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Midwest Trailer Repair to expand Chicago headquarters
Midwest Trailer Repair Inc. acquired a storage building in the Back of the Yards neighborhood for $3.75 million to expand its nearby headquarters.<\p> The Chicago company currently occupies 15,000 square feet at 1900 W. 43rd St. and plans to expand into the new building by year-end.<\p>
Justice Department sues RealPage for 'algorithmic pricing scheme'
The U.S. Justice Department and the attorneys general of eight states have filed a civil antitrust lawsuit against RealPage Inc., alleging the pricing algorithm the company uses for its commercial revenue-management software violates antitrust laws and harms millions of renters.<\p> The lawsuit, filed Friday, is the latest action brought against the Richardson, Texas-based real estate software company, which has seen a wave of class-action suits filed against it in relation to its algorithm-based software.<\p>
132 apartments coming to Lincoln Park
Local developers CityPads and Wayland Real Estate Capital closed Wednesday on a four-year, $31 million construction loan through a life insurance company for a Chicago apartment building that will include retail space.<\p> A groundbreaking for the 132-unit development in Lincoln Park is slated for later this month and will include 9,500 square feet of retail space. Amenities include a fitness studio, coworking lounge and outdoor space.<\p>
Family, fertility benefits increasingly offered as retention strategy
A growing number of employers are offering “highly-valued” fertility benefits to boost retention and reduce absenteeism.<\p> The International Foundation of Employee Benefit Plans found about 42% of American organizations now offer some kind of fertility benefit — up from 30% in 2020. But some specific fertility-related benefits have skyrocketed, including fertility medications, which grew from being offered at 8% of U.S. employers in 2016 to 32% in 2024. In vitro fertilization was offered by 13% of employers in 2016 and has grown to 32% in 2024. <\p>
The Playbook: A potentially costly mistake hiring managers are making
Editor’s Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> The barrage of criticism toward Generation Z workers may have reached a tipping point and could be leading hiring managers toward making costly misjudgments on future employees. <\p>
What businesses should do after massive data breach
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. We're looking at what shifting desires for remote work mean for retention, what's happening with home improvement demand, and a $4.9 billion deal by a semiconductor giant. First, however, we're digging into why the recent National Public Data breach matters and what to do about it.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
How Chicago hopes to build off hosting the DNC
Hosting the Democratic National Convention this week is just the tip of the iceberg for event activity in Chicago.<\p> In just a few weeks, starting Sept. 9, the International Manufacturing Technology Show will be coming to town, bringing with it an estimated 100,000 attendees — twice as many as the DNC.<\p>
$45M EV Innovation Hub opening in November
TCCI Manufacturing’s new electric vehicle Innovation Hub in downstate Illinois is expected to open in November at a critical time in the commercial EV space.<\p> That’s according to TCCI Senior Vice President Kara Demirjian, who said the electric compressor maker’s $45 million manufacturing facility will be a game changer for the state.<\p>
Hyatt to buy NYC boutique hotel chain
Hyatt Hotels Corp. said it will buy the Standard International hotel chain in a deal that could be valued at as much as $335 million.<\p> Chicago-based Hyatt (NYSE: H) said the deal includes buying New York City-based Standard, the parent company of The Standard and Bunkhouse Hotels brands, and franchise and license contracts for 21 open hotels with about 2,000 rooms.<\p>
Why the nation's child-care crisis largely comes down to real estate
More than half of Americans live in a child-care desert.<\p> That sobering statistic from public policy research and advocacy organization Center for American Progress underscores how tough it's become to access child care across America. <\p>
3 retail buildings sell in Mt. Prospect
Lula Holdings, a Wisconsin limited liability partnership, acquired a three-building retail portfolio in Mt. Prospect for $12.4 million.<\p> The three properties occupy 3.6 acres and are located at 102 E. Kensington Road, 1065 Elmhurst Road and 1027 Randhurst Village Drive.<\p>
Yorktown Center gets Drink While You Shop beer kiosks
Tapville Social, a Chicagoland restaurant and craft beer and cider retailer, has brought its Drink While You Shop kiosks to the Yorktown Center shopping mall in Lombard.<\p> The company signed a five-year lease for a 240-square-foot space, where alcoholic beverages can be purchased and carried around the shopping center's common areas.<\p>
Hyatt House Chicago sold in Fulton Market
Sterling Bay and Wheelock Street Capital have sold the Hyatt House Chicago/West Loop-Fulton Market for an undisclosed sum.<\p> Hospitality investment firm Rockbridge Capital was the buyer of the hotel, reported Hotel Business.<\p>
Here's what to expect at the Chicago Inno Fire Awards
The Fire Awards are back.<\p> Next week, Chicago Inno will host its first in-person event since 2019, highlighting the 50 winners of the 2024 Inno Fire Awards and announcing the Blazer winners in each category. We're also bringing back our much-anticipated blazer ceremony!<\p>
Third Road financial services firm targeting startups for more growth
When John Frank, founder and CEO of Third Road Management, decided to drop a few zeroes from his salary and swap a New York corporate finance job to run day-to-day operations for a nonprofit in Bloomingdale, Illinois, he had no idea where the road would take him.<\p> Now over a decade later, his company Third Road Management, a Chicago fractional financial services business that he came up with while in Bloomingdale, has grown by three times in the past year. The firm also recently added Chicago tech veterans including Desiree Vargas Wrigley, founding general partner of Velocity Catalyst, and Haven Allen, co-founder and CEO of mHub, to a new advisory board to help expand the business’ reach to Chicago startups.<\p>
AI is already fueling layoffs, but there is one silver lining
Employee concerns about the impact of artificial intelligence on their career prospects have ramped up as generative AI tools like ChatGPT have taken center stage.<\p> They have good reason to be concerned, according to a new survey of 984 business leaders by ResumeTemplates, which found 3 in 10 companies said they have replaced workers with AI this year. Additionally, 38% of companies that said they will use AI in 2025 will replace workers with the technology next year. <\p>
RFQ issued for $1.2B cargo airport
The Illinois Department of Transportation has issued a request for qualifications for a developer to design, build, finance, operate and maintain a proposed $1.2 billion cargo airport in Monee.<\p> Proposals are due July 24, 2025. Semi-finalists will be selected by fall 2025.<\p>
Batteries retailer plans Chicagoland expansion
Batteries Plus is getting ready to grow its Chicago footprint.<\p> Founded in 1988 near Green Bay, Wisconsin, the batteries retailer now has more than 800 locations in development and operation nationwide, expanding to new territories like Michigan, Texas, Virginia and Ohio.<\p>
The Rosie apartments in Pilsen refinanced for $39 million
A Chicago-based joint venture between CedarSt Cos. and Origin Investments refinanced The Rosie, a seven-story apartment complex in Pilsen, for $39 million.<\p> The loan closed July 23 and will help pay off a construction loan.<\p>
Research group outlines policy reforms to unlock housing affordability
Housing affordability is becoming a bigger issue for U.S. voters, spurring policymakers — especially at the state and local levels — to consider new measures aimed at easing the burden facing both renters and prospective homeowners.<\p> While every city, county or region thinks about housing affordability (and potential solutions) differently, several common policy changes are being pursued, especially to ease restrictions around building new housing. New research from the Mercatus Center at George Mason University in Arlington, Virginia, outlines some of the biggest reforms being adopted across the U.S. today and offers a menu of potential options for policymakers to consider.<\p>
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