Wednesday, October 15, 2025
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Midwest

DevelopmentMichiganMidwestMixed-UseOffice

Bedrock Delivers 12-Story Office Building at $1B Hudson’s Detroit Development

by Kristin Harlow

DETROIT — Bedrock has completed the 12-story office building at 1240 Woodward Ave. that is part of the Hudson’s Detroit development. Designed by SHoP Architects, the building adds more than 400,000 square feet of Class A office space, retail space, an event venue and a rooftop lounge on the 12th floor that will open in 2026. The project’s 56,000-square-foot event space, dubbed The Department at Hudson’s, opened earlier this year. Bedrock expects to open the 45-story tower component of Hudson’s Detroit in 2027. The 685-foot skyscraper, the second-tallest building in the state, will include dining space, The Detroit EDITION hotel and The Residences at The Detroit EDITION, rounding out the development’s total square footage to 1.5 million square feet. Hudson’s Detroit is the redevelopment of the former J.L. Hudson Department Store, which once stood as the tallest department store in the world, according to Bedrock. The store shuttered in 1983 and was imploded in 1998, according to Crain’s Detroit Business. Construction on Hudson’s Detroit began in December 2017. The development faced design changes, delays and project costs that ballooned to more than $1 billion.   “Ten years in the making, Hudson’s Detroit is elevating downtown and creating space for the …

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LoansMidwestMultifamilyWisconsin

MMCC Arranges $18M in Financing for Multifamily Property Near Green Bay

by Kristin Harlow

ASHWAUBENON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged $18 million in financing for The Common Place, an 88-unit multifamily property located at 686 Mike McCarthy Way in Ashwaubenon, a suburb of Green Bay. The property is located in the city’s Sports & Entertainment District, blocks away from Lambeau Field and Titletown. Odyssey Climbing & Fitness occupies the first floor of the building. Units range from studios to two-bedroom floor plans, and amenities include a courtyard and bike storage. Robert Bhat of MMCC arranged the five-year, nonrecourse CMBS loan with a national bank. The loan features a 70 percent loan-to-value ratio, 6.45 percent interest rate and interest-only payments for the full term.

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DevelopmentIndianaIndustrialMidwest

Graycor Completes 171,000 SF Amazon Distribution Center in Elkhart, Indiana

by Kristin Harlow

ELKHART, IND. — Graycor has completed a 171,000-square-foot distribution center for Amazon at 2675 Aeroplex Drive in Elkhart. The facility, dubbed DII5, will be Amazon’s first owner-occupied mass timber delivery station, with the project seeking Zero Carbon Certification from the Living Future. The 39-acre project features mass timber construction as opposed to traditional concrete and structural steel. ZGF was responsible for the building design, and Atlantic AE served as the architect of record throughout construction. More than 200 Amazon and contract employees will work at the facility handling local fulfillment.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Negotiates Sale of 131,811 SF Industrial Facility in Metro Chicago

by Kristin Harlow

BELVIDERE, ILL.  — Lee & Associates of Illinois has negotiated the sale of a 131,811-square-foot industrial building in the Chicago suburb of Belvidere. The property is located on 27.8 acres at 2964 Newburg Road. Jeff Galante of Lee & Associates represented the buyer, NexGen Manufacturing. Al Caruana of Cushman & Wakefield the seller, an entity doing business as 2964 Newburg Road LLC. The transaction marks the largest user sale in the Rockford submarket in the third quarter, according to Lee & Associates.

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AcquisitionsIllinoisMidwestOffice

SVN Chicago, Capital Real Estate Broker Sale of 53,818 SF Office Building in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — SVN Chicago Commercial’s Next Level Team, in collaboration with Capital Real Estate Partners, have brokered the sale of a 53,818-square-foot office building in Aurora. The property at 711 N. Commons Drive was sold vacant. Jennifer Hopkins and Olivia Czyzynski of SVN Chicago Commercial and Jay Scholten and Scott Fedyski of Capital Real Estate represented the seller, Liberty Commons NFP. Adam Johnson of NAI Hiffman represented the buyer. The asset garnered five qualified offers and went under contract within three months of hitting the market.

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KansasMarket ReportsMidwestMidwest Market ReportsMissouriOffice

From Stability to Selective Growth: Kansas City’s Office Market in Focus

by Kristin Harlow

By Anné Erickson, JLL Kansas City’s appeal is catching the attention of companies looking for more than just square footage. From corporate relocations like Fiserv and expansions by Propio Language Services, to a deep talent pool, business-friendly environment and central location, the metro is emerging as a strategic choice for growth. These factors are fueling activity in a market already defined by stable fundamentals, headline lease transactions and a strong flight-to-quality trend. While the overall vacancy rate remained at 20.2 percent according to JLL’s Q2 2025 Kansas City Office Market Dynamics report, the quarter delivered 192,000 square feet of positive net absorption, reversing early-year declines. Average asking rents held steady at $22.98 per square foot, signaling stability despite the competitive environment. For tenants seeking to secure best-in-class space, and investors targeting properties with long-term upside, Kansas City is increasingly worth a closer look. Flight to quality One of the clearest shifts in recent quarters has been the move toward high-quality, well-located buildings that can support hybrid work, collaboration and tenant amenities. After several years of shorter lease terms and cautious decision-making, companies are now committing to space that reflects their long-term workplace strategies. This was evident in several major second-quarter …

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IllinoisLeasing ActivityMidwestOffice

Verizon Renews 128,894 SF Office Lease at Continental Towers in Suburban Chicago

by Kristin Harlow

ROLLING MEADOWS, ILL. — Verizon has renewed its 128,894-square-foot office lease at Continental Towers, an office campus located at 1701 Golf Road in the Chicago suburbs of Rolling Meadows. Joe Stevens and Steve Degodny of Transwestern Real Estate Services represented ownership, while Jon Springer and Andrew Kaplan of CBRE represented Verizon, which has been a tenant at Continental Towers since 2016. The lease marks one of the largest office deals completed in Chicago’s Northwest suburban submarket in 2025, according to Transwestern. Continental Towers comprises 910,000 square feet in four buildings: three 12-story office buildings and an amenity-driven property known as the Hub, plus 1 acre of outdoor space. Tenants have access to a fitness center, conference center, tenant lounge, game room, underground parking and delicatessen. A pickleball court, golf simulator room and two basketball courts will soon be available for tenant use.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhio

Merchants Capital Secures $35.1M in Equity Financing for Affordable Housing Adaptive Reuse Project in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Merchants Capital has secured $35.1 million in tax credit equity financing for Lofts at 40 Long, a project involving the adaptive reuse of a vacant YMCA building in Columbus into affordable housing. Woda Cooper Cos. Inc. and IMPACT Community Action are co-developing the property. Merchants Capital secured $18.5 million in 4 percent low-income housing tax credit (LIHTC) equity, $11.4 million in federal historic tax credits and $5.2 million in Ohio LIHTC. Ohio Housing Finance Agency allocated the federal and state housing tax credits, and the National Park Service allocated the federal historic credits. Other funding sources included the city and county, as well as agency and private sources. The project will convert a vacant YMCA building into 121 apartment units, including one studio, 72 one-bedroom units, 38 two-bedroom units and 10 three-bedroom units. The residences will be restricted to families earning between 30 and 80 percent of the area median income. The project will include the demolition of the existing boarding rooms, restroom facilities and common spaces, except for the historic areas, which will be restored according to historic requirements. Common amenities will include a basketball court and indoor play area in the former gym area, indoor …

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DevelopmentHealthcareMichiganMidwest

Kirk Gibson Foundation Opens 32,000 SF Center for Parkinson’s Wellness in Metro Detroit

by Kristin Harlow

FARMINGTON HILLS, MICH. — The Kirk Gibson Foundation has opened The Kirk Gibson Center for Parkinson’s Wellness at 31440 Northwestern Highway in Farmington Hills. Those impacted with Parkinson’s can access a wide range of activity-based and educational programs free of charge at the 32,000-square-foot facility. Construction began in March. The project involved the transformation of an office building for an automotive organization into the wellness center. The two-level building offers programs that focus on movement and cognitive therapy. The center also houses the headquarters for the Kirk Gibson Foundation for Parkinson’s, which moved its offices into the facility. The project was completed in partnership with the Detroit office of architectural firm Gensler. The center is located within a 30-minute driving radius from 70 percent of the Wayne, Oakland and Macomb counties, providing access to an estimated 8,000 people living with Parkinson’s in metro Detroit. Nearly 900 individuals have already registered for the center, with more than 300 members onboard and over 200 now actively participating in classes. The interior features a large gathering hall with an overhead oval walk/run track, a gym for strength and cardio, a boxing therapy zone, various rooms dedicated to targeted exercises such as yoga, general …

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Brokers $2.6M Sale of Chipotle-Occupied Restaurant Property in Chicago

by Kristin Harlow

CHICAGO — The Boulder Group has brokered the $2.6 million sale of a single-tenant restaurant property occupied by Chipotle at 2935 W. Peterson Ave. in Chicago. The 2,160-square-foot building is situated near The Home Depot, Mather High School and Lincoln Village Shopping Center. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate investor, and the buyer, a Southwest-based real estate investment fund. Chipotle has a 20-year lease at the property.

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