Chicago

CHICAGO-Three buildings under construction or in the early planning stages have significant pre-leasing and anchor tenants, but it comes at the expense of older properties in a Downtown market that has suffered from job losses, professionals at RealShare Chicago noted.

WHEELING-A 43,160-sf building at 1400 S. Wolf Rd. in Corporate Square Business Park, currently tenantless, has been acquired by a new owner for $2.4 million from Podco 1660 Wolf Associates.

CHICAGO-Trizec Properties Inc. president and CEO Timothy H. Callahan says the company is not ready to put the 110-story building on the market after it assumes ownership this quarter. "That doesn't mean we won't do so at some point in time," he adds.

CHICAGO-A joint venture between the Wells Real Estate Investment Trust and Wells Limited Partnership Fund XIII pays $124 per sf for a four-story building in the Crosspoint Business Park in northeast Indianapolis.

CHICAGO-Work has begun on redeveloping over 100 acres of the enormous former U.S. Steel South Works in Chicago. The site will be home to a new Solo Cup factory by 2004; a lakefront park is also under way nearby.

CHICAGO-Mortgage Bankers Association of America members hold sway over "tens of billions of dollars of insurance premiums," says Robert Vestewig, chief operating officer of Houston-based GEMSA Loan Services, which might influence the industry to adopt standardized certificates of insurance.

CHICAGO-The 325 units at 2520 N. Lakeview Ave. will start at $1.4 million, setting a new high-water mark for the Lincoln Park condominium market when sales are expected to begin in 2006. The property has been under contract for more than a year.

CHICAGO-The recession is just the latest threat to regional malls' health that has been beaten back, says Indianapolis-based Simon Property Group chief executive officer David Simon, joining mail-order, big-boxes and the Internet.