Monday, October 13, 2025
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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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AcquisitionsIndustrialMidwestWisconsin

Barry Co. Arranges Sale of 14,918 SF Industrial Building in Lake Geneva, Wisconsin

by Kristin Harlow

LAKE GENEVA, WIS. — The Barry Co. has arranged the sale of a 14,918-square-foot industrial building located off Highway 12 in Lake Geneva. The facility sits on the historic site of the former Sheridan Springs Bottling Works, known for its natural spring. Stout Development Group was the buyer. The site includes a detached 2,000-square-foot masonry garage.

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DevelopmentMidwestMinnesota

Kraus-Anderson to Build $35M YMCA Facility in Bemidji, Minnesota

by Kristin Harlow

BEMIDJI, MINN. — Kraus-Anderson has been selected to build a new YMCA facility on the 100 block of Minnesota Avenue in downtown Bemidji. Designed by JLG Architects, the 60,000-square-foot project will include an indoor track, aquatics center, indoor playground, party rooms and a fitness center with a weight room, exercise studios and education classrooms. The building will also include a drop-in childcare center. Funding for the $35 million project included $25 million in community donations and $10 million in YMCA financing. Groundbreaking is planned for spring 2026 with completion slated for fall 2027.

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IndianaLoansMidwestMultifamily

Eastern Union Secures $15.9M in Financing for Condo Conversion in Mishawaka, Indiana

by Kristin Harlow

MISHAWAKA, IND. — Eastern Union has secured $15.9 million in financing toward the condo conversion of River Rock Apartments, an 82-unit property in Mishawaka. The five-story asset is located at 116 W. Mishawaka Ave., six miles east of South Bend. Built in 2015 and 2016, the property features eight commercial units spanning 4,385 square feet that will remain after conversion. The site also includes a 31,027-square-foot parking garage. Joe Siegfried of Eastern Union arranged the three-year loan, which features an 8 percent interest rate, a 75 percent loan-to-value ratio and interest-only payments. Republic Bank provided the loan on behalf of the undisclosed borrower.

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LoansMichiganMidwestRetail

Bernard Financial Group Arranges $11.5M Loan for Refinancing of Michigan Retail Property

by Kristin Harlow

ROCHESTER, MICH. — Bernard Financial Group (BFG) has arranged an $11.5 million loan for the refinancing of a 134,600-square-foot retail property in Rochester, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Eagle Creek Master LLC. A life insurance company provided the loan.

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AcquisitionsIndustrialMidwestWisconsin

CBRE Negotiates $10M Sale of Industrial Property in Waukesha, Wisconsin

by Kristin Harlow

WAUKESHA, WIS. — CBRE has arranged the sale of Ridgeview Industrial Center IV in Waukesha for $10 million. Bentley Smith, Joe Horrigan, Ryan Bain, Zach Graham, Judd Welliver and Mike Caprile of CBRE represented the seller, Mohr Capital. Billy Mork, Mike Vannelli and Joel Torborg of CBRE arranged a five-year, fixed-rate acquisition loan on behalf of the buyer, Capital Partners. Located near the I-94 and Redford Boulevard intersection and minutes from Waukesha County Airport, the 89,405-square-foot facility was built in 2001 and renovated in 2021 and 2023. The building features a clear height of 22 feet, one drive-in door, 14 dock doors and a 316-stall parking lot. The asset was fully occupied at the time of sale with a 7.9-year weighted average lease term.

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