Midwest

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

by Kristin Harlow May 21, 2026

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.

May 21, 2026

Illinois Industrial Leasing Activity Midwest

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

by Kristin Harlow May 21, 2026

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.

May 21, 2026

Loans Midwest Minnesota Multifamily

Northmarq Provides $13.5M Refinancing for Two Multifamily Properties in Metro Twin Cities

by Kristin Harlow May 21, 2026

MAPLEWOOD, MINN. — Northmarq has provided a $13.5 million Fannie Mae DUS loan for the refinancing of Sherwood Glen and Keller Flats in Maplewood. The two garden-style multifamily properties total 165 units. Built in 1964 and 1966, Sherwood Glen and Keller Flats operate as naturally occurring affordable housing. All units are reserved for residents earning 60 percent or less of the area median income. Since acquiring the assets in 2021, Kentaurus Capital has invested in roof replacements, exterior upgrades, parking lot improvements and common area enhancements. Lucas Goring and Logan McCarthy of Northmarq originated the five-year loan on behalf of Kentaurus.

May 21, 2026

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 28,300 SF Industrial Building in Metro Chicago

by Kristin Harlow May 21, 2026

WAUCONDA, ILL. — Entre Commercial Realty has brokered the sale of a 28,300-square-foot industrial building located at 280-290 Industrial Drive in Wauconda. The freestanding facility features a clear height of 19 feet, two exterior docks and two drive-in doors. The buyer, WSI Machinery, plans to renovate both the office and warehouse spaces. The acquisition also provides future expansion capability, with the opportunity to lease the secondary unit. Founded in 1985, WSI provides woodworking machinery and supplies, including millwork, machinery and panel processing equipment. Elisabeth Lazzara, Mike DeSerto and Cory Kay of Entre represented the buyer. Bruce Kaplan of Premier Commercial Realty represented the seller.

May 21, 2026

Industrial Market Reports Midwest Midwest Market Reports Nebraska

Omaha Industrial Market: When Limited Supply Meets High Demand

by Kristin Harlow May 21, 2026

By Kevin Stratman, Investors Realty The Omaha industrial market is essentially at full occupancy. Since 2016, the approximately 115 million-square-foot industrial market in Omaha has grown by an average of 3 to 4 million square feet per year. Yet, for a number of reasons, vacancy has consistently hovered around 3 percent. Activity to start 2026 has created a real problem. In just the first quarter of the year, the market transacted over 1.3 million square feet across six properties. As a result, an already constrained vacancy rate is now approaching a critical point. The roots of this issue trace back to 2024. That year, only four speculative construction projects over 100,000 square feet broke ground. For years, Omaha has faced ongoing sewer infrastructure challenges that have limited development in key areas. At the same time, construction costs approached peak levels, and land prices escalated rapidly. This was driven in part by major build-to-suit activity from users such as FedEx and Amazon, as well as large-scale data center developments from Meta and Google, which collectively absorbed thousands of acres of land. Given these conditions, developers made a logical decision to pause after what had been a historic run of construction. That …

May 21, 2026

Acquisitions Illinois Industrial Midwest Self-Storage

Cushman & Wakefield, JLL Broker Sale of 2,043-Unit Self-Storage Portfolio in Chicago

by Kristin Harlow May 20, 2026

CHICAGO — Cushman & Wakefield and JLL have brokered the sale of a two-property self-storage portfolio in Chicago. The brokerage firms represented the seller, Self Storage 1. Etude Storage Capital purchased the portfolio, which comprises 2,043 units across 150,216 square feet in the Lincoln Park/Bucktown and Wrigleyville/Lakeview neighborhoods. Cushman & Wakefield’s Greg Wells, Mike Mele, Luke Elliott and Ross Bailey partnered with JLL’s Steve Mellon, Brian Somoza, Dan Reynolds and Tom Kirschbraun. The portfolio offers immediate scale and operating efficiencies, along with upside through continued lease-up, rental rate optimization and unit mix refinement, according to a release.

May 20, 2026

Acquisitions Industrial Midwest Ohio

Colliers Negotiates Sale of 208,000 SF Industrial Facility in Rossford, Ohio

by Kristin Harlow May 20, 2026

ROSSFORD, OHIO — Colliers has negotiated the sale of Innovation Industrial Park Building 2, a 208,000-square-foot industrial facility in Rossford near Toledo. Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse, Tyler Ziebel, Tim Breckner and Conor Toomey of Colliers represented the seller, Scannell Properties. Glen Una Management Co. was the buyer. Delivered in 2022, the property is fully leased to Logos Logistics, Norplas Industries Inc. and Grabber Construction Products. The rear-load facility features a clear height of 32 feet, 24 dock-high doors, two drive-in doors, a 130-foot truck court and 58 trailer parking stalls.

May 20, 2026

Affordable Housing Development Illinois Midwest Multifamily

Skender Breaks Ground on 33-Unit Affordable Housing Development in Evanston, Illinois

by Kristin Harlow May 20, 2026

EVANSTON, ILL. — Skender has broken ground on Mt. Pisgah Apartments, a 33-unit affordable housing development in Evanston. The project, led by Housing Opportunity Development Corp. (HODC) in partnership with Skender, Mt. Pisgah Ministries and the City of Evanston, will transform the current church site at 1813 Church St. The one-, two- and three-bedroom units will be reserved for households earning up to 60 percent of the area median income. The development will also include 2,250 square feet of ground-floor commercial space, shared community amenities and energy-efficient building features. Mt. Pisgah Apartments will remain under the long-term ownership and management of HODC. Cordogan, Clark & Associates Inc. is the architect. Financing partners include the Illinois Housing Development Authority, City of Evanston, Clocktower Tax Credits, Housing Authority of Cook County, National Equity Fund, Wintrust Village Bank & Trust and ComEd.

May 20, 2026

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Arranges $3.4M Sale of Medical Office Building in Gurnee, Illinois

by Kristin Harlow May 20, 2026

GURNEE, ILL. — Marcus & Millichap has arranged the $3.4 million sale of a 10,000-square-foot medical office building leased to Aurora Health Care in Gurnee. The Class A property was built in 2005. Aurora Health Care offers dermatology, family medicine and internal medicine services at the facility. Frank Roti and Brett Rodgers of Marcus & Millichap represented the seller, a private entity. Brian Munn of Marcus & Millichap procured the East Coast-based buyer, which completed a 1031 exchange.

May 20, 2026

Development Illinois Midwest Multifamily

JLL Arranges $141.8M Refinancing for Wolf Point West Luxury Apartment Tower in Chicago

by Kristin Harlow May 19, 2026

CHICAGO — JLL Capital Markets has arranged a $141.8 million loan for the refinancing of Wolf Point West, a luxury multifamily property in Chicago’s River North neighborhood. JLL represented the borrower, Hines, in partnership with AFL-CIO Building Investment Trust (advised by DWS Group), Magellan Development Group and the Jospeh P Kennedy Trust. New York Life Insurance Co. provided the three-year, floating-rate loan. Located at 343 W. Wolf Point Plaza, the property sits on the Wolf Point peninsula at the confluence of the three branches of the Chicago River. Delivered in 2016, Wolf Point West rises 48 stories with 509 units across 379,264 square feet. Designed by bKL Architecture, the LEED Silver-certified building features amenities such as an outdoor pool, fitness center, game room with golf simulator, business center and indoor-outdoor dog lounge. Danny Kaufman, Medina Spiodic, Rebecca Brielmaier and Youngsoo Yang led the JLL team. Hines developed the building and serves as property manager.

May 19, 2026

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