Chicago

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.

SCHAUMBURG, IL-Nearly 50,000 sf of space is claimed in new lease deals, but they involve companies staying put or moving from one northwest suburb to another, keeping submarket vacancy well above 20%.