Chicago

Brennan Investment Group will begin development of 1 million square feet of space at CenterState Logistics Park East within the month.

The brokerage firm states the property sold for $5.575 million, which calculates out to $179,839 per unit, which was the highest price per unit for a single property in Kenwood in the last 10 years, according to CoStar data.

The ALA reports that it will relocate its Chicago operations to Michigan Plaza at 225 N. Michigan Ave. in the spring of 2020.

The fund, through its affiliated entities, plans to develop a 120-room hotel, operated under a nationally recognized brand, and a six-story, 144-unit apartment community at the site.

The transaction marks the highest sale price achieved for a bulk condo sale in the history of Chicago, according to CBRE, which brokered the deal. New ownership will deconvert the property back to apartments.

Overall, Chicago recorded 854,255 square feet of law firm transactions from the third quarter of 2019 through the second quarter of 2019, up from 702,971 square feet the year prior.

The mayor introduced the proposals to the City Council last week that would terminate the Pershing/King TIF district, the Harlem Industrial TIF district, the Irving Park/Elston TIF district and the South Works Industrial TIF district on Dec. 31 2019.

DSC Logistics has already taken occupancy of 250,000 square feet at the building to start processing inbound deliveries and, within the next six months will expand to occupy half of the newly built distribution center once additional interior and site improvements are completed.