Wednesday, January 14, 2026
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Midwest

IllinoisLeasing ActivityMidwestOffice

Transwestern Negotiates 159,403 SF of Office Leases at Civic Opera Building in Chicago

by Kristin Harlow

CHICAGO — Transwestern Real Estate Services has negotiated 159,403 square feet of new and renewal office lease transactions at the Civic Opera Building, which is located at 20 N. Wacker Drive in Chicago. John Nelson, Eric Myers and Kathleen Bertrand of Transwestern serve as the broker representative team for the historic property. Transwestern’s Asset Services group manages the building. Since the beginning of 2025, 24 leases have been completed at the Civic Opera Building. Eight new tenants signed deals for a total of 102,260 square feet. Notably, coworking space provider Workbox signed a lease for 68,137 square feet. Fifteen tenants renewed their space for a total of 57,143 square feet. Built in 1928, the 915,000-square-foot, 44-story building was renovated in 2015. In 2021, the Circuit Court of Cook County appointed Transwestern as the receiver of the property. Amenities include a conference center, studio theater, fitness center, roof terrace and tenant lounge.

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AcquisitionsIllinoisMidwestRetail

Mavrek Acquires 20,000 SF Retail Building in Chicago’s Gold Coast

by Kristin Harlow

CHICAGO — Mavrek has acquired 12-16 W. Maple Avenue, a 20,000-square-foot, four-story retail building in Chicago’s Gold Coast neighborhood. Mavrek plans to renovate the building into flexible space for retail and office tenants. The property offers 75 feet of frontage along Maple Street and is partly occupied by CorePower Yoga on the fourth floor. Paul Bryant and Brendan Reedy of Mid-America Real Estate Corp. will handle leasing efforts.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $5M in Financing for North Dakota Multifamily Community

by Kristin Harlow

GRAND FORKS, N.D. — Bernard Financial Group (BFG) has arranged a $5 million permanent loan for a 55-unit multifamily property in Grand Forks. Joshua Bernard of BFG arranged the loan through a life insurance company. The borrower was a partnership between Holiday Air Owner LLC, Skyline Village Owner LLC and University Heights Owner LLC.

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AcquisitionsMidwestOhioRetail

Boulder Group Brokers $2.3M Sale of Dollar General-Occupied Retail Property in Kent, Ohio

by Kristin Harlow

KENT, OHIO — The Boulder Group has brokered the $2.3 million sale of a single-tenant retail property occupied by Dollar General in Kent. Located at 1154 Tallmadge Road, the asset totals 10,566 square feet. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a preferred Dollar General developer. The buyer was a Delaware Statutory Trust. Dollar General operates more than 20,000 stores in 48 states.

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AcquisitionsIllinoisMidwestMultifamilyRetail

Cushman & Wakefield Arranges $28.5M Receivership Sale of Multifamily, Retail Property in Chicago

by Kristin Harlow

CHICAGO — Cushman & Wakefield has arranged the $28.5 million receivership sale of 1900 W Lawrence, a boutique multifamily property in Chicago’s Ravenswood neighborhood. The asset features 59 luxury apartment units and more than 19,000 square feet of ground-level retail space. Located at 1900 W. Lawrence Ave., the building is a former Sears store that was redeveloped in 2021. At the time of sale, the property’s retail space was fully occupied by tenants such as DeVry University and Club Pilates, and the residential units were 94 percent full. The four-story building includes a mix of one-, two- and three-bedroom floor plans, with the second floor consisting of townhome-style units. Each floor includes amenity spaces catered toward remote work and social gatherings. Jack Maloney and Brad Smith of Cushman & Wakefield represented the seller, Matthew Tarshis of Frontline Real Estate Partners, a court-appointed receiver in the matter.

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AcquisitionsIndianaIndustrialMidwest

Marcus & Millichap Negotiates $6.7M Sale of Indianapolis Industrial Facility

by Kristin Harlow

INDIANAPOLIS — Marcus & Millichap has negotiated the $6.7 million sale of a 51,989-square-foot industrial property in Indianapolis. Located at 3823 E. Massachusetts Ave., the facility was fully renovated in 2022 and is net leased to Service Electric Co., a subsidiary of Quanta Services. The building features a clear height of 36 feet, 17 drive-in doors, one dock door and high-capacity power. Gus Poulos, Forest Bender and Joseph DiSalvo of Marcus & Millichap represented the local seller and procured the out-of-market buyer.

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AcquisitionsIllinoisMidwestMultifamilyOffice

Greenstone Partners Brokers $5.4M Sale of Chicago Office Building Slated for Apartment Conversion

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the sale of 401 West Ontario Street, a 48,000-square-foot office building in Chicago’s River North neighborhood. The loft-style building features zoning that supports multifamily redevelopment. Jordan Multack of Greenstone represented the buyer, a private, Chicago-based development group. According to Greenstone, the buyer was drawn to the building’s efficient and flexible floor plates, value-add conversion potential and onsite indoor parking.

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Leasing ActivityMichiganMidwestRetail

UPS Signs 1,304 SF Retail Lease at Canton Landings Shopping Center in Michigan

by Kristin Harlow

CANTON TOWNSHIP, MICH. — The UPS Store has signed a 1,304-square-foot retail lease at Canton Landings on Ford Road in Canton Township, a western suburb of Detroit. Michael Murphy and Owen Kelly of Gerdom Realty & Investment represented the undisclosed landlord. Lindsey Shaw of Mid-America Real Estate Group represented the tenant. One space remains available for lease at Canton Landings.

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Company NewsDevelopmentIllinoisLeasing ActivityMidwestRetailTop Stories

Aldi to Open 180 New U.S. Grocery Stores This Year

by John Nelson

BATAVIA, ILL. — Aldi, a German discount, small-format grocer, plans to open 180 new stores across 31 states this year. By the end of the year, Aldi will operate approximately 2,800 U.S. grocery stores, including its first Maine location in Portland and 10 new stores in the metro Phoenix area. The grocer has operated stores in the United States for 50 years and has gained a loyal following in recent years as the demand for discount grocery items increases in the face of inflation. The company disclosed that 17 million Americans shopped at Aldi for the first time in 2025. “One in three U.S. households shopped at Aldi this past year, and in 2026, we’re focused on making it even easier for customers to shop our aisles first,” says Atty McGrath, CEO of Aldi U.S. Aldi, whose U.S. headquarters is in Batavia, plans to continue its expansion over the next five years in the Southeast and West regions. In the Southeast, Aldi continues to convert former Winn-Dixie retail locations following Aldi’s acquisition of Winn-Dixie and Harveys Supermarket from Southeastern Grocers in 2023. Aldi plans to reposition 80 former Winn-Dixie stores by the end of the year and 200 total by 2027. …

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AcquisitionsMidwestMinnesotaMultifamily

JLL Negotiates Sale of 202-Unit Luxury Apartment Community in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — JLL Capital Markets has negotiated the sale of The Eddi at Pentagon Village, a luxury apartment community with 202 units in Edina. Completed in 2023, the property is positioned within the Pentagon Village development. Units average 753 square feet. According to JLL, The Eddi is the largest wood-frame modular apartment building in Minnesota, with 205 modules manufactured off site by Rise Modular and stacked atop a site-built concrete parking and amenity podium. Amenities include a fitness center, pool, clubroom, coworking spaces, dog spa and outdoor fire pits. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the sellers, Rise Modular and Soloman Real Estate Group. Oaks Properties was the buyer.

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