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KansasMarket ReportsMidwestMidwest Market ReportsMissouriRetail

Mixed-Use Projects, Big Box Vacancies Provide Opportunities in Kansas City Retail

by Kristin Harlow

By Lindy Beyer and Matt Rau, CBRE Kansas City is a special place. We have long been known for our renowned barbecue, jazz and most recently, as the city where Taylor Swift’s fiancé works. Retail is at the core of our city, attracting visitors from all over the world to experience our city’s welcoming and rich culture.  As the metro area has grown, so has the retail market. We are currently experiencing a period of robust growth, fueled by a combination of strong suburban demand, exciting new mixed-use developments and the appeal of big box vacancies. Sports have been an additional driver as the city continues to invest in its athletic and entertainment offerings. These venues attract large crowds — generating foot traffic and boosting sales for nearby retailers.  Retail occupancy rates in Kansas City have increased from 93 percent to 95.1 percent in the last five years, showing the strong overall demand in the market. This is especially notable as there have been over 2.6 million square feet of new retail space delivered over that same time frame, with a large portion contained in mixed-use developments.  Overall growth in the Kansas City submarkets has triggered a higher demand for …

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DevelopmentLoansMidwestNebraskaRetail

WarHorse Gaming Receives $300M in Financing for Casino Construction Projects in Nebraska

by Kristin Harlow

NEBRASKA — Casino operator WarHorse Gaming LLC has secured refinancing of $300 million in startup loans for a five-year deal that will launch the next phase of casino expansions and construction of a new casino in Nebraska. U.S. Bank organized the deal, which includes Capital One, KeyBank, The Huntington National Bank, BOK Financial and Comerica Bank. WarHorse is expanding its casinos at horse racetracks in Omaha and Lincoln. The $70 million expansion of the Lincoln casino will include larger gaming areas for machines, more table games, a new steakhouse and a high-end sports bar. The Omaha expansion was completed in April. New construction of a third casino in South Sioux City is scheduled to begin next summer.

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DevelopmentMidwestMissouriMultifamily

Albion Residential Breaks Ground on 182-Unit Apartment Complex in Des Peres, Missouri

by Kristin Harlow

DES PERES, MO. — Albion Residential, along with partners Koplar Properties and Theis Group, have broken ground on Magnolia Ridge in Des Peres, a western suburb of St. Louis. The five-story, 182-unit apartment complex will feature a fitness center with sauna and yoga room, a private dining room, game lounge, resident speakeasy, dog wash, outdoor pool, golf simulator and resident mini mart. Brinkmann Constructors is the general contractor, and Old National Bank provided construction financing. Completion is slated for spring 2027.

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LoansMidwestMissouriMultifamily

Berkadia Arranges $15.4M Loan for Refinancing of Multifamily Community in Suburban St. Louis

by Kristin Harlow

ST. PETERS, MO. — Berkadia has arranged a $15.4 million Freddie Mac loan for the refinancing of Pure St. Peters, a 143-unit multifamily community in the northwest St. Louis suburb of St. Peters. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia arranged the financing on behalf of the borrower, Tilden Legacy Pure St. Peters Apartments LLC. The loan features a five-year term and a fixed interest rate. The property was 94 percent occupied at the time of the loan closing. The three-story community was built in 2019. Amenities include a pool with sundeck, fitness center, package receiving area, business center and outdoor lounge.

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AcquisitionsMichiganMidwestRetail

SRS Real Estate Negotiates $7.6M Sale of Shops of Edelweiss Village in Gaylord, Michigan

by Kristin Harlow

GAYLORD, MICH. — SRS Real Estate Partners has negotiated the $7.6 million sale of Shops at Edelweiss Village, a 51,857-square-foot shopping center located at 859 Edelweiss Village Parkway in Gaylord, a city in northern Michigan. Built in 2004 and situated on nearly 13 acres, the property is 78 percent occupied and was sold as a value-add opportunity. Dollar Tree is the anchor tenant. Additional tenants include Pet Supplies Plus, Kay Jewelers, AT&T and Sally Beauty. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Michigan-based family partnership. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial Real Estate Advisors represented the buyer, a Michigan-based group of private investors and owners of retail centers throughout the state.

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AcquisitionsIllinoisMidwestMultifamily

Greenstone Partners Brokers $3.6M Sale of Two Multifamily Properties in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $3.6 million sale of two multifamily properties located at 1343 N. Western Ave. and 1045 N. California Ave. in Chicago’s Wicker Park and Smith Park neighborhoods. Jordan Multack and Jacob Goldstein of Greenstone represented the seller, a Chicago-based private investor. The buyer was also a private investor. The assets feature spacious layouts, rooftop decks and onsite parking.

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DevelopmentIllinoisIndianaIndustrialMichiganMidwestOhioTop Stories

Stellantis to Invest $13B Over Next Four Years at Midwest Automobile Factories

by Kristin Harlow

AUBURN HILLS, MICH. — Automaker Stellantis (NYSE: STLA), parent company of brands including Jeep, Dodge and Ram, has unveiled plans to invest $13 billion over the next four years to grow its business in the U.S. market and increase its domestic manufacturing footprint. The investment, the largest in the company’s 100-year U.S. history, will support the introduction of five new vehicles across the brand portfolio; production of the all-new four-cylinder engine; and the addition of more than 5,000 jobs at plants in Illinois, Ohio, Michigan and Indiana. Stellantis says the investment will increase its annual finished vehicle production in the United States by 50 percent over current levels. The new product launches will be in addition to 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029. In Illinois, Stellantis plans to invest more than $600 million to reopen the Belvidere Assembly Plant to expand production of the Jeep Cherokee and Jeep Compass for the U.S. market. Initial production launch is expected in 2027, and the company anticipates the creation of roughly 3,300 new jobs. With an investment of nearly $400 million, Stellantis plans to move assembly of an all-new midsize truck from Belvidere to the …

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AcquisitionsMidwestMissouriMultifamilySeniors Housing

Tutera Expands Portfolio with 26 New Senior Living Communities Largely in Midwest

by Kristin Harlow

KANSAS CITY, MO. — Tutera Senior Living & Health Care has added 26 senior living communities to its portfolio through a transaction with AlerisLife and an ongoing partnership with Diversified Healthcare Trust. The expansion, which includes eight owned acquisitions and 18 new management agreements, strengthens Tutera’s Midwest presence. With this addition, Kansas City-based Tutera will operate 108 communities across 11 states, with 66 dedicated senior living communities totaling 5,422 units. The company’s overall portfolio now encompasses 9,755 units, with a mix of 56 percent senior living and 44 percent skilled nursing. The expansion broadens Tutera’s footprint into Tennessee, adding to its presence in Alabama, Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Nebraska, Oklahoma and South Carolina. The phased acquisition and transition of the 26 communities is expected to be completed by the end of the year. Some properties will transition to new names under Tutera.

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IllinoisLeasing ActivityMidwestRestaurantRetail

CBRE Negotiates Five Retail Leases for QDOBA Mexican Eats in Metro Chicago

by Kristin Harlow

CHICAGO — CBRE has negotiated five new retail leases for QDOBA Mexican Eats in the suburbs of Chicago. The locations are in Vernon Hills, Wheaton, Downers Grove, Bloomingdale and Elmhurst. CBRE’s Phillip Golding represented the fast-casual restaurant. The 2,000-square-foot location at 700 N. Milwaukee Ave. in Vernon Hills is within The Marketplace at Vernon Hills, a retail center owned by Kimco Realty. Danada Square West in Wheaton is a grocery-anchored center owned by DLC. The 2,000-square-foot location in Downers Grove is within a property owned by Vic Mehta. LFI is the landlord for the Bloomingdale and Elmhurst properties. Holy Moley Guacamole is the franchise business for the new locations.

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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Completes $7.4M Yorkshire Medical Office Building in Brookings, South Dakota

by Kristin Harlow

BROOKINGS, S.D. — Kraus-Anderson has completed the $7.4 million Yorkshire Medical Office Building for Brookings Health System at 2311 Yorkshire Drive in Brookings, a city in eastern South Dakota. Designed by TSP Inc., the 12,000-square-foot project marks the first phase of the new medical office building and will serve as the future home of the Brookings Health System Eye Clinic and Physical Therapy. The eye clinic features six exam rooms, a retail optical space and a dedicated procedure room. The physical therapy clinic, in collaboration with Avera Physical Therapy, includes a 2,100-square-foot rehabilitation gym, 10 treatment rooms and a HydroWorx therapy pool equipped with an underwater camera for advanced therapy sessions. The project is located 8 feet from the existing building that currently houses the eye clinic. Once the new facility is operational with patients, the old building will be demolished, allowing for the completion of a new parking area. An upcoming phase to be completed in the coming years will be a mirrored extension of the current structure.

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