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PNC Bank
Company NewsDevelopmentMidwestRetailSoutheastTop Stories

PNC Bank to Increase Retail Expansion to 300 New Branches in Southeast, Midwest

by Abby Cox

PITTSBURGH — PNC Bank (NYSE: PNC) plans to open more than 300 new retail bank branches by 2030, adding about 100 new branches to its earlier plan, which was announced last November. The new announcement brings PNC’s total investment in growing its retail footprint to approximately $2 billion. The latest branch expansion plan calls for new locations in markets including Nashville,  Sarasota, Fla., Winston-Salem, N.C., and Chicago to extend PNC’s expansion efforts to nearly 20 markets across the United States. “The build-out of these 300 new branches allows us to deliver our unique blend of hospitality and financial advice to more clients in more neighborhoods across the country,” says Alex Overstrom, head of retail banking at PNC. “It’s about making PNC the most convenient bank in each of these markets, ensuring we can meet people where they are and help them thrive.” As part of the investment, PNC will add 35 new branches in Nashville, along with 40 more branches across the Southeast. The cities consist of Fort Meyers, Lakeland and Sarasota in Florida, as well as Asheville, Winston-Salem and Wilmington in North Carolina. “The additional branches strengthen our ability to provide valuable resources and expertise, reflecting our commitment to supporting …

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AcquisitionsMidwestMultifamilyWisconsin

JVM Realty Corp. Acquires 300-Unit Luxury Apartment Community in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — JVM Realty Corp. has acquired Wrenfield at Pleasant View, a 300-unit luxury apartment community in Madison. Berkadia brokered the sale, and Continental Properties was the seller. JVM rebranded the community from Springs at Pleasant View. Completed in 2022, the property features townhome-style design with private entries across 15 two-story buildings. Floor plans average more than 1,000 square feet and come in one-, two- and three-bedroom layouts. Amenities include a pool, fitness center, clubhouse, business center, car wash and two dog parks with a pet spa area. JVM now owns and manages 21 communities throughout the Midwest.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

JLL Arranges Sale of 166-Unit Seniors Housing Property in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of Hayden Grove Bloomington, a 166-unit seniors housing property in the Minneapolis suburb of Bloomington. Delivered in 2021, the four-story building offers a continuum of care from independent living to assisted living to memory care. Amenities include underground parking, a private dining room, bistro, coffee lounge, game room, party room, theater, event center, library, craft room, beauty salon and fitness program. JLL represented the seller, Verdot Capital. The buyer was undisclosed. The operator, Great Lakes Management, will stay in place to manage the community.

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DevelopmentHospitalityIndianaMidwest

Dora Hospitality Breaks Ground on 135-Room AC Hotel in Suburban Indianapolis

by Kristin Harlow

FISHERS, IND. — Dora Hospitality LLC has broken ground on Indiana’s first AC Hotels by Marriott. Slated to open in early 2027, the project is part of Thompson Thrift’s The Union at Fishers District in the Indianapolis suburb of Fishers. Dora will own the hotel in partnership with Fishers Hotel Partners LLC. Seated atop 15,500 square feet of retail space, the 135-room hotel will feature meeting space, fitness equipment and European-inspired food-and-beverage offerings in the AC Lounge and AC Kitchen. The Union is one of five developments within the master plan of the $750 million Fishers District. The mixed-use project offers 60,000 square feet of retail, restaurant and entertainment space along with 251 luxury apartment units and 70,000 square feet of office space. Only one 1,250-square-foot retail space remains available for lease at The Union. Signed tenants include Piedra, Cunningham Restaurant Group, Niku Sushi, Kitchen Social, Everbowl and Racha Thai.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 187,460 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — Lee & Associates of Illinois has negotiated a new long-term lease for a 187,460-square-foot industrial building in the Chicago suburb of Bensenville. The property is located at 222 Sievert Court. Jeff Janda and John Cassidy of Lee & Associates represented the owner, DRA Advisors. Mark Baumhart of NAI Hiffman represented the tenant, TAFCO Corp., a manufacturer of windows, doors and related products. The transaction represents the third quarter’s second-largest lease in the O’Hare market, according to Lee & Associates.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $2.7M Sale of Retail Property in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $2.7 million sale of a three-tenant retail property located at 1044-1048 W. Fulton Market in Chicago’s Fulton Market district. Danny Spitz of Greenstone represented the seller. The asset sold to an East Coast-based private partnership. The retail condominium property features a weighted average lease term of eight years. The sales price was 96 percent of the list price.

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IllinoisIndustrialMarket ReportsMidwestMidwest Market Reports

Fiscal Challenges Weigh on Near-Term Outlook of Chicago Industrial Market

by Kristin Harlow

By Marc Hale, DarwinPW Realty/CORFAC International The Chicagoland industrial market continues to stand out as one of the most important in the country. Its location at the center of the U.S. transportation network gives companies the ability to reach nearly one-third of the nation’s population within a single day’s drive.  Six Class I railroads, an abundance of intermodal facilities and seven major interstate highways all converge here, making it one of the most efficient distribution platforms in North America. Chicago O’Hare International Airport also ranks among the top cargo airports in the world, adding critical global connectivity.  These advantages are reinforced by a large and diverse labor pool, which has long supported the region’s position as a major hub for manufacturers, distributors and logistics providers. The area’s role as a manufacturing hub is further reinforced by its proximity to major steel mills and primary metal production facilities, the depth of its skilled workforce and plentiful access to water from Lake Michigan, which has long supported heavy industry and advanced manufacturing across the region. The market’s vacancy rate has been trending higher, moving from 5.2 percent in the third quarter of 2024 to 5.9 percent in the third quarter of 2025. …

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Data CentersDevelopmentIndustrialMidwestWisconsin

Vantage Data Centers, Wisconsin Building Trades Council Partner on $15B Port Washington Campus

by Kristin Harlow

PORT WASHINGTON, WIS. — Vantage Data Centers and the Wisconsin Building Trades Council have partnered to build the previously announced Lighthouse data center campus in Port Washington, a northern Milwaukee suburb located along Lake Michigan. The $15 billion-plus, privately funded investment will require a workforce of more than 4,000 skilled construction workers over a three-year period and will rely on local union labor to the fullest extent possible. The new campus, part of OpenAI and Oracle’s Stargate expansion, will feature four data centers. Completion is slated for 2028. Once complete, Vantage and Oracle will create more than 1,000 long-term jobs and thousands more indirect jobs. Lighthouse is designed to preserve local resources, support new clean energy resources and advance environmental stewardship.

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IowaLoansMidwestRetail

BWE Arranges $49.5M Refinancing for Two Shopping Centers in Iowa, North Carolina

by Kristin Harlow

CEDAR FALLS, IOWA AND SOUTHERN PINES, N.C. — BWE has arranged $49.5 million for the refinancing of East Viking Plaza in Cedar Falls and Morganton Park South in Southern Pines. Dan Rosenberg, Logan Petersmeyer and Isabella Barrios of BWE arranged the financing on behalf of Cincinnati-based Midland Atlantic Properties. Both nonrecourse loans feature multiple years of interest-only payments. East Viking Plaza totals 147,659 square feet and is leased to tenants such as Target, Scheels, Michaels, Old Navy and Ulta. Morganton Park South totals 267,021 square feet and is nearly fully leased. Constructed in 2024, the shopping center is anchored by Target, Dick’s Sporting Goods and HomeGoods.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Completes $42.3M Revitalization of Woodbury Central Park in Minnesota

by Kristin Harlow

WOODBURY, MINN. — Kraus-Anderson has completed a $42.3 million revitalization of Woodbury Central Park, which is located at 8595 Central Park Place in Woodbury. Designed by HGA Architects, the three-story, 62,708-square-foot project included enclosing the existing amphitheater, a new multipurpose space addition, expanded public gathering areas and an updated Lookout Ridge indoor playground. Improvements also increased parking and pedestrian access, added art installations and space for public art and enhanced accessibility with ADA updates. Sustainability was a core focus of the project, including the integration of a Darcy Geothermal Well system, solar energy and other energy-efficiency initiatives to reduce environmental impact and operating costs. Construction began in April 2024.

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