Tuesday, May 26, 2026
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Midwest

DevelopmentLoansMidwestMultifamilyOfficeWisconsin

Dwight Capital Provides $114M HUD-Insured Loan for Office-to-Apartment Conversion in Milwaukee

by Kristin Harlow

MILWAUKEE — Dwight Capital has provided a $114 million HUD 221(d)(4) substantial rehabilitation loan for the conversion of 100 East Wisconsin, a 34-story office building in Milwaukee, into a 373-unit luxury apartment community. Positioned at the heart of the city’s central business district along the Milwaukee River, 100 East Wisconsin is currently the state’s third-tallest building and will become the tallest residential building upon completion, according to Dwight. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include a fitness center, yoga studio, spa, coworking space, conference room, pet lounge, bike storage, multiple lounge and bar areas, a game room with a sports simulator and a rooftop deck with swimming pool. At 35 years old, 100 East Wisconsin is among the newest buildings ever added to the National Register of Historic Places, having been designated in January 2025 in recognition of its architectural and historic significance. The distinction qualified the project for federal and state historic tax credits. The City of Milwaukee further supported the project with a tax-increment financing package of up to $16.6 million through a newly established tax-increment district. The HUD loan was the largest multifamily HUD loan ever closed in Wisconsin; the largest …

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AcquisitionsIndianaIndustrialMidwest

Missner Group Acquires 843,531 SF Industrial Portfolio in Indiana

by Kristin Harlow

MERRILLVILLE AND WHITESTOWN, IND. — The Missner Group has acquired three Class A industrial properties totaling 843,531 square feet in Indiana. The acquisition includes a two-building, 540,986-square-foot portfolio located at 9401 and 9602 Georgia St. in Merrillville and a newly constructed 302,545-square-foot logistics facility situated within 65 Commerce Park in Whitestown. With the addition of these assets, Missner will nearly double its industrial portfolio from roughly 1.2 million square feet to more than 2.2 million square feet. Built in 2021 and 2022, the Merrillville portfolio is fully leased to four tenants, including NFI Industries, WABTEC and EMCOR-Hyre Electric Co. of Indiana. Located roughly 40 miles from downtown Chicago, the properties provide direct access to I-65, I-80/I-94 and I-90. The Whitestown property, completed in 2023, is fully leased to Style Link Logistics LLC and backed by a corporate guaranty from SHEIN Distribution Corp. The facility features a clear height of 32 feet, ESFR sprinklers, LED lighting, 30 dock doors, trailer parking, multi-tenant flexibility and proximity to the Indianapolis International Airport. Missner will oversee management of the assets. CBRE National Partners represented the sellers in the Whitestown transaction.

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DevelopmentIndustrialIowaMidwest

Opus Breaks Ground on 80,000 SF Advanced Manufacturing Facility for ContiTech in Iowa

by Kristin Harlow

MOUNT PLEASANT, IOWA — Opus has broken ground on an advanced manufacturing facility for ContiTech, a group sector of Continental, at its existing plant in Mount Pleasant within eastern Iowa. At more than 80,000 square feet, the new compounding center will integrate production, warehouse and office operations to support ContiTech’s hose and belt businesses while optimizing its North American mixing footprint. The project will include a three-story, 17,472-square-foot mixing facility, an automated high-bay warehouse, shipping and receiving, bulk storage and a 4,250-square-foot office and lab space. The three-story mixing facility will support a specialized vertical manufacturing process in which raw materials are introduced on the upper level and move through advanced mixing lines to lower floors. Opus is the design-builder, Martin Gardner Architects is the architect and Raker Rhodes Engineering is the structural engineer. Completion is slated for June 2027.

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IllinoisIndustrialLeasing ActivityMidwest

Fromm International Signs 72,745 SF Industrial Lease in Algonquin, Illinois

by Kristin Harlow

ALGONQUIN, ILL. — Fromm International LLC has signed a 72,745-square-foot industrial lease at Algonquin Corporate Center in the Chicago suburb of Algonquin. The manufacturer of professional salon tools and accessories is relocating its national distribution operations from the O’Hare submarket. Adam Marshall and Mark Deady of Newmark represented the tenant, with Newmark’s Cooper Weisman and Dylan Weisman providing strategic support. Mike Sedjo and John Hamilton of CBRE and Ben Dickey of Stream Realty Partners represented the landlord, NorthPoint Development. Fromm International will occupy space within Building 1 of the five-building, 1.7 million-square-foot campus. Constructed in 2022, the facility features a clear height of 36 feet, 130-foot truck courts, ESFR sprinkler systems and spec office space.

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DevelopmentMidwestMissouriMultifamilyRetail

Construction Begins on Second Phase of Luxury Apartment Project in Blue Springs, Missouri

by Kristin Harlow

BLUE SPRINGS, MO. — A second phase of Blue Springs’ first luxury apartment community, MajorLux Luxury Apartments, is slated to include 123 units and 11,732 square feet of first-floor retail space anchored by Costenio’s Price Chopper. Bill Maas and Daniel Brocato of Block & Co. Inc. Realtors are handling leasing of the retail spaces. According to Block & Co., ideal uses at MajorLux Two include full-service restaurant concepts, Yoga or Pilates studios and service tenants such as dry cleaners, salons and health users. Completion of the project is slated for summer 2027.

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IndustrialLeasing ActivityMidwestNorth Dakota

Horwitz Signs 150,000 SF Industrial Lease in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Minnesota-based mechanical contractor Horwitz LLC has signed a 150,000-square-foot industrial lease at Building 4 of the Dakota Commerce Center, a 633,200-square-foot industrial park in Fargo. CBRE’s Chance Lindsey, Kyle Ferderer and Levi Gross represented the owner and development partners, Hyde Development and Gremada Industries. Dakota Commerce Center offers immediate access to I-29 and proximity to Hector International Airport. Construction on the four-building development began in 2021, with the delivery of the final building in first-quarter 2026. The park is now fully leased.

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AcquisitionsIndianaIndustrialMidwest

MAG Capital Partners Acquires Two Indianapolis Cold Storage Facilities in Sale-Leaseback

by Kristin Harlow

INDIANAPOLIS — MAG Capital Partners has acquired two temperature-controlled properties in Indianapolis from FreshEdge, a distributor of customized fresh food solutions, in a sale-leaseback transaction. Situated along I-70, the company’s 104,114-square-foot headquarters facility at 4501 Massachusetts Ave. features clear heights ranging from 23 to 34 feet, 39 dock doors and one drive-in door. The transaction also includes 5930 W. 82nd St., a 28,800-square-foot warehouse with a clear height of 21 feet and four drive-in doors. Todd Heine, Brendan Keely, Daniel LaPierre and Noah Shutan of Colliers brokered the sale.

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Leasing ActivityMichiganMidwestRestaurantRetail

Patty & Press to Open Smash Burger Restaurant in Bloomfield Township, Michigan

by Kristin Harlow

BLOOMFIELD TOWNSHIP, MICH. — Patty & Press, a smash burger concept by G&B Hospitality, has signed a lease to open a new location at 42983 Woodward Ave. in Bloomfield Township. Norman Abro and Devon Campbell of Keystone Commercial Real Estate represented the tenant, which is taking over the former Zoup! space. The restaurant currently operates in Shelby Township and uses grass-fed beef and beef tallow frying.

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AcquisitionsIllinoisLoansMidwestMultifamily

Eastern Union Secures $125.3M Acquisition Loan for Chicago Apartment Property

by Kristin Harlow

CHICAGO — Eastern Union has arranged a $125.3 million loan for the acquisition of The Pavilion, a 15-story, 1,115-unit apartment property located at 5441 N. East River Road in Chicago. The transaction is believed to be the largest apartment building sale in Chicago on a year-to-date basis, according to Eastern Union. Michael Muller and Mike Orlik of Eastern Union secured the financing. The five-building complex was built between 1968 and 1972. Amenities include a club building, pool, spa, sauna, fitness center and barbecue area. The property was 96 percent occupied at the time of the loan closing. The borrower was Chicago-based R.I.G. Capital, and the seller was Brookfield Asset Management. Stephen York of Arbor Realty Trust originated the agency financing. The sales price was $167 million. The loan featured a 75 percent loan-to-cost ratio, and payments will be based on a 30-year amortization. The transaction represents the first time that the property has traded hands in several decades.

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IllinoisIndustrialLeasing ActivityMidwest

Coda Resources Signs 244,343 SF Industrial Lease in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Coda Resources has signed a 244,343-square-foot industrial lease at 2000 S. Rowell Ave. in Joliet. The 399,930-square-foot facility was newly developed by Cabot Properties. Frank Melchert, Stevan Arandjelovic and Simon Porras of Cawley Commercial Real Estate represented the tenant, while Steve Ostrowski of Colliers represented the landlord. Coda, which manufactures consumer and industrial products, is expected to take occupancy in September, and the lease term is 75 months. The building features intermodal access, 50 dock doors and a clear height of 36 feet.

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