COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale and financing for Aster Apartments, a 192-unit luxury apartment community in the Twin Cities suburb of Coon Rapids. The property is located at 3130 Northdale Blvd. NW near Highway 10 and Highway 169. Josh Talberg and Joseph Peris of JLL represented the undisclosed seller. Matthew Schoenfeldt, Patricia Heminger, Rebecca Mitchell and Ryan Planek of JLL arranged acquisition financing on behalf of the buyer, MLG Capital.
DES PLAINES, ILL. — Logistics Property Co. LLC (LogiPropCo) has purchased a 10-acre site at 424 Howard Ave. in Des Plaines with plans to build a 171,600-square-foot industrial development. Located less than a mile from the Chicago O’Hare International Airport’s north cargo gate, the site sits within two miles of an I-90 four-way interchange. Construction is expected to commence this month. The project will include 35 docks, 136 auto parking spaces and 53 trailer parking spaces. Aaron Martell and Ben Fish of LogiPropCo worked with Tom Rodeno and Mike Senner of Colliers on the land acquisition. The Colliers duo will also serve as the leasing agents. Heitman Architects is the project architect, Jacob & Heffner is the civil engineer and Meridian Design Build is the general contractor. Completion is slated for late summer 2026.
OMAHA, NEB. — Investors Realty Inc. has brokered the sale of Old Mill Business Campus in Omaha for $8.3 million. Located just off the West Dodge Road and I-680 interchange, the 66,273-square-foot, multi-tenant flex building was fully occupied at the time of sale. Ember Grummons and JP Raynor of Investors represented the seller, NewStreet Properties. Nick Suarez of Newmark Zimmer represented the buyer, K.C. Residence LLC.
CHICAGO — Colliers has negotiated the sale of two net-leased retail condos in Chicago’s Southport Corridor. The property at 3541-43 Southport is a 2,400-square-foot storefront leased to Paper Source with a 900-square-foot basement. The other asset is leased to Third Love, a Leap Brand company, and totals 1,150 square feet with a 450-square-foot basement. Both are situated across the street from an Anthropologie store. Chris Irwin of Colliers represented the seller, MDN Development. Westin Kane of Mid-America represented the buyer, JB Realty.
JOLIET, ILL. — Chipotle Mexican Grill has opened at Rock Run Collection in Joliet. The new restaurant features a Chipotlane drive-thru pickup lane for digital orders. The location is expected to bring approximately 30 new jobs to the Joliet area. Chipotle joins the now-open Hollywood Casino Joliet and The View at Rock Run Collection, upscale apartments that are currently leasing. Future tenants will include Drury Hotel, Chick-fil-A and Ricky Rockets. Cullinan Properties is the developer of Rock Run Collection, a mixed-use project spanning more than 300 acres at the intersection of I-55 and I-80.
By David Hodge and Tom Nickols, NAI Pfefferle While the national headlines often focus on trends such as rising vacancies and cooling rent growth, Milwaukee and its surrounding metros are telling a different story. Here resilience defines the market, and in some cases, opportunities are emerging due to our strategic location, balanced development and supportive business climate. Rate cuts change landscape The Federal Reserve’s recent rate cuts have altered the investment landscape. For the first time in years, capital markets are starting to unlock. Lower borrowing costs are already sparking new conversations with investors who had been sitting and waiting on the sidelines. This adjustment matters. Refinancing options are improving for property owners, development projects are resurfacing after being shelved for high financing costs and capital is beginning to flow again. For occupiers, rate cuts also open doors. Lower borrowing costs for developers encourage new construction and tailored build-to-suit options. This ultimately expands the range of available facilities and results in a healthier environment where tenants can negotiate from a position of choice rather than constraint. While many national markets remain hampered by an oversupply of speculative space, Milwaukee’s pipeline positions it for long-term strength compared to its peers. Local …
ELMHURST, ILL. — McHugh Construction and joint venture partner Nacional Group have broken ground on the new Joanne B. Wagner Community Center in the Chicago suburb of Elmhurst. The nearly $85 million project will replace the former 32,000-square-foot Wagner Community Center with a 127,250-square-foot, two-story facility at 615 N. West Ave. A grand opening is planned for fall 2027. The new center will be approximately four times larger than the former facility, enabling expanded programming and the elimination of longstanding waitlists for youth and adult activities. Designed by the Elmhurst office of Dewberry, the Wagner Community Center will feature an indoor artificial turf field, a full-size gymnasium capable of hosting multiple sports, a three-lane elevated walking track, dedicated early childhood and preschool classrooms with a separate entrance, expanded dance and gymnastics studios, an indoor play area, multipurpose community rooms and administrative offices.
LAKEVILLE, MINN. — CBRE has arranged the sale of Livery, a 204-unit multifamily property in the Minneapolis suburb of Lakeville. Texas-based RPM Living Investments purchased the asset from Indiana-based Garrett Cos. for an undisclosed price. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the seller. Built in 2023, the townhome-style property features a range of one-, two- and three-bedroom floor plans averaging 1,117 square feet. Amenities include a yoga room, outdoor fire pit, pool, fitness center and indoor dog spa.
GREEN BAY, WIS. — Hanley Investment Group Real Estate Advisors has brokered the $25.4 million sale of Green Bay Plaza, a 232,796-square-foot shopping center anchored by T.J. Maxx, HomeGoods and Ross Dress for Less in Green Bay. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, Anenberg Asset Management, a family office based in Newport Beach, Calif. The buyer, Chicago-based Core Acquisitions, was self-represented. Built in 1960 and expanded in 2003, Green Bay Plaza is 89 percent occupied. Additional tenants include Burlington, Dollar Tree, Sierra, Five Below, Crunch Fitness and Skechers Outlet. The property is located two miles from Lambeau Field, home of the Green Bay Packers.
MINNEAPOLIS — Kraus-Anderson has broken ground on Exodus, a $24 million affordable housing project in downtown Minneapolis. The developer, Aeon, is partnering with St. Olaf Catholic Church on the project, which involves the rehabilitation and addition to an existing eight-story building adjacent to the church. Once complete, the development will provide 72 studio units of deeply affordable housing, designed to support individuals experiencing homelessness and housing instability. Residents will be referred through Hennepin County’s Coordinated Entry and Behavioral Health Systems. Touchstone Mental Health will provide comprehensive supportive services. Through a long-term ground lease, Aeon will be the new owner and operator of the building. Constructed in the 1950s, the building was originally designed to provide dorm-style housing for young professional women working downtown. Over time, the property transitioned to providing temporary shelter for unhoused individuals downtown through Catholic Charities and Hennepin County, before becoming completely vacant. Urbanworks Architecture and Kraus-Anderson will serve as the architect and general contractor. Plans call for the substantial rehabilitation of the building’s interior and connecting a newly built eight-story addition adjacent to the original. There will be community spaces, outdoor green space and a fitness center as well as new mechanical systems. The project is …
