MUNDELEIN, ILL. — SVN Chicago Commercial has negotiated the $1.5 million sale of a 31,600-square-foot industrial property at 404 Washington Blvd. in Mundelein. Situated on 2.4 acres, the property features a large, paved parking lot approved for outside storage and truck parking. The undisclosed buyer plans to use a portion of the building and lease out the rest. SVN Chicago Commercial’s Next Level Team represented the seller and procured the buyer.
OSAGE BEACH, MO. — X Caliber Capital Holdings LLC has structured a $285 million Rural PACE-X financing for the ground-up construction and redevelopment of the Oasis at Lakeport in Osage Beach. The resort and entertainment project has a total cost of $495 million. Plans call for a Marriott hotel with 402 rooms, a conference center, indoor waterpark, amusement park and various amenities. The $285 million financing consists of $220 million of conventional senior-secured debt through an affiliate of X-Caliber Rural Capital, XRL-ALC LLC, and $65 million of Commercial Property Assessed Clean Energy (C-PACE) financing through CastleGreen Finance. The financing marks X-Caliber’s largest Rural PACE-X transaction closed to date since the product launched in late 2024. Rural PACE-X is a proprietary financing solution that provides high-leverage financing for ground-up construction projects in micro-rural areas. The C-PACE financing is the largest to date for the state of Missouri and for CastleGreen Finance, according to X-Caliber. Gregg Delany, Ken Lorman and Gabe Mashaal of X-Caliber Advisors originated and structured the financing on behalf of Tegethoff Development Co. The project’s energy-efficiency design is estimated to save around $11 million in costs over the lifetime of the improvements. The Oasis at Lakeport is expected to …
AMES, IOWA — Coastal Ridge has acquired two student housing properties serving Iowa State University in Ames. The acquisitions were part of a portfolio that also included a property in Louisiana totaling just under 1,600 beds with a gross asset value of approximately $90 million. The acquisitions mark the firm’s initial deployment of capital from the Coastal Ridge Value-Add Student Housing Fund LP, the company’s inaugural institutional commingled fund. The per-bed cost across the three assets was approximately $56,000. New construction can exceed $100,000 per bed, according to Coastal Ridge.
EDINA, MINN. — Kraus-Anderson Construction has completed a $24.1 million fire station in the Twin Cities suburb of Edina. The two-story project at 4401 W. 76th St. replaces the former facility on York Avenue. Designed by BKV Group, the 35,464-square-foot development also includes space for the Public Health Division. The fire station features an atrium and lobby, administration areas, training rooms, offices, conference rooms and a large apparatus bay for ambulances, fire and rescue vehicles as well as personal protective equipment storage. The building also features a physical conditioning room that is available to all city employees. The second floor houses dormitories, and the training tower rises five stories. Construction began in fall 2023.
LOGANSPORT, IND. — Timber Development Corp. has purchased Cass Commons Shopping Center in Logansport, a city in central Indiana, for $2 million. The 20,000-square-foot property is shadow anchored by a Walmart Supercenter. Tenants include Maurice’s, Great Clips and Buffalo Wild Wings. Dan Waszak of Quantum Real Estate Advisors Inc. brokered the transaction.
CHICAGO — Bradford Allen has secured a seven-year, 10,780-square-foot office lease renewal for Anesi Ozmon Ltd. at 161 N. Clark St. in Chicago’s Central Loop. Ben Azulay and Nathan Meisner of Bradford Allen represented the law firm, which handles personal injury, construction accident and workers’ compensation cases. The longtime tenant of the building is having its space reconfigured to include more private offices for attorneys. Designed by Kohn Pederson Fox and built in 1992, 161 N. Clark Street is a 50-story office tower with a 12th-floor tenant lounge, multiple conference rooms, a fitness center, bike storage and an open-air roof terrace with skyline views. First-floor retail tenants include Hannah’s Bretzel, Fifth Third Bank, DHL and Larry’s Shoe Shine.
By David Goldfisher, The Henley Group Secondary and tertiary office markets across the Midwest, including Chicago, Minneapolis, Madison, Milwaukee, Cleveland, Cincinnati, Columbus and St. Louis, are facing mounting pressure. While each city has its own challenges, a common theme is clear — vacancies remain high and liquidity is thin. Tenant shuffling One of the defining dynamics today is tenant reshuffling rather than net growth. As leases expire, employers frequently move from one building to another, seeking modernized space and stronger amenities. Renovating in place is disruptive and costly, while relocating allows businesses to upgrade with minimal operational downtime. This “musical chairs” effect highlights a deeper structural issue. There are only so many large anchor tenants in Midwest cities and few new entrants are seeking major blocks of space. There is more repositioning for existing tenants than attracting new ones. Flight to quality Landlords and developers are competing to deliver amenities that encourage office attendance and support talent retention. Modernized lobbies, tenant lounges and flexible collaboration areas have become standard expectations. Hines’ upgrades at Chicago’s 333 West Wacker Drive and 601W Cos.’ reinvestment in the Old Post Office demonstrate the scale of investment required. But not all landlords can compete. With …
Commercial real estate is in the middle of one of its biggest transitions. For years, the challenge was finding data. Now the challenge is knowing what to do with it. Artificial intelligence (AI) is starting to change that. The conversation has shifted from if we should be using AI to how we can use it in a way that actually improves business outcomes. REBusiness recently spoke with Rob Finlay, founder and CEO of Defease With Ease | Thirty Capital, and Trevor Albarran, VP of product at Lobby AI, about how AI is changing decision-making in commercial real estate (CRE), what early adopters have learned and what leaders should be focusing on next. REBusinessOnline (REBO): What’s the biggest opportunity facing CRE executives today? Rob Finlay: It depends on the context, but right now, AI is the most powerful tool a real estate executive can have in their arsenal. AI finally gives principals — the people paid to think — the space to actually do that. When I started in real estate, I was paid to do. But as my role evolved, my value shifted to thinking — being strategic, motivating teams, and making high-level decisions. AI amplifies that ability. It takes …
EDINA, MINN. — Cushman & Wakefield has negotiated several new long-term leases totaling more than 150,000 square feet at Southdale Office Centre, a six-building campus along France Avenue in the Twin Cities suburb of Edina. First-time tenant Southdale Pediatrics inked a lease for 38,306 square feet at 6600 France Avenue, a specialty medical outpatient property that recently underwent major renovations to the first- and second-floor lobbies and common areas. Edina Realty signed a lease renewal for 38,676 square feet at 6800 France Avenue, and Evereve doubled its footprint to 41,113 square feet. Several other companies have also recently signed new leases or renewals. Bill Rothstein and Eric King of Cushman & Wakefield represented property ownership, Wildamere Capital Management and Olympus Ventures.
MICHIGAN — Berkadia has brokered the sale and arranged financing for the Michigan MHC Portfolio, which comprises four manufactured housing communities (MHC) with 335 sites across the state. Kevan Enger of Berkadia represented the seller, California-based Urban West Ventures. Scott Modelski of Berkadia secured acquisition financing through Barclays – Conduit on behalf of the buyer’s Chicago-based affiliate, Butler Communities. The portfolio includes Pontaluna Shores in Norton Shores, Broadway Acres in Mount Pleasant, University Mobile Estates in Whitmore Lake and Brookhaven in Comstock Park. The assets were built in 1967, 1986, 1952 and 1970, respectively.
