Chicago

"The successful launch of this new industry is a historic development for our state that will benefit the very communities that have been disproportionately impacted by the failed war on drugs," says Toi Hutchinson, senior advisor to Governor J.B. Pritzker for Cannabis Control.

The Pilsen Gateway project is located in a Qualified Opportunity Zone near the city's Medical District. It is being developed on a 1.24-acre site at 1461 S. Blue Island that is bounded by S. Racine Avenue, S. Blue Island Ave. and 15th St.

Newmark Knight Frank Multifamily reports it arranged more than $61 million in financing in connection with the purchase of the property that was completed in 2000 and is located adjacent to Route 59 Metro Station.

The new hires will be led by Newmark Knight Frank senior managing director and NKF V&A market leader for Illinois, Kansas and Missouri, John Mackris, MAI, MRICS, CCIM.

The properties sold include retail stores, a distribution facility and office space. Bed Bath & Beyond will continue to occupy these properties pursuant to long-term leases.

New York City-based Fundamental Advisors has reportedly sold its 75% stake in the 53-story property at 55 E. Pearson St. to LCS of Des Moines, IA and Senior Care Development of Harrison, NY.