EAST PEORIA, ILL. — Flaherty & Collins Properties has opened Phase I of Blutowne in East Peoria. The 219-unit, $66 million luxury apartment project includes studio, one- and two-bedroom residences along with 10,000 square feet of ground-floor retail space. Amenities include a heated saltwater pool, fitness center and rooftop sky lounge. Flaherty & Collins is preparing for Phase II, which will add 262 luxury apartment units and 12,000 square feet of retail space.
LITTLE CHUTE, WIS. — Zilber Property Group has acquired a 208,000-square-foot industrial building in Little Chute, about 25 miles southwest of Green Bay. Constructed in 1997 and renovated in 2010, the property is fully occupied by Progressive Converting Inc., an independent paper converter. The acquisition marks Zilber’s first in the Fox Valley area. The company now owns and manages nearly 10 million square feet across more than 50 industrial buildings in Wisconsin.
CEDARBURG, WIS. — Elm Grove, Wis.-based Luther Group has broken ground on an 86,800-square-foot spec industrial building in southeast Wisconsin’s Cedarburg. The project will be situated on 8 acres within Highway 60 Business Park, and flexible leasing options will be offered ranging from 15,000 to 86,800 square feet. Completion is slated for December 2026. Colliers is handling leasing.
TERRE HAUTE, IND. — Hanley Investment Group Real Estate Advisors has arranged the $5.3 million sale of Eastview Commons, a newly constructed, four-tenant retail property in Terre Haute. Hanley’s Dylan Mallory, in association with ParaSell Inc., represented the seller, Terre Haute-based Gibson Development. The buyer was a private investor based in Pennsylvania. Built in 2025, Eastview Commons is fully occupied and anchored by Chipotle. Additional tenants include Azzip Pizza, Route 46 Liquors and Nailvana. The 9,140-square-foot property is positioned as a pad to a Walmart Supercenter and is located less than a quarter-mile from the planned Lost Creek Landing, a new shopping center by Gibson Development.
The headline numbers in commercial real estate rarely tell the full story. First-quarter 2026 data is a case in point: Lee & Associates reports that industrial and multifamily are slowly absorbing a historic supply surge, office is staging an uneven recovery, and retail is contending with a shortage of quality space rather than a glut of it. Here’s a sector-by-sector look at where U.S. commercial real estate stands heading into the rest of the year — and which markets are bucking the trend. Sponsored: Download Lee & Associates’ 2026 Q1 North America Market report. Industrial Overview: Logistics Demand Moderates; Small Space Needs Gain There was continued weakness in the first quarter across North American industrial markets. The slowing has produced an overhang of newly delivered speculative logistics space, while rent growth has fallen to virtually nil. In the United States, net absorption totaled 32.8 million square feet in Q1, or 0.2 percent of the 19.3-billion-square-foot inventory. It was the lowest rate of tenant growth in more than a decade aside from the 17.6-million-square-foot contraction in Q2 following the U.S.’s initial tariff announcements. The overall vacancy rate in Q1 settled at 7.5 percent, which has nearly doubled since 2022 as new …
PERRYSBURG, OHIO — Tanger has acquired The Town Center at Levis Commons, a 300,000-square-foot mixed-use development in Perrysburg, about 10 miles south of Toledo. The purchase price was $60 million. Developer and owner Hill Partners, which has managed, leased and owned Levis Commons since its opening in 2004, was the seller. Situated at the entrance of J. Preston Levis Commons, a 400-acre master-planned community, The Town Center at Levis Commons features more than 60 retailers and restaurants, a Cinemark movie theater and 69,000 square feet of office space. Tenants include Sephora, Shake Shack, Anthropologie, lululemon, J. Crew Factory, Athleta, drybar, Soma, Chico’s, Arhaus and Books-A-Million.
CHICAGO — Clayco, CRG, The Prime Group Inc. and TP Management Co. (TPM) have unveiled plans to complete a $25 million renovation of the historic Jewelers Building at 35 E. Wacker Drive in Chicago. The project will introduce a fine dining restaurant, lobby and rooftop bars, expanded fitness and wellness amenities and a reimagined conference, event and coworking space to the office property. Planned renovations will honor the building’s Beaux-Arts character. Roanoke Hospitality Group, an affiliate of The Prime Group, will operate and manage the new food-and-beverage offerings, which will be open to the public. Construction will begin in fall 2026, with the new restaurant and bar concepts slated to open in 2027. TPM is an investor in the project and will continue to participate in the ongoing management and long-term enhancement of the asset while cording capital support for future improvement and repositioning initiatives. Designed by Joachim Giaver and Frederick Dinkelberg, the Jewelers Building is recognized by the National Register of Historic Places as part of the Michigan-Wacker Historic District. Upon completion in 1927, the 40-story building was the world’s tallest outside of New York City. It was designated a Chicago landmark in 1994.
DECORAH, IOWA — Opus has completed the Gerdin Fieldhouse for Athletics and Wellness at Luther College in Decorah, a city in northeast Iowa. Built in 1963, Luther’s 200,000-square-foot Regents Center had long housed the Luther Norse athletic teams. The facility required both a renovation and a 15,787-square-foot expansion. An historic $10 million gift from Michael and Nicole Gerdin and the Gerdin Charitable Foundation helped make the project possible. Work on the Gerdin Fieldhouse began in August 2024 and included the construction of a new 5,787-square-foot public lobby on the property’s north end that includes a new concession stand, restrooms and a Hall of Fame space. Opus also built a new 10,200-square-foot wrestling training complex and completed extensive renovations to the existing basketball and volleyball arena. Athlete training and rehab facilities, locker rooms and meeting and study spaces for all 21 Norse athletic teams were also updated. Opus served as design-builder and worked in partnership with RDG Planning & Design.
MISHAWAKA, IND. — Encore Real Estate Investment Services has brokered the $13.8 million sale of Town & Country Shopping Center, a 382,139-square-foot power center situated on 40 acres in Mishawaka. The grocery-anchored property is home to a mix of national, regional and local tenants. Noah Dalaly and Danny Samona of Encore represented the buyer, a California-based investment firm, and the seller, a private family office in Lugano, Switzerland.
NEW FLORENCE, MO. — Google has unveiled plans to invest $15 billion in building infrastructure in New Florence, about 75 miles west of St. Louis. The data center project will create thousands of construction jobs over the build period and hundreds of direct operational roles once the facility is up and running. Google is collaborating with the Construction Laborers and Contractors Joint Training Fund of Eastern Missouri to support the Laborers and Contractors Training Center. The project will enable the center to train more than 2,300 construction laborers, including 1,500 apprentices, over the next two years. In accordance with Missouri’s consumer protections in Senate Bill 4, which Gov. Kehoe signed into law in 2025, Google will continue to pay for 100 percent of the power the data center uses and any new infrastructure costs that are directly driven by its operations. To date, Google has contracted to bring more than one gigawatt of new generation capacity to Missouri, and through its partnership with Ameren, the company is supporting the development of more than 500 megawatts of additional capacity. To further address energy affordability, Google has also announced a $20 million Energy Impact Fund to support programs that drive down monthly …
