COMMERCIAL POINT, OHIO — Scannell Properties has broken ground on the first phase of a logistics park in Commercial Point, a southern suburb of Columbus. The 1.2 million-square-foot speculative building will feature a clear height of 40 feet, 60 dock doors and four drive-in doors. The development marks Scannell’s ninth in the central Ohio region. Completion is slated for April 2027. Joel Yakovac of Colliers is handling leasing.
MIDDLETON, WIS. — SRS Real Estate Partners has brokered the $39.1 million sale of a four-story, 197,860-square-foot office property in Middleton. A tenant since 2008, University of Wisconsin Health Administrative Services occupies the entire property and recently signed a new 20-year lease. John Redfield and John Battle of Lee & Associates represented the seller, a California-based private owner. The buyer was ASG Equities.
SUN PRAIRIE, WIS. — Marcus & Millichap has brokered the $5.3 million sale of a net-leased childcare facility occupied by Willowbrae Academy in Sun Prairie. The newly built property totals 11,790 square feet. There are more than 14 years remaining on the lease. Dominic Sulo and Todd Lindblom of Marcus & Millichap represented the seller, a Chicago-based developer. Sulo and Sam Malato procured the locally based 1031 exchange buyer.
OLATHE, KAN. — Woodhouse Spa is set to open a new location at Northridge Plaza in Olathe. The day spa will occupy a 6,840-square-foot standalone building within the center for its second location in the Kansas City market. Northridge Plaza is home to Dick’s Sporting Goods, Aldi, Ross Dress for Less, U.S. Bank, Panera Bread, Chipotle and Hallmark Gold Crown. A local husband-and-wife franchise team will own and operate the Olathe Woodhouse Spa location. The spa is expected to open in September. Chad LaSala of NAI Heartland represented the tenant in the lease. Erin Johnston of Copaken Brooks represented the landlord on an internal basis.
GALLOWAY, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $16.5 million taxable construction loan, a $9.4 million federal Low Income Housing Tax Credit (LIHTC) equity investment and an $8.2 million state LIHTC investment for the construction of Clover Glen II in Galloway near Columbus. National Church Residences is developing the 96-unit affordable housing project for seniors age 55 and older. KeyBank Commercial Mortgage Group also provided a Freddie TEL permanent loan of $8.2 million. KeyBanc Capital Markets served as bond underwriter and underwrote $13.8 million in tax-exempt bonds for the project. Clover Glen II will feature 15 units restricted to residents earning up to 50 percent of the area median income (AMI), 76 units restricted to 60 percent AMI and five units for 70 percent AMI. Amenities at the four-story property will include a clubhouse, fitness center, central laundry, onsite management, surface parking and picnic areas. David Lacki and Ryan Olman of KeyBank CDLI structured the financing, while Sam Adams and Alex Steckler of KeyBanc Capital Markets underwrote the bonds. In October 2022, CDLI, through an investment with Ohio Capital Corp. for Housings, closed the Clover Glen I transaction.
BROWNSBURG, IND. — JLL Capital Markets has brokered the sale of Park 74 Commerce Center, a two-building industrial portfolio totaling 826,687 square feet in Brownsburg within metro Indianapolis. The portfolio includes a 580,884-square-foot cross-dock facility and a 245,803-square-foot rear-load building, both constructed in 2024. Building features include clear heights of 40 and 32 feet, 84 dock doors, ample trailer parking and connectivity to the CSX railway via an active rail spur. The properties are fully leased to three tenants representing abrasives manufacturing, electric motors and flexible film production. The assets provide immediate access to I-74 via Ronald Reagan Parkway. Sean Devaney, Kurt Sarbaugh, Ed Halaburt, Ross Bratcher, Cameron Chandra and Luke Davis of JLL represented the sellers, Brennan Investment Group and RGA ReCap Inc., on behalf of Reinsurance Group of America Inc. Brian Buschuk and Brian Seitz provided local market expertise out of JLL’s Indianapolis office. Buyer information was not provided.
URBANDALE, IOWA — Associated Bank has originated a $17.7 million loan for Tricap Investments for the phased acquisition of the Townhomes at Magnolia Heights in Urbandale, a suburb of Des Moines. The 105 two-story townhome rental units are adjacent to the 240 for-sale, single-family and townhome community of Magnolia Heights. Elizabeth Hozian of Associated Bank managed the loan arrangements and closing. Tricap Investments focuses on the acquisition of low-density multifamily housing in suburban markets.
CHICAGO — Marcus & Millichap has arranged the $6.6 million sale of a multifamily and retail property located at 935-937 W. Armitage Ave. in Chicago’s Lincoln Park neighborhood. The asset features eight multifamily units and a retail space occupied by Wintrust Bank. The multifamily component includes a mix of one-, two- and three-bedroom units across 9,745 rentable square feet. Kyle Stengle of Marcus & Millichap represented the seller, 935 W. Armitage (Chicago) LLC, and procured the buyer, 935 Armitage LLC.
For much of the past several years, commercial real estate investors have navigated a market defined by uncertainty. Interest rate volatility, inflation concerns, geopolitical tensions and shifting workplace trends have all contributed to an environment where predicting the next move can feel increasingly difficult. Against that backdrop, the Midwest continues to stand out for a different reason: stability. Across many Midwest markets, commercial real estate fundamentals have remained relatively balanced compared with other regions of the country. While some markets have experienced dramatic swings in pricing, development activity and occupancy levels, much of the Midwest has maintained a steadier trajectory. That consistency allows investors and operators to focus on executing long-term business plans rather than constantly reacting to market volatility. Stability Remains the Midwest’s Competitive Advantage One of the region’s greatest strengths is the balance between supply and demand. Unlike certain Sun Belt markets that have experienced significant waves of new development, many Midwest metros have avoided substantial oversupply. As a result, property owners have been able to continue implementing value-add strategies, improving operations and generating steady rent growth. Commercial real estate success is rarely built overnight. In many Midwest markets, returns are generated through disciplined management, operational efficiencies and …
CHICAGO — Owner AmTrustRE has secured six leases and expansions totaling nearly 95,000 square feet at One East Wacker, a 41-story office tower overlooking Chicago’s Riverwalk and River North. The transactions include three new tenants and three renewals spanning both office and retail floors. O’Hagan Meyer Law Firm has expanded its footprint to 46,192 square feet across the 32nd, 34th and 35th floors. John Goodman, Isabel Schwartz and Eric Feinberg of Savills represented the tenant. Shore Capital Partners, a private equity firm, has renewed and grown its presence to occupy 14,475 square feet on the 24th floor. Brad Serot of CBRE represented the tenant. Atwell, an engineering and construction consulting firm, will relocate within the building to a 7,813-square-foot space on the 19th floor. Janessa Biller and Sarah Silva of JLL represented the tenant. AmTrust North America Inc., a global property and liability insurer, has signed a full floorplate lease for 14,946 square feet on the 21st floor. The tenant was unrepresented in the lease. Ashling Partners LLC, a technology and professional services firm, has joined the tower, occupy 5,627 square feet on the 16th floor. Jeff Skender and Jack Tunnicliff of Cushman & Wakefield represented the tenant. Rounding out …
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