Midwest

JLL Arranges $25.2M Refinancing for Boutique Apartment Building in Chicago

by Kristin Harlow March 11, 2026

CHICAGO — JLL Capital Markets has arranged a $25.2 million loan for the refinancing of Chateau on Wells, a 43-unit luxury apartment building in downtown Chicago. The boutique property, built in 2016, features one retail suite and is located at 707 N. Wells St. in the heart of the River North entertainment district. Current occupancy is 95 percent. Units average 1,059 square feet and monthly rents average $4,091. Jesse Wright, Joshua Odessky, Sam Tarter, Miguel Pedersen and Ben Banzhof of JLL represented the borrower, Akara Partners, in arranging the three-year, floating-rate loan through D2 Residential.

March 11, 2026

Industrial Leasing Activity Midwest Ohio

MMR Group Signs 214,000 SF Industrial Lease in Columbus, Ohio

by Kristin Harlow March 11, 2026

COLUMBUS, OHIO — MMR Group Inc., an electrical specialty manufacturing and technical firm, has leased 2300 McGaw Road, a 214,000-square-foot industrial property in Columbus. The facility is situated near Rickenbacker International Airport and Norfolk Southern Intermodal as well as I-270, Route 317 and Route 23. Weston Devore and Jennifer Jordan of CBRE represented the tenant, while Philip Pelok, Shane Ellis and Jeff Lyons of CBRE represented the landlord, Minneapolis-based Founders Properties.

March 11, 2026

Acquisitions Development Illinois Midwest Multifamily

SVN Chicago Commercial Brokers $3.7M Sale of Multifamily Development Site in Hoffman Estates

by Kristin Harlow March 11, 2026

HOFFMAN ESTATES, ILL. — SVN Chicago Commercial has brokered the $3.7 million sale of a 7.2-acre development site at 2350 W. Higgins Road in Hoffman Estates. The property, located adjacent to a 101,769-square-foot shopping center, is slated for the construction of approximately 300 luxury apartment units. Wayne Caplan and Al Lindeman of SVN Chicago Commercial represented the sellers, Dutch-based Depa Holding Co. and its U.S. partner Caruso Development. An entity of Chicago-based Synergy Construction Group was the buyer. Originally zoned for commercial use, the site is the former home of a Kmart store and a Menard’s store. In addition to rezoning to accommodate residential use, the Village of Hoffman Estates also approved a new residential-oriented redevelopment and tax-increment financing (TIF) agreement. The village restructured a previous TIF agreement with the adjacent properties owned by the sellers.

March 11, 2026

Development Industrial Midwest Wisconsin

Allegis Hardware to Build 90,000 SF Warehouse at Slinger Merchant Village in Wisconsin

by Kristin Harlow March 11, 2026

SLINGER, WIS. — Allegis Hardware has received approval to build a 90,000-square-foot production, warehouse and office facility within Slinger Merchant Village, a development by Three Leaf Partners in Slinger, about 35 miles northwest of Milwaukee. Groundbreaking is slated for April. The project will consolidate Allegis Hardware’s production, warehousing and administrative operations into a single facility. The building is permitted under the Planned Unit Development governing Merchant Village, which allows up to 66.9 acres for business and light manufacturing uses. The site plan includes parking along the northwest portion of the parcel and a loading dock area on the southeast side of the building. Founders 3 Commercial Services is the broker for the project.

March 11, 2026

Acquisitions Healthcare Illinois Leasing Activity Midwest

NAI Hiffman Negotiates Long-Term Lease Renewal for Silver Cross Hospital in New Lenox, Illinois

by Kristin Harlow March 10, 2026

NEW LENOX, ILL. — NAI Hiffman has negotiated a long-term lease for Silver Cross Hospital at 1890 Silver Cross Blvd. in New Lenox. The 174,855-square-foot, six-story medical office building is known as Pavilion A. Immediately following execution of the lease, the building was sold for $88.6 million to Chicago-based Farpoint and Dallas-based The Landes Group. The transaction included the renegotiation of Silver Cross’ existing lease and established Silver Cross as the largest tenant in the building, which is 96 percent occupied. Silver Cross will retain its footprint on the first and lower-level floors plus the upper levels. Existing healthcare providers, including the Shirley Ryan AbilityLab at Silver Cross, Duly Health and Care, DaVita, Rush University Medical Center and UChicago Medicine will also remain in place. Perry Higa of NAI Hiffman represented Silver Cross in the lease, which was completed at a net per-square-foot rate below the early renewal rate he negotiated on behalf of the tenant in May 2025. NAI Hiffman has also been retained as leasing agent for the building, which was constructed in 2012. Hiffman National will serve as property manager. Chris Bodnar of CBRE represented the sellers, PGIM Real Estate and NexCore Group.

March 10, 2026

Build-to-Rent Development Midwest Missouri Single-Family Rental

Cavan Cos. to Develop 153-Unit Build-to-Rent Community in Kansas City

by Kristin Harlow March 10, 2026

KANSAS CITY, MO. — Cavan Cos. has unveiled plans to develop The Bungalows at Maple Woods, a 153-unit build-to-rent (BTR) community in Kansas City’s Northland corridor. Horizontal construction is expected to begin in June, with vertical construction anticipated six to eight months thereafter. The 16-acre site is located near Maple Woods Community College. The single-story residences will come in one-, two- and three-bedroom layouts with private fenced backyards, garages and access to a community clubhouse and fitness center. Cavan’s expansion into the Kansas City market builds upon its existing presence in Omaha, where the company operates two BTR communities and is in the process of closing on a third location. The Bungalows is its flagship brand.

March 10, 2026

Development Midwest Multifamily Ohio Seniors Housing

Evergreen Real Estate Group Breaks Ground on 120-Unit Affordable Assisted Living Community Near Columbus

by Kristin Harlow March 10, 2026

CANAL WINCHESTER, OHIO — Evergreen Real Estate Group has broken ground on Green Oaks of Canal Winchester, a 120-unit affordable assisted living community rising four stories in Canal Winchester, about 12 miles southeast of downtown Columbus. Completion is slated for March 2027. The property will offer 67 studio and 53 one-bedroom apartments for seniors across a range of income levels, including those who qualify for Medicaid benefits. Gardant Management Solutions will operate the community, which will be licensed as a residential care facility by the Ohio Department of Health and approved as a Medicaid-assisted living service provider through the Ohio Department of Aging. A large commercial kitchen and dining room will serve three meals and snacks throughout the day. The community will feature a fitness room, beauty salon, game room, activity rooms, resident computer stations, a library, community rooms and lounges. Certified staff will be on site 24 hours per day, and the property will provide transportation to local stores and service providers. The Ohio Housing Finance Agency approved the project for 4 percent Low-Income Housing Tax Credits and issued tax-exempt private activity bonds to support the development. The bonds were underwritten and placed by D.A. Davidson. The project team …

March 10, 2026

Acquisitions Illinois Loans Midwest Retail

Greenstone Partners Brokers $19.5M Sale of Retail Center in Chicago

by Kristin Harlow March 10, 2026

CHICAGO — Greenstone Partners has brokered the $19.5 million sale of a 54,000-square-foot retail center located at 1415-1417 N. Kingsbury St. in Chicago’s Clybourn Corridor. A venture between Chicago-based Honore Properties and Peerless Development acquired the fully leased property. Danny Spitz and AJ Patel of Greenstone represented the seller, Los Angeles-based Westwood Financial. The transaction marks the fourth acquisition in the immediate corridor for Honore and Peerless. Spitz previously represented the venture in the acquisition of the adjacent property at 821 W. Eastman St. Originally acquired by Westwood in 2017 via a loan assumption structure, the Kingsbury center underwent a significant repositioning following the departure of Buy Buy Baby. In 2023, ownership executed a lease-up strategy by securing Sky Zone on a 10-year lease for 35,386 square feet. The center is also home to PetSmart, which has operated an 18,524-square-foot store since 2012. The property also features a redevelopment component. The asset includes nearly 500,000 square feet of transferable air rights, creating a future high-density multifamily development opportunity. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $13.7 million in acquisition financing through Great Southern Bank.

March 10, 2026

Development Illinois Industrial Life Sciences Midwest Top Stories

CSL Breaks Ground on $1.5B Expansion of Pharmaceutical Manufacturing Campus in Kankakee, Illinois

by John Nelson March 10, 2026

KANKAKEE, ILL. — CSL, a global pharmaceutical manufacturer based in Melbourne, Australia, has broken ground on a $1.5 billion expansion of its campus in Kankakee, roughly 60 miles southwest of Chicago. The company has operated at the site since purchasing the former Armour Pharmaceutical Co. plant in 2004, according to multiple media outlets. CSL is developing a new 330,000-square-foot facility at the site that will generate 300 permanent jobs and 800 construction jobs, in addition to the 1,200 existing positions at the plant. The new investment builds on the $3 billion that CSL has invested in the United States since 2018, which has created more than 6,500 American jobs. “Illinois is leading the way in life sciences manufacturing, and CSL’s $1.5 billion investment is a powerful vote of confidence in our state,” said Illinois Gov. JB Pritzker in a statement. “CSL’s continued growth in Kankakee County builds on decades of innovation and manufacturing leadership right here in Illinois. We’re proud to partner with CSL as they expand their footprint and deepen their commitment to communities across our state.” The Kankakee campus is expected to supply 100 percent of the U.S. demand for immunoglobulin therapies (i.e., plasma-derived antibodies treatments), according to CSL. …

March 10, 2026

Acquisitions Midwest Nebraska Retail

CBL Properties Acquires Gateway Mall in Lincoln, Nebraska for $43.5M

by Kristin Harlow March 9, 2026

LINCOLN, NEB. — CBL Properties has acquired Gateway Mall in Lincoln for $43.5 million from Washington Prime Group. CBL financed the acquisition with a $21 million loan provided by Symetra Life Insurance Co. The five-year loan features a fixed interest rate of 6.46 percent. The property totals roughly 843,000 square feet. Anchor tenants include Dillard’s, JC Penney, Dick’s Sporting Goods, Round 1, H&M, Ulta, Ross Dress for Less, Sierra, Tesla and Total Wine & More. In a separate transaction, CBL has entered into a contract for the sale of an open-air center at an approximately 8 percent capitalization rate. The transaction is expected to generate net proceeds after debt repayment of $25 million and is anticipated to close in April.

March 9, 2026

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