Midwest

Troy Marek Regions Real Estate Capital Markets quote from article

Multifamily, Seniors Housing Sectors Remain Positive Real Estate Performers

by Sarah Daniels July 10, 2025

By Troy Marek, Regions Real Estate Capital Markets As we embark on the second half of 2025 amidst some economic uncertainty, there are two bright spots within real estate. Both the multifamily and the seniors housing/healthcare sectors boast strong fundamentals and occupancies. RealPage data indicates 138,302 apartment units were absorbed in the first quarter, and NIC MAP data shows a seniors housing occupancy increase to 87.4 percent, or 621,000 occupied units over the same period. This suggests strong demand in both critical housing sectors, at the same time new supply is slowing. Interest Rates Drive Lending Activity Agencies Freddie Mac, Fannie Mae and HUD remain the primary loan providers supporting these two asset classes today. Unsurprisingly, interest rates heavily impact lending activity. Since the Federal Reserve decided to hold rates steady in May, sector experts have been closely watching employment and inflation data, as well as tariff impacts, as all three have the power to influence the Fed to lower rates later this year. With the Federal Reserve deciding to hold rates as-is in June, industry players will continue to keep an eye on the data. Once rates are brought down some, perhaps later this year, multifamily and seniors housing/healthcare …

July 10, 2025

Acquisitions Development Midwest Multifamily Ohio

Vision Cos. Acquires 28.5-Acre Multifamily Development Site in Kettering, Ohio

by Kristin Harlow July 9, 2025

KETTERING, OHIO — Vision Cos. has acquired 28.5 acres within the Miami Valley Research Park (MVRP) in Kettering, an inner suburb of Dayton. The property is adjacent to Industrial Commercial Properties’ (ICP) Sixth River office park. As part of the Sixth River overall master plan, Vision plans to build a market-rate multifamily community, the first large multifamily project built in the city since the mid-1980s, according to a release. Known as VC Flats, the project will feature approximately 264 apartment units across nine three-story buildings. Proposed amenities include a clubhouse, fitness center, pool, sand volleyball court, outdoor patio and rooftop deck offering views of the adjacent lake. The project is made possible through collaborative efforts by the city and ICP, which played a role in zoning adjustments and crafting incentive packages to attract a residential developer and operator. MVRP is home to several major employers, including Reynolds & Reynolds, Solvita, Matrix Research, Resonant Sciences, Woolpert, Resonetics and Eastman Kodak. ICP continues to retain ownership of the adjacent Sixth River office park, which includes 290,000 square feet of office space across five buildings. ICP also has additional land sites for further commercial development opportunities within the research park.

July 9, 2025

Acquisitions Kansas Midwest Office

Copaken Brooks Sells 147,000 SF Office Building in Overland Park, Kansas

by Kristin Harlow July 9, 2025

OVERLAND PARK, KAN. — An investment entity led by Copaken Brooks has agreed to sell 6201 College Boulevard, a landmark office building located at the intersection of Lamar Avenue and College Boulevard, to the City of Overland Park. The city plans to convert the 147,000-square-foot building into its future city hall. The sale is expected to close in the fourth quarter. Originally developed in 1990 by Copaken White and Blitt as the national headquarters for the NCAA, the property continues to serve as a multi-tenant office facility. While the ownership will change, Copaken Brooks will remain the property manager, as the city does not manage commercial buildings. The city will begin planning its transition of the space in the coming years.

July 9, 2025

Acquisitions Healthcare Midwest Missouri

Marcus & Millichap Arranges $6.3M Sale of St. Louis Medical Office Property

by Kristin Harlow July 9, 2025

ST. LOUIS — Marcus & Millichap has arranged the sale of a 62,856-square-foot medical office property located at 5500 S. Broadway St. in St. Louis for $6.3 million. The building was constructed in 2001 and previously operated as the Riverview Nursing Facility. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the undisclosed buyer, which plans to renovate and repurpose the building as a behavioral health center. The seller was a local husband-and-wife ownership group.

July 9, 2025

Acquisitions Illinois Midwest Multifamily Retail

SVN Chicago Commercial Brokers $2.7M Sale of Apartment, Retail Building in Windy City

by Kristin Harlow July 9, 2025

CHICAGO — SVN Chicago Commercial has brokered the $2.7 million sale of a 9,267-square-foot apartment and retail building in Chicago’s Ukrainian Village neighborhood. The fully rehabbed property at 1859 W. Chicago Ave. features six apartment units and one retail tenant, a veterinarian office on the ground floor. Drew Dillon and Scott Maesel of SVN Chicago Commercial represented both the buyer and seller.

July 9, 2025

Acquisitions Illinois Industrial Midwest

Venture One Purchases 26,173 SF Industrial Building in Tinley Park, Illinois

by Kristin Harlow July 9, 2025

TINLEY PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 26,173-square-foot industrial building at 18531 Spring Creek Drive in the Chicago suburb of Tinley Park. The property was vacant at the time of acquisition. Situated in the North Creek Business Center, the building offers direct access to I-80 via Harlem Avenue. The property sits on 1.8 acres and features a clear height of 19 feet, two docks, two drive-in doors and parking for 56 vehicles. Venture One plans to make improvements such as office renovations, warehouse painting, parking lot resurfacing and the installation of energy-efficient lighting. Bruce McConnell of Savills represented the seller. Michael O’Leary, Dylan Maher and Ryan Earley of Lee & Associates have been retained to market the building for lease or sale. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

July 9, 2025

Acquisitions Illinois Midwest

Orix Agrees to Acquire Majority Stake in Hilco Global

by Kristin Harlow July 8, 2025

NORTHBROOK, ILL. — Orix Corp. USA, the U.S. arm of Japanese investment firm Orix, has entered into a definitive agreement to acquire a majority equity ownership of Hilco Global, a financial services firm headquartered in Northbrook. The deal values the firm at $1 billion, reports Crain’s Chicago Business. The proposed transaction will create a new asset-based lending arm. Under the terms of the agreement, Jeffrey Hecktman will continue to lead Hilco as CEO, and Hilco will operate as a subsidiary of Orix. The transaction is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals. Davis Polk & Wardwell LLP provided legal counsel to Orix. J.P. Morgan Securities LLC served as financial advisor to Hilco, and Kirkland & Ellis LLP and Greenberg Traurig LLP provided legal counsel. Founded in 1987, Hilco maintains more than 770 employees worldwide.

July 8, 2025

Loans Michigan Midwest Multifamily

Eastern Union Secures $38.5M Loan for Refinancing of Metro Detroit Multifamily Property

by Kristin Harlow July 8, 2025

WARREN, MICH. — Eastern Union has arranged a $38.5 million loan for the refinancing of Warren Manor Apartments in Warren, about 13 miles north of downtown Detroit. The 479-unit multifamily property is situated on 30.7 acres at 21516 Dequindre Road. Alex Jaffa and Sinai Eizikovitz of Eastern Union arranged the loan through Bellco Credit Union. The full loan amount included initial funding of $35.7 million, with the ability to earn an additional $2.8 million as rental revenues rise. The refinancing carried a five-year, fixed-rate term with one year of interest-only payments. The borrower was undisclosed. Built in 1969, the property comprises 12 two-story buildings and a one-story pool house. Units average 811 square feet. Since 2023, ownership has completed approximately $5 million in capital improvements.

July 8, 2025

Development Hospitality Illinois Midwest

Bradford Allen Opens 206-Room Hyatt Centric Hotel Near Chicago O’Hare Airport

by Kristin Harlow July 8, 2025

ROSEMONT, ILL. — Bradford Allen has opened the Hyatt Centric Chicago O’Hare, a 206-room hotel near the Chicago O’Hare International Airport and Rivers Casino in Rosemont. Following more than $30 million in renovations to the former Hyatt Rosemont Chicago/O’Hare, the property features completely remodeled guest rooms, upgraded common areas and meeting spaces and the addition of Cima Restaurant, a new upscale Mediterranean-inspired restaurant. Hyatt Centric is an emerging full-service lifestyle hotel concept from Hyatt Hotels Corp. Bradford Allen acquired the property in 2022 and collaborated with Hyatt on the remodel. Common areas include a fitness center and two banquet rooms with combined capacity of up to 500 people. New features include an all-glass porte cochere, reconfigured lobby, food-and-beverage outlets and private dining spaces. Renovations also included a new roof, fire system, HVAC and building automation systems.

July 8, 2025

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.1M Sale of Chicago Retail Property

by Kristin Harlow July 8, 2025

CHICAGO — Marcus & Millichap has negotiated the $4.1 million sale of a five-suite retail property located at 600 S. Dearborn St. in Chicago. The asset totals 12,132 square feet of ground-floor space within the historic Transportation Building. The retail space is fully leased to a mix of five tenants, including 7-Eleven and Sofi Restaurant. Mark Krantz and Derrick Dougherty of Marcus & Millichap procured the buyer, a Washington, D.C.-based private investor. The agents worked with Steve Filippo of Marcus & Millichap Capital Corp.

July 8, 2025

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