Missner Group, in a joint venture with Greystar-Thackeray, has acquired a 58,174-square-foot multi-tenant industrial building in Wheeling, Illinois. The property, 1-5 Messner Drive, is a warehouse facility near Interstate 294 and Willow Road. It is fully leased and features a 16-foot clear height, five interior docks, three drive-in doors, and ample parking.

“We are thrilled to be kicking off our value-add acquisitions programmatic venture with Greystar-Thackeray with the purchase of 1-5 Messner,” said Tina Ramos, Chief Investment Officer at The Missner Group. Brendan Green and Anne Dempsey of Colliers represented the seller and brokered the sale to The Missner Group and Greystar-Thackeray.

“This partial sale-leaseback with mark-to-market upside is indicative of what TMG and Greystar-Thackeray will be targeting moving forward,” added Ramos. “This transaction leverages both Greystar-Thackeray’s nimble capital deployment strategy and TMG’s core expertise—operating infill, small bay, value-added industrial product and creating value for its partners.”

Oak Brook, Illinois-based Inland Private Capital Corporation (IPC) has completed a more than $46 million capital raise for the private investment offering of Algonquin Senior Living DST, an IPC-sponsored Delaware statutory trust.

The DST owns a Class A, private pay, 186-unit senior living community in Algonquin, Illinois. The community is comprised of independent living, assisted living and memory care units. The offering has been fully subscribed by investors and is now closed.

“While several factors are driving senior living demand growth, the aging U.S. population is increasing the need for communities and services,” commented Nati Kiferbaum, senior vice president – head of investment product strategy for IPC.

To date, IPC’s senior living portfolio consists of 1,273 units and a total of nine communities across Arizona, Illinois, Kansas, Minnesota and Missouri. IPC also manages a diverse portfolio of more than $12.2 billion across several asset classes spanning 43 states.

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!

Join the leaders and dealmakers when they explore the most important topics and trends at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register to attend to network with the best in the industry and sit in on discussions you won’t hear anywhere else. Early Bird Registration Ends April 19. 

Walgreens‘ Village MD, free-standing clinics that offer virtual, home and office visits, will exit the Illinois market in April. VillageMD is majority owned by Walgreens Boots Alliance, and it has six clinics in the state. The clinics, five standalone and one co-located with a Walgreens store, are slated to close by April 19.

The Illinois closures follow market exits in Indiana and Florida this year and are part of Northbrook, Illinois-based Walgreens’ plan to cut at least $1 billion in costs, in part by pulling VillageMD from several markets and closing nearly 60 clinics.

The move to cut administrative costs comes as Walgreens has struggled with a revolving door of senior leadership. VillageMD operates 680 clinics in 26 markets, many of which are located alongside Walgreens stores. Walgreens bought a major stake in VillageMD for $5.2 billion in 2021.

Paul Proano of Coldwell Banker Commercial and Heather Schweitzer, of Premier Commercial Realty joined together and have successfully marketed and sold the newly constructed 24-unit Haber Pointe Senior Luxury Apartments located at 401 Haber Road in Cary, Illinois.

The 24,177-square-foot building, owned by Foxboro Group, LLC, was sold to Dandelion Development LLC on December 28, 2023, for $4.5 million. Located in McHenry County, the two-story complex is situated in a large suburb northwest of Chicago, surrounded by residential neighborhoods, nature preserves, and lakes.

All units feature a full-size in-home washer and dryer, private balcony or patio, white shaker style cabinetry, wood vinyl plank flooring, framed bathroom mirrors, quartz countertops, smart thermostat and smart locks. The property offers a common area game room, a private room work area, and an outdoor patio with a grill.