Monday, November 24, 2025
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Midwest

IllinoisLeasing ActivityMidwestOffice

USG Renews 165,000 SF Office Headquarters Lease in Downtown Chicago

by Kristin Harlow

CHICAGO — USG Corp. has renewed its 165,000-square-foot office headquarters lease at 550 West Adams in downtown Chicago. The tenant manufactures high-quality building materials and has more than 50 manufacturing facilities across North America. Formed in Chicago in 1902, USG is the largest producer of wallboard in the U.S. and the largest manufacturer of gypsum products overall in North America. Chris Wood and David Stefancic of Cushman & Wakefield represented USG, while Mark Bâby and Katie Hull of Stream Realty Partners represented ownership, Manova Partners. Cushman & Wakefield negotiated USG’s original global headquarters lease in 2004 that coincided with the development of 550 West Adams. Cushman & Wakefield will also provide project management services to USG as part of a renovation of the space. Built in 2006 and located in the heart of the West Loop, 550 West Adams rises 18 stories and is LEED Gold certified. Last year, Manova completed a major renovation of the second-floor amenity space, adding a 50-seat conference center, upgrading the tenant lounge and installing a golf simulator and fitness center with showers and locker facilities. Additional amenities include a tenant concierge, a Chase Bank branch and ATM, lobby-level café, bike storage and heated parking …

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhio

Merchants Capital Secures $152.3M in Financing for Affordable Housing Project Near Columbus, Ohio

by Kristin Harlow

WHITEHALL, OHIO — Merchants Capital has secured $152.3 million in total financing for The Aries Lofts, a 315-unit affordable housing community in Whitehall developed by LDG Development LLC. Merchants Capital secured a $42.7 million Freddie Mac Forward TEL permanent loan, a $60 million tax-exempt construction loan and an $8 million equity bridge loan provided by Merchants Bank. As the syndicator, Merchants Capital provided $41.6 million in 4 percent low-income housing tax credit equity. LDG Development received Brownfield Remediation Funds from the Ohio Department of Development for environmental remediation of the project site, formerly the Wirthman Brothers Junkyard. The City of Whitehall awarded a 15-year payment in lieu of taxes agreement, granting a Community Reinvestment Area tax exemption. The Franklin County Economic Development & Planning Department also awarded a grant. Additional project financing included a bridge loan from The Affordable Housing Trust for Columbus and Franklin County as well as a partnership through a capital lease with the Columbus-Franklin County Finance Authority. Upon completion, The Aries Lofts will set aside 66 units for families earning 50 percent of the area median income (AMI), 183 units at 60 percent AMI and 66 units at 70 percent AMI. The project will feature one-, …

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AcquisitionsMidwestMissouriRetail

Block & Co. Buys 510,000 SF Summit Fair Lifestyle Center in Suburban Kansas City

by Kristin Harlow

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has purchased Summit Fair, a lifestyle center in the Kansas City suburb of Lee’s Summit. Totaling roughly 510,000 square feet, the property is approximately 90 percent leased. Tenants include Dick’s Sporting Goods, H&M, Lululemon, Made in KC Marketplace, Craft Putt, Orangetheory, Pure Barre, Chick-fil-A, DSW, McAlister’s Deli, JC Penney and Missouri Furniture Mart. Sephora and LoveSac are slated to open soon at the center. Block & Co. intends to introduce community-focused events and expand the tenant mix at Summit Fair. The company now leases and manages 10 multi-tenant centers in Lee’s Summit. Zachary Albrecht and David Block of Block & Co. represented the buyers, a group of local investors including Block and Doug Compton of Lawrence, Kan. The seller was Arizona-based Red Development. With this sale, Red has exited the Kansas City market.

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AcquisitionsIllinoisMidwestMultifamily

Draper and Kramer Acquires 263-Unit Luxury Apartment Community in Oak Park, Illinois

by Kristin Harlow

OAK PARK, ILL. — Draper and Kramer Inc. has acquired Eleven33 in Oak Park, about 10 miles west of downtown Chicago. The luxury apartment community rises 12 stories with 263 units. Draper and Kramer will also assume management of the property, which is located at 1133 South Blvd. across from the CTA’s Harlem/Lake Green Line station as well as Metra’s Oak Park station on the Union Pacific West Line. Completed in 2019, Eleven33 is currently 95 percent leased and has averaged 94.4 percent occupancy since January 2024. Floor plans come in studio, one-, two- and three-bedroom layouts ranging from 512 to 1,500 square feet. Monthly rents start at $1,945. Amenities include a fitness center, parlor area with billiards table, two conference rooms, a clubroom, bike storage, sun deck, pet washing stations, indoor dog run and parking garage. Newmark represented the undisclosed seller. Draper and Kramer did not have broker representation.

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DevelopmentKansasMidwestRetail

Kansas Museum of History Reopens Following $6M Renovation

by Kristin Harlow

TOPEKA, KAN. — After being closed for three years, the Kansas Museum of History has reopened in Topeka. The $6 million renovation, which marked the first major update of exhibits since the museum’s debut in the 1980s, includes a fully reimagined, 20,000-square-foot gallery. Kansas City-based Dimensional Innovations (DI) served as designer, fabricator and installer for the project. DI worked closely with the Kansas Historical Society, which operates the facility.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 428,612 SF Shopping Center in Deerfield, Illinois

by Kristin Harlow

DEERFIELD, ILL. — Mid-America Real Estate Corp. has brokered the sale of Deerbrook Shopping Center, a Jewel-Osco-anchored shopping center in the Chicago suburb of Deerfield. The 428,612-square-foot property is home to tenants such as Marshalls, Floor & Décor, Sky Zone, Office Depot, Starbucks, Panera, Noodles & Co., Sleep Number, City BBQ, Mattress Firm and Subway. Rick Drogosz, Joe Girardi and Patrick Corrigan of Mid-America represented the seller, a global investment advisor. Core Acquisitions LLC was the buyer. The center offers immediate value-add and redevelopment opportunities, according to Mid-America.

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DevelopmentIndianaLeasing ActivityMidwestOffice

USA Gymnastics to Open Training Center, Headquarters in Metro Indianapolis

by Kristin Harlow

NOBLESVILLE, IND. — USA Gymnastics will open its national office headquarters and Training & Wellness Center in Noblesville’s Innovation Mile district. Robert Hess, John Longshore, Stacy Davis and Ramya Gowda of Newmark represented the company in the two-year site selection process. The training center is expected to host National Team camps, competitions, coaching clinics and athlete wellness programs serving all gymnastics disciplines and thousands of athletes across the U.S. The Innovation Mile is a 600-acre business and technology district that is currently home to The Arena at Innovation Mile, the home of the G-League affiliate team to the NBA’s Indiana Pacers, as well as facilities for Caterpillar and the Indiana Orthopedic Institute. Future plans call for a mix of life sciences, healthcare and advanced manufacturing uses in the surrounding area.

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IllinoisLeasing ActivityMidwestOffice

Colliers Secures 24,800 SF Office Lease for Shamrock in Downtown Chicago

by Kristin Harlow

CHICAGO — Colliers has negotiated a 24,800-square-foot office lease for Shamrock Trading Corp. at 151 N. Franklin St. in Chicago. With the lease, the Kansas City-based firm establishes a presence in downtown Chicago to complement its location in Lombard, Ill. Tom Volini and Sven Sykes of Colliers represented Shamrock, which is the parent company of a growing family of brands in transportation services, finance and technology. Designed by John Ronan Architects, 151 North Franklin is a 35-story, 807,000-square-foot office tower.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges Sale of Minnesota Multifamily Portfolio for $9.7M

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has arranged the sale of two multifamily properties in the Minneapolis suburb of St. Cloud for $9.7 million. Brookwood Apartments was built in 1987 and includes 102 units across 89,225 rentable square feet. Pine Pointe Apartments, constructed in 1989, features 78 units totaling 73,933 rentable square feet. The properties are less than a mile apart and offer a mix of studio, one-, two- and three-bedroom floor plans. Chris Collins and Evan Miller of Marcus & Millichap represented the seller, a Minnesota-based limited liability partnership. Collins and Matthew Shide procured the buyer, a Minnesota-based limited liability company.

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AcquisitionsIllinoisIndustrialMidwest

SVN Chicago Commercial Negotiates $1.5M Sale of Industrial Property in Mundelein, Illinois

by Kristin Harlow

MUNDELEIN, ILL. — SVN Chicago Commercial has negotiated the $1.5 million sale of a 31,600-square-foot industrial property at 404 Washington Blvd. in Mundelein. Situated on 2.4 acres, the property features a large, paved parking lot approved for outside storage and truck parking. The undisclosed buyer plans to use a portion of the building and lease out the rest. SVN Chicago Commercial’s Next Level Team represented the seller and procured the buyer.

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