ELK GROVE VILLAGE, IL-Design Pac leases 252,000 sf of warehouse space at 1001 Busse Rd. here while Nippon Express USA Inc. takes 125,000 sf of office and warehouse space at O'Hare Cargo Center in nearby Bensenville.

CHICAGO-The interiors firm with operations at 1100 W. Monroe St. signs a 10-year, $3.5-million lease for space about one mile north at 949-65 W. Chicago Ave., where they will have 12,000 sf of office space.

CHICAGO-Buyers are acquiring multifamily rental property in this market at capitalization rates under 8% as the market begins to emulate hot markets on the East and West Coasts. Purchases are made with the expectation of rent increases.

CHICAGO-The alliance between Democratic Mayor Richard M. Daley and Republican Governor George Ryan has produced city-state incentive packages to spur major industrial redevelopment projects, particularly on the Southeast Side.

CHICAGO-Buyers are acquiring multifamily rental property in this market at capitalization rates under 8% as the market begins to emulate hot markets on the East and West Coasts. Purchases are made with the expectation of rent increases.

CHICAGO-Plan commissioners will consider a proposal by Maharishi Royal Residences LLC to convert the historic Blackstone Hotel into 73 condominium units with some retail space. The Landmarks Commission needs to hold a hearing.

CHICAGO-The Washington, DC-based hotel chain adds 265 rooms to the River North hotel market according to a proposal headed to the city council. Four lenders have expressed interest in financing the project.

JOLIET, IL-CenterPoint Properties Trust already has three letters of intent covering 1.7 million sf for the former Joliet Arsenal, which is being developed into a 1,312-acre industrial park featuring intermodal rail service.